-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Cga+iqxYIk1uAUM47Gw6zHFWRYiBM/TSIS4+umnBqJ+bwjkC6GM2W3BJWGyjrLzl
 KUHqAQC+eS0GkNNKI6BOHw==

<SEC-DOCUMENT>0001130319-08-000282.txt : 20080331
<SEC-HEADER>0001130319-08-000282.hdr.sgml : 20080331
<ACCEPTANCE-DATETIME>20080331113922
ACCESSION NUMBER:		0001130319-08-000282
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		32
CONFORMED PERIOD OF REPORT:	20071231
FILED AS OF DATE:		20080331
DATE AS OF CHANGE:		20080331

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		08722388

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

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>o39572e40vf.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
<TITLE>e40vf</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<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, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B><U>FORM 40-F</U></B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</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="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>For the fiscal year ended 31 December&nbsp;2007</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Commission file number: 1-14228</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="center" style="font-size: 10pt">(Exact name of Registrant as specified in its charter)</DIV>


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

<DIV align="center" style="font-size: 10pt">(Province or other jurisdiction of incorporation or organization)</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1090</B><BR>
(Primary Standard Industrial Classification Code Number)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2121 &#151; 11th Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3, Telephone: (306)&nbsp;956-6200</B><BR>
(Address and telephone number of Registrant&#146;s principal executive offices)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Scott Melbye, Cameco Inc., One Southwest Crossing, Suite&nbsp;210, 11095 Viking Drive<BR>
Eden Prairie, Minnesota, USA 55344, Telephone: (952)&nbsp;941-9078</B><BR>
(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Securities registered pursuant to Section&nbsp;12(b) of the Act:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Title of Class: <B>Common Shares, no par value.</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Name of Exchange where Securities are listed: <B>New York Stock Exchange</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act: <B>None</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act: <B>None</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Information filed with this form:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><FONT face="Wingdings">&#254;</FONT>&nbsp;Annual Information Form&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;Audited annual financial statements</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt">Number of outstanding shares of each of the issuer&#146;s classes of<BR>
capital or common stock as of the close of the period covered by the annual report:</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>344,398,698 Common Shares outstanding as of 31 December&nbsp;2007</B></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: 6pt"><FONT face="Wingdings">&#111;</FONT>&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#254;</FONT>&nbsp;No

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the Registrant (1)&nbsp;has filed all reports required to be filed by
Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for
such shorter period that the Registrant was required to file such reports), and (2)&nbsp;has been
subject to such filing requirements for the past 90&nbsp;days.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><FONT face="Wingdings">&#254;</FONT>&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Wingdings">&#111;</FONT>&nbsp;No

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain statements in this Form 40-F constitute &#147;forward-looking statements&#148; within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. In Exhibit&nbsp;99.1 see &#147;Caution Regarding
Forward-Looking Information and Statements&#148;.
</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 --><!-- /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>CERTIFICATIONS AND DISCLOSURE REGARDING<BR>
CONTROLS AND PROCEDURES</B>
</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Certifications. </I></B>See Exhibits 99.6 and 99.7.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Evaluation of disclosure controls and procedures</I></B>. As of the end of the period covered
by this report, an evaluation of the effectiveness of Cameco Corporation&#146;s &#147;disclosure
controls and procedures&#148; (as such term is defined in Rules&nbsp;13a-15(e) and 15d-15(e) of the
United States Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;)) was carried out by
Cameco Corporation&#146;s Chief Executive Officer (&#147;CEO&#148;) and Chief Financial Officer (&#147;CFO&#148;).
Based on that evaluation, the CEO and CFO have concluded that as of such date Cameco
Corporation&#146;s disclosure controls and procedures are effective to ensure that information
required to be disclosed by Cameco Corporation in reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in United States Securities and Exchange Commission rules and forms.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It should be noted that while the CEO and CFO believe that Cameco Corporation&#146;s disclosure
controls and procedures provide a reasonable level of assurance that they are effective,
they do not expect that the disclosure controls and procedures or internal control over
financial reporting to be capable of preventing all errors and fraud. A control system, no
matter how well conceived or operated, can provide only reasonable, not absolute, assurance
that the objectives of the control system are met.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Management&#146;s annual report on internal control over financial reporting. </I></B>Management,
including Cameco Corporation&#146;s CEO and CFO, is responsible for establishing and maintaining
adequate internal control over financial reporting (as that term is defined in Rule&nbsp;13 a &#151;
15(f) and 15d -15(f) of the Exchange Act) for Cameco Corporation. Management conducted an
evaluation of the effectiveness of internal control over financial reporting based on the
Internal Control &#151; Integrated Framework issued by the Committee of Sponsoring
Organizations of the Treadway Commission. Based on this evaluation, management concluded
that Cameco Corporation&#146;s internal control over financial reporting was effective as of
December&nbsp;31, 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Attestation report of the registered public accounting firm. </I></B>The effectiveness of
Cameco Corporation&#146;s internal control over financial reporting as of December&nbsp;31, 2007, was
audited by KPMG, LLP, an independent registered public accounting firm, as stated in their
report in Exhibit&nbsp;No.&nbsp;99.2 &#151; 2007 Consolidated Audited Financial Statements and their
report in Exhibit&nbsp;No.&nbsp;99.19.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Changes in Internal Control Over Financial Reporting</I></B>. During the fiscal year ended
December&nbsp;31, 2007, there were no changes in Cameco Corporation&#146;s internal control over
financial reporting that have materially affected, or are reasonably likely to materially
affect, Cameco Corporation&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Audit Committee Financial Expert</I></B>. Cameco Corporation&#146;s board of directors has determined that an
audit committee financial expert serves on its audit committee. The audit committee financial
expert is John H. Clappison. Mr.&nbsp;Clappison is an &#147;independent&#148; director as such term is used in the
rules of the New York Stock Exchange.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Code of Ethics</I></B>. Cameco Corporation&#146;s code of conduct and ethics, corporate governance guidelines
and mandates of the board and its committees and position descriptions for the chief executive
officer and the non-executive chair can be found on Cameco Corporation&#146;s web site <U>www.cameco.com</U>
under &#147;Governance&#148; and are
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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">also available in print to any shareholder upon request. Since the
adoption of the code, there have not been any amendments to the code, nor have there been any
waivers, including implied waivers, from any provision of the code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Principal Accountant Fees and Services</I></B>. Disclosure is contained in Exhibit&nbsp;No.&nbsp;99.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Off-Balance Sheet Arrangements. </I></B>In the normal course of operations, Cameco Corporation enters
into certain transactions which are not required to be recorded on its balance sheet. These
activities include the issuing of financial assurances and long-term
product purchase contracts. These arrangements are disclosed in the following sections of Exhibit
No.&nbsp;99.3 &#151; 2007 Management&#146;s Discussion and Analysis and the notes for Exhibit&nbsp;No 99.2 &#151; 2007
Consolidated Audited 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="1%" nowrap align="left"><B>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial assurances </B>&#151; in MDA disclosed at <U>2007 Nuclear Electricity Generation
Business</U>, <U>Liquidity and Capital Resources</U>, and <U>Risks and Risk Management</U>
and disclosed in notes 8, 9, 25 and 27 of the Consolidated Audited Financial Statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Long-term product purchase contracts </B>&#151; in MDA disclosed at <U>Uranium Business</U> and
<U>Liquidity and Capital Resources</U> and disclosed in note 25 of the Consolidated Audited
Financial Statements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Tabular Disclosure of Contractual Obligations</I></B>. Disclosure is contained in Exhibit&nbsp;No.&nbsp;99.3 &#151;
2007 Management&#146;s Discussion and Analysis under the heading &#147;<U>Liquidity and Capital
Resources&#148;</U> with tables entitled &#147;Contractual Cash Obligations&#148; and &#147;Commercial Commitments&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Identification of the Audit Committee. </I></B>Cameco Corporation has a separately-designated standing
audit committee established in accordance with Section&nbsp;3 (a) (58) (A)&nbsp;of the Exchange Act. Cameco
Corporation&#146;s audit committee is comprised of: Nancy E. Hopkins (chair), Oyvind Hushovd, J. W.
George Ivany, A. Neil McMillan, Robert W. Peterson and John H. Clappison.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Disclosure Pursuant to the Requirements of the New York Stock Exchange</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U>Presiding Director at Meetings of Non-Management Directors</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation schedules regular director sessions in which Cameco Corporation&#146;s
&#147;non-management directors&#148; (as that term is defined in the rules of the New York Stock Exchange)
meet without management participation. Mr.&nbsp;Victor J. Zaleschuk, as non-executive chair of the
company, serves as the presiding director (the &#147;Presiding Director&#148;) at such sessions. Each of the
registrant&#146;s non-management directors is &#147;independent&#148; as such term is used in the rules of the New
York Stock Exchange. Cameco Corporation&#146;s criteria for director independence are set out as
Appendix &#147;A&#148; to its board mandate, which can be found on Cameco Corporation&#146;s website
<U>www.cameco.com</U> under &#147;Governance&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U>Communication with Non-Management Directors</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Shareholders may send communications to Cameco Corporation&#146;s Presiding Director or non-management
directors by mailing (by regular mail or other means of delivery) to the corporate head office at
2121-11th Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3 a sealed envelope marked &#147;Private
and Strictly Confidential-Attention: Chair of the Board of Directors of Cameco Corporation.&#148; Any
such envelope will be delivered unopened to the Presiding Director for appropriate action. The
status of all outstanding concerns addressed to the Presiding Director will be reported to the
board of directors as appropriate.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">According to Section&nbsp;303A.09 of the NYSE Listed Company Manual, a listed company must adopt and
disclose a set of corporate governance guidelines with respect to specified topics. Such
guidelines are required to be posted on the listed company&#146;s website and be available in print to
any shareholder upon request. Cameco Corporation operates under corporate governance guidelines
that are consistent with the requirements of Section
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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">303A.09 of the NYSE Listed Company Manual, and
which are contained in the corporate governance guidelines which can be found at Cameco
Corporation&#146;s website at <U>www.cameco.com</U> under &#147;Governance&#148;.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The names of Cameco Corporation&#146;s non-management directors are: John S. Auston; John H. Clappison;
Joe F. Colvin; Harry D. Cook; James R. Curtiss; George S. Dembroski; Nancy E. Hopkins; Oyvind
Hushovd; J.W. George Ivany; A. Anne McLellan; A.Neil McMillan; Robert W. Pederson; and Victor J.
Zaleschuk. Each of the non-management directors is &#147;independent&#148;, as such term is used in the
rules of the New York Stock Exchange.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Audited Annual Financial Statements</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For Cameco Corporation&#146;s Consolidated Audited Financial Statements, including the report of the
independent registered public accounting firm, see Exhibit&nbsp;99.2. See the related supplementary
note, attached as Exhibit&nbsp;99.20., entitled &#147;Reconciliation to United States GAAP&#148; for a
reconciliation of the differences between Canadian and U.S. generally accepted accounting
principles.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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">EXHIBIT INDEX
</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="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual Information Form of Cameco Corporation dated March&nbsp;28,
2008</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2007 Consolidated Audited Financial Statements</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2007 Management&#146;s Discussion and Analysis</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Accountant Fees and Services</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Auditors</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Executive Officer pursuant to Rule&nbsp;13a
- -15(e) or 15d &#151; 15(e) of the Securities Exchange Act of 1934</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Financial Officer pursuant to Rule&nbsp;13a
&#151; 15(e) or 15d &#151; 15 (e)&nbsp;of the Securities Exchange Act of
1934</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Executive Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.17
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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">
<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="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.18
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.19
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Report of Independent Registered Public Accounting Firm</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.20
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reconciliation to United States GAAP</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Expert</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation undertakes to make available, in person or by telephone, representatives to
respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so
by the Commission staff, information relating to: the securities registered pursuant to Form 40-F;
the securities in relation to which the obligation to file an annual report on Form 40-F arises; or
transactions in said securities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONSENT TO SERVICE OF PROCESS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation has previously filed a Form F-X in connection with the class of securities in
relation to which the obligation to file this report arises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any change to the name or address of the agent for service of process of the registrant shall be
communicated promptly to the Securities and Exchange Commission by an amendment to the Form F-X
referencing the file number of the relevant registration statement.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Exchange Act, Cameco Corporation certifies that it meets all of
the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its
behalf by the undersigned, thereto fully authorized.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">DATED this 31&nbsp;day of March, 2008.
</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">&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">Per:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>/s/ O. Kim Goheen</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">O. Kim Goheen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Chief Financial Officer&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>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>o39572exv99w1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT 99.1</B>
</DIV>



<P>
<DIV style="width: 100%; border: 2px solid black; padding: 11px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o39572o3957200.gif" alt="(CAMECO LOGO)">
</DIV>


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


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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>For the Year Ended December&nbsp;31, 2007</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Dated March&nbsp;28, 2008</B>
</DIV>

</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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: 6pt"><B>Cameco Corporation<BR>
Annual Information Form</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Table of Contents</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">REPORTING CURRENCY AND FINANCIAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOTE REGARDING RESERVES AND RESOURCES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INCORPORATION AND SUBSIDIARIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GENERAL DEVELOPMENT OF THE BUSINESS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Three-Year Highlights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2008 Expected Material Developments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">THE NUCLEAR 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:30px; text-indent:-15px">Overview</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:30px; text-indent:-15px">Uranium Concentrates Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Market Background</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mining Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Smith Ranch-Highland</DIV></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">Development Projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserves and Resources</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:45px; text-indent:-15px">Uranium Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Measured and Indicated Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Inferred Resources</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:45px; text-indent:-15px">Uranium Reserves Reconciliation</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:45px; text-indent:-15px">Uranium Resources Reconciliation</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:30px; text-indent:-15px">Uranium Fuel Conversion Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Market Background</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Marketing of Conversion Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Operations</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:30px; text-indent:-15px">Research and Development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Legal Proceedings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Overview of Impacts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cameco policies</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:45px; text-indent:-15px">Cameco programs</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:45px; text-indent:-15px">Regulatory Compliance</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:45px; text-indent:-15px">US Regulatory Compliance</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:45px; text-indent:-15px">Fuel Services Waste Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Government Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Treaty on the Non-Proliferation of Nuclear
Weapons (the &#147;NPT&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Uranium Industry Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">US Uranium Industry Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Land Tenure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Royalties and Certain Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Income Taxes</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:45px; text-indent:-15px">US Taxes</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:45px; text-indent:-15px">Kazakhstan Taxes</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:30px; text-indent:-15px">Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BRUCE POWER LP &#150; NUCLEAR ELECTRICAL GENERATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Overview</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">The Generating Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco Fuel Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">OPG Services to Bruce Power</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nuclear Waste Management and Decommissioning</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ontario&#146;s Electricity Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CENTERRA GOLD INC</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2004 Kumtor Restructuring</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Kumtor Mine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Kyrgyz Republic &#151; Overview</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Government and Political Factors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Relevant Kyrgyz Law and the Investment Agreement with the
Government of the Kyrgyz Republic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Agreement on New Terms</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Property Description and Environment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Site Accessibility, Infrastructure and Physiography</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">History and Financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Geology and Mineralization</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Historical Exploration and Drilling</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:45px; text-indent:-15px">Sampling and Analysis</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Kumtor Reserve and Resource Estimates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mining Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Milling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Production History</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gold Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Kyrgyzaltyn Management Fee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Environmental, Health and Safety Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Decommissioning and Reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Exploration Activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Boroo Mine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Minerals Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Windfall Profits Tax</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Stability Agreement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Milling</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gold Sales</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Environmental, Health and Safety Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Decommissioning and Reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gatsuurt Development Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserves and Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra Commitments and Contractual Obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional Information on Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RISK FACTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Risks Relating to Cameco and Centerra Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Risks relating to Nuclear Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Risks Relating to Nuclear Electrical Generation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Risks Relating to Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- i -<!-- /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">
<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">DESCRIPTION OF SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Description of Share Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restrictions on Ownership and Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">5% Convertible Subordinated Debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ratings of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividend Policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007 CONSOLIDATED FINANCIAL STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MARKET FOR SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Price Range and Trading Volume of Common Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Price Range and Trading Volume of 5% Convertible Subordinated
Debentures due October&nbsp;1, 2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIRECTORS AND OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cease Trade Orders, Bankruptcies, Penalties or Sanctions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest of Management and Others in Material Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AUDIT COMMITTEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Audit Committee Charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Composition of the Audit Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Relevant Education and Experience</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fees Paid to External Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">External Audit Pre-Approval Practices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MATERIAL CONTRACTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INTEREST OF EXPERTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145</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>
</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">145</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>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appendix &#147;A&#148; &#150; Audit Committee of the Board of Directors &#150; Mandate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- ii -<!-- /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>REPORTING CURRENCY AND FINANCIAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All monetary amounts in this Annual Information Form are expressed in Canadian dollars, unless
otherwise indicated. References to $(US) are to United States (&#147;US&#148;) dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Financial information is presented in accordance with Canadian generally accepted accounting
principles. Differences between generally accepted accounting principles in Canada and the United
States, as applicable to Cameco Corporation, are explained in the Company&#146;s Form&nbsp;40F, filed with
the US Securities and Exchange Commission, for the fiscal year ended December&nbsp;31, 2007, as well as
in reconciliation to United States GAAP filed with the Canadian securities authorities on SEDAR.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements contained in this Annual Information Form and in the documents incorporated by reference
which are not current statements or historical facts are &#147;forward-looking information&#148; (as defined
under Canadian securities laws) and &#147;forward-looking statements&#148; (as defined in the U.S. Securities
Exchange Act of 1934, as amended) which may be material and that involve risks, uncertainties and
other factors that could cause actual results to differ materially from those expressed or implied
by them. Sentences and phrases containing words such as &#147;believe&#148;, &#147;estimate&#148;, &#147;anticipate&#148;,
&#147;plan&#148;, &#147;predict&#148;, &#147;goals&#148;, &#147;targets&#148;, &#147;projects&#148;, &#147;may&#148;, &#147;hope&#148;, &#147;can&#148;, &#147;will&#148;, &#147;shall&#148;, &#147;should&#148;,
&#147;expect&#148;, &#147;intend&#148;, &#147;is designed to&#148;, &#147;continues&#148;, &#147;with the intent&#148;, &#147;potential&#148;, &#147;strategy&#148; and
the negative of these words, or variations of them, or comparable terminology that does not relate
strictly to current or historical facts, are all indicative of forward-looking information and
statements. Examples of forward-looking information and statements include, but are not limited
to: the expected dates for completion of dewatering and resumption of production at Cigar Lake
(along with related cost estimates), the target date for the resumption of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
production at Port Hope, mineral resource and mineral reserve estimates and uranium and gold
production forecasts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are material risk factors that could cause actual results to differ materially from the
forward-looking information and statements contained in this Annual Information Form. Factors that
could cause such differences include, without limitation: the impact of the sales volume of fuel
fabrication services, uranium, conversion services, electricity and gold; volatility and
sensitivity to market prices for uranium, conversion services, electricity and gold; competition;
the financial results and operations of Bruce Power LP and Centerra Gold Inc.; the impact of change
in foreign currency exchange rates (such as Canadian/US rates) and interest rates; imprecision in
production, cost (including capital cost), decommissioning, reclamation, reserve and tax estimates;
the impact of significant cost increases, in particular capital cost increases; litigation or
arbitration proceedings (including as the result of disputes with suppliers, customers or joint
venture partners); inability to enforce legal rights; defects in title; environmental, safety and
regulatory risks including increased regulatory burdens, long-term waste disposal and the risk of
uranium and production-associated chemicals affecting the soil at the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion plant and other sites; unexpected or challenging geological or hydrological conditions
(including at the McArthur River, Cigar Lake, Rabbit Lake and Kumtor deposits); adverse mining
conditions; reduction in reserves due to geotechnical or other risks; political risks arising from
operating in certain developing countries (including the Kyrgyz Republic, Kazakhstan and Mongolia);
nationalization risk; terrorism; sabotage; a possible deterioration in political support for
nuclear energy; changes in government regulations and policies, including tax and trade laws and
policies (including new legislation in Kazakhstan allowing the government to renegotiate previously
signed agreements); demand for nuclear power; replacement of production (including through placing
Inkai and Cigar Lake into production, transitioning to new mining zones at McArthur River beginning
in 2009, and overcoming geotechnical challenges at the Kumtor deposit); failure to maintain or
construct sufficient tailings capacity for uranium and gold production; the risk of uranium and
conversion service providers failure to fulfill delivery commitments or to require material
amendments to agreements relating thereto (including the Russian HEU Agreement); 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, pit wall failure (including further
highwall ground movement at the Kumtor mine), tailings pipeline and dam failures, and cave-ins;
ability to maintain and further 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;
availability of
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 3 -<!-- /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">reagents and supplies critical to production (including the availability at the company&#146;s
operations in Kazakhstan); decrease in electrical production due to planned outages extending
beyond their scheduled periods or unplanned outages; success and timely completion of planned
development and remediation projects (including the remediation of and return to pre-flood
construction and development at Cigar Lake and the remediation of, and resumption of production
at, the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion plant); the success and timely completion of the
replacement of the Kumtor ball mill shell; failure of radiation protection plans; and other
development and operating risks. There may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. These factors are not intended to represent a
complete list of the material risk factors that could affect Cameco. Additional risk factors are
noted elsewhere in this Annual Information Form and Cameco&#146;s current annual Management Discussion &#038;
Analysis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward-looking information and statements are based on a number of assumptions which may prove to
be incorrect, including, but not limited to, assumptions about: the absence of material adverse
changes in the ability of Cameco&#146;s business units to supply product and services, other than as
disclosed; there being no disruption of supply from third party sources; there being no significant
changes in current estimates for sales volume, purchases and prices for uranium, conversion
services, electricity, and gold; the expected spot prices and realized prices for uranium; the
average gold spot price; Cameco&#146;s effective tax rate; there being no significant adverse change in
foreign currency exchange rates or interest rates; there being no significant changes in
production, cost (including capital cost), decommissioning, reclamation and reserve estimates;
there being no significant changes in Cameco&#146;s ability to comply with current environmental, safety
and other regulatory requirements, and the absence of any material increase in regulatory
compliance requirements; Cameco&#146;s ability to obtain regulatory approvals in a timely manner; the
status of geological, hydrological and other conditions at Cameco&#146;s and Centerra&#146;s mines; the
absence of any material adverse effects arising as a result of political instability, terrorism,
sabotage, natural disasters, adverse changes in government legislation, regulations or policies, or
litigation or arbitration proceedings; continuing positive labour relations, and that no
significant strikes or lockouts will occur; and the success and timely completion of planned
development and remediation projects and the replacement of production. Forward-looking
information and statements are also based upon the assumption that none of the identified material
risk factors that could cause actual results to differ materially from the forward-looking
information and statements will occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The forward-looking information and statements included in this Annual Information Form represent
Cameco&#146;s views as of the date of this Annual Information Form and should not be relied upon as
representing Cameco&#146;s views as of any subsequent date. While Cameco anticipates that subsequent
events and developments may cause its views to change, Cameco specifically disclaims any intention
or obligation to update forward-looking information and statements, whether as a result of new
information, future events or otherwise, except to the extent required by applicable securities
laws. Forward-looking information and statements contained in this Annual Information Form about
prospective results of operations, financial position or cash flows that is based upon assumptions
about future economic conditions and courses of action is presented for the purpose of assisting
Cameco&#146;s shareholders in understanding management&#146;s current views regarding those future outcomes,
and may not be appropriate for other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that forward-looking information and statements will prove to be
accurate, as actual results and future events could vary, or differ materially, from those
anticipated in them. Accordingly, readers of this Annual Information Form should not place undue
reliance on forward-looking information and statements. Forward-looking information and statements
for time periods subsequent to 2008 involve greater risks and require longer term assumptions and
estimates than those for 2008, and are consequently subject to greater uncertainty. Therefore, the
reader is especially cautioned not to place undue reliance on such long-term forward-looking
information and statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reserves and resources reported herein have been estimated as at December&nbsp;31, 2007 in accordance
with definitions adopted by the Canadian Institute of Mining, Metallurgy and Petroleum and
incorporated into National Instrument 43-101 (see <I>Definitions </I>below). Estimates of uranium
reserves and resources were prepared by or under the supervision of the qualified persons
identified at <I>The Nuclear Business &#150; Reserves and Resources </I>below. Estimates of gold reserves and
resources were prepared by or under supervision of the qualified person identified at <I>Centerra Gold
Inc. &#150; Reserves and Resources </I>below. Cameco reports reserves and resources separately. The amount
of reported resources does not include those amounts identified as reserves.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 4 -<!-- /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">Cameco reports its reserves and resources in accordance with National Instrument 43-101, as
required by Canadian securities regulatory authorities. For US reporting purposes, Industry Guide
7 under the Securities Exchange Act of 1934 (as interpreted by the Staff of the US Securities and
Exchange Commission) applies different standards in order to classify mineralization as a reserve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purpose of estimating uranium reserves in accordance with National Instrument 43-101 of the
Canadian securities regulatory authorities, a uranium price of $49.00 (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> was used. For the purpose of estimating reserves in accordance with US
Securities and Exchange Commission&#146;s Industry Guide 7 for US reporting purposes, a uranium price of
$59.00 (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>was used. Estimated uranium reserves are the same
using either uranium price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purpose of estimating gold reserves in accordance with National Instrument 43-101 of the
Canadian securities regulatory authorities and in accordance with US Securities and Exchange
Commission&#146;s Industry Guide 7 for US reporting purposes, reserves were calculated with cut-off
grades based on a gold price of $550 (US)&nbsp;per ounce.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral resources are not mineral reserves and do not have demonstrated economic viability, but do
have reasonable prospects for economic extraction. Measured and indicated mineral resources are
sufficiently well defined to allow geological and grade continuity to be reasonably assumed and
permit the application of technical and economic parameters in assessing the economic viability of
the resources. Inferred resources are estimated on limited information not sufficient to verify
geological and grade continuity or to allow technical and economic parameters to be applied.
Inferred resources are too speculative geologically to have economic considerations applied to
enable them to be categorized as mineral reserves. There is no certainty that mineral resources
will be upgraded to mineral reserves through continued exploration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco has carefully prepared and verified the mineral reserve figures presented in this
Annual Information Form, such figures are estimates, which are, in part, based on forward-looking
information, and no assurance can be given that the indicated levels of uranium and gold will be
produced. See &#147;Caution Regarding Forward-Looking Information and Statements&#148; and &#147;Risk Factors&#148;.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Definitions</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A <B><I>mineral resource </I></B>is a concentration or occurrence of diamonds, natural solid inorganic material,
or natural solid fossilized organic material including base and precious metals, coal, and
industrial materials in or on the Earth&#146;s crust in such form and quantity and of such a grade or
quality that it has reasonable prospects for economic extraction. The location, quantity, grade,
geological characteristics and continuity of a mineral resource are known, estimated or interpreted
from specific geological evidence and knowledge. Mineral resources are sub-divided, in order of
increasing geological confidence, into inferred, indicated and measured categories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An <B><I>inferred mineral resource </I></B>is that part of a mineral resource for which quantity and grade or
quality can be estimated on the basis of geological evidence and limited sampling and reasonably
assumed, but not verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations such as outcrops,
trenches, pits, workings and drillholes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An <B><I>indicated mineral resource </I></B>is that part of a mineral resource for which quantity, grade or
quality, densities, shape and physical characteristics can be estimated with a level of confidence
sufficient to allow the appropriate application of technical and economic parameters, to support
mine planning and evaluation of the economic viability of the deposit. The estimate is based on
detailed and reliable exploration and testing information gathered through appropriate techniques
from locations such as outcrops, trenches, pits, workings and drillholes that are spaced closely
enough for geological and grade continuity to be reasonably assumed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A <B><I>measured mineral resource </I></B>is that part of a mineral resource for which quantity, grade or
quality, densities, shape, and physical characteristics are so well established that they can be
estimated with confidence sufficient to allow the appropriate application of technical and economic
parameters, to support production planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration, sampling and testing
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 5 -<!-- /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">information gathered through appropriate techniques from locations such as outcrops, trenches,
pits, workings and drillholes that are spaced closely enough to confirm both geological and grade
continuity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A <B><I>mineral reserve </I></B>is the economically mineable part of a measured or indicated mineral resource
demonstrated by at least a preliminary feasibility study. This study must include adequate
information on mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can be justified. A mineral
reserve includes diluting materials and allowances for losses that may occur when the material is
mined. Mineral reserves are sub-divided in order of increasing confidence into probable mineral
reserves and proven mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A <B><I>probable mineral reserve </I></B>is the economically mineable part of an indicated and, in some
circumstances, a measured mineral resource demonstrated by at least a preliminary feasibility
study. This study must include adequate information on mining, processing, metallurgical, economic
and other relevant factors that demonstrate, at the time of reporting, that economic extraction can
be justified.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A <B><I>proven mineral reserve </I></B>is the economically mineable part of a measured mineral resource
demonstrated by at least a preliminary feasibility study. This study must include adequate
information on mining, processing, metallurgical, economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is justified.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Incorporation</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation (&#147;Cameco&#148; or the &#147;Company&#148;) was incorporated under the <I>Canada Business
Corporations Act </I>(&#147;CBCA&#148;) on June&nbsp;19, 1987 to combine the uranium mining and milling operations of
Saskatchewan Mining Development Corporation (&#147;SMDC&#148;) with the uranium mining, refining and
conversion operations of Eldorado Nuclear Limited (&#147;ENL&#148;), since renamed Canada Eldor Inc. (&#147;CEI&#148;)
(the &#147;Reorganization&#148;). Pursuant to the Reorganization, in October&nbsp;1988, CEI and SMDC transferred
substantially all of their assets to Cameco in exchange for Cameco assuming substantially all of
their current and certain other liabilities and issuing common shares, one Class&nbsp;B Share and
promissory notes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s articles, pursuant to the requirements of the <I>Eldorado Nuclear Limited Reorganization and
Divestiture Act </I>(Canada), as amended, and <I>The Saskatchewan Mining Development Corporation
Reorganization Act</I>, contain certain constraints and restrictions. For a description of them,
please see <I>Description of Securities</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2002, Cameco&#146;s articles were amended to increase the individual non-resident maximum share
ownership from 5% to 15% and to increase the limit on aggregate non-resident ownership voting
rights from 20% to 25%. The articles were amended in 2003 to permit the board to appoint one or
more directors between meetings of shareholders as permitted by the CBCA, subject to certain
limitations, and to remove the requirement that the chairman of the board must be ordinarily
resident in the province of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s head office, registered office and principal place of business is located at 2121 &#150;
11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West, Saskatoon, Saskatchewan, Canada S7M 1J3, telephone: (306)&nbsp;956-6200.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Subsidiaries</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns a one-half interest in UEM Inc. (&#147;UEM&#148;), a Canadian company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco through subsidiaries owns 100% of Cameco Europe Ltd., a Swiss company which is a party to
the HEU Commercial Agreement. Under that agreement, Cameco Europe Ltd. has contractually committed
supplies of 43&nbsp;million pounds of uranium over the period January&nbsp;1, 2008 to December&nbsp;31, 2013.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 6 -<!-- /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">Cameco owns a 31.6% limited partnership interest in Bruce Power Limited Partnership (&#147;Bruce Power&#148;
or &#147;BPLP&#148;), an Ontario limited partnership, through its wholly owned Canadian subsidiaries Cameco
Bruce Holdings Inc. and Cameco Bruce Holdings II Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco through a subsidiary also owns 52.7% of Centerra Gold Inc. (&#147;Centerra&#148;), a Canadian company
that is the largest western-based gold producer in Central Asia and the former Soviet Union.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No other subsidiaries are individually or collectively material.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is the world&#146;s largest uranium producer. It is publicly traded on the Toronto and New York
stock exchanges. The Company&#146;s competitive position is based upon its large, high-grade reserves
and low-cost operations, significant market position and access to other supplies of uranium and
uranium conversion services. Cameco is also one of the four significant converters of uranium
concentrates (&#147;U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>&#148;) to uranium hexafluoride (&#147;UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>&#148;) in the
western world,<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> the only commercial supplier of services to convert uranium concentrates
to uranium dioxide (&#147;UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>&#148;) in the western world, and, through a subsidiary, one of two
Canadian commercial suppliers of fuel fabrication services for CANDU reactors. Cameco subsidiaries
have a 31.6% limited partnership interest in Bruce Power that leases and operates four Bruce B
reactors. The Company continues to explore for uranium in a number of countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While Cameco continues its principal focus on the nuclear business, it also owns 52.7% of Centerra,
the largest western-based gold producer in Central Asia and the former Soviet Union, which is
publicly traded on the Toronto Stock Exchange. Centerra operates, and has a 100% interest in, two
producing gold mines, the Kumtor mine in the Kyrgyz Republic and the Boroo mine in Mongolia.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Major developments in Cameco&#146;s business in each of the fiscal years ended December&nbsp;31, 2005 to
December&nbsp;31, 2007 were as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2005</B>
</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>Construction at Cigar Lake began in early 2005.</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>In March&nbsp;2005, Cameco entered into a 10-year toll-conversion agreement with British Nuclear
Fuels plc (&#147;BNFL&#148;) to purchase all of the uranium conversion services produced at BNFL&#146;s
Springfields U.K. plant.</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>Regulatory approvals were received and initial foundation work began for the commercial
uranium mine facility located at Inkai, Kazakhstan and Cameco agreed, subject to executing
formal amendments (which were executed in 2006), to increase its loan to the joint venture to
a maximum of $100&nbsp;million (US). In 2007, the loan was increased to $200&nbsp;million (US).</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>In October&nbsp;2005, the ownership interests in Bruce Power were restructured. Cameco&#146;s 31.6%
Bruce Power interest now includes only the four Bruce B units and not the four Bruce A units.
Cameco elected not to invest in the planned $4.25&nbsp;billion program to increase output from the
A units.</TD>
</TR>

</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" colspan="3">Note:</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">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In this Annual Information Form when the term &#147;western world&#148; is
used, it includes Argentina, Australia, Belgium, Brazil, Canada, Czech
Republic, Finland, France, Gabon, Germany, Hungary, India, Indonesia, Japan,
Lithuania, Mexico, Namibia, Netherlands, Niger, Pakistan, Philippines,
Portugal, Romania, Slovakia, Slovenia, South Africa, South Korea, Spain,
Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom and United
States.</TD>
</TR>

</TABLE>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 7 -<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Due to incremental changes in Bruce Power&#146;s governing limited partnership agreement, which
resulted in joint control among the three major limited partners, effective November&nbsp;1, 2005,
Cameco began to proportionately consolidate Bruce Power&#146;s financial results rather than
account for them using the equity method.</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>In December&nbsp;2005, Cameco sold its 6.7% interest in Energy Resources of Australia Ltd., an
Australian uranium producer, for gross proceeds of $121&nbsp;million (Aus). Net proceeds to Cameco
after transaction fees and taxes were approximately $87&nbsp;million (Cdn).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2006</B>
</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>In January&nbsp;2006, Cameco announced that, based upon updated reserves estimates and current
mining plans, the Kumtor mine life has been extended by almost three years and the Boroo mine
life has been extended by more than one year.</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>In January&nbsp;2006, Cameco announced that its board of directors approved a two-for-one stock
split of its outstanding common shares. The board of directors also approved an increase in
the annual dividend from $0.12 to $0.16 beginning in 2006 (both annual dividend amounts
adjusted for the stock split).</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>In February&nbsp;2006, Cameco completed the purchase of 100% of Zircatec Precision Industries,
Inc., (&#147;Zircatec&#148;) a Canadian manufacturer of nuclear fuel bundles. The purchase price was
$109&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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In April&nbsp;2006, Cameco announced a significant water inflow into the second Cigar Lake
shaft. The inflow had no impact on other parts of the mine because the second shaft was not
connected to the mine. To remediate the inflow, Cameco may freeze the shaft area, subject to
regulatory approval.</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>In July&nbsp;2006, Cameco announced that a pit wall ground movement had occurred at the Kumtor
mine site, involving a significant portion of the northeast wall. The ground movement did not
reduce the amount of reserves; however, it did significantly reduce 2006 Kumtor production.
The fallen rock delayed access to the ore from this area of the mine representing about
125,000 ounces of scheduled 2006 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In October&nbsp;2006, Cameco announced that a second water inflow had occurred at Cigar Lake,
filling the underground development areas of the project with water. Production start up was
previously planned for early 2008. Cameco has commenced work at Cigar Lake to remediate the
underground development areas.</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>In November&nbsp;2006, Cameco announced that unionized employees at its McArthur River and Key
Lake uranium operations accepted a new contract, which will expire December&nbsp;31, 2009.</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>In December&nbsp;2006, Cameco announced that Centerra had reached an agreement on all material
terms of a labour agreement with Kumtor unionized employees. The agreement will expire
December&nbsp;31, 2008.</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>In December&nbsp;2006, Cameco announced that its board of directors approved an increase in the
annual dividend from $0.16 to $0.20 beginning in 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2007</B>
</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>In March&nbsp;2007, Cameco provided an update on the Cigar Lake project including that: (i)
production start-up was targeted for 2010, subject to regulatory approval and timely
remediation (now targeted for 2011, at the earliest); (ii)&nbsp;Cameco&#146;s share of capital costs,
including mill modifications, to bring Cigar Lake into production was estimated at $508
million including $234&nbsp;million spent on construction as of March&nbsp;2007, leaving $274&nbsp;million
remaining; and (iii)&nbsp;Cameco&#146;s share of flood remediation expenses was estimated at $46
million.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 8 -<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2007, Cameco announced that unionized employees at Zircatec accepted a new
contract, which will expire in June&nbsp;2009, and that unionized employees at its conversion
facility in Port Hope, Ontario accepted a new contract, which will expire in June&nbsp;2010.</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>In July&nbsp;2007, Cameco announced a reduction in Centerra&#146;s 2007 gold production forecast at
the Kumtor mine, from 450,000 ounces of gold to 300,000 ounces.</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>In July&nbsp;2007, Cameco announced that it had discovered contamination of the soil under its
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant in Port Hope and suspended operations to conduct a thorough
investigation. See &#147;Nuclear Business-Uranium Fuel Conversion Services &#151; Operations&#148; for a
discussion of the actions Cameco has taken in response to this incident and to resume
operation of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant.</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>In August&nbsp;2007, Cameco announced that Cameco and Centerra had signed binding agreements
with the government of the Kyrgyz Republic which were aimed at providing additional business
certainty for mining operations at Centerra&#146;s Kumtor mine. Implementation of the binding
agreements requires Kyrgyz parliamentary approval. The deadline for closing these agreements
was subsequently extended until February&nbsp;15, 2008 as a result of the dissolution of the
Parliament of the Kyrgyz Republic in October&nbsp;2007. The closing deadline has been further
extended to April&nbsp;30, 2008.</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>In September&nbsp;2007, Cameco announced its intention to proceed with a normal course issuer
bid to repurchase for cancellation up to approximately 17.7&nbsp;million (5%) of its common shares.
This program will continue until September&nbsp;2008 unless Cameco purchases the maximum allowable
number of common shares sooner or terminates the program. As at December&nbsp;31, 2007, 9,755,300
common shares had been repurchased under this program at a cost of $429,327,000.</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>In November&nbsp;2007, Cameco announced that it had temporarily reduced underground activities
at Rabbit Lake due to an increase of water inflow from a mining area as a precautionary
measure. In late December, Cameco resumed normal mining activities after sealing off the
source of the water inflow.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2008 Expected Material Developments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Material developments that, at the date of this Annual Information Form, Cameco expects to occur in
2008, or that have occurred prior to this date, relate to: the expected dewatering of the Cigar
Lake mine; expected remediation and resumption of production at Cameco&#146;s Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion plant; expected closing of the August&nbsp;2007 binding agreements with Centerra and the
government of the Kyrgyz Republic; and expected amendment of the HEU Agreement&#146;s pricing structure
for part of the remaining six year term of the agreement. These material developments are
discussed in more detail in this Annual Information Form and in the Company&#146;s management&#146;s
discussion and analysis for the fiscal year-ended December&nbsp;31, 2007 (&#147;2007 MD&#038;A&#148;), which is
incorporated herein by reference. These expected material developments are not about present or
historical facts and are therefore forward-looking information. This forward-looking information
is based upon a number of assumptions that may prove to be incorrect, and there are material risk
factors that may cause actual results to differ materially. See <I>&#147;Caution Regarding Forward-Looking
Information and Statements&#148;, &#147;The Nuclear Business &#150; Development Projects &#151; Cigar Lake and Nuclear
Fuel Conversion Business &#150; Operations&#148;, &#147;Centerra Gold Inc&#148; </I>and &#147;<I>Risk Factors&#148; </I>for disclosure of
the key assumptions and material risk factors that could cause actual results to vary materially.
</DIV>

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


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

</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 approximately 16% of the world&#146;s
electricity. According to the World Nuclear Association, nuclear plant electric generating
capacity is expected to grow modestly between now and the year 2016,
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /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">primarily as a result of new reactor construction and improved reactor operation. The rate of
growth is expected to be somewhat below that of the total market for electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major stages in the production of nuclear fuel are: (a)&nbsp;uranium exploration; (b)&nbsp;mining and
milling; (c)&nbsp;refining and conversion; (d)&nbsp;enrichment; and (e)&nbsp;fuel fabrication (also known as fuel
manufacturing). Once a commercial uranium deposit is discovered and reserves delineated,
regulatory approval to mine is sought. Following regulatory approval, the mine is developed and
uranium ore is extracted and upgraded at a mill to produce uranium concentrate. Mining companies
usually sell uranium concentrate to electrical generating companies (&#147;utilities&#148;) 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 uranium concentrate. 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">Cameco&#146;s involvement in the nuclear business consists principally of: (a)&nbsp;exploring for,
developing, mining and milling uranium ore to produce uranium concentrate; (b)&nbsp;supplying uranium
refining and conversion services to produce UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>; (c)&nbsp;purchasing
uranium, uranium conversion and enrichment services from third parties; (d)&nbsp;supplying fuel
manufacturing services for CANDU reactors; (e)&nbsp;selling produced and acquired uranium and uranium
conversion services, as well as acquired enrichment services, to utilities; and (f)&nbsp;the generation
and sale of electricity through its 31.6% limited partnership interest in Bruce Power, which leases
and operates the four Bruce Power B reactors.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Demand</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The demand 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> is directly linked to the level of electricity generated
by nuclear power plants. World annual uranium fuel consumption has increased from approximately 75
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 1980 to about 174&nbsp;million pounds in 2007. Cameco
estimates that annual uranium fuel consumption in the world will reach 226&nbsp;million pounds in 2017,
reflecting an annual growth rate of almost 3% per year over the period. Demand could be increased
slightly by the current trend toward improving plant operating performance or reduced by the
premature closing of some nuclear power plants.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Supply</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium supply sources include primary mine production and secondary sources such as excess
inventories, uranium made available from defence stockpiles and the decommissioning of nuclear
weapons, re-enriched depleted uranium tails, and used reactor fuel that has been reprocessed.
Russia supplies most of the requirements of the former Soviet Union and Eastern European countries
from inventories, reprocessed used reactor fuel, re-enriched depleted uranium tails and primary
mine production.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Primary Production</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium production industry is international in scope with a small number of companies
operating in relatively few countries. In 2006 (the latest year for which figures are available),
86% of the estimated world production of 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> was provided
by eight producers: Cameco, Rio Tinto, AREVA, KazAtomProm, TVEL in Russia, BHP Billiton, NAVOI
Mining Metallurgical Kombinat in Uzbekistan and Uranium One. Approximately 92% of estimated world
production was sourced from eight countries (in order of production, from greatest to least):
Canada, Australia, Kazakhstan, Niger, Russia, Namibia, Uzbekistan, and the US.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Canadian uranium industry has, in recent years, been the leading supplier with production of
approximately 26&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 2006, equivalent to about 25% of
world production. Production from Cameco operated mines in Canada and the US in 2007 was
approximately 25&nbsp;million pounds. Cameco&#146;s share of this production was approximately 20&nbsp;million
pounds.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /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">Subject to the constraints described below, all primary production is available to meet the demand
of the nuclear power industry.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Secondary Sources</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each year since 1985, world uranium production has been less than uranium consumption. The
resulting shortfall has been covered by a number of secondary sources. Excess inventories held by
utilities, producers, other fuel cycle participants and governments (including Russian government
inventories) have been and continue to be a significant source of supply. Utilities in Europe also
use reprocessed uranium and plutonium derived from used reactor fuel. In addition, in recent
years, re-enriched depleted uranium tails have been generated using excess enrichment capacity.
Cameco estimates these two recycling sources will meet about 7% of world demand to 2017. As well,
uranium derived from the dismantling of Russian nuclear weapons (expected to be available through
2013 when the current agreement ends) has also become a significant source of supply, expected to
meet about 6% of world demand to 2017. Finally, a limited amount of uranium from the US defence
program has been introduced into the market in 2007 compared to 2006. Cameco expects about 3% of
world demand to 2017 will be met from secondary supply held by US Department of Energy (&#147;DOE&#148;),
including excess uranium from the US defence program.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Uranium from Nuclear Disarmament</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;1993, the United States and Russia signed an agreement (the &#147;Russian HEU Agreement&#148;) to
manage the sale of highly enriched uranium (&#147;HEU&#148;). Under this agreement, over a term of 20&nbsp;years,
500 tonnes of HEU, derived from dismantling Russian nuclear weapons, are to be diluted in Russia
and delivered to the United States as low enriched uranium (&#147;Disarmament LEU&#148;), suitable for use in
nuclear power plants. Disarmament LEU scheduled for delivery during the 20-year period represents
approximately 400&nbsp;million pounds of natural uranium as U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> (&#147;Disarmament
Uranium&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The USEC Privatization Act, which became law in 1996, regulates the introduction of Disarmament
Uranium into the US market. Under the USEC Privatization Act, Disarmament Uranium delivered after
1996 may be sold into the US market beginning in 1998 subject to an annual quota. The quota for
2007 was 18&nbsp;million pounds and thereafter will increase by 1&nbsp;million pounds per year to a maximum
of 20&nbsp;million pounds per year beyond 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain of the Russian Disarmament Uranium has been purchased by the DOE. DOE currently holds a
stockpile of 58&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, containing both this and US
material that is to be withheld from the market until 2009, as a condition of the Russian HEU
Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2007, DOE provided an update on their level of inventory excess to program requirements,
amounting to 160&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. This uranium, which
includes the 58&nbsp;million pound stockpile, is expected to be made available to the market over the
next 30&nbsp;years. At that time, the DOE stressed the need to dispose of the inventories without
disruption to commercial markets and requested the US nuclear industry suggest a plan for disposal
of these inventories. Late in the year industry participants, including Cameco, proposed a set of
principles for DOE inventory disposition. The principles included a quota limiting sales to one
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 in 2008 and gradually increasing to about five
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 in 2013 and 2014. It was also suggested that
20&nbsp;million pounds be made available for initial cores for new US reactors and a strategic reserve
of 20&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 in the form of low enriched uranium
(&#147;LEU&#148;) be established for use only in a national energy emergency. In general, the DOE reacted
favourably to the proposal. In March&nbsp;2008, the DOE issued a policy statement which outlined a
general framework within which it will manage its surplus uranium inventories, which policy did not
specifically address the principles proposed by the industry participants. The DOE has not
finalized a long-term detailed plan for the disposition of its uranium inventories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Russia plans to deliver LEU from 30 tonnes of HEU, about 24&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 per year, until the Disarmament LEU derived from the entire
500 tonnes (about 400&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) included under the
Russian HEU Agreement has been delivered to the US. To the end of 2007, about 253&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 had been delivered.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /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-left: 3%; margin-top: 6pt"><I>HEU Commercial Agreement</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;24, 1999, a Cameco subsidiary, along with Compagnie Generale des Matieres Nucleaires (now
called &#147;AREVA&#148;), RWE Nukem Inc. of the United States and its affiliate RWE Nuklear GmBh of Germany
(collectively &#147;the Western Companies&#148;) signed an agreement (such agreement, as subsequently
amended, the &#147;HEU Commercial Agreement&#148;) with Joint Stock Company Techsnabexport (&#147;Tenex&#148;), the
commercial arm of the Russian Ministry for Atomic Energy, under which the Western Companies were
granted options to purchase a majority of the Disarmament Uranium. The Cameco subsidiary that is
currently a party to the HEU Agreement is Cameco Europe Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;16, 2001, Tenex and the Western Companies signed an amendment to the HEU Commercial
Agreement. Under the terms of the amendment, the Western Companies committed to exercise their
options to purchase a quantity of uranium (about 124&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>)
equal to their share of the annual quota under the USEC Privatization Act for the period 2002 to
2013. A Cameco subsidiary&#146;s share was 53&nbsp;million pounds. Tenex retained about 82&nbsp;million pounds
to sell under its share of the US quota. The Western Companies have exclusive options to purchase
the balance of the Disarmament Uranium. From 2001 to 2003, a Cameco subsidiary exercised options
for an additional 18&nbsp;million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A series of related agreements between the US and Russian governments (collectively, the &#147;Bilateral
Agreement&#148;), which are integral to the HEU Commercial Agreement, require Tenex to return to Russia
the Disarmament Uranium not purchased by the parties to the HEU Commercial Agreement or sold by
Tenex, and allows Russia to use about seven 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
annually for blending down HEU to Disarmament LEU. Pursuant to the Bilateral Agreement, the
balance of the returned uranium is to be placed in a monitored stockpile. In the event the
monitored stockpile exceeds 58&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent, Russia is
permitted to sell the excess into supply contracts in existence on March&nbsp;24, 1999, mainly with
utilities in Eastern Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;16, 2004, the HEU Commercial Agreement was further amended to provide, among other things,
that the Western Companies will forego a portion of their future options on non-quota HEU-derived
uranium (i.e., quantities for consumption outside the US) to ensure there is sufficient material in
Russia for blending down HEU to commercially usable LEU. This amendment was due to Russia&#146;s rising
requirements for uranium to fuel its expanding nuclear plant construction program within Russia and
abroad. This amendment resulted in the Western Companies exercising most of their options under
the HEU Commercial Agreement, giving them firm purchase commitments for almost 163&nbsp;million pounds
of uranium from 2004 through to the end of 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to this further amendment, as well as Tenex&#146;s 2003 decision to end further sales of its share
of this material and return it to Russia, the amount of HEU-derived uranium that would have been
available to the market in the western world was reduced by about 74&nbsp;million pounds in the period
2004 through 2013, along with the contained conversion component of some 28&nbsp;million kilograms of
uranium as UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. The 74&nbsp;million pounds is made up of about 30&nbsp;million pounds of Tenex
material that will be returned to Russia and 44&nbsp;million pounds that was in the monitored stockpile
as of the end of 2003. At the end of 2007, Cameco estimates there was 18&nbsp;million pounds in the
monitored stockpile.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2007, Tenex requested the Western Companies to enter into discussions regarding the
pricing structure for the last few years of the remaining six-year term of the HEU Commercial
Agreement. These discussions have commenced.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Trade Restraints and Policies</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of anti-dumping proceedings brought in the early 1990s, the US and certain countries
entered into suspension agreements to limit access to the US market. Only the suspension agreement
with Russia remains in effect. In February&nbsp;2008, the United States Department of Commerce and
Russia signed an amendment to the Russian suspension agreement, which allows for additional Russian
supply directly to US utilities. The amendment sets out an annual LEU quota with very limited
quantities in 2011 to 2013. Upon completion of the Russian HEU Agreement, in 2014 the quota
increases to about 13&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 through 2020. In
addition to this quota, Russian uranium products may be supplied for initial cores in new US
reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The US restrictions have no effect on the sale of Russian uranium to other countries. About 70% of
world uranium requirements arise from utilities in countries unaffected by the US restrictions. In
2007, approximately 48% of
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /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">Cameco&#146;s sales volume was to countries unaffected by the US restrictions. Utilities in some of
these countries adopt policies that effectively limit the amount of Russian uranium they will
purchase. Such policies often relate to security of supply concerns or their country&#146;s bilateral
relations with Russia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Euratom Supply Agency (&#147;ESA&#148;) in Europe, which must approve all uranium related contracts
entered into by members of the EU, limits the use of nuclear fuel supplies from any one source in
order to maintain security of supply (historically at an informal level of about 20%). In the 2006
Euratom Annual Report, the ESA stated they will continue to monitor the market to ensure diversity
of supply and avoid overdependence on any single source, but noted that in recent years
restrictions on imports of natural uranium have not been deemed necessary.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Prices</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities secure a substantial percentage of their uranium requirements by entering into long-term
contracts with uranium producers. Uranium contract terms generally reflect market conditions at
the time the contract is negotiated. These contracts usually provide for deliveries to begin two
to five years after signing and continue for several years thereafter. In awarding these
contracts, utilities consider the commercial terms offered, including price, as well as the
producer&#146;s performance record and uranium reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prices are established by a number of methods including fixed prices adjusted by inflation indices,
market prices (spot or long price indicators) and annual price negotiations. Many contracts also
contain floor prices, ceiling prices and other negotiated provisions, such as discounts, that
affect the price ultimately paid. For example, ceiling prices limit the upside potential of price
movement, while floor prices establish a minimum price that will ultimately be paid. Instead of
ceiling prices, some contracts may include a discount off the market price, when the market price
reaches a threshold level. Prices under uranium supply contracts are usually confidential.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities and other market participants also acquire uranium through spot purchases from producers
and traders. Spot market purchases are those that call for delivery within one year. Traders
generally source their uranium from organizations holding excess inventory including utilities,
producers, governments and others. Spot market demand in 2007 decreased to about 20&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>from 35&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 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry average spot 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>, published by TradeTech and the
U<SUB style="font-size: 85%; vertical-align: text-bottom">x</SUB> Consulting Company, LLC, increased by approximately 24% in 2007 ending the year at
$89.50 (US)&nbsp;per pound compared to $72.00 (US)&nbsp;per pound at the end of 2006. The industry average
long term 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>, as published by TradeTech and the U<SUB style="font-size: 85%; vertical-align: text-bottom">x</SUB>
Consulting Company, LLC, increased in 2007 by approximately 32% ending the year at $95.00 (US)&nbsp;per
pound compared to $72.00 (US)&nbsp;per pound at the end of 2006. As of February&nbsp;29, 2008, the industry
average spot and long term prices 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>were $73 (US)&nbsp;per pound and $95
(US)&nbsp;per pound respectively.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco markets uranium to utilities in direct competition with supplies available from various
sources worldwide. Cameco&#146;s marketing strategy is to commit its uranium production under long-term
contracts with a diversified mix of pricing mechanisms, as described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales contracts historically contained some quantity flexibility that enables the purchaser to
reduce or increase the amount of uranium to be delivered from year to year within a specified
range. Recent contracts generally no longer provide such flexibility. In general, utilities
purchase from multiple suppliers in order to diversify their sources. Cameco sells uranium
concentrates for use by utilities in Argentina, Belgium, Canada, Finland, France, Germany, Japan,
Romania, South Korea, Spain, Sweden, Taiwan, United Kingdom, and the US.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, approximately 35% of Cameco&#146;s U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> sales were to five customers.
Cameco currently has commitments in excess of 300&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> under
long-term contracts with about 50 customers worldwide. Cameco&#146;s five largest customers account for
approximately 46% of these commitments. 49% of Cameco&#146;s committed sales volume is to purchasers in
the Americas (US, Canada and Latin America), 17% in the Far East and 34% in Europe.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /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">The base load contracts put in place to support the development of Cigar Lake contain supply
interruption language that allows Cameco to reduce, defer or cancel deliveries in the event of any
delay or shortfall in Cigar Lake production. Cameco has been discussing with its customers the
possible effect of the uranium production delay at Cigar Lake. For the Cigar Lake base load
contracts with deliveries in 2007 and 2008, these volumes were deferred to the end of the various
contracts. For contracts with deliveries beyond 2008, discussions will occur closer to the
delivery date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the remainder of Cameco&#146;s contracts, no additional deferrals of deliveries resulting from the
supply interruption provisions in these contracts is planned for 2008 as the impact of those
provisions is expected to be minimal in this year. In 2007, Cameco deferred a portion of the
deliveries impacted by these provisions for a five to seven-year period.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco generally does not sell into the spot uranium market. However, in light of changing market
conditions, Cameco is revisiting its approach. In the future, Cameco may elect to sell material
directly into the spot market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has purchased uranium under spot and long-term contracts and may make similar purchases in
the future. At December&nbsp;31, 2007, Cameco had firm commitments to purchase approximately 41&nbsp;million
pounds uranium equivalent over the 2008-2013 period, of which 39&nbsp;million pounds is the result of
the exercise of options under the HEU Commercial Agreement by Cameco Europe Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, Cameco entered into standby product loan agreements with two of its customers. These
agreements have been terminated. More specifically, in 2007, Cameco terminated the arrangements
with one of its customers that allowed the borrowing of up to 2,960,000 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> equivalent and as a result recognized in its earnings $41,645,000 of the
revenues, and related costs, that had been deferred in 2006. In January&nbsp;2008, Cameco gave notice
to terminate the remaining loan agreement with the other customer. Cameco will recognize
$96,232,000 of deferred revenue, and related costs, in the first quarter of 2008. The related
letter of credit facilities for these loan agreements have been cancelled.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s uranium production is from two sources in Saskatchewan and two sources in the US.
The Saskatchewan sources are the Rabbit Lake mine and mill and the combined McArthur River mine -
Key Lake mill. The US sources are Crow Butte and Smith Ranch-Highland in situ recovery (&#147;ISR&#148;)
operations. Cameco has two material uranium properties, McArthur River, which is being mined, and
Cigar Lake, which is being developed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake mill processes McArthur River ore blended with stockpiled mineralized waste from the
McArthur River or Key Lake deposits. Mining at Key Lake ended in 1997.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows Cameco&#146;s share of uranium production (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 the past three years. For Cameco&#146;s share of forecast uranium production over the period 2008 to
2012, see the Company&#146;s 2007 MD&#038;A at &#147;Uranium Supply Outlook.&#148;
</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="2" style="border-bottom: 1px solid #000000"><B>2005</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></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">McArthur River <SUP style="font-size: 85%; vertical-align: text-top">(2) (3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,100,000</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">6,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000,000</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">1,300,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000,000</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">800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,200,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,800,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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 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" colspan="3">Notes:</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">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This does not include test mining production from Inkai. In 2007, the Inkai test
mine produced 600,000 pounds (100% basis).</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>Milled at Key Lake.</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>McArthur River&#146;s CNSC license limits annual production to 18.7&nbsp;million pounds
(Cameco&#146;s share being 13.1&nbsp;million pounds).</TD>
</TR>

</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River in northern Saskatchewan is an underground uranium mine, in which Cameco has a
direct and indirect interest of 69.805%. It contains the world&#146;s largest known high-grade uranium
deposit. McArthur River is owned by joint venture partners Cameco (55.844%), AREVA (16.234%) and
UEM (27.922%), a company equally owned by
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 14 -<!-- /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">Cameco and AREVA. Cameco is the operator. At December&nbsp;31, 2007, the Company&#146;s share of proven and
probable reserves was 535,100 tonnes of ore containing 243.7&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> with an average grade of 20.7% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, its share of
measured and indicated resources was 80,100 tonnes of ore containing 15.0&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> with an average grade of 8.5% 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 its share
of inferred resources was 408,100 tonnes of ore containing 66.2&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> at an average grade of 7.4% 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">At an assumed annual production rate of 18.7&nbsp;million pounds, Cameco estimates that McArthur River
will have a mine life of at least 19&nbsp;years with an expected payback of the capital invested by the
end of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a description of royalties payable to the province of Saskatchewan on the sale of uranium
extracted from ore bodies within the province and taxes, see <I>Canadian Royalties and Certain Taxes</I>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Property Description and Environment</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This property is located near Toby Lake in northern Saskatchewan, approximately 620 kilometres
north of Saskatoon. The McArthur River mine site is compact, occupying approximately an area of
one kilometre in the north/south direction and half a kilometre in the east/west direction. The
site consists of an underground mine, one full service shaft and two ventilation shafts along with
numerous surface facilities, including inert waste rock stockpiles, a large capacity mine water
treatment plant, a pump house, ponds, standby diesel generators as well as maintenance and
warehousing facilities. Other major facilities include the ore body freezing plant, the
administration/shop complex, the ore slurry handling and truck load-out facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The surface facilities and mine shafts for the McArthur River operation are located on lands owned
by the province of Saskatchewan. Cameco acquired the right to use and occupy the lands under a
surface lease agreement with the province of Saskatchewan. The most recent surface lease agreement
was signed in April&nbsp;1999 and is valid for 33&nbsp;years. Obligations attached to the surface lease
relate primarily to annual reporting regarding the status of the environment, land development and
progress on northern employment and business development. The lease is renewable if necessary
until full property decommissioning has been achieved. The McArthur River surface lease presently
covers about 651 hectares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral property consists of 21 mineral claims and one mineral lease totalling 84,818 hectares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River uranium deposit is located in the area subject to mineral lease ML5516,
totalling 1,380 hectares. Under this mineral lease Cameco acquired the right to mine this deposit.
The current mineral lease expires in March&nbsp;2014 with the right to renew for successive ten-year
terms absent a default by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surrounding the McArthur River uranium deposit are 21 mineral claims, totalling 83,438 hectares.
Title to the 21 mineral claims is secured until 2017. A mineral claim grants the holder the right
to explore for minerals within the claim lands and the right to apply for a mineral lease.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Site accessibility, infrastructure and physiography</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The means of access to the property is by an all-weather road and by air. Supplies are transported
by truck and can be shipped through Cameco&#146;s transit warehouse in Saskatoon. McArthur River ore is
transported to the Key Lake mill for processing some 80 kilometres to the southwest along a gravel
highway. Site operations are carried out throughout the year despite cold winter conditions. The
fresh air necessary to ventilate the underground workings is heated during the winter months using
propane-fired burners. There is easy access to and sufficient water from nearby Toby Lake to
satisfy all industrial and residential water requirements. To minimize fresh water use,
significant industrial water demands are met by recycling water. The site is connected to the
provincial power grid. There are standby generators in case of grid power interruption. Personnel
are recruited from the northern area communities and major Saskatchewan population centers such as
Saskatoon. Underground development work is tendered to a mining contractor. Cameco personnel
conduct all production functions.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 15 -<!-- /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">McArthur River is a developed producing property, with surface right holdings that cover all of its
mining operation needs as well as requirements for residences, access to water, airport, site roads
and other necessary buildings and infrastructures. No tailings management facilities are required
as McArthur River ore is milled at the Key Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The topography and the environment are typical of the taiga forested lands common to the Athabasca
basin area of northern Saskatchewan. The surface facilities are approximately 550 metres above sea
level.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>History</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There have been numerous changes in ownership of participating interests in the joint venture that
governs the McArthur River property. The joint venture was formed in 1976 and the original joint
venture partners were Canadian Kelvin Resources, Asamera Oil Corporation Ltd., and SMDC, a
predecessor company to Cameco. Recently, the two most significant changes in ownership have been:
</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>In 1998, Cameco bought all of the shares of Uranerz Exploration and Mining Ltd. (and
changed Uranerz&#146;s name to UEM), thereby increasing its direct and indirect participating
interest in the McArthur River joint venture to 83.766%.</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>In 1999, AREVA acquired one-half of the shares of UEM, thereby reducing Cameco&#146;s direct and
indirect participating interest in the McArthur River joint venture to 69.805%. AREVA&#146;s
direct and indirect participating interest in the McArthur River joint venture is 30.195%.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, through its predecessor company SMDC, became operator of the McArthur River project in
1980.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface exploration programs were active from 1980 through to 1992. Significant mineralization of
potentially economic uranium grades were first discovered as a result of surface drilling in the
1988 and 1989 exploration seasons. Surface drilling programs delineated a mineralized zone over
1,700 metres in length, occurring at depths ranging between 530 to 640 metres below surface.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground exploration began in 1993 and continued until 1997. Following review of the
environmental impact statement, public hearings, and receipt of approvals from the governments of
Canada and Saskatchewan, the Atomic Energy Control Board (&#147;AECB&#148;) issued construction licences for
McArthur River in August&nbsp;1997 and May&nbsp;1998. In October&nbsp;1999, Cameco received an operating licence
from federal authorities and operating approval from provincial authorities.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Mine Development</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Construction and development of the McArthur River mine was completed on schedule and mining
commenced in December&nbsp;1999. Upon completion of mine commissioning, commercial production was
achieved on November&nbsp;1, 2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At present, the site includes three shafts. The first shaft is used to move workers, material and
waste rock. The second shaft is used for mine exhaust air ventilation. The third shaft is
equipped as an emergency means of egress. The first and third shafts are also used for fresh air
ventilation.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Geology and Mineralization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River deposit is located in the south-eastern portion of the Athabasca basin, within
the south-west part of the Churchill structural province of the Canadian Shield. The crystalline
basement rocks underlying the deposit are members of the Aphebian aged Wollaston Domain,
metasedimentary sequence. These rocks are overlain by flat lying, unmetamorphosed sandstones and
conglomerates of the Helikian Athabasca Group. These sediments are over 500 metres thick in the
deposit area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineralization is situated alongside a northeast trending graphitic fault, close to the
unconformity between the basement rock and the overlying Athabasca sandstone.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 16 -<!-- /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-left: 3%; margin-top: 6pt"><I>Exploration, Drilling and Estimates</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The original McArthur River resource estimates were derived from surface diamond drilling. The
drill hole data consists of assay results from 42 drill holes compiled with all relevant geological
and technical data. The very high grade encountered in these drill holes justified the development
of an underground exploration project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From 1994 to present, several drilling campaigns from underground levels at 530 metres and 640
metres depth were completed. Diamond drilling was followed by systematic radiometric probing of the
holes using a high flux probe adapted to the very high radioactivity encountered. Drill holes
intersected mineralized zones on a grid spacing of 10 x 10 metres or less. Radiometric probing was
at 0.10 metre spacing in the radioactive zones. Where core recovery allows it, sampling and
assaying of the cores as well as density measurements are performed to confirm correlations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The data from underground exploration drill holes have been interpreted and estimates of mineral
reserves and resources have been made in four mineralized zones (zones 1 to 4). In addition to
this drilling, hundreds of freeze holes and raise bore pilot holes have provided data supporting
the interpretation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground drilling programs have further delineated approximately 750 metres of the 1,700-metre
mineralized zone delineated by surface drilling. Underground delineation drilling is ongoing south
of the current four mineralized zones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface exploration drilling was conducted in 2005 and 2006 to the north to test the extension of
mineralization previously identified from historical surface drill holes and to also test new
targets along strike. In 2007, surface diamond drilling to evaluate the P2 trend north of the
McArthur River mine was undertaken. In total, almost 13,000 metres were drilled in 25 drill holes
comprising a combination of conventional and directional drilling. The P2 trend has now been tested
at approximately 200-metre intervals for a distance of three kilometres north of the mine. Results
continue to be encouraging.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tunnelling of a north exploration drift was conducted in 2007 to follow up on the surface
exploration drilling results. The north exploration development will continue through 2008,
followed by an underground diamond-drilling program to delineate targets previously identified from
surface in order to develop mine plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is satisfied with the quality of data obtained from the surface exploration and underground
drilling at McArthur River and considers it valid for use in the estimate of mineral resources and
mineral reserves at McArthur River. This is supported by the annual reconciliation of the mine
production to within 6% of the estimate of pounds of uranium for the last two years.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Mine Operations</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three permits must be maintained to operate the mine. Cameco holds a &#147;Uranium Mine Facility
Operating Licence&#148; from the Canadian Nuclear Safety Commission (&#147;CNSC&#148;) and an &#147;Approval to Operate
Pollutant Control Facilities&#148; and a &#147;Permit to Operate Waterworks&#148; from the Saskatchewan Ministry
of Environment (&#147;SMOE&#148;). These permits are current. The CNSC licence expires on October&nbsp;31, 2008.
The SMOE approvals expire on October&nbsp;31, 2009. Cameco has submitted a request to renew its CNSC
operating licence for a five-year term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining of the McArthur River deposit faces many challenges including control of groundwater,
weak rock formations, and radiation protection. Based on these challenges, it was identified that
non-entry mining methods, including the raise boring method, would be required to mine the deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The sandstones that overlay the basement rocks contain significant amounts of water, which is at
hydrostatic pressure. Water flow into the mine area is generally prevented by ground freezing. Ore
extraction is performed by the raise boring method, with broken ore falling to the extraction
level. A line-of-sight remote controlled loader transports the ore to a grinding circuit. This
circuit grinds the ore to a size that is acceptable for the Key Lake leaching circuit. From the
grinding circuit, ore is pumped 680 metres to surface for storage in four ore slurry holding tanks.
Ore is drawn out of the ore slurry holding tanks and pumped into containers on a transport truck
for shipment to the Key Lake mill over an 80 kilometre all-weather road. Once a raise has been
bored through the ore zone, it is backfilled with concrete. After all the
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 17 -<!-- /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">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">Production at Cameco&#146;s McArthur River mine was temporarily suspended on April&nbsp;6, 2003, as increased
water inflow from an area of collapsed rock in a new development area, located just above the
530-metre level, began to flood portions of the mine. Remedial work to return the mine to safe
operating condition was carried out during the second quarter of 2003 and was sufficiently advanced
in July&nbsp;2003 for mine production to resume. The excess water inflow was sealed off in July&nbsp;2004.
Permanent water treatment capacity was expanded to about 750 cubic meters per hour. During the
water inflow incident, additional temporary capacity was put in place to treat the water flows.
Construction was completed in 2005 to increase the permanent and contingency water treatment
capacity to about 1,500 cubic meters per hour.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is working on the transition to new mining zones at McArthur River, including mine planning
and development. Currently, only zone 2 is being mined. Zone 2 is divided into four panels
(panels 1, 2, 3 and 5).
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><IMG src="o39572o3957201.gif" alt="(MAP)">

</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As extraction of zone 2 (panels 1, 2 and 3) progresses, Cameco expects to place zone 1, zone 2
(panel 5) and the lower mining area of zone 4 into production by 2009, subject to regulatory
approval. Cameco plans to continue using the raise bore 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. At zone 2 (panel 5) and lower zone 4, freeze hole
drilling and tunnel construction commenced in 2006 and continued in 2007. Significant advances in
the freeze drill program were made in 2007 in zone 2 and the accessible portion of lower zone 4.
Lower zone 4 development continues to advance, but slower than previously planned in order to
reduce the risk of water inflows. The lower zone 4 area is currently forecast to begin production
during the second half of 2009. The Company is developing options to access other mining zones if
needed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining method for some portions of the ore body, other than zone 1, zone 2 (panels 1, 2, 3 and
5) and the lower mining area of zone 4, will not be the raise boring method. Alternate mining
methods in the current plans for these portions of the ore body include boxhole boring, jet boring
and blasthole stoping.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, Cameco determined that the boxhole mining method would be better suited for the upper zone
4 at McArthur River, because it allows development from a preferred location. The Company plans to
use this method for production from upper zone 4 beginning in 2012. Boxhole boring is used to
excavate an ore body 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 ore body. The ore and rock are carried by gravity
down the hole, and are deflected away from the machine. Boxhole boring is a mining
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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">development technique used around the world; however, it would be a first in uranium mining as a
production method. The Company has some experience with boxhole boring as it previously 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 (due to thawing from reaming and backfill), controlling raise deviation, reaming
through backfilled raises and control of radiation exposure. Accordingly, the Company has
scheduled a long lead-time for implementation to ensure the technical challenges are understood and
risks mitigated. Until Cameco has fully developed and tested the boxhole boring method at McArthur
River, there is uncertainty in the estimated productivity. A team has been assembled at McArthur
River to develop the boxhole method. Design of specialized components was completed in 2007, along
with mine planning of the test area. Delivery of the boxhole boring machine, which was ordered in
late 2006, is anticipated for the first half of 2008. Initial test boring in waste rock is planned
for the second half of 2008 after development of the test area. Cameco continues to develop
detailed plans for this mining method.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Milling</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River joint venture has entered into a toll milling agreement with the Key Lake joint
venture to process all the ore from the McArthur River mine. The terms of the agreement include a
provision for processing at cost plus a fixed toll milling fee. The Key Lake joint venture is
operated by Cameco and is owned by Cameco (66 2/3%) and UEM (33 1/3%). UEM is owned equally by
Cameco and AREVA. In 2007, 18.7&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>(Cameco&#146;s share was 13.1
million pounds) was produced by toll milling McArthur River ore at Key Lake. Average mill
metallurgical recovery for 2007 was 98.38%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Key Lake mill, McArthur River ore is blended with low grade mineralized material down to
approximately 4% 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 uranium in the blended ore is then dissolved in a
leaching circuit. The resulting uranium bearing solution is separated from the barren ore solids
in a counter current decantation circuit and is further concentrated in a solvent extraction
circuit. The uranium is precipitated out of solution by the addition of ammonia, producing
ammonium diuranate that is thickened and centrifuged before the uranium is transferred to a
calciner. The calciner dries and calcines the uranium before it is packed into 200 litre drums.
The final product is about 99% 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 and a part of 2007, mill process difficulties were encountered associated with higher
levels of concrete dilution in the mill feed stream. Sand filters were installed in 2006 and while
this equipment improved the clarity of the uranium solution, very fine particles carrying organic
material to the water treatment circuit were not removed. The organic carryover resulted in
effluent quality that required re-treatment in order to achieve acceptable standards for release to
the environment. In March&nbsp;2007, a hydrogen peroxide circuit was added to reduce the concentration
of organic material to acceptable levels. This process change operated through the remainder of
2007, demonstrating that it enables consistent operation at target production rates during periods
with elevated concrete in the mill feed. Water treatment efficiency has also been significantly
improved due to the hydrogen peroxide circuit addition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three permits must be maintained to operate the mill. Cameco holds a &#147;Uranium Mill Operating
Licence&#148; from the CNSC and an &#147;Approval to Operate Pollutant Control Facilities&#148; and &#147;Permit to
Operate Waterworks&#148; from SMOE. These permits are current. The CNSC licence expires on October&nbsp;31,
2008. The SMOE approvals expire on November&nbsp;30, 2009. Cameco has submitted a request to renew its
CNSC operating license for a five-year term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has applied to increase the annual licence 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>per year (compared to the current
18.7&nbsp;million pounds). This application has been undergoing a screening level environmental
assessment (an &#147;EA&#148;) under the <I>Canadian Environmental Assessment Act </I>(&#147;CEAA&#148;) with the CNSC as the
responsible authority. The EA has been delayed as the CNSC has focused on an evaluation of the
longer-term environmental impacts of low levels of selenium and molybdenum in the Key Lake mill&#146;s
effluent and concentrations of these substances in the downstream environment.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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: 6pt">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. After a regulatory
hearing in January&nbsp;2007, the CNSC amended the licence to include a condition for the Key Lake mill
to implement this plan. The first phase of the plan is expected to be in place in the first half
of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The EA for the increased licence capacity is pending demonstration of the effectiveness of the
process to reduce concentrations of selenium and molybdenum. The Company expects that reducing the
current level of these metals will help advance this EA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to obtaining approval for the EA (which has to be resubmitted at the appropriate time)
and licence approval to operate at higher production levels, the Company needs 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 zone transition is ongoing, and only after this transition is complete can
the Company fully assess the production rate capacity of the new mining zones. A revitalization
pre-feasibility assessment for the Key Lake mill was initiated in October&nbsp;2006 and is scheduled to
be completed in the first half of 2008. Revitalization of the Key Lake mill, which has been in
operation since 1983, will include upgrading circuits to new technology for simplified operation,
increased production capacity and improved environmental performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Company receives approval for the increased production limit, Cameco expects that annual
production will range between current levels and 20&nbsp;million pounds until such time as
revitalization is completed at Key Lake. Annual production levels after mill revitalization are
expected to be largely dependent on mine production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Accordingly, Cameco anticipates it will be a number of years before it can achieve the sustainable
production at the increased rate at these operations, and there is a risk of further delay.
Increased annual production to an intermediate level between 18.7&nbsp;million pounds and the
sustainable production rate may be possible prior to the completion of the Key Lake mill
revitalization, but will require completion of the other items noted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are two tailings management facilities at the Key Lake site. One is an above-ground
impoundment with tailings stored within compacted till embankments. This facility, constructed in
1983, has not received tailings since 1996. Cameco is reviewing several decommissioning options
regarding this facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The other tailings management facility (&#147;TMF&#148;) is located within the Deilmann pit, which was mined
out in the 1990s. Tailings deposition in the Deilmann TMF began in early 1996, using a staged
subaerial/subaqueous deposition mode with an initial pervious sand envelope constructed around the
perimeter of the pit. The sand envelope was designed to allow excess water to drain to a drainage
blanket underlying the tailings at the bottom of the pit and then to dewatering pumps in a raise
well connected by a drift to the drainage blanket. At the end of 1998, approval was received from
the CNSC and Saskatchewan Environment Resource Management to cease construction of the sand
envelope and convert the mode of tailings deposition from subaerial to subaqueous. This is in
accordance with the environmental impact statement prepared and approved for this TMF. Conversion
started immediately. Flooding of this TMF commenced in June&nbsp;1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Tailings from processing McArthur River ore are deposited in the Deilmann TMF. The currently
approved capacity of the Deilmann TMF is sufficient to operate at current production rates for
approximately six years, assuming only minor storage capacity losses due to sloughing (or erosion)
from the pit walls. Cameco has initiated the necessary work in two stages to obtain regulatory
approval for a final higher tailings elevation that will be sufficient to hold all tailings
generated from processing of McArthur River reserves. This first stage will involve the provision
of technical analysis which is expected to result in approximately four years of additional
capacity. The second stage will involve an additional environmental assessment process. Cameco
has performed several studies to better understand the pitwall sloughing mechanism and initiated
engineering work to design and build mitigation measures for prevention of sloughing. Sloughing
has occurred in the past at the Deilmann TMF resulting in the loss of approved capacity. Although
the situation has recently stabilized, there is a risk of further sloughing at the Deilmann TMF.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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">There are five large rock stockpiles at the Key Lake site. Three of the stockpiles contain
non-mineralized waste rock and two contain low-grade mineralized material. The latter are
currently used to lower the grade of McArthur River ore to approximately 4%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> before entering the milling circuit. The dilution of the high-grade ore
serves three purposes: recovery of uranium from the low-grade material, reduced radiation
exposures in the mill, and final disposal of the low- grade waste. The remaining non-mineralized
waste rock stockpiles will require decommissioning upon site closure.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Safety and Radiation Control</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River, a key source of radiation exposure during mining results from radon gas that
emanates from ore and groundwater. Radon exposure is minimized by effective use of ventilation.
Water inflows are collected underground and pumped to the surface for treatment before being
released to the environment. Exposure to radiation from the high-grade ore is minimized by
containment, shielding and remote handling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The radiation levels that workers at McArthur River and Key Lake receive are closely monitored.
This includes the use of both personal and area monitoring to measure and control exposures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the <I>Nuclear Safety and Control Act</I>, radiation exposure limits incorporate a formula that
combine the doses of gamma radiation, radon and dust intake an individual receives in a year.
Since mine start up, radiation exposure levels at both the mine and the Key Lake mill have been
well below applicable standards.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>McArthur River Resource and Reserve Estimates</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserve and resource estimates for McArthur River are found below at <I>The Nuclear
Business </I>-<I>Uranium Concentrates Business-Reserves and Resources</I>. The key assumptions, parameters
and methods used in making these estimates 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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Assumptions</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium mineralization is continuous in quality and quantity between sampled
areas.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Water control measures are effective at preventing water inflow.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reported mineral reserves include appropriate provisions for dilution or
mining recovery.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reported mineral resources do not include allowances for dilution and
mining recovery.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with National
Instrument 43-101 of the Canadian securities regulatory authorities, a uranium price of
$49.00 (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>was used. For the purpose of
estimating mineral reserves in accordance with US Securities and Exchange Commission&#146;s
Industry Guide 7 for US reporting purposes, a uranium price of $59.00 (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>was used. Estimated mineral reserves at McArthur River are
the same using either uranium price.</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Environmental, permitting, legal, title, taxation, socio-economic, political,
marketing or other issues are not expected to materially affect the mineral resource
and mineral reserve estimates.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Parameters</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grades were obtained from radiometric probing of underground drillholes and
converted to percentage U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> on the basis of a correlation
between radiometric counts and assay values.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Densities were determined from regression formulas based on density
measurements of drill core and chemical assay grades.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limits and continuity of the mineralization are structurally controlled.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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 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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves at McArthur River are based on estimated quantities of uranium
recoverable by the current raise bore mining method and the currently planned mining
methods of boxhole boring, jet boring and/or blasthole stoping.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include a
conversion from US$ dollars to Cdn$ dollars using a fixed exchange rate of US $1.00 =
Cdn $0.99 (reflecting the exchange rate at December&nbsp;31, 2007).</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Methods</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Three-dimensional wire frame models were created from digitized mineralization
boundaries interpreted on 10 metre spacing vertical cross-sections and plan views.
Estimates of the grade and density of blocks of 1 metre x 5 metre x 1 metre were
obtained from ordinary kriging.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are defined as the economically mineable part of the indicated
and measured mineral resources. Only mineral reserves have demonstrated economic
viability. The amount of reported mineral resources does not include amounts
identified as mineral 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inferred mineral 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 mineral resources will ever be upgraded to
a higher category.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are numerous uncertainties inherent in estimating mineral reserves and resources. The
accuracy of any mineral reserve and resource estimation is the function of the quality of available
data and of engineering and geological interpretation and judgment. Results from drillings,
testing and production, as well as a material change in the uranium price or a change in the
planned mining method, subsequent to the date of the estimate, may justify revision of such
estimates.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake in northern Saskatchewan is a uranium mining and milling complex that has been in
operation since 1975 and is wholly owned by Cameco. The Eagle Point mine, located on the Rabbit
Lake lease, was reopened in 2002, ending a care and maintenance period of three years. Following
resumption of Eagle Point ore production, the Rabbit Lake mill also resumed operation in 2002,
ending a one-year care and maintenance period. Based upon the current mine plan, Eagle Point Mine
mineral reserves are forecast to be depleted in 2012. A diamond drilling exploration program is
planned to continue through 2009 with the objective to further extend the mine life beyond 2012.
The mineral reserve and resource estimates for Rabbit Lake are found below at <I>The Nuclear Business</I>
- -<I>Uranium Concentrates Business-Reserves and Resources</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In late November&nbsp;2007, there was an increased water inflow at the Eagle Point underground mine and
mining was suspended. Cameco immediately began construction of four concrete bulkheads to control
the inflow, and at the same time initiated action to find and seal the source of the inflow. An old
surface exploration drill hole was confirmed as the source and plugged allowing normal mining
activities to resume on December&nbsp;31, 2007, well ahead of plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake produced 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> during 2007, 1.5&nbsp;million
pounds less than target. The production shortfall was due to the following factors: tonnage and
mill head grade were lower than in 2006; changes were made to the mine plan, which were necessary
while work was carried out to obtain regulatory approvals for a new mining zone; production from
the new mining zone was restricted by higher than anticipated radon gas levels and the steps taken
to manage workers&#146; radon exposure; and underground mining activities were suspended due to the
increased water inflow in November&nbsp;2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has been carrying out exploration and delineation drilling in the vicinity of the Eagle
Point mine since 2003. Proven and probable reserves at the end of 2007 total 16.2&nbsp;million pounds
versus 19.1&nbsp;million pounds at the end of 2006. Prospects for additional mineral reserves have been
identified. Targets for exploration include areas both north and south
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 22 -<!-- /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">of the current mine workings and at depth. Cameco is conducting this exploration from both surface
and underground in an attempt to further extend the mine life. An extensive lateral development
program to access the additional mineral reserves will continue for the next few years.
Development of mine workings in 2007 totalled 3.5 kilometres and underground exploration drilling
was 65,000 metres. In 2008, Cameco plans to develop approximately 4 kilometres of mine workings
and complete about 45,000 metres of underground exploration drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2008, groundwater and soil contamination was discovered by Cameco at the Rabbit Lake
mill. The relevant regulatory authorities have been notified. Cameco is assessing the extent of
the contamination, possible methods to contain it, and how to prevent future contamination.
Seepage from the mill is believed to be the source of the contamination. In order to effect
initial repairs to higher risk areas, in March Cameco decided to extend the regularly scheduled
mill shut down into April. Cameco expects to recommence milling in the second quarter of 2008.
The Rabbit Lake mill normally operates on a one week on and one week off cycle due to mill capacity
being much greater than mine production. As a result, at this time, Cameco believes the mill shut
down will not impact its 2008 Rabbit Lake production forecast.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are three permits that must be maintained to conduct mining and milling activities at Rabbit
Lake. Cameco holds a &#147;Uranium Mine Operating Licence&#148; from the CNSC and an &#147;Approval to Operate
Pollutant Control Facilities&#148; and a &#147;Permit to Operate Waterworks&#148; from SMOE. These permits will
expire on October&nbsp;31, 2008. Cameco has submitted a request to renew its CNSC operating license for
a five-year term. Application for a provincial operating license renewal will be made in early
to mid 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to regulatory approval, after an initial two-year mine ramp up period, it is expected that
the Rabbit Lake mill will process just over one-half of the uranium solution resulting from the
milling at AREVA&#146;s JEB mill of the current Cigar Lake reserves. An EA relating to this uranium
solution processing at Rabbit Lake (including the expansion of the RLITMF as described below), was
submitted to regulatory authorities in November&nbsp;2006. A revised EA was submitted regulatory
authorities in January&nbsp;2008. A CNSC hearing to consider the EA is expected by mid 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to regulatory approval, Cameco plans to complete the majority of the mill modifications by
the end of 2013. In addition, a significant mill upgrade for long-term operation is planned. The
processing of Cigar Lake uranium rich solution at Rabbit Lake is governed by a toll milling
agreement made effective January&nbsp;2002 between Cameco and the Cigar Lake Joint Venture. (See <I>Cigar
Lake &#150; Toll Milling Agreements </I>below<I>)</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has determined that the Rabbit Lake In-Pit tailings management facility (&#147;RLITMF&#148;) will
require expansion laterally and vertically in order to store tailings from the processing of Eagle
Point ore and Cigar Lake uranium solution at Rabbit Lake. The existing approved tailing capacity
at the RLITMF is sufficient to store tailings from the processing of Eagle Point ore until 2011,
depending on milling rates and ore grades. Although there was sufficient capacity in the RLITMF
for Cigar Lake tailings when the Rabbit Lake toll milling agreement was originally signed,
additional production from the Eagle Point mine as a result of mine life extensions has consumed
some of the existing tailings capacity planned for Cigar Lake uranium solution processing. Cameco
is in the process of seeking regulatory approvals to expand the RLITMF. Engineering design work
for the expansion of the RLITMF began in the first quarter of 2007.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Crow Butte is an ISR uranium operation located near Crawford, Nebraska. Cameco holds a 100%
interest in Crow Butte through its wholly owned subsidiary, Crow Butte Resources Inc. The mineral
reserve and resource estimates for Crow Butte are found below at <I>The Nuclear Business </I>-<I>Uranium
Concentrates Business-Reserves and Resources</I>.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith Ranch &#151; Highland is an ISR uranium operation located near the towns of Glenrock and Douglas,
Wyoming. It is owned 100% by Cameco through its wholly owned subsidiary, Power Resources, Inc.
(&#147;PRI&#148;). The mineral reserve and resource estimates for Smith Ranch &#151; Highland are found below at
<I>The Nuclear Business </I>-<I>Uranium Concentrates Business-Reserves and Resources</I>. The Smith Ranch mill
processes all Smith Ranch &#151; Highland ISR mined uranium.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 23 -<!-- /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>Development Projects</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has one material uranium development project &#151; Cigar Lake &#151; in northern Saskatchewan. In
December&nbsp;2004, the Cigar Lake Joint Venture (&#147;CLJV&#148;) decided to develop the Cigar Lake mine. A
production forecast for Cigar Lake is provided below at <I>Cigar Lake &#150; Development</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has a uranium development project in Kazakhstan called Inkai. In April&nbsp;2004, Joint
Venture Inkai decided to develop an ISR mine at the Inkai uranium deposit. Cameco, the joint
venture operator, is targeting commercial production at Inkai for 2008, subject to the availability
of acid as discussed below at <I>Inkai</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Continued development and start up of production at these two development projects is subject to
the timely receipt of all necessary approvals, permits and licences.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake is the world&#146;s second largest known high-grade uranium deposit. Cigar Lake is owned by
joint venture partners Cameco (50.025%), AREVA Resources Canada Inc. (&#147;AREVA&#148;) (37.1%), Idemitsu
Canada Resources Ltd. (&#147;Idemitsu&#148;) (7.875%) and TEPCO Resources Inc. (&#147;TEPCO&#148;) (5.0%). Cameco is
the operator. At December&nbsp;31, 2007, Cameco&#146;s share of the Cigar Lake proven mineral reserves was
248,500 tonnes of ore containing 113.2&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> with an average
grade of 20.7% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>; of the indicated mineral resources was 30,500 tonnes of
ore containing 3.3&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> with an average grade of 4.9%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>; and of the inferred mineral resources was 158,500 tonnes of ore
containing 59.1&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> with an average grade of 16.9%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2004, the CLJV decided to proceed with development of the Cigar Lake mine. A
construction licence for Cigar Lake was issued by the CNSC on December&nbsp;20, 2004. Construction of
the Cigar Lake project began in January&nbsp;2005. Construction has been delayed due to the two water
inflow incidents that occurred in 2006 (see <I>Water Inflow Incidents and Remediation </I>below). The
first incident in April&nbsp;2006 resulted in the flooding of the second shaft, which was under
construction. The second incident in October&nbsp;2006 resulted in the flooding of the underground
development areas. In November&nbsp;2006, Cameco commenced work at Cigar Lake to remediate the
underground development areas. Cameco obtained an amended construction licence for Cigar Lake in
2007, which is valid until December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A technical report entitled &#147;Cigar Lake Project, Northern Saskatchewan, Canada&#148; dated March&nbsp;30,
2007 (the &#147;Cigar Lake Technical Report&#148;) was prepared for Cameco by Cameco qualified persons in
compliance with NI 43-101. The following description of the Cigar Lake Project is based on and, in
some cases directly extracted from, the Cigar Lake Technical Report, with certain updates to
reflect developments since the date of the Cigar Lake Technical Report. A copy of the Cigar Lake
Technical Report can be obtained from SEDAR at <U>www.sedar.com.</U> Conclusions, projections and
estimates set out in this Annual Information Form regarding Cigar Lake are subject to the
qualifications, assumptions and exclusions that are detailed in the Cigar Lake Technical Report.
To fully understand the summary information set out below and elsewhere in this Annual Information
Form, the Cigar Lake Technical Report filed on SEDAR should be read in its entirety.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a description of royalties payable to the province of Saskatchewan on the sale of uranium
extracted from ore bodies within the province and taxes, see <I>Canadian Royalties and Certain Taxes</I>.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Property Description and Location</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake mine site is located near Waterbury Lake, approximately 660 kilometres north of
Saskatoon. The Cigar Lake mine site was initially developed for the activities of test mining.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral property consists of one mineral lease (ML-5521) and 25 mineral claims (No.&nbsp;S-106540 to
106564 inclusive), totalling 93,048 hectares. The mineral lease and mineral claims are contiguous.
The Cigar Lake deposit is located in the area subject to mineral lease ML-5521, totalling 308
hectares. The right to mine this uranium deposit was acquired under this mineral lease. The
current mineral lease ML-5521 expires on December&nbsp;1, 2011 with the right to renew for successive
ten-year terms absent a default by Cameco. Mineral lease ML-5521 may not be terminated by the
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 24 -<!-- /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">Government of Saskatchewan except in the event of default by Cameco and for certain environmental
concerns prescribed in <I>The Crown Minerals Act </I>(Saskatchewan).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surrounding the Cigar Lake deposit are 25 mineral claims, totalling 92,740 hectares. A mineral
claim grants the holder the right to explore for minerals within the claim lands and the right to
apply for a mineral lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is an annual requirement of $2.3&nbsp;million either in work or cash to retain title to mineral
lease ML-5521 and the 25 mineral claims. Based on previous work submitted and approved by the
Government of Saskatchewan, title is secure until 2022.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The surface facilities and mine shafts for the Cigar Lake project are located on lands owned by the
province of Saskatchewan. Cameco acquired the right to use and occupy the lands under a surface
lease agreement with the province of Saskatchewan. The most recent surface lease was signed in May
2004 and is valid for 33&nbsp;years until May&nbsp;27, 2037. Obligations attached to the surface lease
agreement primarily relate to annual reporting regarding the status of the environment, the land
development and progress made on northern employment and business development. The lease is
renewable if necessary until full property decommissioning has been achieved and approved by the
provincial government. The Cigar Lake surface lease covers a total of 959 hectares of Crown land.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake airstrip is under a separate surface lease covering a total of 17.2 hectares. There
is also a surface lease for roadways covering a total of 24.2 hectares. The airport lease was
renewed with the province of Saskatchewan in 2007 and will expire in May&nbsp;2028. These surface
leases are renewable if necessary until full property decommissioning has been achieved and
approved by the Saskatchewan Government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All current mineral reserves and mineral resources are contained within mineral lease ML-5521.
Underground workings are confined to a small portion of the area of the mineral lease where initial
test mining was concentrated. A total of 53 tonnes of high-grade mineralization in bulk bags from
the test mining is stored on the surface storage pad.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Waste rock generated at the Cigar Lake mine site is currently stored in one of four waste rock
piles on site, depending on the nature of the waste rock. The first two of these are the clean
waste stockpiles, which will remain at the minesite. The third is mineralized waste, contained on a
lined pad (&#062;0.03% 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 will be disposed of underground at the
Cigar Lake mine. No mineralized waste has been identified in the development to date. The fourth
is potentially acid generating waste rock which will be temporarily stored at site on a lined pad
and will be eventually transported to the Sue C pit at the McClean Lake facility for permanent
disposal. The costs of the eventual disposal of the Cigar Lake potentially acid generating waste
rock in Sue C pit is addressed in the Potentially Reactive Waste Rock Disposal Agreement between
the McClean Lake Joint Venture (&#147;MLJV&#148;) and CLJV dated January&nbsp;1, 2002. In addition, a fifth waste
pile contains overburden material that is used during surface construction and will be used during
site reclamation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">No tailings will be stored at the Cigar Lake site since all ore mined will be transported to the
McClean Lake JEB mill and Rabbit Lake mill for processing. As a result, Cigar Lake project
tailings will be generated at both the McClean Lake JEB mill and the Rabbit Lake mill. The toll
milling agreements as (described below) cover the generation of tailings at the McClean Lake JEB
mill and Rabbit Lake mill and manage the financial liabilities associated with these tailings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although there was sufficient capacity for the Cigar Lake tailings in the Rabbit Lake in-pit
tailings management facility (&#147;RLITMF&#148;) when the Rabbit Lake Toll Milling Agreement described below
was originally signed, additional production, due to mine life extensions, from the Eagle Point
mine at Rabbit Lake has consumed a portion of the capacity in the RLITMF. Subsequently, it has
been determined that the RLITMF will have to be expanded and Cameco is in the process of seeking
the regulatory approvals to do so. The cost of expanding the RLITMF has not been included in the
Cigar Lake project capital cost estimates described herein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A discussion of the permitting required to conduct the work proposed for the Cigar Lake project is
described below (See <I>Development</I>).
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 25 -<!-- /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-left: 3%; margin-top: 6pt"><I>Site Accessibility, Climate, Local Resources, Infrastructure and Physiography</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access to the property is by an all weather road and by air. Supplies are transported by truck and
can be shipped through Cameco&#146;s transit warehouse in Saskatoon. Saskatoon is a major population
centre located 660 kilometres south of the Cigar Lake deposit with highway and air links to the
rest of North America. An unpaved airstrip is located east of the minesite within the airstrip
surface lease, allowing flights to the Cigar Lake property. The water for the industrial
activities and the camp comes from nearby Waterbury Lake. A lake, called Cigar Lake, overlies part
of the inferred mineral resources. The site is connected to the provincial electricity grid with a
138kV overhead power line. There are standby generators in case of grid power interruption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Personnel are recruited on a preferential basis: initially from the communities of northern
Saskatchewan, followed by the province of Saskatchewan, and then outside to other provinces. The
development and construction work is tendered to a number of contractors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The climate is typical of the continental sub-arctic region of northern Saskatchewan. Summers are
short and cool even though daily temperatures can reach above 30&#176;Celsius (&#176;C) on occasion. Mean
daily maximum temperatures of the warmest months are around 20&#176;C and only three months on average
have mean daily temperatures of 10&#176;C or more. The winters are cold and dry with mean daily
temperatures for the coldest month below -20&#176;C. Winter daily temperatures can reach below -40&#176;C on
occasion. Freezing of surrounding lakes, in most years, begins in November and break-up occurs
around the middle of May. The average frost-free period is approximately 90&nbsp;days.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Average annual total precipitation for the region is approximately 450 millimetres, of which 70%
falls as rain. Site activities are carried out throughout the year despite cold winter conditions.
The fresh air necessary to ventilate the underground workings is heated during winter months using
propane-fired burners.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The surface leases grant sufficient rights, subject to regulatory approvals, for mining operations
for the current mineral reserves and the lands subject to the surface leases are sufficient for
personal accommodation, access to water, airport, site roads and other necessary buildings and
infrastructure. Tailings management facilities will not be required at Cigar Lake, as ore will not
be milled at Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The topography and the environment are typical of the taiga forested lands common to the Athabasca
basin area of northern Saskatchewan. The area is covered with 30 to 50 metres of overburden.
Vegetation is dominated by black spruce and jack pine. Occasional small stands of white birches
may occur in more productive and well-drained areas. The surface facilities are approximately 490
metres above sea level.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>History</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first uranium mineralization discovery at Cigar Lake was in May&nbsp;1981. Since that time, the
deposit has been defined by approximately 247 holes and more than 101,100 metres of core drilling
from surface. Cigar Lake Mining Corporation (&#147;CLMC&#148;) was the operator of the project from 1985 to
2001. Effective January&nbsp;1, 2002, Cameco replaced CLMC as operator.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Public hearings on the project environmental impact were concluded in 1997 and, based on the
recommendation of the joint federal-provincial panel, the governments of Canada and Saskatchewan
authorized the project to proceed to the regulatory licensing stage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2001, the CLJV approved a feasibility study and detailed engineering design was initiated.
On June&nbsp;30, 2004, the environmental assessment for construction and operation of Cigar Lake was
completed and on December&nbsp;20, 2004, the CNSC approved the full construction licence for the Cigar
Lake project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2004, the CLJV approved a construction budget of approximately $450&nbsp;million that
included surface and underground facilities at Cigar Lake as well as changes, subject to regulatory
approval, to the milling facilities at McClean Lake and Rabbit Lake. See <I>Mining Operations </I>below
for the 2007 capital cost estimate.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 26 -<!-- /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-left: 3%; margin-top: 6pt"><I>Geological Setting</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake deposit is located approximately 40 kilometres inside the margin of the eastern part
of the Athabasca basin. It occurs at the unconformity contact between rock of the Athabasca Group
and underlying lower Proterozoic Wollaston Group metasedimentary rocks, an analogous setting to the
Key Lake, the McClean Lake and Collins Bay deposits. Cigar Lake shares many similarities with
these deposits, including general structural setting, mineralogy, geochemistry, host rock
association and the age of the mineralization. However, the Cigar Lake deposit is distinguished
from other similar deposits by its size, its very high grade, and the high degree of associated
hydrothermal clay alteration. The geological setting at Cigar Lake is similar to that at the
McArthur River mine in that the sandstone overlying the basement rocks of the deposit contains
significant water at high hydrostatic pressure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The deposit is flat lying, approximately 1,950 metres long, 20 to 100 metres wide, and ranges up to
16 metres thick. It occurs at depths ranging between 410 to 450 metres below the surface.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Exploration</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral lease ML-5521, which covers the Cigar Lake deposit, is surrounded by 25 mineral claims.
AREVA is responsible for all exploration activity on these 25 surrounding claims under the CLJV
agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subsequent to the discovery of the Cigar Lake deposit, the majority of exploration activities over
the next few years were concentrated on mineral lease ML-5521, which hosts the Cigar Lake deposit,
with only moderate activity on the 25 surrounding mineral claims. All exploration activities
ceased after the 1986 field season for a period of 12&nbsp;years, until exploration work on the 25
surrounding mineral claims recommenced in 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 1999 work program on these claims started with a period of data compilation and review of all
the work conducted to date, following which additional exploration was started focussing upon
developing further understanding of the Cigar trend and developing knowledge of the large,
unexplored parts of the project. Since the inception of exploration activities to the end of the
2007 drilling program, a total of 90 exploration diamond drillholes (totalling 42,156 metres) and
an additional 38 shallow drillholes (totalling 2,140&nbsp;metres) have been completed on these claims.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the 2006 exploration drilling program, a drill hole located 700 metres east of the Cigar
Lake ore body had an intercept with a radiometric grade of 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> over a
vertical thickness of 7.7 metres. An AREVA exploration drilling program in 2007 extended the
mineralization intersected in 2006 over a strike length of approximately 120 metres, with
mineralization intersected in four of the nine drill holes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The data from the exploration program on the 25 mineral claims is not part of the database used for
the estimate of the mineral resources and mineral reserves at Cigar Lake.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Mineralization</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three distinct styles of mineralization occur within the Cigar Lake deposit: high-grade
mineralization at the unconformity (&#147;unconformity&#148; mineralization) which includes the ore; fracture
controlled, vein-like mineralization higher up in the sandstone (&#147;perched&#148; mineralization); and
fracture controlled, vein-like mineralization in the basement rock mass.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The body of high-grade mineralization located at the unconformity contains the bulk of the total
uranium metal in the deposit and represents the economically viable style of mineralization,
considering the available mining methods and ground conditions. It is characterized by the
occurrence of massive clays and high-grade uranium concentrations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The high-grade, unconformity mineralization consists primarily of three dominant rock and mineral
facies occurring in varying proportions. These are quartz, clay (primarily chlorite with lesser
illite) and metallic minerals (oxides, arsenides, sulphides). In the two higher-grade eastern
lenses, the ore consists of approximately 50% clay matrix, 20% quartz and 30% metallic minerals,
visually estimated by volume. In this area, the unconformity mineralization is overlain by a very
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 27 -<!-- /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">weakly mineralized contiguous clay cap one to five metres thick. In the lower-grade western lens,
the proportion changes to approximately 20% clay, 60% quartz and 20% metallic minerals.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Drilling</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake uranium deposit was discovered in 1981 on mineral lease ML-5521 by drill hole number
WQS2-015 of a regional programme of diamond drill testing of geophysical anomalies (electromagnetic
conductors) located by airborne and ground geophysical surveys. The deposit was subsequently
delineated by a major surface drilling program during the period 1982 to 1986, followed by several
small campaigns of drilling for geotechnical and infill holes to 2002 when the last surface hole
prior to 2007 was drilled. An additional 20 holes were drilled during 2007 for various
geotechnical and geophysical programs. In total, 101,154 metres of diamond drilling has been
completed in 247 surface holes. Of the 247 surface drillholes and wedged intersections drilled,
112 have been drilled within the geologically interpreted deposit limits and intersected minimum
mineralized intervals with grade times thickness (GT)&nbsp;value greater than 3.0 metres %
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 to 2.5 metres 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>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the surface holes, diamond drilling has been done from underground access locations
primarily to ascertain rock mass characteristics in advance of development and mining, both in ore
and waste rock. In the period from 1989 to 2007, 132 underground diamond drillholes totalling
11,108 metres were drilled. Only seven of these underground holes have intersected the ore body.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A total of 347 freeze and temperature monitoring holes have been drilled to the end of 2007 during
the construction phase, of which approximately 150 have been gamma surveyed. The freeze holes are
drilled by percussion methods so no core is available for assays and uranium content is estimated
by probing the holes with radiometrics. Cameco plans to reconfirm the current conversion factors
for estimating uranium grade from the radiometrics by drilling several core holes and using them
for calibration purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is satisfied with the quality of data obtained from the exploration drilling program on
mineral lease ML-5521 and considers it valid for use in the estimate of mineral resources and
mineral reserves at Cigar Lake.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Sampling and Analysis</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Drilling in the eastern part of the deposit, an area 700 metres long by 150 metres wide, labelled
Phase 1, has been done at a nominal drill hole grid spacing of 50 metres east-west by 20 metres
north-south. On three of these fences, wedging from primary holes generated intersections at 10
metres spacing along the fences. Two fill-in fences were drilled at a spacing of 25 metres, with
holes at nominally 20 metres along the fences. As well, along the central east-west axis of the
eastern zone, five holes were drilled at 25 metres spacing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The western part of the deposit, an area of 1,200 metres long by 100 metres wide, labelled Phase 2,
has been drilled at a nominal drill hole grid spacing of 200 metres east-west by 20 metres
north-south.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All holes were core drilled. All holes were gamma probed. In-hole gamma surveys and hand held
scintillometer surveys were used to guide sampling of core for assay purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the early stages of exploration drilling, sampling of mineralized intervals was done on a
geological basis, whereby sample limits were determined based on geological differences in the
character of the mineralization. Samples were of various lengths, up to 50 centimetres. Beginning
in 1983, sampling intervals for core from the ore body have been fixed at the property standard 50
centimetres. Subsequently, all sample results have been mathematically normalized to the standard
interval of 50 centimetres for mineral resource estimation purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the upper and lower contacts of the mineralized zone, two additional 50 centimetre samples were
taken to ensure that the zone was fully sampled at the 1,000 parts per million (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> cut-off.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In total, more than 3,550 samples have been assayed from all the surface holes drilled to define
and delineate the deposit.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 28 -<!-- /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">Except for some of the earliest sampling, in 1981 and 1982, the entire core from each sample
interval was taken for assay. This practice of sampling the entire core reduces the sample bias
inherent when splitting core.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For holes drilled into the deposit, sampling of drill core and gamma probing of underground
drillholes was undertaken to the same standards as done for surface holes. However, most of the
holes drilled into the deposit were rotary holes for ground freezing, from which no core was
recovered. In these holes, reliance will be placed on radiometric assays for grade determinations
to be used in future mineral resource and mineral reserve estimations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reliance for grade determinations in mineralized rock has been placed primarily on chemical assays
of drill core. Core recovery through the ore zone has generally been very good. Where necessary,
uranium grade determination has been supplemented by radiometric probing from gamma logs (gamma
surveys within the drillholes).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For mineral resource and mineral reserve estimation purposes, where core recovery was less than
75%, radiometric assays were substituted for chemical assays. A total of 32 samples were
identified with recoveries less than 75% out of a total of 2,367 assayed samples.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">From about 1983 onward, all drilling and sample procedures have been standardized and documented.
This has imparted a high degree of confidence in the accuracy and reliability of results of all
phases of the work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sample composites were calculated by taking the weighted average for the mineralized intercept in
each drill hole using a 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> cut-off grade with the inclusion of 0.5
metre of waste at the top and bottom of each drill intercept. Vertical surface drillholes
generally represent the true thickness of the zone as the mineralization is flat lying. The
greatest true width among the drill hole composites is 16.5 metres, and the lowest, 2.5 metres with
an average true width of about six metres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The highest and lowest assay values among the sample are respectively 82.9%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and 0.0% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The highest and lowest density
values among the samples are respectively 6.38 tonnes per cubic metre and 1.37 tonnes per cubic
metre.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of uranium assays in the database were obtained from Loring Laboratories Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The original database, from which the mineral resource and mineral reserves were estimated, was
compiled by previous operators. The original signed assay certificates are available and have been
reviewed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The quality assurance &#150; quality control procedures that were used were typical for the time period
of the analyses. Cameco has reviewed the data and is of the opinion that the data is of adequate
quality to be used for mineral resource and mineral reserve estimation purposes. Furthermore, the
continuity and high grade nature of the ore zone has been confirmed from radiometrics of closely
spaced underground freeze hole drilling.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Security of Samples</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is not aware of the security measures in place at the time of the deposit delineation.
However, the current core logging area is the same facility as was used during the delineation
drilling. It is well removed from the mine site and a locked gate bars road access to anyone not
authorized.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has no reason to doubt that sample security was maintained throughout the process.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Cigar Lake Resource and Reserve Estimates</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserve and resource estimates for Cigar Lake are found below at <I>The Nuclear Business</I>
- -<I>Uranium Concentrates Business-Reserves and Resources</I>. The key assumptions, parameters and methods
used in making these estimates are:
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 29 -<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Assumptions</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources have been estimated at a minimum mineralized thickness of 2.5
metres. A cut-off grade of 5% 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 applied to the Phase
1 measured mineral resource. 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> has
been applied to the Phase 1 indicated mineral resource. The inferred mineral resources
have been estimated by applying 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> to
the Phase 2 resource block model.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources have been estimated with an allowance of 0.5 metres of
dilution material above and below the deposit 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>. No
allowance for mining loss is included.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves 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> applied to the Phase 1 mineral resource block model.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves have been estimated with an allowance of 0.5 metres of
dilution material 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>. Mineral reserves have been
estimated based on 90% mining recovery.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, a
price of $49.00 (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>was used. For the purpose of
estimating mineral reserves in accordance with United States Securities and Exchange
Commission Industry Guide 7 for US reporting purposes, a price of $59.00 (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> was used. Estimated mineral reserves at Cigar Lake are the
same at either price.</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Environmental, permitting, legal, title, taxation, socio-economic, political,
marketing or other issues are not expected to materially affect the mineral resource
and mineral reserve estimates.</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Parameters</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grades (percentage U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) were obtained from assaying of
drill core and checked against radiometric results. In areas of lost core or poor
recovery, reliance was placed on radiometric grade determined from the gamma probing.
The grade of a sample was estimated from radiometric results if the core recovery was
less than 75%.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where density was not directly measured for each sample, a correlation between
uranium grade and density was applied.</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves at Cigar Lake are based on estimated quantities of uranium
recoverable by a tested mining method.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include a
conversion from US$ dollars to Cdn$ dollars using a fixed exchange rate of US $1.00 =
Cdn $0.99 (reflecting the exchange rate at December&nbsp;31, 2007).</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Methods</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves were estimated based on the use of the jet boring mining
method combined with bulk freezing of the ore body. Jet boring produces an ore slurry
with initial processing consisting of crushing and grinding underground, leaching at
the McClean Lake JEB mill and yellowcake production split between the McClean Lake JEB
mill and Rabbit Lake mill.</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining rates are assumed to vary between 80 and 140 tonnes per day and a full
mill production rate of 18&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> per year based
on 98.5% mill recovery.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 30 -<!-- /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: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological interpretation of the ore body outline was done on section and
plan views derived from core drill hole information. Mineral resources and mineral
reserves were estimated using 2-dimension horizontal block models. Except in the case
of the inferred mineral resources, the block size of 15 metres x 6 metres was used.
For inferred mineral resources, the block size was increased to 40 metres x 10 metres.</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological model does not incorporate the results of the underground freeze
holes since the conversion of radioactivity measurements to uranium grade has not yet
been confirmed by chemical assays.</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ordinary kriging served to estimate the grade, thickness and density of the
blocks.</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">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are defined as the economically mineable part of the indicated
and measured resources. Only mineral reserves have demonstrated economic viability.
Reported mineral resources do not include those amounts identified as mineral 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inferred mineral 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 mineral resources will ever be upgraded to
a higher category.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are numerous uncertainties inherent in estimating mineral reserves and resources. The
accuracy of any mineral reserve and resource estimation is the function of the quality of available
data and of engineering and geological interpretation and judgment. Results from drillings,
testing and production, as well as a material change in the uranium price or a change in the
planned mining method, subsequent to the date of the estimate, may justify revision of such
estimates.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Decommissioning and Reclamation</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake project Preliminary Decommissioning Plan (&#147;PDP&#148;) was revised as part of the
relicensing that occurred in 2007. This decommissioning plan considers the environmental liability
issues up to the end of the construction of the facility. This PDP was approved by both federal
and provincial regulatory agencies and it indicates a preliminary decommissioning cost estimate
(&#147;PDCE&#148;) of $25.4&nbsp;million (of which Cameco&#146;s share is $12.7&nbsp;million). Financial assurances to
cover this PDCE are posted with SMOE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The approved Cigar Lake PDP is valid to the end of construction. Once mining begins, Cameco will
need to revise the PDP, as reclamation and remediation liabilities will begin to increase with the
production of ore and the associated generation of mining wastes. The Cigar Lake PDP discusses the
approach to addressing liabilities associated with mining. The future liabilities will be
addressed in subsequent revisions to the Cigar Lake PDP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reclamation and remediation activities associated with the Cigar Lake project waste rock and/or
tailings at the McClean Lake and Rabbit Lake facilities are covered by the PDP and PDCE prepared
for these facilities. Future liabilities associated with expansion of the Rabbit Lake RLITMF will
be addressed in future updates to the Rabbit Lake PDP.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Mining Operations</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining of the Cigar Lake deposit faces many challenges including control of groundwater, weak
rock formations, and radiation protection. Based on these challenges, it was identified that a
non-entry mining method would be required to mine the deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The jet boring mining method was selected for the mining of the Cigar Lake deposit after many years
of exploration and test mining activities. The method consists of cutting approximately 4.5 metres
diameter cavities with a high pressure water jet in previously frozen ore. It was developed and
adapted specifically for this deposit and one of its primary features is its non-entry approach,
whereby personnel are not exposed to the ore body as all mining will be conducted
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 31 -<!-- /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">from headings located in the basement rock below it. Through the application of the non-entry
mining method, the containment of the ore cuttings within cuttings collection systems, and the
application of ground freezing, the amount of radiation exposure to workers has been minimized to
acceptable levels that are below regulatory limits. Experience with non-entry mining of high grade
uranium ore at Cameco&#146;s McArthur River mine has demonstrated the effectiveness of this mining
approach to manage radiation exposures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake ore will be processed at three locations. Size reduction will be conducted at Cigar
Lake, leaching will occur at McClean Lake and final yellowcake production will be split between
McClean Lake and Rabbit Lake for a total estimated annual production rate of 18&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> when the mine is in full operation. The MLJV owns the McClean Lake
operation, including the McClean Lake JEB mill, and AREVA is the operator of the MLJV. Cameco owns
the Rabbit Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first stage of processing will take place underground at Cigar Lake. The ore slurry produced
by the jet boring mining system will be pumped to the underground crushing and grinding facility.
The resulting finely ground, high density ore slurry will be pumped to surface storage tanks,
thickened and loaded into truck mounted containers, similar to those currently being used at
McArthur River mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The containers of ore slurry will be trucked to AREVA&#146;s McClean Lake operations, 70 kilometres to
the northeast for processing. All the Cigar Lake ore will be leached at the McClean Lake JEB mill
and final uranium solution processing is split between the McClean Lake JEB mill and Rabbit Lake
mill as described below under <I>Toll Milling Agreements</I>. Both the McClean Lake JEB mill and Rabbit
Lake mill require modifications to process the Cigar Lake ore.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CLJV has entered into toll milling agreements for the processing of the Cigar Lake uranium at
the McClean Lake JEB and Rabbit Lake mills.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Toll Milling Agreements</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a period of approximately two years, initially all Cigar Lake ore will be processed at the
McClean Lake JEB mill located at AREVA&#146;s McClean Lake operations. Thereafter, as Cigar Lake
production ramps up to planned full capacity, a portion of the uranium processing will be completed
at Cameco&#146;s Rabbit Lake mill. These milling arrangements are subject to two toll milling
agreements described below. These toll milling agreements were an integral part of the
arrangements that resulted in the CLJV deciding in late 2004 to proceed with development of Cigar
Lake.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>JEB Toll Milling Agreement</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The JEB Toll Milling Agreement, made effective January&nbsp;1, 2002, sets out the terms and conditions
by which the MLJV will process Phase 1 ore delivered to the McClean Lake JEB mill into JEB uranium
solution, further process the JEB uranium solution into uranium concentrates and process all Phase
2 ore into uranium concentrates at the McClean Lake JEB mill. Phase 1 ore is the current Cigar
Lake mineral reserves and Phase 2 ore is part of the current Cigar Lake mineral resources. Mineral
resources in Phase 2 are in the inferred category and have been evaluated from a preliminary
perspective only. Further drilling and mining studies are needed before these resources can be
fully evaluated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All uranium solution resulting from the mill processing at the McClean Lake JEB mill of Phase 1 ore
is allocated for further processing between the McClean Lake JEB mill and the Rabbit Lake mill
based upon two categories: Phase 1(a) ore and Phase 1(b) ore. Phase 1 (a)&nbsp;ore represents the
first 160&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> recovered collectively by the McClean Lake JEB
and Rabbit Lake mills. Phase 1(b) ore represents the balance of the Phase 1 ore which is equal to
approximately 64&nbsp;million pounds of Cigar Lake mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, for an initial ramp up period of two years, 100% of the uranium solution resulting from
the processing of Phase 1 ore is allocated to the McClean Lake JEB mill to process into uranium
concentrates. Thereafter, the McClean Lake JEB mill will process 42.7% of the Phase 1(a) uranium
solution into uranium concentrates (50% of the Phase 1(b) uranium solution). McClean Lake will
send up to 57.3% of the Phase 1(a) uranium solution to the Rabbit Lake mill for further processing
into uranium concentrates (50% of the Phase 1(b) uranium solution).
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /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">For the toll milling and related services, the CLJV pays the MLJV toll milling charges comprising
the CLJV&#146;s share of McClean Lake JEB mill expenses and a toll milling fee based upon the type of
Cigar Lake ore being processed (Phase 1(a), Phase 1(b) and, if applicable, Phase 2).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement requires the MLJV to modify the McClean Lake JEB mill to process Phase 1 ore. The
CLJV agreed to pay a portion of the cost to modify the McClean Lake JEB mill to a specified maximum
amount, which limit has been met. This contribution limit may be exceeded in certain
circumstances. The balance of the cost is the MLJV&#146;s responsibility. These McClean Lake JEB mill
modifications are expected to be completed in 2008, with the exception of the uranium solution
off-loading facility, which is expected to be complete in 2012 or 2013. In certain circumstances,
standby costs will be payable by the CLJV to the MLJV, including if the McClean Lake JEB mill
modifications are complete and no uranium is being processed at the McClean Lake JEB mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The MLJV is responsible for all costs of decommissioning the McClean Lake JEB mill.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Rabbit Lake Toll Milling Agreement</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As described above under <I>JEB Toll Milling Agreement</I>, all uranium solution resulting from the
processing at the McClean Lake JEB mill of Phase 1 ore is allocated for further processing between
the McClean Lake JEB mill and the Rabbit Lake mill. The Rabbit Lake Toll Milling Agreement, made
effective January&nbsp;1, 2002, sets out the terms and conditions by which Cameco will process its
allocation of uranium solution from Phase 1 ore into uranium concentrates at the Rabbit Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the toll milling and related services, the CLJV pays Cameco toll milling charges comprising the
CLJV&#146;s share of Rabbit Lake mill expenses and a toll milling fee based upon the type of Cigar Lake
ore being processed (Phase (1)(a) and Phase 1(b)).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement requires Cameco to modify the Rabbit Lake mill to process its allocation of uranium
solution from milled Phase 1 ore and Cameco is planning to complete the majority of modifications
by 2013. The majority of these modification costs will be incurred by Cameco in either its role as
mill owner or 50% CLJV owner. The CLJV agreed to pay a portion of these costs to a specified
maximum amount, which limit may be exceeded in certain circumstances. In certain circumstances,
standby costs will be payable by the CLJV to Cameco, including if the Rabbit Lake mill
modifications are complete and no uranium is being processed at the Rabbit Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is responsible for all costs of decommissioning the Rabbit Lake mill.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Water Inflow Incidents and Remediation</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;5, 2006, a water inflow occurred at the base of No.&nbsp;2 Shaft, through a failed valve
assembly on a grouting standpipe, which led to the flooding of the shaft and cessation of
activities in the shaft. As the shaft was not complete and not connected through to the main mine
workings, the flooding was limited to No.&nbsp;2 Shaft. In 2007, the CLJV decided to complete the No.2
Shaft to provide an alternative route out of the mine prior to beginning excavation in areas at
elevated risk of water inflow and to provide additional underground ventilation, reflecting a more
conservative approach to risk management. A remediation plan has been developed to freeze the
ground in the aquifer affecting the No.&nbsp;2 Shaft and then recommence shaft sinking. Alternatives to
ground freezing to allow commencement of shaft sinking are also under assessment. Cameco is
undertaking further assessment of the rock structure around the partially completed No.2 Shaft by
conducting a geotechnical drilling program as well as several geophysical surveys from surface
(borehole seismic, vertical seismic, induced polarization, gravity survey, etc.) to gather more
detailed images of the structures and geology in and around the mine and No.&nbsp;2 Shaft workings.
Cameco is targeting substantial completion of these programs in the first half of 2008. The
successful completion of these programs will assist in determining the necessary shaft design to
complete shaft sinking.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 33 -<!-- /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">On October&nbsp;23, 2006, the underground mine at Cigar Lake was flooded following a water inflow, which
caused a termination of underground activities. Subject to CLJV&#146;s approval, Cameco is proceeding
with a phased plan to restore the underground workings at Cigar Lake. This plan consists of five
phases. Each phase requires regulatory approval. Cameco has received approval from regulatory
authorities for Phase one.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Phase one involves drilling holes down to the source of the inflow and to a nearby tunnel where
reinforcement is needed, pumping concrete through the drillholes, sealing off the inflow with
grout, drilling dewatering holes and installing pumps to dewater the mine. Concrete was required
in two underground locations &#150; one at the rock fall to seal off the inflow area and another in a
nearby tunnel to provide reinforcement. The concrete mixture, which was designed to harden under
water, was poured in successive layers. Fourteen drillholes for reinforcing and sealing off water
inflow areas were completed in the first quarter of 2007. Three additional drill holes were
completed by July&nbsp;2007 to obtain additional information. The tunnel adjacent to the inflow area
was filled with 2,600 cubic metres of concrete in the first half of 2007. During the second half
of 2007, the concrete barrier plug was completed after pouring approximately 1,000 cubic metres of
concrete in the tunnel in the vicinity of the original inflow and grouting around it to seal it
off. The barrier plug effectively isolated the inflow area from the rest of the mine workings.
Subsequently, an additional 1,000 cubic metres of concrete was poured behind the concrete barrier
plug and up into the area above the rock fall where the water inflow began. Grouting was conducted
above the inflow area to seal off this area and the drillholes used in the remediation process. A
preliminary test of the effectiveness of the plug and sealed rock fall area was conducted in
February&nbsp;2008 by drawing down the water level in shaft No.1 to an intermediate stage and measuring
the rate of water inflow. The results of the test show total mine water inflow has been limited to
a rate considered safe for mine re-entry. Based upon the test results, the plug and seal are
considered effective. Cameco plans to conduct additional testing as it prepares to dewater the
mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the plug and seal are considered effective for mine re-entry, the integrity of the
concrete barrier plug poured in 2007 will not be finally known until dewatering is well under way.
In the event that the plug is not successful in securing the inflow area, then ground freezing,
already incorporated into the remediation plan, will be utilized to secure the inflow area. If
this situation occurs, there could be a schedule delay to the start of mine production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The activities associated with each of the subsequent proposed remediation phases are generally
described 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="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phase 2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This phase involves dewatering the underground mine openings,
conducting inspections of the underground workings, providing
temporary services and initiating the installation of surface
freezing infrastructure if required.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phase 3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This phase involves securing areas to prevent a ground fall or
water inflow including construction of an engineered bulkhead in
the vicinity of the water inflow and completing any additional
remedial work identified in Phase 2, such as determining if
additional reinforcement is required in higher risk areas. This
phase may overlap with all or portions of Phases 2 and 4.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phase 4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This phase involves completing underground rehabilitation which
includes re-establishing mine ventilation, power and communication
systems, installing pumping capacity, repairing the rock handling
facilities and re-establishing the ground freezing program.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phase 5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This phase involves resuming underground development and
construction activities in order to meet the scheduled mine
completion and production commencement target, which is now 2011,
at the earliest.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prior to dewatering, Cameco must complete a geotechnical assessment to determine if
depressurization, reinforcement or other precautionary measures are necessary in two other areas of
the mine. To ascertain this, Cameco drilled 6 diamond drill holes to obtain rock samples to allow
assessment of rock quality and structure in these two areas as well as to allow measurement of the
in-situ pore water pressure. The drilling has been completed; however, the results from this
program have not been fully assessed.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /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">Cameco hired internationally qualified independent experts to investigate the two water inflow
incidents at the Cigar Lake project and provide corrective action recommendations. Cameco is
working to finish implementation of the corrective actions it committed to the CNSC that it would
complete. After they have been completed, Cameco will be ready to apply for regulatory approval to
dewater.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is preparing a regulatory application to allow dewatering of the underground development and
all other remediation activities leading up to, but not including, the restart of mine
construction. The Company plans to submit this application to the CNSC the first half of 2008.
Therefore, if the application is approved, Cameco anticipates dewatering in the second half of
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the underground remediation program, work will continue on the remaining planned surface
facilities including the administration/services building, the installation of the mine ventilation
fans, and a mine water pipeline containment system, as well as facilities required as a result of
the remediation, such as additional dewatering pipelines and brine lines for ground freezing.
Construction activities currently underway at the site include mine ventilation fan installation on
surface, the slurry load-out facilities and surface pipelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Construction of the expansion of MLJV&#146;s McClean Lake JEB mill, required to process the Cigar Lake
ore, is expected to be completed in 2008, with the exception of the uranium solution off-loading
facility, which is expected to be completed in 2012 or 2013. Modifications to Cameco&#146;s Rabbit Lake
mill required to complete processing of Cameco&#146;s portion of the ore have not yet started. Detailed
design for the required facilities at Rabbit Lake is underway.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prior to the April&nbsp;2006 water flow incident, sinking of No.&nbsp;2 Shaft was approximately 78% complete,
with the shaft furnishing installation still to follow. Prior to the October&nbsp;2006 water inflow
incident, development of the underground workings was approximately 70% complete and surface
construction was 60% complete.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Development</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake project has regulatory obligations to both the federal and provincial governments.
Being a nuclear facility, primary regulatory authority resides with the federal government and its
agency, the CNSC. The main regulatory agencies that issue permits/approvals and inspect the Cigar
Lake project are: the CNSC (federal), Fisheries and Oceans Canada (federal), Environment Canada
(federal), Transport Canada (federal), Saskatchewan Advanced Education Employment and Labour
(provincial), and SMOE (provincial).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2004, an environmental assessment study report for the Cigar Lake mine portion of the
project was submitted and subsequently accepted by the CNSC as meeting the requirements of <I>Canadian
Environment Assessment Act </I>(&#147;CEAA&#148;) and that the licensing/permitting process for the Cigar Lake
project could proceed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC issued the construction licence for the Cigar Lake project in December&nbsp;2004, which was
valid until December&nbsp;31, 2007. Due to the October&nbsp;2006 water inflow event, the construction
activities were not completed by the expiry date of the licence. Therefore, in 2007 Cameco applied
for amendments to the construction licence to extend its term and potentially address emergency
water treatment and other new actions or contingencies resulting from the October&nbsp;2006 water inflow
event. Cameco obtained an amended construction licence in December&nbsp;2007, which is valid until
December&nbsp;31, 2009. Subsequent amendments to this construction license will be required to complete
remediation and resume pre-flood underground construction and development activities. This will be
initiated once the mine development plan and scope are clearly defined.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concurrent with mine construction, an operating license application will be prepared for submission
to the CNSC. The operating license process, consisting of document production and two formal
hearings, can proceed while construction of the facilities is being completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The processing of ore slurry feed from the Cigar Lake mine at the McClean Lake JEB mill was
assessed and approved as part of an environmental impact statement for the Cigar Lake project
submitted in 1995 and approved in 1997 by the Joint Federal-Provincial review panel on Uranium
Developments in Northern Saskatchewan.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /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 November of 2006, a draft environmental impact statement for the processing of uranium solution
at the Rabbit Lake mill was submitted. Cameco does not anticipate any significant problems in
obtaining approval for this phase of the Cigar Lake project. The draft environmental impact
statement has been published and issued for public comment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of the five phases of the remediation of the rock fall and water inflows at Cigar Lake
requires regulatory approval. Regulatory approval has been obtained for Phase 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The water treatment/effluent discharge system employed at the Cigar Lake mine site has been
designed to take into account both the results of metallurgical test work programs and Cameco&#146;s
experience at other facilities. The design is intended for both typical and emergency water
treatment and effluent discharge scenarios. The current system has been approved and licensed by
the CNSC and SMOE. Due to the October&nbsp;2006 water inflow incident, Cameco is reviewing the
emergency mine dewatering strategy. It is likely that the emergency mine dewatering capacity will
increase and provision for this has been included in the March&nbsp;2007 capital cost estimate. This
increase in capacity is subject to regulatory approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining plan for Cigar Lake has been designed to extract all of the current mineral reserves.
The mine life based on current mineral reserves will be 14.8&nbsp;years with an estimated full
production rate of 18&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> per year recovered from the
mill. Cigar Lake will produce less than the full production rate of 18&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 the early and late years resulting in an average annual production
rate of 15.1&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> over the current mineral reserve life of
14.8&nbsp;years. As a result of the two water inflow incidents, the mining plan is under full review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to regulatory approval and successful remediation of the flooded underground mine and No.&nbsp;2
shaft in a timely fashion, Cameco forecasts that commission activities in ore will commence in
2011, at the earliest, followed by a ramp-up period of two years before reaching the full
production rate. The Company intends to provide a firmer production start up date after the mine
has been dewatered, the condition of the underground development has been assessed and the findings
incorporated into new development and production plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a general summary of the Cigar Lake production schedule guidelines and parameters:
</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>Total mill production of 222.9&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> based on an
overall milling recovery of 98.5%;</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>Total mine production of 497 thousand tonnes of ore;</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>Average mill feed grade of 20.7 % 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>
    <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>Initial production in 2011, at the earliest;</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>Mining rate is variable to achieve a constant production level 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 average mine production is 100 tonnes per day, but varies
annually from 80 to 140 tonnes per day depending on the grade of ore being mined;</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>Two year ramp up to full production of 18&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> per
year (recovered after milling); 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>Mine operating life of 14.8&nbsp;years</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2007, Cameco provided the following estimates:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>The projected total remaining cost to complete the Cigar Lake project is estimated to be $624
million, including remediation, completion of the underground development and surface
construction at Cigar Lake, and the completion of the mill modifications at Rabbit Lake and
McClean Lake. As of December&nbsp;31, 2006, $478&nbsp;million had been spent by the CLJV, for a total
combined capital and remediation cost estimate of $1.1&nbsp;billion.</I>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /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; margin-left: 1%"><I>Cameco&#146;s share of the capital cost to develop Cigar Lake, including its share of costs to
modify the McClean Lake JEB and Rabbit Lake mill, is estimated at $508&nbsp;million, including $234
million spent on construction to date, leaving $274&nbsp;million to be incurred from 2007 to the
completion of underground development and construction at the respective sites. This does not
include costs associated with the remediation to address the water inflow incidents.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>In addition to the capital costs, the costs relating to the remediation plan to address the
water inflow incidents are estimated at $92&nbsp;million. Cameco estimates its share of remediation
costs to be $46&nbsp;million, of which $5&nbsp;million was expensed in 2006, leaving $41&nbsp;million to be
incurred by Cameco from 2007 through completion of the remediation. Following dewatering,
Cameco expects to have more information about the condition of the underground infrastructure
that may impact costs and timelines of remediation.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Additional projected sustaining capital expenditures of $69&nbsp;million at the Cigar Lake and
Rabbit Lake sites will be required to be funded by the CLJV throughout the operating life of
the Cigar Lake mine.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Payback for the Cigar Lake project has been considered on many different factors. Excluding
all 2006 and prior costs as sunk costs, payback for Cameco would be achieved by the end of 2012
on an undiscounted, pre-tax basis.</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>If the $478&nbsp;million, including remediation costs, spent by the CLJV on construction prior to
2007 (of which Cameco&#146;s share was $239&nbsp;million), is included in the calculation, Cameco would
achieve payback by the end of 2013 on an undiscounted, pre-tax basis</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will update the Cigar Lake capital cost estimate and certain other related estimates, such
as the estimated payback for the Cigar Lake project, after the mine has been dewatered, the
condition of the underground infrastructure and workings has been evaluated, and information from
the evaluation has been incorporated into a new mining plan.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Cautionary Note Regarding Cigar Lake and its Forward-Looking Information</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above Cigar Lake expected production date and certain statements regarding our plans and
expectations for resuming production at Cigar Lake, including costs estimates, in this section
&#147;<I>Cigar Lake&#148; </I>and elsewhere in this Annual Information Form are forward-looking information and are
based upon the following key assumptions and subject to the following factors that could cause
results to differ materially:
</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>Cameco has assumed the success and timely completion of its dewatering and remediation
efforts (including the remediation of shaft No.2 and favourable results of geotechnical
assessments), which are subject to the risk that they do not succeed as anticipated or take
longer to complete than anticipated. For example, if the concrete plug is not successful in
securing the inflow area, which will not be known until the mine is dewatered, 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s ability to obtain and comply with the terms of, and timing of various regulatory
approvals, which are subject to the risk of taking longer to obtain than anticipated or our
inability to comply with their terms. In addition, working with the regulatory authorities
to receive approvals for the corrective actions we committed to complete (which came from the
inflow investigations) may impact our remediation and production schedules.</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>Cameco&#146;s expectation regarding the condition of the existing underground working is
correct, which is subject to the risk that actual conditions prove to be worse. The condition
of the underground workings will not be known until the mine is dewatered.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has assumed that there will be no further disruptions to its dewatering and other
remediation plans, but Cameco is subject to the risk of delays associated arising from fires,
floods or cave-ins; the occurrence of another water inflow at Cigar Lake; failure of its radiation
protection plans; labour disputes, litigation or arbitration proceedings; delays in obtaining or
failure to procure the required equipment, operating parts and supplies; equipment failure;
unexpected geological or hydrological conditions and adverse ground conditions.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 37 -<!-- /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">Cameco has also assumed it will overcome the challenges associated with Cigar Lake, which is a
challenging deposit to develop and mine, but Cameco is subject to the risk that it will fail to do
so. 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)
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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If actual results differ materially from the assumptions set out above or if any of the material
risk factors occur, the target date for dewatering Cigar Lake and its target production restart
date and associated cost estimates, may differ materially from the expected dates and estimated
cost estimates that are stated above and elsewhere in this Annual Information Form. In this Annual
Information Form, additional material risk factors are noted in the &#147;Caution Regarding
Forward-Looking Information and Statements&#148; and &#147;Risk Factors.&#148;
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai is an ISR project, with two production areas under development (Blocks 1 and 2), located in
the central Asian Republic of Kazakhstan and consists of three contiguous licence blocks. The
project is owned and operated by Joint Venture Inkai, which is owned by Cameco (60%) and
KazAtomProm (40%), a company owned by the Republic of Kazakhstan. The mineral reserve and resource
estimates for Inkai are found below at <I>The Nuclear Business </I>-<I>Uranium Concentrates Business-Reserves
and Resources</I>. Joint Venture Inkai&#146;s mineral reserves and resources are located at Blocks 1 and 2.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Project History</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;1999, Joint Venture Inkai received from the government of Kazakhstan a mining licence for
Block 1 and an exploration licence for Blocks 2 &#038; 3. The associated subsoil use contract (Subsoil
Use Contract), covering both licences, was signed by the government and Joint Venture Inkai in July
2000.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Test mining operations commenced in April&nbsp;2002 at Block 2, following regulatory approval, and have
continued since that time. At December&nbsp;31, 2007, since the commencement of operations, the total
production at the test mine was approximately 2.7&nbsp;million pounds, with 2007 production being 0.6
million pounds. Expansion of the test mine at Block 2 was completed in the first quarter of 2006.
Joint Venture Inkai has applied for a mining licence for Block&nbsp;2, which it expects to receive prior
to the July&nbsp;2008 expiry of its exploration licence for Block 2. Once granted, Joint Venture Inkai
expects that the Block 2 mining licence will expire in 2030. Commercial development of Block 2 is
planned for 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2005, Joint Venture Inkai approved proceeding with an ISR commercial processing
facility at Inkai, located at Block 1, and thereafter construction commenced. Joint Venture Inkai
expects to complete construction and begin commissioning of the facility in the first half of
2008. Subject to regulatory approval and the availability of acid, commercial production is
scheduled to follow in 2008. The mining licence for Block 1 expires in 2024.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A fire at an unrelated acid plant in Kazakhstan and a delay in the start-up of a new, unrelated
plant has limited the availability in Kazakhstan of acid required for mining since the third
quarter of 2007. Joint Venture Inkai and other ISR operations in Kazakhstan are receiving reduced
acid allotments through KazAtomProm. These reduced allotments could continue through the second
quarter of 2008 or longer. Joint Venture Inkai is making progress on securing alternative supply
options and putting in place the necessary logistics. Joint Venture Inkai expects to have
sufficient quantities of
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 38 -<!-- /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">acid for commercial production to occur in 2008. Joint Venture Inkai continues to acidify the
existing wellfield at the Block 2 test plant and has commenced acidification of the new commercial
wellfield at Block 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Annual production from Blocks 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> (Cameco&#146;s share is 60% or 3.1&nbsp;million pounds) by 2010. However, a
non-binding memorandum of understanding (the &#147;Inkai MOU&#148;) between Cameco and KazAtomProm provides
for the doubling of future production capacity from the Inkai uranium deposit, raising the total
annual production capacity to 10.4&nbsp;million pounds on a timeframe yet to be confirmed. While the
existing project ownership would not change, Cameco&#146;s share of the additional capacity under the
MOU will be 50%, raising Cameco&#146;s share of targeted future annual production at Inkai to 5.7
million pounds. In addition to increased production, Cameco will work with KazAtomProm under the
Inkai MOU to study the feasibility of constructing a uranium conversion facility in Kazakhstan and
elsewhere. Cameco would provide the technology and potentially hold an interest of up to 49% in
the facility, at the Company&#146;s discretion. Cameco anticipates that binding agreements relating to
the subject matter of the Inkai MOU will be signed in 2008 and that various government approvals
will be required to implement these agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To date, Joint Venture Inkai has approval from Kazakh regulatory authorities to produce at an
annual rate of 2.6&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 2005, Joint Venture Inkai made
an application for regulatory approval to increase the annual production rate from 2.6&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>to 5.2&nbsp;million pounds. After an almost two year review by
various Kazakh regulatory authorities, Joint Venture Inkai was informed by an inter-department
Kazakh commission that Joint Venture Inkai would first have to demonstrate that it can produce at
an annual rate of 2.6&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>and, after that, Kazakh
regulatory authorities would consider Joint Venture Inkai&#146;s application to increase annual
production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 has reasonable expectations that all permits and
approvals required for the construction and operation of the new ISR mine at Inkai &#150; including
approvals for increased production &#150; will be obtained in a timely fashion. Notwithstanding the
foregoing, Kazakh regulatory authorities retain discretion whether to permit an increase in
production capacity from Inkai and there is no assurance that such regulatory approvals will be
granted. In the event that such regulatory approvals are not forthcoming, Cameco will be required
to recategorize half the mineral reserves at Inkai as mineral resources. The Inkai mineral
reserves are estimated based upon production at an annual rate of 5.2&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>. (See <I>&#147;Legal and Regulatory Environment in the Republic of Kazakhstan&#148;</I>
below.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total cost to bring Inkai to commercial production (100% basis), including the cost of pilot
test mine operations, is projected to be about $245&nbsp;million (US). The developmental expenditures
for Inkai in 2008 are expected to total about $45&nbsp;million (US). The production from the test mine
is being sold and the sales proceeds are used to fund construction and operation of the project.
Including recoveries related to these sales, the net cost of development at Inkai is expected to be
about $110&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, a Cameco subsidiary signed an agreement to increase its loan to Joint Venture Inkai from
$40&nbsp;million (US)&nbsp;to a maximum amount of $100&nbsp;million (US). The Cameco subsidiary also agreed to
reduce its financing fee from an effective 10% interest rate to one based upon three-month London
interbank offered rate (LIBOR)&nbsp;plus a financing fee based on LIBOR plus 2%. The $40&nbsp;million (US)
loan amount was based upon constructing a facility that would produce 2.6&nbsp;million pounds annually.
In January&nbsp;2008, a Cameco subsidiary signed an agreement to increase its loan to Joint Venture
Inkai from $100&nbsp;million (US)&nbsp;to a maximum amount of $200&nbsp;million (US). After Joint Venture Inkai
commences commercial production, 80% of the cash available for distribution each year will be used
to repay the loan until repaid in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Joint Venture Inkai also has an exploration licence for Block 3, which will expire in July&nbsp;2008.
Joint Venture Inkai has applied for a two year extension of the licence. Under the Subsoil Law, as
noted below, this is the last extension of the licence that Joint Venture Inkai may apply for and
the grant of the extension is at the discretion of Kazakh regulatory authorities. In 2008, Joint
Venture Inkai has budgeted $3.7&nbsp;million (US)&nbsp;for exploration drilling at Block 3.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /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-left: 3%; margin-top: 6pt"><I>Legal and Regulatory Environment in the Republic of Kazakhstan</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>Government and Political Factors</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Republic of Kazakhstan is a vast country of 15.2&nbsp;million people, situated in the center of the
Eurasian land mass. Established as an independent state in 1991 following the break-up the Soviet
Union, Kazakhstan is the ninth largest country in the world by area, and its subsoil yields a huge
variety of mineral wealth, including oil, natural gas, coal, iron, copper, zinc, uranium, gold and
chromium. The country also has well-developed agricultural and heavy industrial sectors. Kazakhstan
borders Russia, Uzbekistan, China, Kyrgyzstan and Turkmenistan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kazakhstan is organized as a constitutional republic, with a President as its elected head of
state, a prime minister appointed by the President as its head of government and a bicameral
parliament, consisting of the Majilis (lower house) and the Senate (upper house). The country is
divided into 14 oblasts and two municipal districts, representing its financial center, Almaty, and
its capital, Astana, each headed by a governor known as an Akim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The governmental and political systems in Kazakhstan have been quite stable since independence,
although popular elections and democratic freedoms in the country have fallen short of
international standards. The government is characterized by a strong presidency, the powers of
which have been expanded by successive constitutional referendums. The current president, Nursultan
Nazarbayev, has served in that capacity since independence. He was last re-elected to the post in
December&nbsp;2005 for his current 7-year term. The parliament is dominated by the Otan party, which is
headed by President Nazarbayev.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>Relevant Kazakh Laws and Regulations</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following its independence, Kazakhstan embarked upon an ambitious and relatively successful
campaign to introduce legal, economic and political reforms and to foster the development of a
market-driven economy. Various incentives were made available to foreign investors in hydrocarbon
and mining sectors, and a number of production sharing agreements and other types of subsoil use
contract have been concluded over the years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kazakhstan&#146;s legal system is based on European-style codes, which are supported and supplemented by
ancillary legislation. Most legal relations are governed by the Civil Code of the Republic of
Kazakhstan. The Civil Code broadly recognises, <I>inter alia</I>, the rights of foreign companies and
citizens to enter into transactions and to own property in Kazakhstan. These rights are established
in the Constitution and may be limited only by those restrictions set forth in the legislation of
Kazakhstan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Kazakhstan has well-developed legislation, many provisions are sufficiently vague as to
give government officials discretion in their application, interpretation and enforcement. In
addition, regulation of business in Kazakhstan continues to be influenced by historical notions of
strong governmental control and regulation. This legacy, coupled with state institutions and a
judicial system in which many foreign investors still lack confidence, present a challenging
environment in which to do business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The recent worldwide trend of resource nationalism has also been embraced by Kazakhstan in recent
years, as previous benefits accorded foreign investors have been whittled away in the subsoil use
sector, changes have been negotiated by the government into existing subsoil use contracts and new
laws granting preferences to the state, state enterprises and domestic concerns have been adopted.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>The Subsoil Law</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal legislation governing subsoil exploration and mining activity in Kazakhstan is the
Law on the Subsoil and Subsoil Use, dated January&nbsp;27, 1996, as amended (the &#147;Subsoil Law&#148;). This
law defines the framework and the procedures connected with the granting of subsoil rights, and the
regulation of the activities of subsoil users. The subsoil, including mineral resources in their
underground state, are state property, while resources brought to the surface belong to the subsoil
user, unless otherwise provided by contract.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 40 -<!-- /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">Subsoil rights become effective upon conclusion of a contract with the Competent Body (a Kazakh
state agency designated as such from time to time (currently the Competent Body is the Ministry of
Energy and Mineral Resources)). A previous licensing requirement, which applied to Joint Venture
Inkai when it acquired its current subsoil rights, was abolished by the Law &#147;On the Introduction of
Amendments to Certain Legislative Acts of the Republic of Kazakhstan Concerning Subsoil Use and the
Conduct of Petroleum Operations in the Republic of Kazakhstan,&#148; dated August&nbsp;11, 1999 (the
&#147;Amending Law&#148;). However, Article&nbsp;2.3 of the Amending Law provides that all subsoil use licenses,
like those of Joint Venture Inkai, that were issued before the enactment of the Amending Law,
continue to be effective until the expiration of their respective terms, including periods of
extension. Such licenses are regulated in accordance with the legislation of the Republic of
Kazakhstan which was effective at the time of their issuance. Further, the same Article provides
that the suspension, revocation, termination and invalidation of subsoil use licenses are regulated
by the Subsoil Law without taking into account the Amending Law. Although the associated subsoil
use contract, the Resource Use Contract, was concluded by Joint Venture Inkai after the adoption of
the Amending Law, because they pre-dated the Amending Law, the two licenses held by Joint Venture
Inkai continue in effect and are interpreted according the version of the Subsoil Law in effect at
the time of their issuance on April&nbsp;20, 1999.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The subsoil use rights held by Joint Venture Inkai under prior law came into effect upon the
issuance of its two licenses, the conclusion of its Resource Use Contract, and approval by various
bodies of the Resource Use Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the legislation in effect at the time Joint Venture Inkai&#146;s licenses were issued, subsoil use
licenses could be issued for exploration and/or production, for production sharing, and for
construction of underground facilities. An exploration license, such as that granted to Joint
Venture Inkai on Blocks 2 and 3, could be granted for up to 6&nbsp;years, with the possibility of 2
extensions of 2&nbsp;years each, provided that the obligations envisaged by the license, the subsoil use
contract and the work program were fulfilled. A mining (production)&nbsp;license, such as that granted
to Joint Venture Inkai in respect of Block 1, could be granted for up to 25&nbsp;years (or up to 40
years for large deposits). The term of this license may be extended with the agreement of the
Competent Body. The subsoil user must apply for an extension of either type of license not later
than 12&nbsp;months before expiration of the license.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The subsoil user is accorded, <I>inter alia</I>, the exclusive right to conduct mining operations; to
erect production and social facilities; to freely dispose of its share of production; and to
conduct negotiations for extension of the contract. The subsoil legislation contains guarantees
providing that changes to legislation (except legislation involving national defence or security,
ecological safety and public health) which worsen the position of the subsoil user are not
applicable. The government has gradually weakened this stabilization guarantee, particularly in
relation to new projects, and the national security exception is applied broadly to encompass
security over strategic national resources. Absent violations of the terms and conditions of the
licenses and subsoil use contract, and assuming compliance with applicable law in the ongoing
activity of the subsoil user, the underlying subsoil rights are well-protected under the Subsoil
Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A recent development that has caused concern to subsoil users occurred in October&nbsp;2007, when the
president signed into law amendments to the Subsoil Law, which purported to expand the ability of
the Government of Kazakhstan or the Competent Body to unilaterally reopen existing subsoil use
contracts under certain circumstances, including through:
</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>requiring the amendment of the terms of subsoil use contracts &#147;for the purpose of restoring
the economic interests of the Republic of Kazakhstan&#148; where a subsoil user&#146;s actions in
respect of &#147;deposits of strategic significance lead to a material modification of the economic
interests of the Republic of Kazakhstan creating a threat to national security&#148;;</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 unilateral termination of a contract if, within 2&nbsp;months of notification, the subsoil
user does not consent to conduct negotiations over the proposed amendments; or if, within 4
months following such consent to negotiate, the parties have not reached agreement; or if,
within 6&nbsp;months following a decision, the parties have not concluded the amendments to the
contract; 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 unilateral refusal by the state to perform a subsoil contract in such cases.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</DIV><P align="center" style="font-size: 10pt"><!-- Folio -->- 41 -<!-- /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">To date, the Kazakh Government has not published a list of deposits of strategic significance, and
the foregoing amendments are widely perceived to have been directed at the petroleum contractors
that are signatories to the North Caspian Production Sharing Agreement dated November&nbsp;18, 1997,
with which the government was engaged in a highly-publicized dispute. In spite of the uncertain
constitutionality of the amendments and their potential inconsistency with bilateral investment
treaties, international conventions and other laws, the threat created by the amendments has raised
the risk profile of natural resource projects in Kazakhstan. Cameco does not have any reason to
believe the new law will be applied to uranium projects in Kazakhstan. However, it is a concern
going forward and the Company continues to monitor how the government uses these amendments to the
Subsoil Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to the activities of Joint Venture Inkai, Cameco continues to benefit from the Law &#147;On
Foreign Investments&#148; dated December&nbsp;27, 1994, which prohibited nationalization or expropriation,
except for important public purposes, and in such cases prompt, adequate and effective compensation
was mandated.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>Work Programs</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to following its obligations under its licenses and the Resource Use Contract, Joint
Venture Inkai, on the same basis as other subsoil users, is required to abide by the work program
appended to its Resource Use Contract, which relates to mining operations over the life of the
project (the &#147;Work Program&#148;), as well as the annual work programs which it must submit to the
Competent Body for approval each year. Such annual work programs cover, <I>inter alia</I>, the
introduction of new technologies or processes and define the levels of production volumes
anticipated by the subsoil user in the coming year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any changes in the Work Program or in annual work programs require application to the Competent
Body, generally supported by a technical study and corporate approvals of the subsoil user
approving the requested changes. The application and supporting documents would likely also be
reviewed by state bodies that were involved in the original approval of the Work Program. Because
the approval of changes to the Work Program, as well as the approval of extensions of a production
licence, is granted at the discretion of the Competent Body, favourable results of project work to
date and a good working relationship with the government and joint venture partner are important.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>Environmental Requirements </I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining activities of Joint Venture Inkai are subject to the environmental requirements of
Kazakhstan legislation and regulations, in addition to the contractual undertakings set forth in
the Resource Use Contract to conduct operations in accordance with good international mining
practice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The environmental protection legislation in Kazakhstan has evolved rapidly, especially in recent
years. As the subsoil use sector has evolved, there is presently a trend towards greater
regulation, heightened enforcement and increased liability for non-compliance with respect to
environmental issues. The most significant development has been the adoption of the Environmental
Code dated January&nbsp;9, 2007 (and effective from February&nbsp;3, 2007), which repealed the three main
prior laws on environmental protection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Both under the prior and the existing legislative regime, a subsoil user, such as Joint Venture
Inkai, is obliged to comply with environmental requirements during all stages of the subsoil use
project. Kazakhstan environmental legislation requires that a State environmental expert
examination precede the making of any legal, organisational and economic decisions with respect to
an operation that could impact the environment and public health. One of the documents that the
subsoil user must provide in connection with the State environmental expert examination is an
environmental impact assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Environmental Code provides that companies may be granted a &#147;permit for environmental
emissions&#148; or an &#147;integral environmental permit.&#148; This permit is a relatively new concept in
Kazakhstan environmental legislation and is understood as a single document which certifies the
holder&#146;s right to discharge into the environment, provided that it introduces the &#147;best available
technologies&#148; and complies with specific technical guidelines for the emissions set forth by the
environmental legislation. Joint Venture Inkai has applied for a permit for environmental
emissions.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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">The Inkai ISR project is subject to decommissioning liabilities. Subsequent to commencement of
commercial production, Joint Venture Inkai is required to establish a separate bank account and
make contributions to the account as security for decommissioning the property. Contributions to
such a bank account are capped at $500,000 (US).
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>Taxation </I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Subsoil Use Contract lists the taxes, duties, fees, royalties and other governmental charges
that are payable by Joint Venture Inkai. The tax law &#147;On Taxes and other Compulsory Payments to
the Budget&#148; No.&nbsp;2235 dated April&nbsp;24, 1995, as amended and in effect on the date this contract was
signed, is the tax code that applies for the purposes of calculating these governmental charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Joint Venture Inkai will be subject to taxes and royalties in Kazakhstan at statutory rates in
effect at the time of signing the Resource Use Contract. The income tax rate is 30%. In 2007,
after it received official government confirmation of Kazakh-defined reserves for Block&nbsp;2, Joint
Venture Inkai became subject to income tax. Joint Venture Inkai is also subject to royalties
calculated as 1.5% of the gross value (calculated based on sales price) of production in each year.
Joint Venture Inkai is also subject to a customs fee on the export of uranium and it is expected
that this fee on the export of uranium will be approximately $1million (US)&nbsp;per year once full
production is achieved. In addition, a one-time payment of a commercial discovery bonus will be
payable when Joint Venture Inkai receives confirmation of Kazakh-defined recoverable reserves
located in a particular licensed area. The bonus is calculated as 0.05% of the value of
Kazakh-defined recoverable reserves. After receiving such confirmation with respect to reserves in
Block 2, Joint Venture Inkai paid a bonus of $14&nbsp;million (US)&nbsp;in the first quarter of 2008 These
taxes, royalties, custom fees and bonuses are paid to the Kazakh government. The Kazakh-defined
reserves do not conform with, and are not equivalent to, reserves classified under Canadian
securities laws. Some reserves categories used by Kazakhstan overlap with multiple Canadian
resources categories and are not consistent with Canadian standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Joint Venture Inkai will also be subject to excess profits tax. Excess profits tax becomes payable
when the internal rate of return (&#147;IRR&#148;) 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 IRR.
The 4% rate is triggered at an IRR of 20% and the 30% rate is triggered at an IRR of 30%. The
excess profits tax rate is applied to pre-tax net income less income tax. Joint Venture Inkai is
not expected to pay excess profits tax in 2008. The timing of excess profits tax in the future,
after Joint Venture Inkai reaches commercial production, will be dependent on the IRR of the
project.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant part of Cameco&#146;s future production is expected to result from its global exploration
activities. Over the past five years Cameco has been significantly increasing its investment in
exploration programs. Cameco invested about $46&nbsp;million in uranium exploration during 2007 and
plans to invest $50&nbsp;million to $55&nbsp;million in 2008. In 2007, an additional $30&nbsp;million was
invested in three junior exploration companies as part of a strategic alliances strategy that
complements Cameco&#146;s own exploration programs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company carries out exploration on a large and expanding land position, which, at December&nbsp;31,
2007, had reached an area of approximately 5.2&nbsp;million hectares (12.8&nbsp;million acres). These
exploration lands are principally located in Saskatchewan, Nunavut and Northwest Territories, the
US, Australia, Mongolia and Africa. Exploration activities include brownfields work in close
proximity to operating mines, greenfields exploration in new target areas, and alliances or other
agreements with junior exploration companies that own prospective uranium 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 its projects. At December&nbsp;31, 2007, 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>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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">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. 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 will be to
combine self-generated 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">As part of this strategy, Cameco has entered into several strategic alliances and continues to hold
equity positions in several junior exploration companies. At December&nbsp;31, 2007, Cameco held the
following investments in other uranium exploration companies:
</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>A 21.45% 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 UEX uranium deposits. As
well, Cameco has the right to mill uranium produced from properties it contributed to UEX at
the time of its formation in 2002.</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>A 19.5% interest in UNOR Inc., a TSX-listed junior exploration company with exploration
assets in Nunavut. A strategic alliance agreement concluded with UNOR provides Cameco certain
rights related to financing, mine operation, and marketing, as long as it continues to hold a
10% or greater equity interest in UNOR.</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>In August&nbsp;2007, Cameco entered into a strategic alliance with Western Uranium Corporation
(&#147;Western&#148;), a TSX Venture Exchange-listed exploration company with mineral interests in
Nevada, New Mexico, Nunavut and the Northwest Territories. Cameco acquired a 10% equity
interest in Western in an August&nbsp;2007 private placement of approximately 5.4&nbsp;million units at
a price of $3.80 per unit for proceeds of approximately $20.1&nbsp;million. Each unit is comprised
of one common share and one-half of a share purchase warrant. Each whole warrant will be
exercisable to acquire an additional common share at a price of $4.25 for one year. In return
for this investment in Western, as long as it maintains a 7.5% or greater equity interest in
Western, Cameco has certain rights related to financing, maintaining its proportionate
ownership interest and board representation. In addition, this strategic alliance provides
Cameco the right to earn a joint venture interest of 70% in each economically viable stand
alone deposit developed within any area currently in Western&#146;s exploration portfolio if a
significant discovery is made.</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>In September&nbsp;2007, Cameco entered into an agreement with Vena Resources (&#147;Vena&#148;), a
TSX-listed exploration company, to establish a jointly-owned private company to explore and
develop uranium assets in Peru. Any future acquisitions by Cameco or Vena involving uranium
assets in Peru over a four year period will be conducted through the jointly-owned company.
Cameco has the option to invest $10&nbsp;million over the next four years to obtain up to 50% of
the jointly-owned company and can increase its stake to 60% when a feasibility study is
completed on a uranium project and can further increase its stake to 70% when mine development
commences. At December&nbsp;31, 2007, Cameco had advanced $1.85&nbsp;million to the jointly-owned
company.</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>In September&nbsp;2007, Cameco entered into a strategic alliance with Cue Capital Corp. (&#147;Cue&#148;),
a TSX Venture Exchange-listed exploration company with uranium interests in Paraguay. As long
as Cameco maintains securities of Cue at least equal to 90% of the number of units of Cue
originally subscribed for, Cameco has certain rights related to financings, maintaining its
proportionate equity interest and marketing. As well, Cameco will have the right to acquire a
60% interest in any significant uranium deposit discovered by Cue. Through the first two
stages of a three-stage private placement, which closed in September and October&nbsp;2007,
respectively, Cameco has acquired 15.4% of Cue&#146;s outstanding common shares (consisting of
4,219,385 shares) for approximately $7.2&nbsp;million. Cameco also holds 2,109,692 common share
purchase warrants of Cue, of which 1,323,529 warrants are exercisable at a price of $2.43 per
common share up until September&nbsp;12, 2009 and 786,163 warrants exercisable at a price of $2.14
per common share up until October&nbsp;16, 2009.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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 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">In November&nbsp;2007, Cameco signed an agreement to explore in Russia and Canada with Joint Stock
Company Atomredmetzoloto (&#147;ARMZ&#148;), a Russian joint stock company which, as part of the
restructuring and centralization of Russia&#146;s nuclear industry, will now control all of Russia&#146;s
uranium mining assets previously controlled by Tenex. Pursuant to this agreement, Cameco and ARMZ
will use their commercially reasonable efforts to establish and organize joint venture companies in
Russia and Canada to explore for uranium deposits in north-western Russia and Saskatchewan and
Nunavut and, if warranted, engage in development and production of deposits that are found. This
agreement builds on memoranda of understanding signed in March&nbsp;2007 and October&nbsp;2006 between Cameco
and Tenex. Cameco anticipates that binding shareholders&#146; agreements and operators&#146; agreements will
be entered into in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2008, a joint venture comprising Cameco Australia and Paladin Energy was awarded the
rights to the Angela-Pamela exploration licenses, located in Northern Territory, Australia. The
Angela-Pamela licenses include a known uranium deposit discovered in the 1970&#146;s but abandoned
after uranium prices dropped, and subsequently removed from land available to industry by the
Northern Territory government. A recent policy change by the Northern Territory government opened
up this property for exploration via a bidding process, in which the Cameco-Paladin JV was the
successful applicant. The JV will re-evaluate the existing deposits and conduct exploration with
the objective of proving up an economic resource through this work.
</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">The disclosure in this Annual Information Form of scientific and technical information regarding
Cameco&#146;s material uranium properties (McArthur River/Key Lake and Cigar Lake), including reserve
and resource estimates, was prepared by or under the supervision of the following qualified
persons:
</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="70%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="29%">&nbsp;</TD>
</TR>



<TR style="font-size: 8pt" valign="bottom">

<TD nowrap align="left" style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; border-left: 1px solid #000000; border-right: 1px solid #000000">
<DIV style="margin-left:7px; text-indent:-0px">
<B>Qualified Persons</B></div></TD>

    <TD style="border-top: 1px solid #000000; border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="LEFT" style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; border-right: 1px solid #000000"><B>Properties</B></TD>
</TR>

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



<TR valign="top">
    <TD valign="top" style="border-right: 1px solid #000000; border-left: 1px solid #000000">
<DIV style="margin-left:7px; text-indent:-0px">Doug Beattie, Mine Manager, Rabbit Lake, Cameco<BR>
Chuck Edwards, Principal Metallurgist, Mining, Cameco<BR>
Alain G. Mainville, Director, Mineral Resources Management, Cameco<BR>
Les Yesnik, General Manager, Key Lake, Cameco
</DIV></TD>

    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000; border-left: 0px solid #000000">Key Lake</TD>
</TR>





<TR valign="bottom">
<TD valign="top" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 1px solid #000000">&nbsp;
</TD>
<TD valign="top" style="border-bottom: 1px solid #000000">&nbsp;
</TD>
<TD valign="top" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 0px solid #000000">&nbsp;
</TD>
</tr>



<TR valign="bottom">
    <TD valign="top" style="border-right: 1px solid #000000; border-left: 1px solid #000000">
<DIV style="margin-left:7px; text-indent:-0px">David Bronkhorst, General Manager, McArthur River, Cameco<BR>
Chuck Edwards, Principal Metallurgist, Mining, Cameco<BR>
Alain G. Mainville, Director, Mineral Resources Management, Cameco<BR>
Greg Murdock, Technical Superintendent, McArthur River, Cameco<BR>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000; border-left: 0px solid #000000">McArthur River</TD>
</TR>


<TR valign="bottom">
<TD valign="top" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 1px solid #000000">&nbsp;
</TD>
<TD valign="top" style="border-bottom: 1px solid #000000">&nbsp;
</TD>
<TD valign="top" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 0px solid #000000">&nbsp;
</TD>
</tr>




<TR valign="bottom">
    <TD valign="top" style="border-right: 1px solid #000000; border-left: 1px solid #000000">
<DIV style="margin-left:7px; text-indent:-0px">C. Scott Bishop, Chief Mine Engineer, Cigar Lake, Cameco<BR>
Doug McIlveen, Chief Geologist, Cigar Lake, Cameco<BR>
Chuck Edwards, Principal Metallurgist, Mining, Cameco<BR>
Alain G. Mainville, Director, Mineral Resources Management, Cameco
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-right: 1px solid #000000; border-left: 0px solid #000000">Cigar Lake</TD>
</TR>

<TR valign="bottom">
<TD valign="top" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 1px solid #000000">&nbsp;
</TD>
<TD valign="top" style="border-bottom: 1px solid #000000">&nbsp;
</TD>
<TD valign="top" style="border-bottom: 1px solid #000000; border-right: 1px solid #000000; border-left: 0px solid #000000">&nbsp;
</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">Canadian Securities Administrators&#146; National Instrument 43-101 requires mining companies to
disclose mineral reserves and mineral resources using the subcategories of proven reserves,
probable reserves, measured resources, indicated resources and inferred resources. Cameco reports
mineral reserves and resources separately. (See <I>Note Regarding Reserves and Resources </I>above.)
</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>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Reserves</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium mineral reserves as at December&nbsp;31, 2007 on a
property basis and Cameco&#146;s share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</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>Content</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>Content</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>Content</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><B>RESERVES</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</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 nowrap align="center" colspan="3" 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 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</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 nowrap align="center" colspan="3" 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 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</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 nowrap align="center" colspan="3" 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 nowrap align="center" colspan="3" 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 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="39">&nbsp;&nbsp;(tonnes in thousands; pounds in millions)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp; &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>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">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" 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">1,467.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</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">1,467.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</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">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#150; 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">ISR</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">328.5</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">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600.1</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">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">928.6</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">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</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">ISR</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">7,463.0</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">13.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,428.0</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">128.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,891.0</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">142.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.5</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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186.6</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">766.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243.7</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">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">&#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">ISR</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">24.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.94</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">619.9</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">15.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.2</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" 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">&#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">ISR</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">&#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">ISR</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">542.0</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">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,075.7</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">8.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,617.7</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">9.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</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">ISR</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 align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,871.3</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">436.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,415.2</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">351.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,286.5</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">788.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap 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>
<!-- 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" colspan="3">Notes:</TD>
</TR>


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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral 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>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">3</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">4</TD>
    <TD>&nbsp;</TD>
    <TD>Mining Method: OP &#150; Open Pit; UG &#150; Underground; ISR &#150; In situ recovery.</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 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 mineral reserve estimations for each property.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">6</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, a uranium price of $49.00 (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 $59.00 (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">7</TD>
    <TD>&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include an exchange rate of $1.00(US) = $0.99 (Cdn) (reflecting the exchange rate at December&nbsp;31, 2007).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">8</TD>
    <TD>&nbsp;</TD>
    <TD>Except as otherwise set out in this Annual Information Form, environmental, permitting, legal, title, taxation, socio-economic, 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">9</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">10</TD>
    <TD>&nbsp;</TD>
    <TD>Inkai reserves assume production at an annual rate of 5.2&nbsp;million pounds. Joint Venture Inkai currently has regulatory approval to produce at an annual rate of 2.6&nbsp;million pounds and an application for regulatory approval to increase annual production to 5.2&nbsp;million pounds was made in 2005. Through its experience in constructing and operating the test mine
at Inkai, Cameco is familiar with the statutory, regulatory and procedural framework governing new mining projects in Kazakhstan and, based upon its experience to date, Cameco has reasonable expectations that all permits and approvals required for the construction and operation of the new ISR mine at Inkai &#150; including approvals for increased annual production to
5.2&nbsp;million pounds &#150; will be obtained in a timely fashion. However, there can be no certainty that permits or approvals will be forthcoming in a timely fashion. Failure to obtain approval for increased annual production at Inkai will require Cameco to recategorize half the mineral reserves at Inkai as mineral resources. (See <I>Development Projects &#150; Inkai</I>
above.)</TD>
</TR>

</TABLE>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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">In addition to the above reserves, Cameco has contractually committed supplies, including supplies
under the HEU Commercial Agreement, of approximately 41&nbsp;million pounds of uranium from January&nbsp;1,
2008 until the end of 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Measured and Indicated Resources</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Cautionary Note to Investors concerning estimates of Measured and Indicated Resources:</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>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.</B>
</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,
2007 on a property basis and Cameco&#146;s share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>INDICATED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED AND INDICATED</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</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">&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>Content</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>Content</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>Content</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>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><B>RESOURCES</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</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 nowrap align="center" colspan="3" 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 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</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 nowrap align="center" colspan="3" 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 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</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 nowrap align="center" colspan="3" 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 nowrap align="center" colspan="3" 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 nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="35" style="border-bottom: 0px solid #000000">(tonnes in thousands; pounds in millions)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px 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"><B>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">&#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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte&nbsp;</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">1,603.1</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">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,667.6</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">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 colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake&nbsp;</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills&nbsp;&#150;
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">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland&nbsp;</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">ISR</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">&#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">10,904.0</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">17.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,904.0</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">17.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River&nbsp;</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" style="background: #cceeff">
    <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">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.6</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">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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit&nbsp;</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">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.72</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">340.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.81</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">8.3</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">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">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch&nbsp;</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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth&nbsp;</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">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin&nbsp;</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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch&nbsp;</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">ISR</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 align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,533.3</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">29.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,409.3</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">133.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,942.6</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">162.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112.8</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 align="right" style="border-top: 0px solid #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 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: 0px solid #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 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: 0px solid #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 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 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" colspan="3">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral 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>Mining Method: OP &#150; Open Pit; UG &#150; Underground; ISR &#150; In situ recovery.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are estimated using current geological models. Cameco&#146;s normal data verification procedures have been employed in connection with the mineral resource estimations for each property.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</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 resources that are not mineral reserves do not have demonstrated economic viability.</TD>
</TR>

</TABLE>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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><I>Uranium Inferred Resources</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Cautionary Note to Investors concerning estimates of Inferred Resources:</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>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 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.</B>
</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, 2007 on a
property basis and Cameco&#146;s share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>INFERRED RESOURCES</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 nowrap align="center" colspan="15" style="border-bottom: 0px solid #000000"><B>(100% basis)</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>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s Share</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</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 nowrap align="center" colspan="3" 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 nowrap align="center" colspan="3" 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 nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">(tonnes in thousands; pounds in millions)&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</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">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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,765.2</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">8.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland&nbsp;</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">ISR</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">254,696.0</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">255.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River&nbsp;</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">214.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.06</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><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">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit&nbsp;</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">ISR</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">309.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</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">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">ISR</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">ISR</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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin&nbsp;</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">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch&nbsp;</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">ISR</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: 0px solid #000000">&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">268,084.0</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">504.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309.0</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 align="right" style="border-top: 0px solid #000000">&nbsp;</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" colspan="3">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral 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>Mining Method: OP &#150; Open Pit; UG &#150; Underground; ISR &#150; In situ recovery.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are estimated using current geological models. Cameco&#146;s normal data verification procedures have been employed in connection with the mineral
resource estimations for each property.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</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 resources that are not mineral reserves do not have demonstrated economic viability.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">6</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>

</TABLE>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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: 12pt"><B><I>Uranium Reserves Reconciliation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of uranium mineral reserves reflects the changes in
mineral reserves during 2007. The 2007 additions and deletions result from additional information
provided by mining and milling, analysis of drilling results, change in mining plans, re-estimation
and reclassification. As well, in 2007, the additions to mineral reserves were almost equivalent
to the amount of production. The more noteworthy change is at Inkai, where 16.9&nbsp;million pounds of
reserves were added as a result of new reserves at Block 2, the review of Block 1 reserves leading
to their alignment with the Kazakh estimates and categorizations, and updated production plans.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Reserves</B><BR>
(in thousands of 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="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2007</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 nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Throughput <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">Addition (Deletion)<SUP style="font-size: 85%; vertical-align: text-top"> 2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2007</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">0</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">6,515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(858</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.910</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">782</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(908</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,208</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,966</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,245</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">0</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">142,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12,999</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">479</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,230</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">1,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(496</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">515</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">1,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(715</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,372</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: 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>
</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">287,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15,976</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10,397</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,166</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: 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>
</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 &#150; 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">Gas Hills &#150; 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">0</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(873</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(391</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,399</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">29,848</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,260</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">113,442</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">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">0</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">18,104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,677</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,270</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,697</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">0</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">0</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(218</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,099</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: 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>
</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">225,297</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,550</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,256</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: 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>
</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20,526</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,422</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 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 align="right" style="border-top: 3px double #000000">&nbsp;</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" colspan="3">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Corresponds to millfeed. The discrepancy between the 2007 mill feed and Cameco&#146;s share of 2007 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 style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&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 align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Resources Reconciliation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of uranium mineral resources reflects the changes in
mineral resources during 2007. The 2007 additions and deletions result from additional information
provided by mining and milling, analysis of drilling results, re-estimation and reclassification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were only modest changes in mineral resources in 2007 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Inkai, 2.2&nbsp;million pounds were added to the indicated resources due to the new
production plan which displaces a fraction of the planned production from Block 1 to Block 2.
The new estimate at Block 2 resulted in</TD>
</TR>

</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form</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">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the upgrading of 7.7&nbsp;million pounds of inferred resources to the indicated category which
were further converted to probable 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Rabbit Lake, following successful underground drilling, all three resource categories
show increases: measured are up by 2.2&nbsp;million pounds; indicated by 3.9&nbsp;million pounds; and
inferred by 2.1&nbsp;million pounds.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>At Millennium, additional drilling in the 2006 winter and a new structural interpretation
lead to an increase in indicated resources of 3.9&nbsp;million pounds.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Resources</B><BR>
(in thousands of 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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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="3">2007</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 nowrap align="center" colspan="3" style="border-BOTTOM: 1px solid #000000">December 31, 2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-BOTTOM: 1px solid #000000">Addition (Deletion)<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">December 31, 2007</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 &#150; 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">322</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">322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#150; 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">0</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">0</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">9,827</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">9,827</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">1,857</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">1,857</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">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,224</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">0</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">0</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">0</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">0</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">0</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>&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>
</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">22,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,975</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: 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>
</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">3,282</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">3,282</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">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,244</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">0</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 &#150; 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">0</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">0</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">8,516</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,182</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,698</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">0</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">15,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,643</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">0</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">0</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">2,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,886</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,050</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">0</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">0</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">0</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">0</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">0</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>&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>
</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">77,781</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,899</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: 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>
</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 Measured &#038;
Indicated Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,874</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 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>
</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  colspan="3" align="left">
Note:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&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 align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 50 -<!-- /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</B><BR>
(in thousands of 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>) (Continued)
</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="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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="3">2007</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 nowrap align="center" colspan="3" style="border-BOTTOM: 1px solid #000000">December 31, 2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-BOTTOM: 1px solid #000000">Addition (Deletion) <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">December 31, 2007</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 &#150; 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">0</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,429</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,654</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#150; 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">0</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">0</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,744</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,049</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">0</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">4,071</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">4,089</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">0</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">0</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">4,033</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,139</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">0</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">0</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">0</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">0</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">0</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>&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>
</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">316,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,049</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,972</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 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>
</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  colspan="3" align="left">
Note:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Fuel Conversion Services</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Demand</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The demand for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services is directly linked to the level of electricity
generated by light water moderated nuclear power plants. The demand for UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion
services is linked to the level of electricity generated by heavy water moderated nuclear power
plants such as CANDU reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates western 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 in 2007 was approximately 57&nbsp;million kilograms of uranium. Cameco estimates that this
demand will increase to approximately 69&nbsp;million kilograms of uranium by 2017. Demand in the
former Soviet Union, Eastern Europe and China in 2007 was about 9&nbsp;million kilograms of uranium and
Cameco estimates it will increase to about 18&nbsp;million kilograms of uranium by 2017.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most utility companies operating nuclear reactors purchase their uranium requirements in the form
of concentrates directly from mining and milling operators. The uranium contained in the
concentrates is refined and converted to fuel grade UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> or to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> for
enrichment. The enriched UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> is then converted to enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>. The
natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> are fabricated into pellets and loaded into fuel
bundles for eventual use in nuclear reactors.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Supply</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 nameplate capacity of about 51&nbsp;million kilograms of uranium.
Cameco is the only commercial supplier of conversion for natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> customers in the
western world. In 2001, BNFL announced that its Springfields plant would close in 2006 and sold
its uncommitted
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>production to Cameco. Russia supplies most of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 51 -<!-- /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">requirements of the former Soviet Union and Eastern Europe in the form of LEU. Russia has not been
a significant supplier of toll conversion services to the western world due to the level of
integration in the Russian nuclear fuel cycle.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2005, Cameco acquired additional UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion capacity by entering into a
10-year toll-conversion agreement with BNFL (now Springfields Fuels Ltd. (&#147;SFL&#148;)). Under the
agreement, a base quantity of 5&nbsp;million kilograms of uranium as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>, supplied by
Cameco&#146;s Blind River operation, is to be converted annually into UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> by SFL&#146;s U.K.
plant. The toll-conversion agreement is expected to keep the plant, which has a nameplate capacity
of 6&nbsp;million kilograms of uranium, open for the duration of this agreement, through 2016. Cameco
entered into a number of long-term contracts with utility customers for a significant volume of
conversion services to base load this agreement. SFL coupled with Cameco&#146;s Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>conversion plant accounts for about 35% of western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>nameplate conversion
capacity. <SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB> In 2006, SFL began shipping UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> produced from UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>
supplied by Blind River.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Supplies of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> are also available from secondary sources including excess western
inventories, Russian inventory sales in the form of LEU, re-enriched depleted tails in the form of
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>and Russian and US uranium derived from dismantling nuclear weapons. These sources
are discussed in more detail in the <I>Uranium Concentrates Business </I>section above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Prices</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco competes on the basis of price, location and service with two other full-scale commercial
suppliers of conversion services in the western world and with the secondary supplies mentioned
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similar to their procurement of uranium requirements, utilities secure a substantial percentage of
their conversion service requirements by entering into long-term contracts with primary conversion
service providers. Prices are established by a number of methods, including fixed prices adjusted
by inflation indices, market prices (spot or long term price indicators) and annual price
negotiations. Contracts can also contain floor prices, ceiling prices and other negotiated
provisions that affect the price ultimately paid. Fixed price contracts with adjustment for
inflation are by far the most common.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Marketing of Conversion Services</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s marketing strategy for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services is similar to that for uranium
concentrates. Cameco sells its services directly to utilities located in many different geographic
regions of the world primarily through long-term contracts. Cameco currently has UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion services commitments in excess of 90&nbsp;million kilograms of uranium with about 50
customers worldwide under long-term contracts. Cameco&#146;s five largest customers account for
approximately 39% of these commitments. 52% of Cameco&#146;s committed UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion
services volume is to purchasers in the Americas, 18% in the Far East and 30% in Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2007, most UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services commitments are under contracts that
contain fixed prices with inflation escalators. Therefore, in the short term Cameco&#146;s financial
results are relatively insensitive to changes in the spot price for conversion. Newer fixed price
contracts being secured by Cameco generally reflect the improved market conditions at the time of
contract award. In the coming years, Cameco&#146;s contract portfolio will be positively impacted by
these higher fixed priced contracts.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>UO</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>2</I></SUB>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is the only commercial supplier of UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> for CANDU heavy water moderated nuclear
reactors operated in Canada by Bruce Power, OPG, NB Power and Hydro Quebec. 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 United States and Japan for use as
blanket fuel in boiling water reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Volumes of Canadian UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> sales may increase slightly late in the decade if shut-in
Canadian owned CANDU reactors are put back into service. In addition, Ontario has announced
nuclear expansion plans. If the current CANDU reactor design is selected, Canadian UO<SUB style="font-size: 85%; vertical-align: text-bottom">2
</SUB>requirements will increase.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns and operates Canada&#146;s only uranium refinery and conversion facilities. Through its
subsidiary Zircatec, Cameco also is one of two Canadian commercial suppliers of fuel manufacturing
services for CANDU reactors. Cameco has a uranium refining facility within close proximity to
Lake Huron and approximately eight kilometres west of Blind River, Ontario (approximately 600
kilometres north-west of Toronto, Ontario). Blind River has a population of about 4,000. Cameco
also has two conversion plants within the Municipality of Port Hope, Ontario (pop. approx. 16,000)
approximately 100 kilometres east of Toronto, on the shore of Lake Ontario. Zircatec&#146;s plants are
located in Port Hope for the manufacture of fuel bundles and in Cobourg, Ontario, for the
manufacture of zirconium parts for the fuel bundles and various reactors parts. Zircatec&#146;s Cobourg
plant is 10 kilometres east of its Port Hope plant. Cameco&#146;s Blind River and Port Hope conversion
facilities and Zircatec&#146;s Port Hope manufacturing facility were re-licensed by the CNSC for a
five-year period that commenced on March&nbsp;1, 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Blind River &#151; Refining</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Blind River facility has an annual licensed capacity of 18&nbsp;million kilograms of uranium as
UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> and in 2007 produced 9.5&nbsp;million kilograms of uranium as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>. It
includes a uranium refinery, a large storage area for uranium concentrates, and weighing and
sampling facilities. The Blind River facility refines the concentrates delivered by uranium
concentrate suppliers from throughout the world into nuclear grade UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>. Nearly all of
the UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> is shipped to Port Hope for conversion 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>or to Springfields, UK for conversion into UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>(see Uranium Fuel Conversion
Services &#150; <I>Market Background </I>&#150; <I>Supply </I>above for details of the Springfields conversion
arrangement). A small quantity of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> is supplied to others for blending with enriched
uranium to produce suitable reactor fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The inventory stored at Blind River has been declining over the past several years and is now
causing changes to the customary operating schedule at the refinery. In 2007, the limited supply of
uranium feed for the Blind River plant resulted in lower UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> production. Under Cameco&#146;s
conversion services contracts, customers supply the uranium to be processed. In the past, many
customers stored large inventories at the Blind River facility, providing ample feedstock for the
refinery. Customers now hold virtually no inventory as concentrates and provide the feedstock on a
just-in-time basis. The result is that the Blind River refinery operates with more shutdowns as
Cameco manages production to match the delivery of uranium feed &#151; which at times falls short of
plan. This, in turn, is reducing the supply of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> feed for the conversion facilities
at Port Hope and impacts those operations as well. However, shipments of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> were made
to SFL in the third quarter of 2007 so that they could maintain adequate inventories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The production of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> at Blind River is also affected by the temporary shutdown of the
Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant discussed below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;2007, the CNSC amended Blind River refinery&#146;s operating licence to incorporate conditions
for the addition of pollution abatement equipment to the Blind River incinerator. This equipment
is required to meet new Canadian regulatory standards that came into effect January&nbsp;2007.
Installation of the equipment was completed in the second quarter 2007 and Cameco has recommenced
incinerator operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter 2006, Cameco filed a draft EA with the CNSC to support an increase in Blind
River&#146;s annual licensed production capacity to 24&nbsp;million kilograms of uranium as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>
from 18&nbsp;million kilograms of uranium as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>. Some relatively minor changes are required
at the refinery to achieve the increased capacity. These changes require an environmental
assessment and regulatory approval. This increase in Blind River&#146;s licensed capacity is intended
to provide Cameco sufficient capacity to supply UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>to Port Hope, SFL and other
customers. Cameco has received comments from various federal agencies on the draft EA and has
addressed the agency questions in respect thereto. The CNSC is expected to issue its draft
screening report by the end of the first quarter of 2008 and then final approval is anticipated by
the end of the second quarter of 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Port Hope &#151; Conversion</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Port Hope conversion plants produce natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and natural UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. In
2007, the plants, together with SFL, produced 12.9&nbsp;million kilograms of uranium. The
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant is licensed for 2.8&nbsp;million kilograms of uranium per year and
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 53 -<!-- /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">produces UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> used as fuel in Canadian and other CANDU heavy water nuclear reactors, as
well as blanket fuel for light water nuclear reactors. The UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, licensed for 12.5
million kilograms of uranium per year, converts 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> using hydrogen,
hydrogen fluoride and fluorine in a series of process steps. The UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> is then shipped to
enrichment plants in the United States, Europe and Japan for further processing to low enriched
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> prior to conversion to enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, which is used as reactor fuel for
light water nuclear reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2007, contamination of the soil under the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was discovered.
After initial localized investigations, production of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> was suspended to allow a
comprehensive investigation. Relevant regulatory agencies were notified and continue to receive
updates. The local community was also advised of the situation and has been updated. Production
of UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>and other activities at the site have not been affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Extensive work has been carried out to determine the extent of the contamination and assess
possible methods of managing it, and determine how to prevent future contamination. In October
2007, Cameco received test results from groundwater samples taken in the conversion facility&#146;s
parking lot indicating levels of uranium, arsenic and potassium above historic results from regular
monitoring wells in the same area. These results indicate that the contamination may have passed
under a municipal road that runs through the site. Drilling and sampling to determine the extent
of the contamination will continue for part of 2008. The concentrations of these materials are
very low, measured in parts per million, and the contamination remains isolated. The health and
safety of employees and the public have not been jeopardized based upon a preliminary risk
assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Extensive reports on the situation at the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant have been provided to the
regulators. The most recent was a comprehensive environmental management plan submitted on December
20, 2007. These reports identified the root cause of the contamination as being the contact of
corrosive chemicals and other liquids to floor structures that were not well designed for holding
liquids over extended periods. Cameco has changed its operating practices to ensure that greater
attention is paid to proper use and maintenance of in-ground structures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has begun to develop a plan to address the corrective action recommendations resulting from
the root cause analysis. One action taken was establishment of a task force, led by a third-party
consultant, which has developed design criteria for in-ground structures and liquid management
practices. Cameco is also developing and installing a new groundwater monitoring system, as noted
below, that is intended to provide early detection of leaks from the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant and to
have the ability to assess the effectiveness of the new groundwater control measures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2008, the CNSC notified Cameco that it can begin installing the structures and new
equipment required for safely operating the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant. Cameco has removed most of the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant floor and the top 0.6 metres of the soil beneath areas of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>plant where leakage was identified. Subsequent steps involve backfilling the excavated area,
pouring the concrete floor of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>building, adding leak-proof surface coating and
re-installing equipment. Replacement of the concrete floors has started.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has also begun installation of a control system intended to prevent the flow of groundwater
in this area, focussing on preventing the further spread of contamination. Water collected through
the system will be treated to remove contaminants before release to the environment. These
measures are intended to be a part of a broader ground water management system outside of the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant to be installed to contain, recover and treat affected groundwater.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regulatory approval has been obtained from the Ontario Ministry of the Environment to take
groundwater for treatment on an on-going basis. For the CNSC, Cameco must also complete and
receive CNSC approval for a comprehensive risk assessment and the CNSC needs to accept that the
design, installation and operation of the treatment system will effectively mitigate potential
risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates it will cost $15 to $20&nbsp;million to cleanup the soil and groundwater contaminated
by this incident at Port Hope. In addition, Cameco expects to spend $20 to $25&nbsp;million on plant
improvements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has set a target of resuming UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>production in third quarter of 2008 at the
earliest. Resuming production at the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant requires CNSC approval.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 54 -<!-- /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">Cameco has met scheduled UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>deliveries since the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant shut down. Cameco
is working with its customers to manage its inventories in order facilitate customer delivery
requirements at specific locations. In addition, the Company has both arranged for voluntary
deferrals of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>deliveries and purchased UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services. These
actions are intended to allow Cameco to meet utility delivery commitments until Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>production resumes, assuming customers do not accelerate deliveries and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>production and other purchases proceed as planned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The statements above and elsewhere in this Annual Information Form regarding the target date for
resumption of Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>production and certain other statements regarding future
events that relate, directly or indirectly, to addressing the consequences of the Port Hope
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant soil contamination, including meeting UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>utility delivery
commitments and the estimated cleanup and plant improvement costs, are forward-looking information
and are based upon the following key assumptions and subject to the following material risk factors
that could cause results to differ materially: Cameco has made certain assumptions regarding the
timing of regulatory approvals for remediation activities, modifications to the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>plant, and production restart, but they are subject to the risk that they take longer to
obtain than anticipated; Cameco has assumed that the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant can be brought back into
production without unforeseen difficulty or delay, but that is subject to a number of risks
including the risk of unusual difficulties arising from the extended length of time that the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant has been shut down, the risk that there will be a delay in or failure to
procure the required contractors, equipment and suppliers, the risk of equipment failure, the risk
of natural phenomena, including weather conditions and fire, and the risk of delay or ultimate lack
of success; Cameco has assumed that the findings in its preliminary risk assessment prove to be
correct, but that is subject to the risk of adverse findings in the final risk assessment; and
Cameco has assumed its efforts to meet scheduled UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> delivery commitments will succeed,
but that is subject to a number of risks including customers accelerating UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> deliveries
or UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production, purchases and deferrals not proceeding as planned; and Cameco has
made certain assumptions in connection with its remediation and plant improvements cost estimates,
which are subject to the risk that costs are higher than expected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has filed with the CNSC a project description for Vision 2010, a project to clean up and
modernize the Port Hope conversion facility site. The project will be subject to an EA in order to
comply with regulatory requirements. The draft EA scope has been issued and will go through a
public comment process. Cameco expects that the final EA scope will be approved by the CNSC about
mid-2008. Work has commenced on those aspects of the EA that Cameco is certain will be required.
Design and preliminary engineering for the project are also underway.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Port Hope conversion facility has approximately 200 unionized hourly employees who are
represented by two locals of the United Steelworkers of America. Following a strike in 2004, a
collective agreement was reached, which expired on June&nbsp;30, 2007. A new collective agreement was
entered into in June&nbsp;2007, which expires in June&nbsp;2010.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Zircatec &#150; Fuel Fabrication</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco purchased Zircatec on February&nbsp;1, 2006, at a purchase price of $109&nbsp;million. Zircatec&#146;s
Port Hope facility manufactures fuel bundles for CANDU reactors. Zircatec&#146;s Cobourg facility
produces zirconium tubing for use in fuel bundles, and other Candu reactor components and
monitoring equipment. Zircatec has the capacity to produce approximately 1.2&nbsp;million kilograms of
uranium annually as finished fuel. Zircatec has approximately 120 unionized employees who are
represented by the United Steelworkers. Zircatec&#146;s collective agreement with its unionized
employees expires in June&nbsp;2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Zircatec has signed a fuel manufacturing services agreement covering all of the fuel manufacturing
requirements for the Bruce A and Bruce B reactors through to 2018. This represents a substantial
portion of Zircatec&#146;s business. 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 reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The production of fuel bundles was suspended for a number of weeks during the third quarter of 2007
after a customer raised concerns about a defective fuel bundle manufactured by Zircatec. The
defective bundle was discharged from a reactor on August&nbsp;9, 2007. A root-cause analysis of the
defective bundle was conducted with the help of an external consultant. All aspects of the
manufacturing process that might have led to the defective bundle were considered. As a result of
the investigation, Zircatec has introduced a more rigorous process review and control regime.
Although no definitive cause of the defective bundle was identified, some possibilities were
recognized, which has led to some
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 55 -<!-- /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">manufactured bundles being tracked closely. The investigation will not be completed until the
customer has completed its post-irradiation examination early in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;1, 2007 Zircatec resumed production. The 2007 shortfall in production is planned to be
made up during 2008. A shortfall in bundle production that occurred in 2006 was made up by the end
of the second quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Zircatec&#146;s Port Hope plant is planned to be modified to produce a new fuel bundle containing
slightly enriched uranium dioxide powder (&#147;SEU&#148;) for use in the Bruce A and possibly the Bruce B
reactors. Zircatec has commenced the application process for regulatory approval from the CNSC to
produce these new fuel bundles, known as Low Void Reactivity Fuel (&#147;LVRF&#148;). LVRF bundles are
designed to improve the performance of the reactors and involve use of mixed natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and dysprosium oxide in the centre element of each bundle and SEU in all other elements. Zircatec
is currently licensed to process limited quantities of enriched uranium, but needs a license
amendment to proceed with the manufacture of commercial quantities for the LVRF fuel bundles. The
CNSC determined that an EA was required to support the license amendment and the plant
modifications to manufacture LVRF. In the first quarter of 2008, the CNSC approved the EA for LVRF
and Zircatec applied for the license amendment. Zircatec has already produced some demonstration
bundles containing SEU. The modifications costs have been paid by BPLP. However, there is now a
preliminary agreement between BPLP and BALP regarding new cost sharing arrangements for the
Zircatec plant modifications.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The activities of all operations are supported by the Cameco Technology Development group, which is
actively engaged in supporting new business initiatives as well as developing new processes to
maintain and enhance Cameco&#146;s position as a competitive and leading producer of uranium
concentrates, refining and conversion services. For 2007, expenditures related to these activities
were approximately $4&nbsp;million.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A description of certain legal proceedings to which Cameco or its subsidiaries are a party is
included in Note 25 to the Consolidated Financial Statements for the fiscal year ended December&nbsp;31,
2007, which are incorporated herein by reference.
</DIV>


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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By their nature, Cameco&#146;s mining and uranium refining and conversion operations impact the
environment. The Company&#146;s objective is to minimize that impact. In its operations, Cameco seeks
to protect the environment by limiting emissions and managing wastes to attain levels as low as
reasonably achievable, social and economic factors taken into account. This is commonly called the
ALARA principle in radiation protection. Cameco monitors and measures the key characteristics of
its operations and identifies those aspects that have or may have a significant impact upon the
environment. Cameco&#146;s operations are subject to stringent government regulation relating to the
protection of the environment, including requirements for reclamation and decommissioning of its
operating sites.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s ten mining, milling and processing facilities disturb approximately 30 square kilometres
of land. Considering the energy potential of the products of these sites, Cameco&#146;s operations
affect a small fraction of land that would be required to generate the same amount of energy using
other technologies. Cameco&#146;s current mining operations in northern Saskatchewan are underground
mines and therefore the surface land impact is minimized. In the US and Kazakhstan, Cameco uses
ISR mining to extract uranium from underground non-potable, brackish aquifers and therefore surface
impact is minimal. Conceptual decommissioning plans, which incorporate environmental evaluation,
are in place for all of the Company&#146;s operating sites.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 56 -<!-- /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">The Company also seeks to maximize the lifespan of its operating sites to minimize environmental
impacts. To that end, Cameco is planning to invest in the revitalization of its Key Lake and
Rabbit Lake mills which have been in operation for 25 and 33&nbsp;years respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company seeks to continue its efforts to improve the management of process water and the impact
upon receiving water bodies by upgrading its operating processes and adopting new technologies.
Cameco intends to reduce the concentrations of molybdenum and selenium in the effluent released
from Cameco&#146;s northern Saskatchewan operations. Historical accumulation and continued release of
molybdenum and selenium has been identified as having the potential to cause adverse impacts to the
environment. The first phase of the action plan for the Key Lake mill is expected to be in place
in the first part of 2008 and capital expenditure for implementing this phase is expected to be $14
million. At Rabbit Lake, a $29&nbsp;million project is currently under construction to reduce
discharges of these elements. In addition, in 2006 Cameco installed a $5&nbsp;million water treatment
circuit to reduce uranium in its discharges at Rabbit Lake, which has been very successful in
reducing uranium concentrations beginning in 2007. Uranium loadings were reduced by a factor of 10
in 2007 compared to pre-2004 levels. An environment monitoring program has been developed with
provincial and federal regulators to verify that improvements made in the mill effluent treatment
process will result in improvements in the receiving environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the July&nbsp;2007 discovery of soil and groundwater contamination under the Port Hope
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, a number of initiatives are underway to rectify this situation, including
establishment of a new groundwater management system to contain, recover, and treat the affected
groundwater arising from UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant activity. Based upon a preliminary risk assessment
and the low concentrations of contaminants in the soil and groundwater outside the foot of the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, Cameco has determined that the health and safety of the employees and the
public have not been adversely affected. Cameco must complete and receive CNSC approval for a
comprehensive risk assessment that will identify contaminates that could pose a risk to environment
and verify that the selected methods of treatment will effectively mitigate potential risks. Cameco
has estimated that it will cost about $17&nbsp;million to clean up the contaminated soil and ground
water contamination from the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> Plant. As well, Cameco plans to spend $20 to
$25&nbsp;million on plant improvements. (See &#147;the Nuclear Business- Uranium Fuel Conversion Services &#150;
Operations&#148; for further information on the Port Hope incident.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2008, groundwater and soil contamination was discovered by Cameco at the Rabbit Lake
mill. The relevant regulatory authorities have been notified. Cameco is assessing the extent of
the contamination, possible methods to contain it, and how to prevent future contamination.
Seepage from the mill is believed to be the source of the contamination. In order to effect
initial repairs to higher risk areas, in March Cameco decided to extend the regularly scheduled
mill shut down into April.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ISR method employed in the US involves extraction of uranium from underground non-potable
aquifers by dissolving the uranium with a carbonate-based water solution and pumping it to a
processing facility on the surface. The ISR method employed in Kazakhstan by Joint Venture Inkai
uses an acid in the mining solution. The injection and recovery system at Inkai is engineered to
avoid migration of the mining solution to the higher purity water aquifer above the ore body.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company seeks to reduce its emissions to the air. At Port Hope, emissions of uranium and
hydrofluoric acid to the air have been reduced through installation of new equipment and changes to
operating procedures. McArthur River has a large refrigeration plant to control groundwater and
stabilize fractured rock in mining areas underground. This plant uses refrigerants other than
ozone-depleting chemicals that harm the earth&#146;s atmosphere. During 2004, the last year when data
was assembled, Cameco&#146;s emissions of CO2 were approximately 384,000 tonnes; two-thirds were due to
indirect emissions from Cameco&#146;s use of electricity from external suppliers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The greatest volume of solid waste produced on a routine basis by Cameco&#146;s operations is tailings
from Cameco&#146;s mills in northern Saskatchewan. Mill tailings at Rabbit Lake and Key Lake are
treated to stabilize contaminants and then deposited in engineered tailings management facilities.
These facilities are constructed within mined-out open pits near the mills. To ensure that
tailings are isolated from the surrounding environment, during production groundwater and surface
water are diverted around the facilities, monitored, and treated if necessary. Once the facilities
are
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 57 -<!-- /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">decommissioned, the ground water will be diverted around the tailings and monitored to ensure that
its designed low environmental impact is assured.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total number of reportable environmental events in 2007 was 22, higher than the 2006 total of
19. The most significant environmental event was the discovery of soil and groundwater
contamination under the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant. While Cameco has shown that this discovery
appears to have had limited environmental impacts, it was nevertheless a significant event due to
failure to provide adequate early detection as well as from the regulatory and public stakeholder
perspective. All other incidents were deemed to have low environmental consequence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Like other large industrial organizations, Cameco utilizes chemicals in its operations that could
be hazardous to health and the environment if handled incorrectly. Employees are trained in the
proper use of hazardous substances and in emergency response techniques.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco seeks to improve communication, on environmental and other matters, with communities in
northern Saskatchewan and Ontario who are impacted by its activities. The Company organized the
Northern Community Liaison Committee in 1990 and the Athabasca Working Group in 1993. The Company
also cooperates with the northern community environmental quality committees organized by the
province of Saskatchewan. At its fuel services sites in Ontario, Cameco also conducts regular
environment-focused community liaison activities.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has a safety, health and environment committee of the board of directors, which
oversees Cameco&#146;s environmental policies and programs and environmental performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, Cameco revised its safety, health, environment, and quality policy, which policy is
available on Cameco&#146;s website. The policy contains a statement of Cameco&#146;s environmental
principles and a description how these principles are to be implemented, including through seven
corporate safety, health, environment and quality (SHEQ)&nbsp;programs under Cameco&#146;s management system.
This policy was developed in order to address changing regulatory and industry standards and was
approved and distributed in late 2005 for implementation. Although Cameco has had formal
environmental and safety and health policies in place since 1991, the new policy and the supporting
program documents further refine Cameco&#146;s commitment to ensuring policies, programs and procedures
are in place for use by sites and corporate head office as part of an overall integrated management
system. To further enhance this direction, Cameco is in the process of benchmarking its management
system against those used in the nuclear power generation sector.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Among other things, this policy provides that Cameco is striving to be a leading performer through
a strong safety culture and through the commitment to the following principles: keeping safety and
health and safety hazards, including radiation exposures, and environmental risks, at levels as low
as reasonably achievable; preventing pollution; complying with and moving beyond legal compliance
requirements; ensuring quality of processes, products and services; and continually improving
Cameco&#146;s overall performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s strives to be guided by environmental leadership principles in its activities. To that
end, in 2007, the Company established an environmental leadership department and set ambitious long
term goals in five areas (air, water, land use, energy consumption and waste.) More intermediate
targets were also identified and the Company committed itself to support the environmental
leadership agenda, measure performance and hold itself accountable to these principles. Cameco&#146;s
2008 objective is to integrate environmental leadership into the corporate SHEQ management systems,
other key corporate programs and major projects. In addition, the Company plans to establish key
performance indicators in the five performance areas and continue to develop a system to measure,
track and report performance.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s SHEQ management system for implementing its safety, health, environment, and quality
policy includes seven programs that articulate what is expected from Cameco sites when undertaking
actions to fulfill commitments contained in this policy and set out a course of activities to be
undertaken to implement this policy. These seven programs are: quality management program; safety
and health management program; radiation protection program; environment
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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 align="left" style="font-size: 10pt; margin-top: 6pt">management program; management system audit program; emergency preparedness and response program;
and contractor safety and environment program. For 2007, $85&nbsp;million was invested in environmental
protection, monitoring and assessment programs while $10&nbsp;million was directed to health and safety
programs. Of the $95&nbsp;million of program spending, $50&nbsp;million related to capital expenditures,
$40&nbsp;million related to program costs expensed and $5&nbsp;million related to decommissioning costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This integrated system reinforces the Company&#146;s commitment to ongoing management of environmental
risks and is structured to be compatible with the requirements of the relevant international
standard, ISO 14001. The Port Hope conversion facility, Blind River, Key Lake, McArthur River,
Smith Ranch-Highland, Crow Butte and Inkai operations have been ISO 14001 certified. The ISO 14000
series provides a set of internationally accepted standards that assist companies in the
development of environmental management systems, which in turn enhance environmental and corporate
performance through quality and process improvements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s environment and safety and health efforts are both corporate and site-based. In 2007, this
structure was modified, creating divisional level support for the Mining, Fuel Services and Cameco
Resources divisions in SHEQ and related technical support matters. This re-alignment of operational
SHEQ activity is designed to further enhance consistent application of SHEQ policies and
procedures, focusing on divisional-level consistency. As part of this 2007 operational
re-organization, the corporate SHEQ function was also modified to fully integrate all aspects of
the SHEQ management system under one group, provide additional support to manage and coordinate the
Company&#146;s environmental assessment function and integrate the SHEQ audit function with other
internal audit functions within the organization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under Cameco&#146;s management system audit program, sites perform internal audits of their safety and
health, environment and quality (SHEQ)&nbsp;management system to ensure conformance to policies,
programs and standards and compliance to regulatory requirements. In addition, Cameco conducts
regular SHEQ audits of its sites through the corporate internal audit department. In practice,
this typically results in corporate audits at each operating site every 18-24&nbsp;months and audits at
every construction or developmental site every 12&nbsp;months. The purpose of the corporate audit
program is to assess compliance with applicable laws, regulations, permit requirements, and with
the Company&#146;s environmental (SHEQ)&nbsp;related policies and programs and site performance in reducing
risk and managing requirements.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s exploration, development, mining, uranium processing and fuel manufacturing activities are
subject to a wide variety of laws and regulations regarding environmental matters and the
management of hazardous wastes and materials, including those of general application to
environmental matters and those specifically associated with the nuclear sector. Changes in
environmental laws and regulations or more stringent application of existing standards often occur,
promoting continual improvement in the SHEQ aspects of the Company&#146;s business. This can result in
additional expense, capital expenditures, limitations or delays in the exploration, development,
operation or decommissioning of the Company&#146;s properties, which could have a material adverse
impact upon Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Governmental controls and regulations address, among other things, the environmental impact of
mining and uranium processing operations. Legislation and regulation in various jurisdictions
establish system performance standards, air and water quality emission standards and guidelines,
and other design or operational requirements for various SHEQ components of operations.
Legislation and regulations also establish requirements for decommissioning and reclamation
following the cessation of operations and may require that some former mining properties be
actively managed for a long time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is a discussion of the environmental regulation of Cameco&#146;s Canadian and US operations.
Please see the Inkai, Centerra and Bruce Power sections of this Annual Information Form for a
discussion of the environmental regulation of their respective operations<I>.</I>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Canadian Regulatory Compliance</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, environmental matters related to Cameco&#146;s operations are the subject of ongoing public
scrutiny and regulatory review by the CNSC, Environment Canada, the federal Department of Fisheries
and Oceans, SMOE and the Ontario Ministry of the Environment (&#147;MOE&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Potentially significant environmental performance improvement challenges relate to the application
of more stringent controls on fugitive uranium emissions from ventilation systems at fuel services
facilities and reduced effluent chemical loadings from Cameco&#146;s Saskatchewan mine and mill sites.
In the case of effluent chemical loadings, the current focus centers on reducing molybdenum and
selenium loadings through additional chemical treatment techniques and evaluation of the
application of membrane filtration technology. Other current performance improvement areas are
associated with improved control of groundwater migration from facilities, firefighting and
emergency response requirements, and decisions arising from the evaluation of substances carried
out under the <I>Canadian Environmental Protection Act</I>, 1999 (&#147;CEPA&#148;). Ongoing changes to the
regulatory framework may also require additional response and expenditures by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">New initiatives have and likely will continue to generate additional environmental studies in the
vicinity of these operations. This is particularly evident in the area of pre-licensing
environmental assessment, where studies typically set the stage for future regulatory obligations
on the Company. Regulatory expectations of the CNSC, Canadian Environmental Assessment Agency and
other federal and provincial regulators continue to evolve, and this can reasonably be expected to
continue in pursuit of improved SHEQ performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is subject to stringent regulatory oversight by its main regulator, the CNSC, an independent
commission established by the federal government under the Nuclear Safety and Control Act (&#147;NSCA&#148;).
The CNSC&#146;s regulates Cameco&#146;s compliance with the requirements of the NSCA, as well as the CEAA
and the CEPA. Obtaining regulatory approvals, including for licence renewals and changes in
operating practices, can take significant time due to the nature of the approval process, which at
times can require an environmental assessment or extensive review of supporting technical data as
well as supporting management programs and procedures. Cameco strives to improve both the quality
and effectiveness of its regulatory approval proposals and submissions. This, coupled with programs
and initiatives to ensure compliance with regulatory requirements, has resulted in significant
capital expenditures and increases in operating costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In recent years, when auditing Cameco operations, the CNSC has put a priority on assessment of
specific SHEQ programs. These have included such aspects as: radiation protection programs;
environmental monitoring; fire protection; operational quality assurance; organization and
management systems effectiveness; transportation systems; geotechnical monitoring; and ventilation
systems. Regulatory assessments of program implementation effectiveness, as well as evaluation of
safety culture and related human factors, are becoming more prevalent as the SHEQ systems mature.
These system effectiveness and program-specific audits and regular site inspections by regulatory
project officers have generated, and are intended to continue to generate, actions to improve SHEQ
performance. The resulting program modifications are typically procedural and do not incur large
capital costs; however, they are significant in terms of how these systems are applied and do
result in increases in operating costs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>US Regulatory Compliance</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco subsidiaries&#146; ISR operations in the US are subject to a wide variety of federal, state and
local regulations, governing among other things, air emissions, water discharges, hazardous
materials handling and disposal and site reclamation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Through the US Nuclear Regulatory Commission (&#147;NRC&#148;) and state environmental agencies, Cameco&#146;s US
ISR subsidiaries mine permitting and licensing activities are subject to comprehensive
environmental regulation. The mine permitting and licensing process typically takes several years
to complete and requires the completion of environmental assessment reports. Public hearings and
public comments are included in the process. In past, these US subsidiaries have been successful
in obtaining the necessary permits and licenses to ensure sufficient permitted reserves are
available to meet production plans.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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: 6pt">After mining has been completed, an ISR wellfield must be restored in accordance with regulatory
requirements. Generally, this involves restoring the groundwater to its pre-mining use or
equivalent class of use water standard. Restoration of Crow Butte wellfields is regulated by the
Nebraska Department of Environmental Quality (&#147;NDEQ&#148;) and the NRC and restoration of Smith
Ranch-Highland wellfields is regulated by the Wyoming Department of Environmental Quality (&#147;WDEQ&#148;)
and NRC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Crow Butte has four wellfields under restoration. At mine unit #1, the groundwater has been
restored to pre-mining quality standards, all of the wells plugged and piping removed. In
accordance with regulatory requirements, Crow Butte has provided a $25&nbsp;million (US)&nbsp;letter of
credit to the State of Nebraska as security for decommissioning the property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith Ranch-Highland has two wellfields under restoration. At mine unit A, the groundwater has
been restored to pre-mining quality standards and the area continues to be monitored for
post-restoration environmental performance. At mine unit B, the ground water has been restored and
is awaiting regulatory approval. In accordance with regulatory requirements, letters of credit
totalling $40&nbsp;million (US)&nbsp;have been provided to the State of Wyoming as security for
decommissioning Smith Ranch-Highland.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NRC had previously considered adopting an alternate process whereby a state government (in
non-agreement states such as Wyoming and Nebraska) could regulate groundwater issues through a
memorandum of understanding entered into with the NRC. While the NRC has not made a final decision
regarding the use of such memoranda, discussions continue with regulators to establish clear
jurisdiction and criteria for wellfield restoration. A proposed rule is expected to be issued in
the second quarter of 2008 that may resolve the issue of dual jurisdiction (NRC and state) over
ground water at ISR facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The time to acceptance for restoration of the remaining wellfields is an important issue for Cameco
subsidiaries&#146; US ISR operations, since it remains uncertain when, and at what cost, these
operations will be able to complete restoration of mined out ISR wellfields to the required
performance standard.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning and Reclamation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Once the Company&#146;s reserves of a particular deposit have been exhausted or after processing
activities have been permanently suspended, Cameco and its partners are required to decommission
operating sites, including waste rock and tailings management facilities, and reclaim those areas
affected by their activities, to the satisfaction of regulatory authorities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s estimation of the future costs of decommissioning and reclamation costs is based upon the
application of reclamation techniques, which are believed to be capable of generating reasonable
environmental and radiological performance. The Company reviews these estimates for accounting
purposes, as well as for licence renewal applications as required by regulatory agencies.
Beginning in 1996, the Company has conducted regulatory-required reviews of its conceptual
decommissioning plans for all Canadian sites. These periodic reviews are typically 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">Decommissioning plans are accepted by regulators in terms of &#147;conceptual approval&#148;. This involves
acceptance by the regulators that the Company has proposed a reasonable decommissioning concept
upon which cost estimates can be prepared for financial assurance obligations. As Cameco
properties approach or go into decommissioning, further regulatory review of the detailed
decommissioning plans may result in additional requirements, associated costs and financial
assurances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2007 Cameco&#146;s estimate of the total decommissioning and reclamation costs, based on
current operations to date, for its operating assets was $440&nbsp;million, which is the undiscounted
value of the obligation. At the end of 2007, Cameco&#146;s accounting provision for these costs
totalled $285&nbsp;million, which represents the present value of the $440&nbsp;million mentioned above.
Most of these expenditures are expected to be incurred at the end of the useful lives of the
operations to which they relate. Therefore, the decommissioning and reclamation costs expected to
be incurred over the next five years will not be material.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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: 6pt">Cameco provides financial assurances in the form of letters of credit (LC), where required to
regulatory authorities, for decommissioning and reclamation costs. Cameco&#146;s LCs issued in support
of reclamation liabilities totalled $300&nbsp;million at the end of 2007. Since 2001, all Cameco&#146;s
North American operations have had in place LCs providing financial assurance, which are aligned
with preliminary plans for site-wide decommissioning. More specifically:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Saskatchewan &#151; </B>Financial assurances for decommissioning in the form of LCs have been filed with the
Saskatchewan government for Rabbit Lake in the amount of $36.4&nbsp;million, for McArthur River in the
amount of $6.2&nbsp;million, and Key Lake in the amount of $38&nbsp;million. Cameco is seeking to renew the
operating licences for Rabbit Lake, McArthur River, and Key Lake. Therefore, the decommissioning
estimates for these operations are under review and this will likely result in an increase in the
amount of financial assurances required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, as project operator of Cigar Lake joint venture, has filed a preliminary decommissioning
and reclamation plan for the mine infrastructure and surface disturbance and has also provided a
$12.7&nbsp;million LC for its share of the financial assurances for Cigar Lake decommissioning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Ontario &#151; </B>Financial assurances for decommissioning in the form of LCs have been filed with the CNSC
for Port Hope in the amount of $96&nbsp;million, for Blind River in the amount of $36&nbsp;million, and for
Zircatec facilities in the amount of $18&nbsp;million. The decommissioning estimates for these
facilities were reviewed as part of the renewal of their CNSC licences in 2007. As a result, the
decommissioning estimates for these facilities have increased to about $150&nbsp;million
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Cameco&#146;s US operations </B>- Please see &#147;<I>US Regulatory Compliance</I>&#148; above for the reclamation and
decommissioning arrangements and LCs pertaining to their operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please see the Inkai, Bruce Power and Centerra sections of this Annual Information Form for a
discussion of the reclamation and decommissioning arrangements pertaining to their operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please also see Note 9 to the Consolidated Financial Statements of the Company for the fiscal year
ended December&nbsp;31, 2007 regarding Cameco&#146;s estimate of decommissioning and reclamation costs and
related LCs.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Fuel Services Waste Management</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Reorganization of SMDC and ENL (now CEI), Cameco assumed the ownership and primary
responsibility for the management of wastes existing at the time of the Reorganization (&#147;Historical
Waste&#148;) at the Port Hope Conversion Facility, the Blind River Refinery, the Port Granby Waste Site
and the Welcome Waste Site (&#147;Historical Facilities&#148;), all located in Ontario. The Company assumed
liability for the first $2&nbsp;million of all costs in respect of any claim arising out of or related
to the Historical Waste and all decommissioning and reclamation costs at the Historical Facilities
and 23/98ths of the next $98&nbsp;million of such costs. CEI retained liability for the balance of the
costs up to $100&nbsp;million and for all the costs in excess of $100&nbsp;million, effectively capping
Cameco&#146;s liability at $25&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;6, 2000, the government of Canada and certain Port Hope and area communities announced
the signing of a &#147;Principles of Understanding&#148;, establishing the framework for development of a
legal agreement for the clean up, storage and long-term management of certain of the Historical
Wastes. On June&nbsp;19, 2001, the government of Canada announced that the legal agreement had been
signed and that it would invest about $260&nbsp;million over ten years to carry out the work. In July
2002, the government of Canada released the scope document for the environmental assessment of the
project to manage low-level radioactive waste for the long term in the Port Hope area. Part of the
project remains in the environmental assessment process. In a hearing that took place in January
2007, the CNSC considered an environmental assessment screening report for this project. With
respect to the Port Hope and Welcome Waste portion of the project, the CNSC has accepted the
screening report and concluded the project, taking into account mitigation measures identified in
the screening report, is not likely to cause significant adverse environmental effects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Principles of Understanding, in March&nbsp;2004, Cameco reached an agreement to transfer
the Port Granby Waste Site and Welcome Waste Site to the government of Canada, which through its
ownership of ENL indirectly owned these waste sites prior to 1988. The transfer will occur after
the government receives a licence to construct a
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<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: 6pt">long-term waste management facility at these sites. As part of the transaction, the government has
agreed to accept, without charge, 150,000 cubic metres of Cameco owned low-level radioactive waste.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government has also agreed to assume all liability for wastes located at these sites after
taking ownership, subject to Cameco&#146;s obligation to complete its maximum contribution of $25
million towards management and decommissioning of Historical Wastes. Cameco had previously
recognized this liability for its maximum contribution of $25&nbsp;million toward the cost of managing
this material, of which about $5&nbsp;million has actually been spent to the end of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has an agreement with Denison Mines Corporation for the processing of certain
uranium-bearing by-products from Blind River and Port Hope at the White Mesa mill in Blanding,
Utah. While this arrangement has addressed the accumulated inventory of by-products and is
addressing current recycling requirements for these by-products, other outlets are being
considered. More specifically, in 2001, a mill scale pilot test program of recycling these
by-products at Cameco&#146;s Key Lake mill was completed and, in 2002, Cameco submitted a proposal to
federal and provincial regulatory authorities for approval to recycle these by-products at the Key
Lake mill. Provincial regulatory approval was received on February&nbsp;21, 2003. Federal regulatory
approval is still pending. Cameco must show progress in the reduction of the concentrations of
molybdenum and selenium in the effluent released at the Key Lake mill before the CNSC can complete
its evaluation of this proposal. If good progress is made, Cameco plans to submit an updated EA to
move this project forward.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s business is subject to various levels of extensive governmental controls and regulations
that are amended from time to time. The Company is unable to predict what additional legislation
or amendments may be proposed that might affect its business or when any proposals, if enacted,
might become effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Outlined below are some of the more significant government controls and regulations that materially
affect the Company&#146;s uranium business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Treaty on the Non-Proliferation of Nuclear Weapons (the &#147;NPT&#148;)</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NPT was established in 1970 and is an international treaty with the following objectives: to
prevent the spread of nuclear weapons and weapons technology, to foster the peaceful uses of
nuclear energy, and to further the goal of achieving general and complete disarmament. The NPT
establishes a safeguards system under the responsibility of the IAEA. Almost all countries are
signatories to the NPT, including Canada, the US, the United Kingdom and France. As Canada, the
US and other jurisdictions signed the NPT, Cameco is subject to it and complies with IAEA
requirements.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Canadian federal government has recognized that the uranium industry has special importance in
relation to the national interest and therefore regulates the industry through legislation,
regulations and policy announcements. The regulations and policy announcements apply to any
uranium property or plant in Canada that the CNSC may determine to be, or to have the capability
of, producing or processing uranium for nuclear fuel application. The legislation and regulations
require that the property or plant be owned legally and beneficially by a company incorporated in
Canada.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mine Ownership Restriction</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The latest expression of Canadian government policy on non-resident ownership of uranium mining
properties is contained in a letter dated December&nbsp;23, 1987 from the Minister of State (Forestry
and Mines) to the Canadian uranium industry. The basic limit for non-resident ownership of uranium
properties at the stage of first production is 49%. Resident ownership levels of less than 51%
will be permitted if the property is in fact Canadian-controlled. Exceptions to the policy may be
granted subject to Cabinet approval and will be provided only in cases where it is demonstrated
that Canadian partners cannot be found.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco Ownership Restriction</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the Canadian government regulation of the Canadian uranium mining industry, the <I>Eldorado
Nuclear Limited Reorganization and Divestiture Act </I>imposes constraints on the issue, transfer and
ownership, including joint ownership, of Cameco shares so as to prevent both residents and
non-residents of Canada from owning or controlling more than a specified percentage of shares.
Please see <I>Description of Securities &#151; Restrictions on Ownership and Voting </I>for a description of
the constraints imposed by this act.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Canadian Nuclear Safety and Control Act</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, control of the mining, extraction, use and export of uranium is governed by the NSCA, a
federal statute. The NSCA authorizes the CNSC to make regulations governing all aspects of the
development and application of nuclear energy, including uranium mining, milling, conversion,
fabrication and transportation. The NSCA grants the CNSC licensing authority for all nuclear
activities in Canada, including the issuance of new licences to new operators, the renewal of
existing licences, and amendments to existing licences. A person may only possess or dispose of
nuclear substances and construct, operate and decommission its nuclear facilities in accordance
with the terms and conditions of a CNSC licence. The licence specifies conditions that the
licensees must satisfy in order to maintain the right to operate their nuclear facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A fundamental principle in nuclear regulation is that the licensee bears the responsibility for
safety, with the CNSC setting safety objectives and auditing the licensee&#146;s performance against the
objectives. The regulations made under NSCA include provisions dealing with facilities licence
requirements, radiation protection, physical security for all nuclear facilities and the transport
of radioactive materials. The CNSC has also issued guidance documents to assist licensees in
complying with regulatory requirements such as decommissioning, emergency planning, and
optimization of radiation protection measures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NSCA grants to the CNSC the power to act as a court of record, the right to require financial
guarantees for nuclear waste management and decommissioning as a condition of granting a licence,
order-making powers, and the right to impose monetary penalties. The NSCA also grants the CNSC
power to require nuclear power plant operator re-certification and to set requirements for nuclear
facility security measures. The NSCA also emphasizes environmental matters, including a
requirement that licence applicants and licensees make adequate provision for the protection of the
environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the Canadian operations of the Company are governed primarily by licences granted by the
CNSC and are subject to all applicable federal statutes and regulations and to all laws of general
application in the province where the operation is located, except to the extent that such laws
conflict with the terms and conditions of the licence or applicable federal laws. Failure to
comply with licence conditions or applicable statutes and regulations may result in orders being
issued, which may cause operations to cease or be curtailed or may require installation of
additional equipment, other remedial action or the incurring of additional capital or other
expenditures to remain compliant. The Company may also be subject to prosecution (including
criminal prosecution in some circumstances) if it fails to comply with such applicable statutes and
regulations. Environmental regulation of the uranium mining industry in Saskatchewan and the
uranium processing industry in Ontario are also regulated under provincial legislation in addition
to federal legislation of general application.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium Export Regulation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The export of uranium is regulated by the Canadian federal government, which establishes nuclear
energy policy. Cameco&#146;s uranium exports are required to have export licences and export permits
granted by the CNSC and the Department of Foreign Affairs and International Trade, respectively,
and such licences and permits are obtained by Cameco for all such exports.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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="left" style="font-size: 10pt; margin-top: 12pt"><B><I>US Uranium Industry Regulation</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium recovery in the US is primarily regulated by the NRC pursuant to the <I>Atomic Energy Act of
1954</I>, as amended. Its primary function is to ensure the protection of employees, the public and
the environment from radioactive materials and it also regulates most aspects of the uranium
recovery process. The NRC regulations pertaining to uranium recovery facilities are codified in
Title 10 of the Code of Federal Regulations (&#147;10 CFR&#148;). The NRC issues Domestic Source Material
Licences pursuant to 10 CFR, Part&nbsp;40. The review of a licence application is governed by the
<I>National Environmental Policy Act </I>(&#147;NEPA&#148;) which is implemented through 10 CFR, Part&nbsp;51.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium recovery industry in Wyoming is also regulated by the WDEQ, Land Quality Division
(&#147;LQD&#148;) pursuant to the <I>Wyoming Environmental Quality Act </I>(&#147;WEQA&#148;) and the LQD Non-Coal Rules and
Regulations arising from the WEQA. Pursuant to WEQA, the WDEQ issues a permit to mine which is
administered by the LQD. In addition, the state administers a number of Environmental Protection
Agency (&#147;EPA&#148;) programs under the <I>Clean Air Act </I>and the <I>Clean Water Act</I>, some of which are
incorporated into the LQD Non-Coal Rules and Regulations (for example the Underground Injection
Control regulations under the <I>Clean Water Act</I>). Currently wellfield decommissioning is required to
the pre-mining use standard in Wyoming.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly, the uranium recovery industry in Nebraska is regulated by the NRC and the NDEQ pursuant
to the <I>Nebraska Environmental Protection Act</I>. Pursuant to this act and the regulations made
thereunder, the NDEQ issues a permit to mine. In Nebraska, wellfield groundwater restoration is
required to the class of use water standard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In all cases, failure to comply with NRC licence and/or state permit-to-mine conditions, or a
failure to comply with other applicable rules and regulations, can bring enforcement action, which
could result in an order to cease operations and other regulatory actions. NRC enforcement policy
describes a progression of enforcement starting with a notice of violation and working through a
pre-enforcement conference, fines, imprisonment and the barring of workers or contractors from
working in the nuclear industry. Under state and federal law, criminal charges are possible if
violations are deemed to be the result of criminal intent or action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Smith Ranch-Highland, safety is regulated by the Wyoming State Mine Inspector&#146;s Office. The
federal Occupational Safety and Health Administration regulates safety at Crow Butte.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other agencies are involved in the regulation of the uranium recovery industry, either directly or
indirectly, including the EPA, the Department of Transportation, the Bureau of Land Management,
Department of Energy, the Department of Defense, the Army Corps of Engineers, and the US Fish and
Wildlife Service, Nebraska Department of Health and Nebraska Department of Water Resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The export of uranium from the US and the movement of nuclear materials within the US are also
regulated by the NRC. While specific sales contracts are not reviewed or approved, export licences
for shipment of uranium outside the US are granted by the NRC.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Saskatchewan Operations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most of the Company&#146;s uranium reserves and resources are located in Saskatchewan. The right to
explore for minerals is acquired by the Company in Saskatchewan under a mineral claim from the
province of Saskatchewan (a &#147;Mineral Claim&#148;). The term of a Mineral Claim is two years, with the
right to renew for successive one year periods. To maintain a Mineral Claim in good standing,
generally, the holder must expend a prescribed amount on exploration. Excess expenditures can be
applied to satisfy expenditure requirements for future claim years. Except for exploration
purposes, a Mineral Claim does not grant the holder the right to mine minerals. A holder of a
Mineral Claim in good standing has the right to convert a Mineral Claim into a crown lease.
Surface exploration work of a Mineral Claim requires additional governmental approvals.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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="left" style="font-size: 10pt; margin-top: 6pt">The right to mine minerals is acquired by the Company as a lessee under a mineral lease from the
province of Saskatchewan (a &#147;Crown Lease&#148;). A Crown Lease is for a term of ten years, with a right
to renew for successive ten-year terms in the absence of default by the lessee. The lessee is
required to expend certain amounts for work during each year of a Crown Lease. A Crown Lease
cannot be terminated except in the event of default and for certain environmental concerns as
prescribed in <I>The Crown Minerals Act </I>(Saskatchewan). However, Crown Leases may be amended
unilaterally by the lessor by an amendment to <I>The Crown Minerals Act </I>(Saskatchewan) or <I>The Mineral
Disposition Regulations, 1986 </I>(Saskatchewan).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s surface facilities and mine shafts are located on lands owned by the province of
Saskatchewan. The right to use and occupy the lands is acquired under a surface lease (a &#147;Surface
Lease&#148;) from the province of Saskatchewan. A Surface Lease is for a period of time, up to a
maximum of 33&nbsp;years, as is necessary to allow the lessee to operate its mine and plant and
thereafter to carry out the reclamation of the lands involved. Surface Leases are also used by the
province of Saskatchewan as a mechanism to achieve certain environmental protection, radiation
protection and socioeconomic objectives and as a result contain certain undertakings in this
regard.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s uranium mining and exploration properties in Saskatchewan are located on traditional
lands of First Nations. Pursuant to historical treaties, First Nation bands ceded title to most
traditional lands in northern Saskatchewan in exchange for treaty lands but generally retained
their right to hunt, fish and trap on these traditional lands. Cameco understands that the federal
and Saskatchewan governments have a duty to consult First Nations before taking actions that affect
the ability of First Nations to exercise these rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A 2004 decision of the Supreme Court of Canada, involving the Haida First Nation and lands not
ceded to the government of British Columbia pursuant to a treaty, affirmed the existence of a legal
duty on the government to consult and, in certain circumstances, accommodate asserted aboriginal
interests on an interim basis pending final resolution by treaty or otherwise. The duty to consult
and accommodate does not, however, extend to private industry that seek governmental approval to
conduct activities on Crown land. Moreover, the duty does not require that the First Nation agree
to the proposed accommodation. In a 2005 decision involving the federal Crown and the Mikisew Cree
First Nation, the Supreme Court of Canada further examined consultation and accommodation duties,
this time in the context of historical treaty rights. The Court confirmed that First Nations do
not hold a veto power over a proposed project despite having a treaty right to be consulted.
Further, the Supreme Court clarified that when a project contemplates any potential impact on the
treaty rights of a First Nation, the Crown is not automatically obligated to consult with every
First Nation that happens to be a signatory to that particular treaty before they take actions that
will affect the ability of First Nations&#146; people to exercise these rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2004, Cameco received correspondence from the English River First Nation (the &#147;ERFN&#148;)
asserting a right to be consulted with respect to the use of its traditional lands, which encompass
the McArthur River mine, Key Lake mill and certain exploration areas. In December&nbsp;2006, Cameco was
copied on correspondence sent by legal counsel to the ERFN to various provincial government
Ministers that indicated that if any further permits are issued without appropriate consultation
and notification, the ERFN will &#147;take appropriate actions to prevent the permit holders from
intruding on their property.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2005, the M&#233;tis Nation of Saskatchewan made a similar assertion to that made by ERFN in
February&nbsp;2004, but which also threatened non-violent civil disobedience, which would have a
negative impact on Cameco&#146;s operations. In February&nbsp;2005, the M&#233;tis Nation of Saskatchewan stated
that, in order to pressure the government of Saskatchewan to meet its demands, it would establish
road blockades at junctions of certain provincial highways near Key Lake. As the threatened road
blockades could have resulted in Cameco ceasing milling and mining operations at Key Lake and
McArthur River, Cameco obtained an injunction from the Saskatchewan Court of Queen&#146;s Bench,
prohibiting the M&#233;tis Nation of Saskatchewan from proceeding with the road blockade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although formal demands to be consulted came from the ERFN and the M&#233;tis Nation of Saskatchewan,
the right to be consulted and accommodated with respect to development on aboriginal traditional
lands is an expectation of all First Nation groups in northern Saskatchewan. While not having a
legal duty to consult, Cameco has a practice of engaging in extensive dialogue with First Nations
and other stakeholders in northern Saskatchewan and believes it has good relations with them.
Cameco also employs a significant number of First Nations and M&#233;tis people at its operations and
has
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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="left" style="font-size: 10pt; margin-top: 6pt">substantial business relationships with First Nations and M&#233;tis residents in northern Saskatchewan
and provides other social and educational support for them in northern Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the ERFN has selected lands for Treaty Land Entitlement (TLE)&nbsp;designation that covers
the mineral claims for the Millennium uranium deposit. Similarly, the Peter Ballantyne Cree has
selected lands under the TLE process that cover portions of the mineral claims held by the Dawn
Lake joint venture. The TLE process does not affect the rights of Cameco&#146;s mining joint ventures;
however, it may have an impact on the surface rights and benefits ultimately negotiated as part of
the development of the two uranium deposits. Cameco, as the operator of both affected joint
ventures, is investigating the potential implications of the TLE issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First Nations in Saskatchewan generally assert that the historical treaties are not an accurate
record of their agreement with the Canadian government and that they did not cede title to the
minerals when they ceded title to the land. First Nations have launched a lawsuit in Alberta
claiming that they did not cede title to oil and natural gas when they ceded title to the land. A
similar lawsuit could be brought by First Nations in Saskatchewan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>US Operations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s uranium reserves and resources in the US are held by subsidiaries and are located in
Wyoming and Nebraska. The right to mine or develop minerals is acquired either by leases from the
fee simple owners (private parties or the state) or mining claims located on property owned by the
US Federal Government. In addition, the Company&#146;s subsidiaries acquire surface leases that allow
wellfield installation and operation to permit the mining of the uranium reserves by ISR methods.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Canadian Royalties and Certain Taxes</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco pays royalties to the province of Saskatchewan on the sale of uranium extracted from ore
bodies within the province under the terms of Part&nbsp;III of the <I>Crown Mineral Royalty Schedule</I>, 1986
(Saskatchewan) (the &#147;Schedule&#148;), as amended. Royalties include both a basic royalty and a tiered
royalty. The basic royalty is equal to 5% of gross sales of uranium and is reduced by the
Saskatchewan resource credit equal to 1% of the gross sales of uranium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tiered royalty is an additional levy on the gross sales of uranium that applies only when the
sales price of uranium exceeds levels prescribed by the Schedule. Uranium sales subject to the
tiered royalty are first reduced by capital allowances as permitted by the Schedule for new mine or
mill construction and certain mill expansion. Tiered royalties become payable when these capital
allowances are reduced to zero. Both the prices and the capital allowances as defined in the
Schedule are adjusted annually to reflect changes in the Canadian gross domestic product.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tiered royalty is calculated on the positive difference between the sales price per pound 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> and the prescribed prices according to the following:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Canadian Dollar</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>Royalty Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Sales Price in Excess of:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">16.53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">24.80</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33.07</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above prices are applicable to 2007 and are in Canadian dollars. The index value required to
calculate 2008 rates is expected to be published in April&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For example, if the sales price realized by Cameco was $35 per pound in Canadian dollars, tiered
royalties would be calculated as follows (assuming all capital allowances have been reduced to
zero):
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>&#091;6% x ($35.00 &#150; $16.53) x pounds sold&#093; &#043; &#091;4% x ($35.00 &#150; $24.80) x pounds sold&#093; </B>&#043; <B>&#091;5%
x ($35.00 &#150; $33.07) x pounds sold&#093;</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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">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 royalties. Cameco&#146;s capital
allowances were fully exhausted during 2007 and, therefore, Cameco paid tiered royalties in 2007
and expects to pay tiered royalties in 2008. Cameco currently estimates that tiered royalties will
reduce net earnings between $40&nbsp;million and $50&nbsp;million in 2008. Cameco will be eligible for
additional capital allowances once Cigar Lake commences production, at which time Cameco expects to
not be required to pay tiered royalties until the additional allowances are fully exhausted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is subject to capital taxes on paid-up capital (as defined for capital tax purposes in the
relevant provincial legislation) in respect of its operations in Saskatchewan and in Ontario. In
Saskatchewan, it pays at a rate of 0.15% (reduced from 0.3% prior to July&nbsp;1, 2007) on paid-up
capital in excess of $10&nbsp;million (note that this exemption amount can be as high as $20&nbsp;million,
depending on the percentage of salaries and wages paid in Saskatchewan). This Saskatchewan tax on
paid up capital will be eliminated July&nbsp;1, 2008. In addition, Cameco, as a resource corporation in
Saskatchewan, pays a corporate resource surcharge of 3.1% (reduced from 3.3% prior to July&nbsp;1, 2007)
of the value of resource sales. This surcharge is only payable to the extent that it exceeds the
regular capital tax. In Ontario, the Company pays a tax of 0.285% on paid-up capital allocated to
Ontario.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, certain wholly owned subsidiaries, Centerra and UEM are subject to federal and provincial
income tax in Canada. Current income tax expense for 2007 was $99&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For federal income tax purposes, 100% of royalties are deductible in 2007. Cameco&#146;s Ontario fuel
services operations and Bruce Power are eligible for the manufacturing tax credit and processing
tax credit.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Wyoming, Cameco subsidiaries pay severance taxes, property taxes and ad valorem taxes. In
Nebraska, Cameco subsidiaries pay severance taxes and property taxes. The total of these taxes paid
in 2007 was $3.5&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s US subsidiaries are subject to US federal and state income tax. The Company&#146;s US
subsidiaries may also be subject to Alternative Minimum Tax (AMT)&nbsp;at a rate of 20%. AMT paid in
prior years may be carried forward indefinitely to be applied as a credit against future regular
income taxes. Current income tax expense for 2007 was $2.9&nbsp;million.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(See <I>Development Projects &#150; Inkai </I>above)
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2007, Cameco and its subsidiaries had 2,720 employees (this number does not include
Centerra and Joint Venture Inkai employees). Of this total, 831 employees are represented by four
separate locals of the United Steelworkers trade union. The collective agreements for each of the
two bargaining units at the Port Hope conversion facility and the collective agreement for the
bargaining unit at Zircatec expired in June&nbsp;2007 and new agreements have been entered into, for
three and two year terms, respectively, for the Port Hope facility and at Zircatec. The collective
agreement for the bargaining unit employees at the McArthur River and Key Lake operations expires
on December&nbsp;31, 2009.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 68 -<!-- /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>BRUCE POWER LP &#150; NUCLEAR ELECTRICAL GENERATION</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Business</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, through subsidiaries, owns a 31.6% limited partnership interest in BPLP. BPLP&#146;s business
is the generation and sale of electricity into the Ontario wholesale market. Electricity from the
Bruce site is generated by four Bruce B and two Bruce A nuclear-powered units. The Bruce B nuclear
units and two Bruce A units have capacity to supply about 20% of Ontario&#146;s electricity needs. As
of October&nbsp;31, 2005, BPLP was restructured and a new Bruce Power A Limited Partnership (&#147;BALP&#148;) was
formed to hold a sublease for the two Bruce A nuclear-powered units that have been operating and
two additional Bruce A units that are presently undergoing refurbishment. Cameco no longer holds
an interest in the four Bruce A units and does not have any ownership interest in BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear generation harnesses the energy released during controlled nuclear fission reactions to
produce steam that is used to drive turbines to generate electricity. Nuclear generation has two
main advantages: it is a relatively low marginal-cost production technology and it produces
virtually no SOx, NOx, CO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> or mercury. The latter advantage is increasing in
significance as governments implement stricter air emission standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear stations have greater operational, maintenance, waste and decommissioning costs and have
greater initial capital development costs than other generation technologies. This reflects the
complexity of the technical processes that underlie nuclear power generation and additional design,
security and safety precautions that are taken to protect the public from potential risks
associated with nuclear operations. Offsetting these cost factors is the relatively low cost of
nuclear fuel compared with fossil fuel costs. In general, BPLP&#146;s nuclear stations have a lower
operating cost per megawatt-hour of electricity produced than fossil fuelled facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Acquisition of Interest</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2001, Cameco, through its wholly owned subsidiary, Cameco Bruce Holdings Inc., acquired an
initial 15% limited partnership interest in BPLP, an Ontario limited partnership, and directly
acquired a 15% shareholding interest in Bruce Power Inc., the general partner of BPLP. BPLP
concurrently entered into agreements with Ontario Power Generation Inc. (&#147;OPG&#148;) and certain of its
subsidiaries to lease and operate the Bruce A and B nuclear-powered units and related facilities
located in south-western Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subsequently, in February&nbsp;2003, British Energy plc (&#147;BE&#148;) sold a 79.8% limited partnership interest
in BPLP to a consortium of Cameco, TransCanada PipeLines Limited (&#147;TransCanada&#148;), and BPC
Generation Infrastructure Trust (&#147;BPC&#148;), a trust established by the Ontario Municipal Employees
Retirement System. This brought Cameco&#146;s total indirect limited partnership interest in BPLP to
31.6%. Cameco concurrently increased its shareholding interest in Bruce Power Inc. from 15% to
33.3%. Cameco acquired these interests from an affiliate of BE and paid approximately $204&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concurrently, TransCanada, through a subsidiary, and BPC each acquired a 31.6% limited partnership
interest in BPLP and a 33 1/3% shareholding interest in Bruce Power Inc. from the same BE
affiliate. The Power Workers&#146; Union and The Society of Energy Professionals increased their
collective limited partnership interest in BPLP to 5.2%, by acquiring BE&#146;s remaining 2.6% limited
partnership interest in BPLP as part of the same transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the closing of this transaction, a Cameco subsidiary, a TransCanada subsidiary and BPC
each advanced $75&nbsp;million to BPLP. BPLP used these funds to pay $225&nbsp;million in deferred rent that
it owed to OPG (see <I>Overview-Bruce Power-OPG Lease </I>below). The loan is due March&nbsp;31, 2009 and bears
interest at 10.5% per annum. At December&nbsp;31, 2007, the entire amount was outstanding. BPLP plans
to repay the loan in 2008 as part of the excess cash distributions to be made monthly to its
limited partners, including Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following closing, Cameco continued as BPLP&#146;s fuel manager (see <I>Cameco Fuel Management </I>below).
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 69 -<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2005 Bruce Power Restructuring</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2005, BPLP was restructured and concurrently announced a new arrangement with the
Ontario government including a $4.25&nbsp;billion program to increase output of the four Bruce A
reactors. Under the restructuring agreements, BALP was formed and the four Bruce A reactors were
subleased by BPLP to BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August&nbsp;2007, BALP amended its agreement with the Ontario government to include the complete
refurbishment, subject to certain conditions, of unit A4 at an estimated cost of $1&nbsp;billion.
Cameco is not part of BALP and will not invest in the $5.25&nbsp;billion refurbishment program, which
will involve refurbishing and restarting units A1 and A2 and refurbishing units A3 and A4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco maintained its existing 31.6% interest in BPLP, which is responsible for the overall
management of the Bruce site and leases the four Bruce B reactors. BPLP received certain payments
in consideration for entering into the sublease with BALP, for the assets transferred to BALP and
for refurbishing and unit costs already incurred by BPLP. As a result, BPLP paid a special
distribution to its limited partners of which Cameco received $200&nbsp;million. Day to day operations
at the Bruce Power site were unaffected by this reorganization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the new restructuring agreements, the electricity output from the Bruce B units will continue
to be sold primarily either into the Ontario spot market or directly to various customers under
long-term, fixed price contracts, at the discretion of BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the restructuring, Cameco no longer has an obligation to procure or supply uranium
concentrates to the Bruce A reactors, but will continue to be the fuel procurement manager for the
Bruce A and B units. Subsequently, Cameco and BALP have agreed to a proposal whereby, subject to
certain conditions, Cameco will supply uranium concentrates to BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under an arrangement with the Ontario government, as part of the restructuring, BPLP receives
electricity floor price protection for sales into the spot market, transmission unavailability
protection, and protection against governmental discriminatory actions. The floor price is set at
an average monthly price of $45/MWh in 2005 escalated for inflation. 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, as any payments received are subject to a recapture payment
dependent on the annual spot prices. BPLP would have to pay back the difference between the market
and floor price, up to the 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">The reorganization involving Bruce A resulted in a loss of $62&nbsp;million for Cameco in 2005,
reflecting the fact that the payments received by BPLP in connection with the reorganization are
less than the carrying value of BALP to BPLP, as well as a write-off by Cameco of certain
proprietary costs related to its interest in BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the restructuring, Cameco began to proportionately consolidate its share of BPLP&#146;s
financial results. Cameco&#146;s move to this new method of accounting was driven by incremental
changes to the limited partnership agreement, which resulted in joint control among the three major
limited partners. Proportionate consolidation is required for investments in jointly controlled
entities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s total commitment for financial assurances given on behalf of BPLP is estimated to be $239
million at December&nbsp;31, 2007. These financial assurances include financial assurances given to the
CNSC in support of BPLP&#146;s operating licence, guarantees in favour of OPG under the Lease (as
defined below), and guarantees in support of BPLP&#146;s power purchase agreements with customers. This
last commitment is subject to adjustment as the actual amounts of financial assurances in support
of power purchase agreements will fluctuate in response to wholesale electricity market price
changes. As at December&nbsp;31, 2007, the actual exposure was $82&nbsp;million. See Note 25 to the
Consolidated Financial Statements of the Company for the fiscal year ended December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The BPLP partners have also 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="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 70 -<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bruce Power-OPG Lease</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;2001, BPLP, as tenant, signed and closed agreements to lease and operate the Bruce A and B
nuclear powered units and related facilities in south western Ontario with OPG and certain of its
subsidiaries. The initial lease period expires in 2018. BPLP has the right to extend the lease
and certain related agreements for up to an additional 25&nbsp;years. The lease was amended in January
2002, and in 2003 as part of the 2003 acquisition from BE described above and again in 2005 as part
of the 2005 BPLP restructuring described above (as amended, the &#147;Lease&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP paid OPG an initial rental payment of about $552&nbsp;million, comprised of about $327&nbsp;million in
cash and a $225&nbsp;million note receivable as deferred rent. As part of the 2003 acquisition, a
Cameco subsidiary, a TransCanada subsidiary and BPC each advanced $75&nbsp;million to Bruce Power.
Bruce Power used these funds to pay the $225&nbsp;million OPG note receivable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Lease, decommissioning liabilities remain the responsibility of OPG and, as determined at
the inception of the Lease, are covered by the existing Lease payments. The Lease with OPG
provides for limited adjustments to the base rent every five years during the initial term of the
Lease. These limited adjustments are based on a maximum of 50% of the present value of any
increase of the anticipated cost of decommissioning the Bruce Power facility discounted to January
1, 2001, determined using predetermined principles and assumptions. BPLP and OPG are currently
reviewing the anticipated cost of decommissioning the Bruce Power facility and therefore there may
be an adjustment to the base rent. In addition to the base rent, annual supplemental rent, which
is subject to escalation by inflation, per operating reactor is also payable. For each year in
the period 2004 to 2008, the aggregate of the base rent and supplemental rent, subject to limited
exceptions, cannot be less than $190&nbsp;million. In 2007, the aggregate of these rent payments was
approximately $241&nbsp;million. There are no adjustments to either base rent or supplemental rent with
respect to used nuclear fuel liabilities during the initial term of the Lease (which expires in
2018). Commencing in 2008, BPLP also has the right to terminate the Lease if the continuing
operation of the facility is no longer economically viable, subject to a Lease termination fee of
$175&nbsp;million, certain ongoing operational requirements during handover and certain shut-down
conditions prior to handover. Cameco has severally guaranteed BPLP&#146;s performance of these
obligations.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Overview</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bruce nuclear generating stations are located approximately 250 kilometres northwest of Toronto
on Lake Huron. The Bruce nuclear generating stations consist of eight CANDU reactors. The four
Bruce B reactors, with a combined net generating capacity of about 3,360 megawatts, were
commissioned between 1984 and 1987. The four Bruce A reactors, with a combined generating capacity
of about 3,000 megawatts, were commissioned between 1977 and 1979 and removed from service by OPG
between 1995 and 1998. BPLP returned two of the Bruce A reactors to service, with a combined net
generating capacity of 1,500 megawatts. As described above, in October&nbsp;2005 BPLP was restructured
and the four Bruce A reactors were subleased to a new limited partnership, BALP. Cameco does not
have any ownership interest in BALP. An average capacity factor of 89% was achieved by BPLP during
2007 compared to 91% achieved in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, BPLP&#146;s capital expenditures were about $98&nbsp;million. In 2008, this capital expenditure
program is expected to total $124&nbsp;million.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>New Fuel Program</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of its Bruce B power uprate project, BPLP had initiated plans to refuel the Bruce B units
with modified fuel containing SEU and Blended Dysprosium Uranium (&#147;BDU&#148;). This refuelling was
planned to commence in 2008, but now has been delayed, as outlined below. Prior to 2004, all of
the four Bruce B units were operating at 90% of maximum power, based upon an operating limitation
imposed by the CNSC. This limitation was placed on the reactors when studies revealed that
emergency shutdown systems may not provide sufficient safety margins for certain low probability
events. The operating limitation ensures that the necessary safety margin is maintained. The use
of the modified fuel was intended to restore the safety margins of the reactors and allow them to
operate at their design
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 71 -<!-- /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">capacity. Currently, the Bruce B units are operating safely with the reduced operating margins.
In early 2007, the operator of the A and B units revised its fuel deployment strategy and is now
developing plans to load the modified fuel into refurbished reactors (commencing with the Bruce A
reactors) prior to loading any modified fuel into the Bruce B reactors. This revised strategy,
while subject to finalization of all commercial arrangements, will effectively delay the power
uprate program at Bruce B. A similar safety margin issue exists at the Bruce A units and
regulatory approval of the Bruce A refurbishment program is dependent on the modified fuel being
deployed in the refurbished reactors. This strategy change recognizes the time required to
complete the extended regulatory process to approve the Zircatec manufacture of the modified fuel
and loading the Bruce A units. The Bruce A1 and A2 units are scheduled to be restarted in late
2009 and early 2010 and the initial fuel cores will be comprised entirely of fuel bundles
containing natural uranium. Once the reactor cores approach an equilibrium state, the new modified
fuel, containing SEU and BDU, will be loaded as part of the normal refuelling operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has successfully taken other steps to partially restore power rating at the Bruce B units.
In 2004, the CNSC provided approval to operate the Bruce B units at up to 93% maximum power on the
basis of improved safety margins attributed to completion of the fuel core reordering program.
Bruce B units 5, 6 and 7 have achieved this power uprate with Bruce B unit 8 scheduled for the
second half of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the delay of the deployment of the modified fuel at Bruce B is not expected to result in any
derating due to the low probability event margins, it remains possible that the units could
experience significant derating in the future due to this issue. However, some small, marginal
deratings are also possible to maintain the operating safety margins as the units continue to age.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Operating Life Assessment</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The initial estimated operating life for Bruce&#146;s nuclear generation units was 30&nbsp;years. OPG
undertook a comprehensive inspection and testing program in order to ascertain the physical
condition of its nuclear generating assets, including the Bruce units, and BPLP has continued that
program, partially by way of contract with OPG. BPLP&#146;s current operating life estimates for the
Bruce B units are based on the results of this program to date and on the previous operating
history of the units. BPLP estimates that the operating life of the last of the four Bruce B
nuclear units will end about mid-2020 (based upon 201,000 effective fuel power hours for fuel
channels). The operating life for the other three &#147;B&#148; units is expected to end during the period
2017 to 2018.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a key part of its 1997 Nuclear Recovery Plan, OPG has undertaken, and BPLP has continued at
Bruce, an ongoing program to assess the condition of key components of the system including its
steam generators, fuel channels and feeder pipes. As of December&nbsp;31, 2006, 100% of BPLP&#146;s steam
generators (with 100% of the areas of the inner tubes likely to experience degradation) had been
inspected and the present condition of these components has been ascertained with a reasonable
degree of certainty. On the basis of the steam generator program inspection results, periodic
cleaning, repairs and internal modifications have been deemed necessary to slow down the
degradation rates and restore unit reliability. BPLP is currently implementing comprehensive
operation and maintenance life cycle management plans for its units aimed at enabling the steam
generators to operate for the expected life of the units. Current estimates of the steam generator
life are within the estimated operating lives of the units. In 2003, inspections on Bruce B Unit 8
identified some erosion on support plates in three of the eight steam generators. Repairs were
made and no damage to the boiler tubes was detected. Inspections on the other units have found no
similar conditions and follow-up inspections on Unit 8 did not show any further degradation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Current inspections in the fuel channel program support the engineering assessment of the fuel
channels lasting until the end of the estimated operating lives for the Bruce B units. Maintenance
activities at the Bruce site to reposition the support springs in the fuel channels started in 2001
with the objective to ensure that the end of life projections are achieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Feeder pipes are part of the piping system that carries hot water between the reactor and the steam
generators. Thinning of feeder pipes occurs to varying degrees at all of Bruce&#146;s reactors.
Extensive inspections have been carried out to establish the current condition of the feeder pipes
of the Bruce units. Feeder pipe thinning and degradation are phenomena common to CANDU reactors
and are the subject of industry studies and monitoring. However, compared to
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 72 -<!-- /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">other CANDU units, they have occurred to a lesser extent at Bruce B due to the derating of the
units, resulting in less harsh operating environments. The feeder pipes are thus not expected to
limit the life of the units, although it is expected that if the units are refurbished to extend
their operating lives, the feeder pipes will be replaced and upgraded.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cracking of feeder pipes has been experienced at two CANDU plants located outside Ontario. The
affected sections of pipe were replaced and the units were returned to service. BPLP has not
experienced any feeder pipe cracking at any of its nuclear reactors but is carrying out inspections
during regularly planned outages. The scale of these inspections has been increased in response to
these external events. BPLP is also participating in research and development with other CANDU
operators to establish the degradation mechanisms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>CANDU Technology</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bruce A and B units are CANDU reactors. CANDU is a pressurized-heavy-water, natural-uranium
power reactor first designed in the 1960s by a consortium of Canadian government agencies and
private industry. All commercial nuclear reactors in Canada use the CANDU technology. It is also
the power-reactor product marketed by Canada abroad. CANDU reactors are currently operating in
Ontario, Quebec, New Brunswick, Argentina, Romania, South Korea and China.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CANDU reactors are unique in their use of natural-uranium as fuel and deuterium oxide, or heavy
water, as both a moderator to slow down the fission process and a heat transfer medium within the
reactor. The refuelling system is also unique compared to light water reactors in that the CANDU
reactors can be refuelled at full power. Notwithstanding that CANDU reactors can be refuelled
without being shut down, the number of outage days per year for Bruce&#146;s CANDU reactors currently
tends to be greater than the average number of outage days per year for light water reactors,
primarily due to maintenance and repair work required for pressure tubes and feeders, which are not
used in light water reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the Bruce reactors have two physically separate and independent systems designed to shut
down the reactor within two seconds of being activated. Each of these systems is independent of
the primary control systems and includes multiple sensors for detecting emergency conditions. The
Bruce reactors also have an emergency core coolant injection system, which would be activated in
the event of a pipe break in the reactor coolant system. In addition, all of Bruce reactors have a
negative pressure containment system designed to keep radioactive material safely contained.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Employees</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has approximately 3,700 employees. Most of them are unionized. The PWU and the Society
Collective Agreements expire 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: 12pt"><B>Cameco Fuel Management</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco continues to have overall responsibility to procure nuclear fuel for BPLP. This includes
the supply by Cameco of all uranium concentrates and UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services required
for the Bruce B nuclear generating stations, making BPLP a significant customer for Cameco&#146;s core
products. Cameco is also responsible to procure nuclear fuel for BALP. This does not include the
procurement or supply to BALP of uranium concentrates. However, Cameco and BALP have agreed to a
proposal whereby, subject to certain conditions, Cameco will supply uranium concentrates to BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Zircatec has signed a fuel manufacturing services agreement covering all of BPLP&#146;s and BALP&#146;s fuel
manufacturing requirements until the initial term of the Lease expires in 2018. Under this
agreement, 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">BALP 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 the development of SEU. 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="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 73 -<!-- /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">Zircatec&#146;s Port Hope plant is planned to be modified 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 (see <I>Uranium Fuel Conversion Services </I>&#150;
<I>Operations </I>above).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OPG Services to Bruce Power</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the 2001 OPG-BPLP transaction, OPG agreed to provide certain services to BPLP. Some of
these services are required in order for BPLP to comply with terms of its CNSC operating licences.
The material short-term OPG services include fuel channel inspection and maintenance services.
These services may be terminated upon 24&nbsp;months prior notice by either BPLP or OPG. The material
long-term OPG services include services relating to the supply, delivery and processing of heavy
water for use in the Bruce nuclear units, low level and intermediate waste storage and disposal
services, and collection and storage of used fuel bundles generated from the operation of the Bruce
nuclear units as further described below in <I>Nuclear Waste Management and Decommissioning</I>.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As they operate, the Bruce nuclear units generate:
</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>used nuclear fuel bundles (&#147;high-level radioactive waste&#148;);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>other material that has come in close contact with reactors but is less radioactive than
used nuclear fuel bundles, such as ion exchange resins and other structural material and
reactor equipment, including pressure tubes (&#147;intermediate-level radioactive waste&#148;); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>material used in connection with station operation that is not highly radioactive
(&#147;low-level radioactive waste&#148;).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Used nuclear fuel bundles from the Bruce reactors are temporarily stored in water-filled pools
(&#147;wet bays&#148;) at the Bruce nuclear stations for a cooling off period of at least ten years during
which their radioactivity substantially decreases. OPG has constructed a dry storage facility at
its radioactive waste operations site that is located on a part of the Bruce site not leased to
BPLP. After the cooling off period, used nuclear fuel bundles will be transferred to above ground
concrete canisters at OPG&#146;s dry storage facility. In-station modifications to the Bruce B wet bays
to support the loading of used nuclear fuel bundles into dry storage containers were completed by
Bruce Power in 2002. When originally constructed, the wet bays at Bruce A and B had sufficient
capacity to store used nuclear fuel bundles for up to 15 to 20&nbsp;years of operation. The Bruce B wet
bays are at or near full capacity, but in 2003, OPG started transferring the used fuel bundles to
its dry storage facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OPG assumes title to the used nuclear fuel bundles discharged from the Bruce reactors during the
term of the Lease. At its expense, OPG is responsible for the disposal of these nuclear fuel
bundles for which it receives a fee paid as supplemental rent under the Lease. OPG has commenced
the collection of used nuclear fuel bundles stored in the wet bays for transport to and storage at
its dry storage facility at the Bruce site. OPG retains title to all used nuclear fuel bundles
stored in the wet bays before May&nbsp;11, 2001. While used nuclear fuel bundles are contained in the
Bruce B wet bay, BPLP is responsible for their management.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the term of the Lease, OPG has also agreed to take title to, store and dispose of all of
BPLP&#146;s low and intermediate-level radioactive waste at OPG&#146;s radioactive waste management facility
at the Bruce site. OPG retains title to all low and intermediate-level radioactive waste generated
before May&nbsp;11, 2001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Lease, OPG, as the owner of the Bruce nuclear plants, is responsible for decommissioning
of the eight Bruce nuclear units and for funding and meeting other requirements relating thereto
that the CNSC may require of Bruce Power as licensed operator of the Bruce nuclear plants. OPG is
also responsible for managing radioactive waste associated with decommissioning of the Bruce
nuclear plants.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 74 -<!-- /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">There is no facility in Canada for the permanent disposal of used nuclear fuel. The <I>Nuclear Fuel
Waste Act</I>, implementing the federal government&#146;s nuclear fuel waste management strategy, came into
force in November&nbsp;2002. As required by this legislation, owners of used nuclear fuel in Canada
established the Nuclear Waste Management Organization (&#147;NWMO&#148;) with a mandate to manage and
co-ordinate the full range of activities relating to the long-term management of used nuclear fuel.
In late 2005, after a three year study, the NWMO presented its report and recommendations to the
Minister of Natural Resources on the long-term management of used nuclear fuel. The NWMO
recommended adaptive phased management with the objective of centralizing all of Canada&#146;s used
nuclear fuel in one location, and isolating and containing it deep underground in a suitable rock
formation. In June&nbsp;2007, the federal government announced it had accepted the NWMO&#146;s report and
recommendations. The NWNO is commencing the design of a site-selection process. Throughout this
process, the federal government will continue to provide oversight as required by the <I>Nuclear Fuel
Waste Act</I>. In addition, this legislation that established the NWMO also required the owners of
used nuclear fuel, including OPG, to establish a trust fund with a Canadian financial institution
and make specified deposits. As OPG is the owner of the used nuclear fuel bundles discharged from
the Bruce units, it, not BPLP, is subject to the financial contribution requirements of this
legislation.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s operations are heavily regulated. The CNSC, an agency of the federal government, regulates
construction, equipment, safety systems and operating limits for the Bruce nuclear generation
stations through its powers under the NSCA (see <I>Government Regulation &#151; Canadian Uranium Industry
Regulation </I>above). Under licences issued by the CNSC, BPLP is required to regularly report on
operations to the CNSC, which monitors the safety performance of the Bruce nuclear generating
stations. In addition, BPLP is subject to the <I>Nuclear Liability Act </I>(&#147;NLA&#148;), as well as other
legislation associated with labour and environmental matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;9, 2001, BPLP received a licence to operate the Bruce B nuclear units and a licence to
operate the Bruce A nuclear units, which licences took effect on May&nbsp;11, 2001.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;12, 2004, BPLP received a five-year operating licence to operate the &#147;A&#148; and &#147;B&#148; reactors
through March&nbsp;31, 2009. Financial assurances required by the CNSC in respect of this licence were
determined to be $71&nbsp;million. Under the 2005 Bruce Power restructuring agreements, Cameco is
indemnified by BALP for any calls on the assurances resulting from operation of the Bruce A units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NLA requires operators of nuclear generating facilities to purchase nuclear liability insurance
from the Nuclear Liability Association of Canada in amounts specified in the NLA. Currently, the
NLA requires the operator of nuclear stations to maintain, for each of its nuclear stations,
insurance of $75&nbsp;million for liability imposed under the NLA. Under Part&nbsp;I of the NLA, an operator
is strictly liable for any damage to property of, or personal injury to, the public arising from a
nuclear incident (as defined in the NLA), other than damage resulting from sabotage or acts of war.
If, in the opinion of the Governor in Council, an operator&#146;s liability could exceed $75&nbsp;million in
respect of a nuclear incident, or it would be in the public interest to do so, the Governor in
Council may proclaim Part&nbsp;II of the NLA in effect. Under Part&nbsp;II of the NLA, an operator&#146;s
liability is effectively limited to the amount of such insurance and the Governor in Council may
authorize funds to be paid by the federal government for claims in excess of that amount. In
October&nbsp;2007, the federal government introduced legislation in the House of Commons that would
significantly amend the NLA, including by requiring the operator to maintain, for each of its
nuclear stations, $650&nbsp;million of insurance for liability imposed under the NLA. This legislation
has not yet received third reading in the House of Commons. If the legislation becomes law, this
would result in a significant increase in the insurance coverage that BPLP must obtain as well as
the cost of that insurance coverage.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Ontario&#146;s Electricity Regulation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Summary of Key Impacts</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This section below describes the Ontario regulatory framework that applies to BPLP&#146;s marketing of
electricity. BPLP sells electricity into the wholesale spot market and contract market. In
Ontario, political risk results from uncertainty over the future direction of government energy
policies.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 75 -<!-- /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">The actions of the Ontario government have impacted the wholesale market where BPLP sells most of
its production. The Ontario government has taken steps in 2005 and in February&nbsp;2006 to mitigate
the impact of increases in electricity price on the approximately 55,000 large industrial and
commercial customers in Ontario who consume more than 250,000 kilowatt hours per year (&#147;large
consumers&#148;). These actions (described in greater detail below) involve regulating the price of
electricity produced by OPG&#146;s base load nuclear and hydro assets and establishing revenue limits on
the output of certain of OPG&#146;s other assets. Bruce Power expects these actions to depress the
wholesale contract market, which remains unregulated.
</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 38% of BPLP&#146;s output was sold under fixed-price contracts in 2007. 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 2005 Bruce Power refurbishment
implementation agreement provides for a floor price of $45 per MWh (escalated by inflation) for the
electricity generated by the Bruce B reactors sold into the spot market.
</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, Cameco believes the risk of the government regulating the wholesale market is low.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ontario Electricity Sector Restructuring</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Ontario electricity market opened (&#147;Market Opening&#148;) to full competition in May&nbsp;2002. In the
Ontario market, generators, wholesalers and suppliers, both inside and outside Ontario, compete to
sell electricity into the real time energy market or spot market administered by the Independent
Electricity System Operator (&#147;IESO&#148;), an agency established by Ontario government. Both wholesale
market participants and retail customers have access to the electricity supplier of their choice.
BPLP earns revenue through medium- and long-term contracts and spot market sales. BPLP uses risk
management activities, such as hedging, in order to mitigate BPLP&#146;s exposure to volatile
electricity prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2002, the Government of Ontario passed the <I>Electricity Pricing, Conservation and Supply
Act, 2002, </I>reversing, in part, its decision to establish an open electricity market<I>. </I>That
legislation and related regulations among other changes fixed the price of electricity paid by &#147;low
volume consumers&#148; and other &#147;designated consumers&#148; at 4.3 cents per kilowatt hour retroactive to
Market Opening and capped electricity distribution fees and wholesale market charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2003, the Province announced a business protection plan for large electricity consumers in
Ontario. Under this plan, except for certain designated customers, all consumers using above
250,000 kWh per year remained in the competitive wholesale and retail markets and received cash
rebates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;25, 2003, the newly elected Liberal government of Ontario removed the 4.3 cents per
kilowatt hour price freeze effective April&nbsp;1, 2004 and replaced it with an interim pricing plan
which fixed the first 750 kWh (kilowatt hours) of consumption at 4.7 cents per kilowatt hour and
monthly consumption above that level at 5.5 cents per kilowatt hour. As of May&nbsp;1, 2005, the
Ontario Energy Board (&#147;OEB&#148;) established a regulated price plan for certain consumers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2004, the Ontario government enacted the <I>Electricity Restructuring Act, 2004</I>
(&#147;<I>Electricity Restructuring Act</I>&#148;), and additional changes to the Ontario electricity sector were
adopted 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 creation of a new Ontario Power Authority (&#147;OPA&#148;), responsible for ensuring adequate,
long-term supply of electricity and integrated system planning;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>regulated prices in parts of the electricity sector to ensure price stability for certain
specified consumers;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>a revised role for the IESO;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 76 -<!-- /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: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>creation of a new Conservation Bureau, that will be led by Ontario&#146;s Chief Energy
Conservation Officer; 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provisions that will continue to enable the Ministry of Energy to set targets for
conservation, renewable energy, and the overall supply mix within Ontario.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, the Ontario government set an average price of 4.5 cents per kilowatt hour on the output
of OPG&#146;s base load nuclear and largest hydro-electric facilities (collectively &#147;OPG&#146;s regulated
assets&#148;). These prices stay in place until the OEB sets new prices for the output of OPG&#146;s
regulated assets by a date, which will be no earlier than March&nbsp;31, 2008. These stations represent
approximately 60% of OPG&#146;s annual output and approximately 40% of the total generation in Ontario.
The Ontario government has stated that it believes that regulating the price of OPG&#146;s regulated
assets will reduce price volatility and have a stabilizing effect on electricity price, which will
be of benefit to all consumers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2005, the Ontario government established a fixed price of 4.7 cents per kilowatt hour
on 85% of the output of OPG&#146;s coal fired and smaller hydro electric operations, which are not part
of OPG&#146;s regulated assets (&#147;the unregulated facilities&#148;). This set price was intended to be in
effect until April&nbsp;30, 2006. At that time monies collected above the set price will be refunded to
large consumers. In February&nbsp;2006, the Ontario government announced an additional three year
revenue limit on OPG&#146;s unregulated facilities. Starting May&nbsp;1, 2006, the revenue limit on OPG&#146;s
unregulated facilities dropped to 4.6 cents per kilowatt hour from the limit of 4.7 cents per
kilowatt hour set in February&nbsp;2005. In 2007, the limit on revenues from these facilities increased
to 4.7 cents per kilowatt hour and will go up to 4.8 cents per kilowatt hour as of May&nbsp;1, 2008.
Any OPG revenues above these limits will result in a rebate issued quarterly, rather than annually,
to large consumers. Bruce Power expects these actions to depress the wholesale contract market,
which remains unregulated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The initiative to decontrol OPG assets, as originally contemplated in 2002, has not progressed.
However, the Ontario government has announced that all coal fired electrical generating facilities
in Ontario (representing 7,500 MW or approximately 25% of Ontario&#146;s electricity generating
capacity) would be completely shut down by 2009. In 2006, the Ontario government recognized that
it will be unable to completely shut down the coal fired generating facilities by 2009 but
reaffirmed its commitment to eliminate the coal fired electrical generating facilities at the
earliest possible time without compromising reliability. The government also announced its
intention to have OPG commence a study of new nuclear facilities at one or more of its sites.
There has been no decision to proceed with a new nuclear build in the province.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Ontario Power Authority</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The <I>Electricity Restructuring Act </I>created the OPA, which is an independent, self-financed,
non-profit corporation, charged with a mandate to ensure long-term supply adequacy in Ontario.
Both the Minister of Energy and the OEB oversee the OPA.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The OPA&#146;s mandate includes, among other things: (i)&nbsp;assess the adequacy and reliability of
electricity resources for the medium and long-term; (ii)&nbsp;forecast electricity demand and the
potential for conservation and renewable energy; (iii)&nbsp;prepare an integrated system plan for
generation, transmission and conservation; (iv)&nbsp;procure new supply, transmission, demand
management and conservation either by competition or by contract when necessary; (v)&nbsp;promote the
diversification of electricity sources through cleaner energy sources and technology and
alternative and renewable energy sources; and (vi)&nbsp;stabilize rates for certain consumers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The OPA is empowered to enter into generation and transmission and procurement contracts where
necessary. The OPA has a statutory ability to recover its costs and payments associated with
procurement contracts. The integrated system plan created by the OPA is subject to review by the
Minister and by the OEB.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In late 2005, the OPA published its Supply Mix Advice report that set out the recommendations to
the Minister of Energy for the future development of Ontario&#146;s electricity system. The report
recommended that the share of renewable resources in Ontario&#146;s supply mix be increased, nuclear
generation maintain its current 50% contribution of electrical energy, and the replacement of coal
by increasing the share of gas fired generation and renewable resources.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 77 -<!-- /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 2006, the OPA commenced its development of an Integrated Power System Plan (&#147;IPSP&#148;). The IPSP
is a comprehensive plan which identifies conservation, generation and transmission investments
needed in Ontario in the next three to five years while looking ahead on a twenty year horizon.
The Minister of Energy in directing the preparation of the IPSP noted that one of the IPSP goals
was to plan for nuclear capacity to meet base-load electricity requirements but limit the installed
in-service capacity over the life of the plan to 14,000 MW. The OPA filed its 20&nbsp;year IPSP with
OEB in August&nbsp;2007, which included a continuing reliance on nuclear for baseload electricity. The
targeted generation of 14,000 MW assumes the refurbishment of all existing CANDU reactors and
allows for a further 1,000 MW of new build.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Electricity Price Adjustments</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regulations under the <I>Electricity Restructuring Act </I>will require the IESO, electricity distributors
and retailers to make adjustments to their billing systems so that payments made by consumers
(large loads and anyone not prescribed by regulation) are equal to the payments made to the
generators, the OPA and Ontario Electricity Financial Corporation. The <I>Electricity Restructuring
Act </I>introduces a blended electricity price from various generation sources. Specified consumers,
on the other hand, may pay a price established under a regulated price plan under the jurisdiction
of the OEB but have the option of purchasing their electricity from energy retailers.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>The IESO</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IESO functions both as independent system operator, ensuring overall system reliability and
stability through control of physical dispatch, and as the clearing house for the settlement of
spot transactions by suppliers and purchasers of electricity participating in the IESO wholesale
market. The <I>Electricity Restructuring Act </I>authorizes the IESO, through its billing and settlement
systems, to ensure that market participants will, over time, pay the true cost of electricity,
taking into consideration the mix of regulated and market prices payable to generators and OPG.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IESO-administered wholesale market for energy services consists of: (i)&nbsp;physical markets,
relating to the dispatch and pricing of electricity; and (ii)&nbsp;financial markets, which are focused
on financial risk management associated with the exposure to spot market energy prices and to
transmission constraints.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IESO-administered physical electricity markets consist of both real-time and procurement
markets: real-time markets for energy and operating reserve, and, if implemented, a capacity
reserve market; and procurement markets for additional generation-related services to maintain
reliability of the transmission grid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Spot market prices in the IESO-administered real-time market fluctuate significantly as a result of
a number of influences, including domestic market demand, operating reserve requirements,
generation availability and the volume of imports from and exports to interconnected markets. The
operating reserve markets establish market clearing prices that are paid to parties whose offers to
provide operating reserve are accepted by the IESO.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IESO maintains the reliability of the transmission grid through ancillary services (operating
reserve, reactive support/voltage control service, black start capability and automatic generation
control) and must-run contracts for local reliability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IESO also collects the transmission service charges designed to recover the transmission
owners&#146; OEB-approved revenue requirements and disburses these revenues to the transmission owners.
Consumers of significant amounts of electricity can, individually or as a group, build their own
generation facilities and thereby avoid paying certain transmission charges. In many
circumstances, consumer-owned generation will also allow those consumers to avoid IESO uplift
charges. This can give rise to the construction of new generation capacity that would not be
economic if it were not for this avoidance of transmission charges and IESO uplift charges.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>OEB&#146;s Licensing Process and Industry Codes</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The OEB has developed licences for electricity generation, transmission, distribution, wholesale
and retail. It has also developed several associated codes for retailing, transmission and
distribution. On February&nbsp;28, 2001, the OEB issued a
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 78 -<!-- /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">generation licence for Bruce Power Units 1 to 8 that will remain in force until February&nbsp;27, 2019.
The licence includes authorization to act as a wholesaler of electric power.
</DIV>


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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco indirectly owns 52.7% of Centerra, a company listed and publicly traded on the TSX. After
closing of the Agreement on New Terms with government of the Kyrgyz Republic and Centerra, Cameco&#146;s
interest in Centerra would fall to about 41%. (See Kumtor Mine <I>&#150; Agreement on New Terms </I>below.)
Centerra is focused on acquiring, exploring, developing and operating gold properties primarily in
Central Asia, the former Soviet Union and other emerging markets. Centerra is the largest
western-based gold producer in Central Asia and the former Soviet Union. Centerra subsidiaries
have a 100% interest in and operate two producing mines: the Kumtor mine in the Kyrgyz Republic and
the Boroo mine in Mongolia. Centerra subsidiaries also have a 100% interest in the Gatsuurt
development property in Mongolia, located 35 kilometres from the Boroo mine, and a 63% interest in
the REN exploration property in Nevada. In 2007, the Kumtor mine produced approximately 301,000
ounces of gold and the Boroo mine produced about 255,000 ounces of gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2008, Centerra updated its mineral reserve and resource estimates. At Kumtor, reserves
of 578,000 ounces of gold have been added before accounting for mining of 421,000 ounces of
contained gold in 2007. The reserve grade has decreased from 4.7 to 4.0 grams of gold per tonne
due to the lowering of the cut-off grade from 1.3 to 1.0 grams per tonne. At Boroo, reserves of
111,000 ounces of contained gold have been added before accounting for mining of 297,000 ounces of
contained gold in 2007. The 2007&nbsp;year-end reserves were estimated using a gold price of $550 (US)
per ounce. The 2006&nbsp;year-end reserve estimates used a gold price of $475 (US)&nbsp;per ounce. The
increase in 2007 reserves is a result of lowering the cut off grade and changes in pit design at
Kumtor and a slight increase in the size of the pit at Boroo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based upon current mine plans and mineral reserve estimates, Centerra forecasts the Kumtor and
Boroo mines will be depleted by 2014 and 2010 respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at December&nbsp;31, 2007, Cameco&#146;s interest:
</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>in the reserves at Kumtor, Boroo and Gatsuurt, amounted to total proven and probable
reserves of 3.7&nbsp;million ounces of gold; 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the resources at Kumtor and Boroo mines and Gatsuurt and REN exploration properties,
amounted to 2.8&nbsp;million ounces of gold in measured and indicated resources and 1.4&nbsp;million
ounces of gold in inferred resources.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Detailed estimates of gold reserves and resources are reported at <I>Centerra Gold Inc. &#151; Reserves and
Resources </I>below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s gold production is completely unhedged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, Centerra has budgeted $65&nbsp;million (US)&nbsp;of capital expenditures and $25&nbsp;million (US)&nbsp;on
exploration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s subsidiaries face varying exposures to cash corporate income taxes. The corporate
income tax rate for Kumtor is 10% for 2007, however, pursuant to the Agreement on New Terms,
subject to completion of definitive agreements and satisfaction of certain other conditions,
effective 2008 taxes for Kumtor will be computed by reference to proceeds from products sold, at
the rate of 11% of revenues in 2008, 12% in 2009 and 13% thereafter. The corporate income tax rate
for Boroo is 25% for 2007 and subsequent years, pursuant an amended Stability Agreement entered
into on August&nbsp;3, 2007. Boroo&#146;s 100% corporate income tax exemption ended December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Despite Kumtor being owned and operated by Centerra through its wholly owned subsidiaries, under
Canadian securities law, it is considered a material gold mining property for Cameco. Cameco has
no other material gold mining properties.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 79 -<!-- /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>2004 Kumtor Restructuring</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;22, 2004, Cameco completed the Kumtor restructuring. Prior to the Kumtor restructuring,
Cameco held a one-third interest in the Kumtor mine, located in the Kyrgyz Republic. Kyrgyzaltyn
JSC (&#147;Kyrgyzaltyn&#148;), a Kyrgyz joint stock company whose shares are 100% owned by the government of
the Kyrgyz Republic, held the remaining two-thirds interest. As part of the Kumtor restructuring,
Cameco transferred its one-third ownership interest in the Kumtor mine and substantially all of
Cameco&#146;s other gold assets to Centerra, including its 53% interest in the Boroo mine in Mongolia
held through its 56% ownership interest in AGR Limited (&#147;AGR&#148;), in exchange for common shares of
Centerra and assumption of certain liabilities by Centerra. In addition, Kyrgyzaltyn transferred
its two-thirds interest in Kumtor to Centerra in exchange for common shares of Centerra, cash and
certain outstanding debt.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;30, 2004, Centerra completed an initial public and secondary offering of its common shares
and began trading on the TSX. At that time, Centerra also acquired over 99% of the shares held by
the minority shareholders of AGR in exchange for common shares of Centerra. Under the corporate
law that applies to AGR, AGR subsequently redeemed all of its outstanding shares, other than the
shares held by Centerra, bringing Centerra&#146;s interest in AGR to 100%. Following these
transactions, Centerra had a 100% interest in the Kumtor mine and a 95% interest in the Boroo mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor restructuring in 2004 was approved by government decrees and was supported by legal
opinions from the Kyrgyz Ministry of Justice. In addition, the Kyrgyz government was represented
by independent legal counsel and financial advisors for the Kumtor restructuring. The
International Finance Corporation and the European Bank for Reconstruction and Development also
participated in the restructuring transactions.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine, located in the Kyrgyz Republic, is the largest gold mine in Central Asia operated
by a western-based producer. The Kumtor gold mine, which commenced operation in 1997, has produced
6.15&nbsp;million ounces of gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The disclosure in this Annual Information Form of a scientific or technical nature for Kumtor is
based on a technical report on the Kumtor mine (the &#147;Kumtor Technical Report&#148;) prepared in
accordance with National Instrument 43-101 &#151; <I>Standards of Disclosure for Mineral Projects </I>(&#147;NI
43-101&#148;) of the Canadian Securities Administrators. The Kumtor Technical Report was prepared under
the supervision of Strathcona Mineral Services Limited (&#147;Strathcona&#148;) as of March&nbsp;28, 2008, and was
written by Henrik Thalenhorst, P.Geo. of Strathcona and Iain Bruce, P. Eng. of BGC Engineering
Inc., each of whom is independent of Cameco and a &#147;qualified person&#148; for purposes of NI 43-101, and
Dan Redmond, P. Geo., a qualified person and an employee of Centerra. The reserve and resource
estimates for the Kumtor mineral property were prepared under the supervision of Ian Atkinson,
Certified Professional Geologist, Centerra&#146;s Vice President of Exploration, who is a qualified
person. A copy of the Kumtor Technical Report can be obtained from SEDAR at <u>www.sedar.com</u>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Kyrgyz Republic &#151; Overview</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kyrgyz Republic is a landlocked and mountainous country located in the middle of the Asian
continent. It is bordered by Kazakhstan in the north, the People&#146;s Republic of China in the east,
Tajikistan in the south and Uzbekistan in the west. It is the smallest of the Central Asian
nations and has a population of approximately five million people. The Kyrgyz economy is
predominantly agricultural, with two-thirds of the country&#146;s population living in rural areas. The
country contains deposits of gold and rare earth metals.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Government and Political Factors</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kyrgyz Republic was once a constituent republic of the Soviet Union. In 1991, the country
declared its independence and became a member of the Commonwealth of Independent States (the
&#147;CIS&#148;). Since independence, the nation has undertaken substantial economic and political reforms,
such as the introduction of an improved regulatory system and land reforms, and has undergone a
transition to a market-oriented economy. The government and international financial institutions
have also engaged in a comprehensive medium-term poverty reduction and economic growth strategy.
The national currency of the Kyrgyz Republic, the som, is freely convertible into United States
dollars
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 80 -<!-- /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">within the Kyrgyz Republic at a floating exchange rate and has remained relatively stable over the
last four years. The Kumtor mine is the largest private sector employer of Kyrgyz citizens and is
the largest foreign investment in the country.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The country&#146;s legal system, both legislative and judicial, has been substantially reformed since
1991. However, the legal system has not matured to the level of those of developed economies. These
factors make it prudent for foreign investors to seek additional protection through contractual
agreements with the government in order to stabilize the investment environment and provide for an
independent forum for conflict resolution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;28, 2005, the Kyrgyz Republic&#146;s 105-member bicameral parliament ceased to exist and was
replaced by a unicameral parliament with 75 seats. The new unicameral parliament had broader
constitutional powers, with certain powers being relinquished to it by the President. These changes
were made pursuant to constitutional referendums conducted in 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There was political unrest in the lead-up to the new parliamentary elections, which were held on
February&nbsp;27, 2005. As a result, from February&nbsp;22 to 26, 2005, the Kumtor mine was unable to move
employees and supplies to and from the mine site due to roadblocks on public highways. The
roadblocks ended on February&nbsp;27, 2005 and normal operations resumed on March&nbsp;2, 2005 with
production unaffected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The parliamentary elections precipitated additional unrest, and on March&nbsp;24, 2005, President Askar
Akaev, who had first been elected to that position in 1991, resigned under allegations of election
fraud. The newly elected parliament designated Mr.&nbsp;Kurmanbek Bakiyev as the acting President.
Subsequently, on July&nbsp;10, 2005, Mr.&nbsp;Bakiyev won a presidential election and was inaugurated as the
President of the Kyrgyz Republic for a five-year term. Mr.&nbsp;Felix Kulov was appointed the Prime
Minister.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the resignation of President Akaev, the new government began various investigations into
the activities of the prior government and former President Akaev&#146;s assets. Centerra&#146;s wholly-owned
Kyrgyz subsidiary, Kumtor Gold Company (&#147;KGC&#148;), was included in the list of assets subject to
inquiry by a special commission formed for this purpose on April&nbsp;18, 2005. The commission published
a report in June&nbsp;2005 on its findings that did not contain any allegations against Centerra or its
subsidiaries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The State Audit Chamber of the Kyrgyz Republic was asked by the previous parliament to provide
clarification to it with respect to the Kumtor restructuring in 2004. In April&nbsp;2005, KGC was
requested to provide information with respect to the restructuring. KGC agreed to assist the
Chamber in its review. Subsequently, in June&nbsp;2005, the Prosecutor General&#146;s office requested
documents from Kumtor Operating Company (&#147;KOC&#148;) and Centerra as part of a criminal investigation
into alleged abuses of power or authority by officers of the Kyrgyz government, Kyrgyzaltyn, KGC
and KOC. The investigation was based on previous parliamentary resolutions opposing and challenging
the Kumtor agreements and the legality of the restructuring. Centerra responded cooperatively to
these requests. Centerra stated publicly that it was not aware of any basis for allegations of
criminal conduct, and noted that the Kumtor restructuring had been approved by government decree
and was supported by legal opinions of the Ministry of Justice on the authority of the government
to enter into and complete the restructuring.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These inquiries and investigations have not had any material negative effect on Kumtor, and to
Centerra&#146;s knowledge, they are inactive or are currently not being pursued by the Kyrgyz
authorities. Nonetheless, as the largest foreign investment enterprise in the Kyrgyz Republic, the
Kumtor project continues to be the subject of significant political debate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;29, 2006, opposition parties held peaceful demonstrations in Bishkek to demand
constitutional reform and government administration changes. After months of political crisis and
several rounds of failed negotiations over constitutional reform, further demonstrations took place
in November&nbsp;2006 that ultimately resulted in President Bakiyev signing a new constitution into law
on November&nbsp;9, 2006. The new constitution, which sought to limit presidential powers, continued to
be under scrutiny for the following months.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 81 -<!-- /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">On December&nbsp;19, 2006, the entire cabinet resigned, including Prime Minister Kulov, who had served
from September, 2005 to December&nbsp;19, 2006. Just days later, Parliament introduced new
constitutional reforms restoring some of the presidential powers.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On January&nbsp;15, 2007, President Bakiyev signed into law yet another constitution. That same month,
Azim Isabekov was appointed Prime Minister. Isabekov resigned in March and Bakiyev named prominent
opposition leader, Almazbek Atambayev, to the post.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;14, 2007, the Constitutional Court of the Kyrgyz Republic ruled that the two sets of
recent constitutional amendments were illegal and brought back the 2003 constitution into effect.
President Bakiyev called for a referendum in order to restore some of the articles ruled as invalid
by the Constitutional Court. The referendum also included a proposal to change the country&#146;s
electoral system by implementing a proportional representation model.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;21, 2007, the citizens of the Kyrgyz Republic voted in a referendum on drafts of a new
constitution and new electoral law proposed by the President Bakiyev. On October&nbsp;22, 2007, the
President dismissed Parliament effective that day. The President signed the new constitution and
electoral law into law on October&nbsp;23, 2007. Parliamentary elections were held on December&nbsp;16,
2007. The political party &#147;Ak-Jol&#148; received the majority of the seats (71 of the 90) and under the
terms of the new constitution formed the new government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;5, 2008, Centerra issued a press release responding to media reports of a criminal tax
evasion investigation by Kyrgyz authorities against it and KGC. KGC is cooperating with the Kyrgyz
financial police with respect to their investigation. The Kyrgyz Republic financial police have
requested information and documents with respect to the Kumtor project and have interviewed Kumtor
personnel. The Kyrgyz Republic State Tax Inspectorate recently completed audits on KGC for 2003 and
2004 and no material disagreement regarding payable taxes by KGC were identified. KGC continues to
pay all taxes in accordance with local laws and its investment agreement and believes there is no
basis for the investigation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2008, Kubanychbek Isabekov, a member and vice-speaker of the Kyrgyz Parliament,
commenced an action in the Inter-District Court of Bishkek against the Kyrgyz government, seeking
cancellation of the government&#146;s December&nbsp;31, 2003 decree approving the 2004 Kumtor restructuring
and seeking to invalidate the Investment Agreement and Concession Agreement entered into between
the government, KGC and Centerra at the time of the restructuring. Centerra is not a party to the
action. The court proceeding was postponed indefinitely on March&nbsp;26, 2008. The restructuring was
supported by legal opinions of the Ministry of Justice on the authority of the government to enter
into and complete the restructuring, including entering into the Investment Agreement and
Concession Agreement. Disputes with respect to these agreements and the Kumtor project are subject
to international arbitration and therefore Centerra does not believe that the courts of the Kyrgyz
Republic have jurisdiction with respect to such matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The political situation continues to evolve and there remains the risk of further political
instability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Relevant Kyrgyz Law and the Investment Agreement with the Government of the Kyrgyz Republic</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prior to the Kumtor restructuring, the operations of the Kumtor mine and its property holdings were
governed by a Master Agreement entered into in 1992 between Cameco, the government of the Kyrgyz
Republic and Kyrgyzaltyn (the &#147;Master Agreement&#148;) and related agreements. These agreements
established the applicable rules and regulations with respect to the exploitation of the Kumtor
property, including the tenure of mineral and surface rights, operating obligations, applicable
taxes, employment of Kyrgyz citizens and the import and export of funds, materials and gold
produced from the Kumtor mine. Other laws and regulations of general application in the Kyrgyz
Republic also applied to the operation of the Kumtor mine, except to the extent they conflicted
with these agreements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the Kumtor restructuring, Centerra, Cameco, Kyrgyzaltyn and the government of the Kyrgyz
Republic entered into an agreement pursuant to which, effective simultaneously with the completion
of the Kumtor restructuring, the Master Agreement was replaced by an Investment Agreement (the
&#147;Investment Agreement&#148;) between Centerra, KGC and the government of the Kyrgyz Republic. This new
Investment Agreement and related agreements set out the terms and conditions applicable to
Centerra&#146;s ongoing operation and development of the Kumtor mine and have continued the
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 82 -<!-- /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">regime established by the Master Agreement. The Investment Agreement has a term lasting until the
earlier of 2043 or when the Kumtor deposits are exhausted and mining is completed. The Agreement
on New Terms, as defined below, contemplates that the Investment Agreement will be amended to give
definitive effect to certain provisions of the Agreement on New Terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Investment Agreement also specifies that Centerra will be subject to only those Kyrgyz tax laws
and regulations that existed as of December&nbsp;31, 2003. This includes a profit tax of 10%, a
withholding tax on dividends and interest of 10% and an emergency fund tax of 1.5% of the value of
products sold. As discussed below, the Agreement on New Terms provides for establishment of a
revised tax regime which would replace such taxes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Investment Agreement, Centerra has the right to elect whether to be subject to any
change in tax laws or regulations that modifies the amount or timing of tax or the manner in which
tax liability is determined or calculated (whether or not the tax change increases or decreases
Centerra&#146;s liability) or instead remain subject to the tax in effect prior to the change for a term
of ten years from the date of the change. However, if a change in tax laws eliminates any
specified tax in its entirety (as opposed to merely reducing a specified tax), Centerra will remain
subject to that tax as it existed prior to its elimination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Investment Agreement provides Centerra with guarantees against expropriation and rights to
non-discrimination. It also stipulates that Centerra is entitled to all necessary permits and
approvals relating to the Kumtor mine, including with respect to environmental matters and hiring
of foreign nationals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has the right to import any capital equipment and operating supplies, subject to import
duties and administrative charges, but free of other charges and without unreasonable formalities
that might hinder or delay such imports. Centerra also has the right to export any of its
products, including processed or unprocessed minerals of any type, free of export duty and other
charges and without unreasonable formalities that delay or hinder such exports.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreements Centerra has entered into in connection with the Kumtor restructuring were also
designed to preserve and extend the benefits that the Kumtor mine has brought to the Kyrgyz
Republic. Under the Investment Agreement, Centerra has committed to continue to conduct its
operations in accordance with good international mining practices, in material compliance with the
standards applicable under the Environmental Management Action Plan (&#147;EMAP&#148;) for the Kumtor mine,
which include operation in material compliance with federal Canadian, Saskatchewan and World bank
environmental, health and safety laws, regulations, policies and guidelines in effect as of June
15, 1995 and all laws currently applicable to the Kumtor mine, including the laws of the Kyrgyz
Republic.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Agreement on New Terms</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2007, based on the long-term relationship between the government of the Kyrgyz Republic
and Cameco as the founders of Centerra, Prime Minister Isabekov invited Cameco to discuss a number
of issues concerning Kumtor. Based upon this invitation, Cameco and Centerra entered into
negotiations with the new government to address the government&#146;s concerns about the agreements
entered into in connection with the Kumtor restructuring, as well as to stabilize further the
operational environment for the Kumtor project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;26, 2007, Parliament voted to accept a draft bill for further deliberation with respect to
Kumtor and other mineral deposits. The draft bill challenged the legal validity of the Kumtor
agreements, proposed recovery of additional taxes on amounts relating to past activities, as well
as provided for the transfer of all gold deposits, including Kumtor, to a state-owned entity. If
this draft legislation were enacted, there would be a substantial risk of harm to the value of
Cameco&#146;s investment in Centerra.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August&nbsp;2007, Cameco and Centerra signed binding agreements with the government of the Kyrgyz
Republic (the &#147;Agreement on New Terms&#148;) that provide for the government&#146;s full commitment to and
support for Centerra&#146;s continuing long-term development of the Kumtor project. The Agreement on
New Terms also enlarges Centerra&#146;s existing concession area by over 25,000 hectares to include all
territory covered by the current exploration license and establish a simplified, stable and
predictable tax regime for the Kumtor operations. Centerra and the Kyrgyz government have also
agreed to replace Kumtor&#146;s current tax regime with a simplified new tax rate for the Kumtor project
applied to
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 83 -<!-- /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">proceeds from products sold at the rate of 11% in 2008, 12% in 2009 and 13% thereafter. The
revised tax regime will require Parliamentary approval as it modifies the existing generally
applicable tax regime.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, under the Agreement on New Terms, the Kyrgyz government and Kyrgyzaltyn agree to
support Centerra&#146;s continuing long-term development of the Kumtor project and agree to facilitate
eventual divestiture of Cameco&#146;s interest in Centerra. In return, the Kyrgyz government will
receive 32.3&nbsp;million shares (22.3&nbsp;million net from Cameco and 10&nbsp;million treasury shares from
Centerra) upon closing of the definitive legal agreements. Of these, 15&nbsp;million shares will be
received immediately and 17.3&nbsp;million shares will be held in escrow until the earliest 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s holdings of Centerra&#146;s issued and outstanding shares falling below 17.3&nbsp;million
shares,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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 volume-weighted average closing price of Centerra&#146;s shares on the TSX being no less
than $13.30 for at least seven business days; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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 fourth anniversary of the closing.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will be entitled to exercise voting rights in respect of the 17.3&nbsp;million shares placed into
escrow until such shares are released from escrow. After the government receives voting rights for
these 17.3&nbsp;million shares, a second Kyrgyz government representative is to be appointed to the
board of directors of Centerra.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Agreement on New Terms, Centerra also entered into an agency agreement with
Cameco on August&nbsp;30, 2007 (the &#147;Agency Agreement&#148;) which provides for the issuance of 10&nbsp;million
treasury shares of Centerra (the &#147;Treasury Shares&#148;) to Cameco. The issuance of the Treasury Shares
is subject to completion of the transactions and agreements contemplated by the Agreement on New
Terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After the transfer of all the shares is completed, Cameco will own approximately 41% of Centerra,
the Kyrgyz Republic will own approximately 29% and the public shareholders will own the remaining
30%. When Cameco&#146;s ownership interest falls below 50%, Cameco will no longer consolidate
Centerra&#146;s financial results and will instead account for Centerra using the equity method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Agreement on New Terms and the Agency Agreement are subject to a number of conditions,
including approval by the Parliament of the Kyrgyz Republic. The Kyrgyz Government submitted the
agreements for parliamentary approval in early September, 2007. The Parliament began to deliberate
the issue during the first half of October. On October&nbsp;8, 2007, the Parliament asked the
parliamentary committee on industry and trade to review the agreements and give its conclusion. On
October&nbsp;10, 2007, the chair of the committee requested additional time for consideration, and the
Parliament scheduled its final voting on the issue for October&nbsp;22, 2007, but Parliament was
dismissed prior to voting. Since the Parliament was dissolved before deliberations on the
agreements could be completed, the parties agreed to extend the deadline for closing the Agreement
on New Terms from October&nbsp;31, 2007 to February&nbsp;15, 2008. Subsequently, the parties agreed to
extend the deadline for closing the Agreement on New Terms to April&nbsp;30, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. Cameco is uncertain
whether an agreement can be reached to resolve the issues with the government of the Kyrgyz
Republic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2006, at the direct request of the government, KGC paid certain disputed amounts,
totalling about $7&nbsp;million (US)&nbsp;for 2006, relating to land tax and high altitude premium payable to
its Kumtor mine employees. Centerra has begun international arbitration to recover the disputed
amounts. Centerra and the government of the Kyrgyz Republic have agreed to postpone the first
procedural hearings in these arbitrations pending completion of the transactions described in the
Agreement on New Terms.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Property Description and Environment</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine is located in the Tien Shan Mountains, some 350 kilometres to the southeast of the
national capital Bishkek and about 60 kilometres to the north of the international boundary with
the People&#146;s Republic of China. The
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 84 -<!-- /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">mill site is situated in alpine territory above 4,000 metres, with the wall of the Central pit
extending above 4,400 metres. The climate is dry and continental with a mean annual temperature of
minus 8 degrees Celsius. The local valleys are filled with active glaciers and the mine area is in
permafrost that extends down to elevation 3900 metres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to an Amended and Restated Concession Agreement (the &#147;Concession Agreement&#148;) between KGC
(which as part of the Kumtor restructuring became a wholly-owned subsidiary of Centerra) and the
government of the Kyrgyz Republic that became effective on the closing of the Kumtor restructuring,
Centerra has the exclusive rights to all minerals within an area of approximately 750 hectares of
land centred on the Kumtor gold deposits (the &#147;Concession Area&#148;). Its mineral and surface rights
for the Kumtor deposit extend until May&nbsp;10, 2043.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KGC has applied for an expanded mining concession covering the original Concession Area, the
Northeast target, the Southwest deposit, the Sarytor deposit, and adjacent areas to the southwest.
The Investment Agreement provides that the government of the Kyrgyz Republic shall grant any
necessary additional mining concessions within the Exploration License (defined below) on
substantially the same terms and conditions as those specified for the Concession Area. Pending
the grant of the expanded concession, on January&nbsp;30, 2006, KGC was granted a mining license
comprising about 56 hectares and covering the Southwest deposit, which license expires on December
31, 2008. On November&nbsp;30, 2007, Centerra received a mining license for the Sarytor deposit,
expiring December&nbsp;31, 2013 and covering 97 hectares. The Agreement on New Terms provides that the
Concession Agreement shall be further amended to extend the Concession Area to include the area of
the Exploration License.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Concession Agreement confirms Centerra&#146;s right to use sufficient additional surface lands for
the purposes of the construction and occupation of all mining and milling superstructure and
facilities, work camp and other infrastructure facilities necessary to carry out work at the Kumtor
mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KGC must make a concession payment of $4 (US)&nbsp;for each ounce of gold sold from the Kumtor deposit,
with such payments to be made quarterly within 90&nbsp;days of the end of each calendar quarter based on
that quarter&#146;s gold sales by KGC. In addition, KGC must pay 2% of its net profits into a social
development fund until its subordinated and shareholder loans outstanding as of December&nbsp;31, 2003
are repaid and thereafter 4% of its net profits until the end of the Kumtor operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KGC has also been granted the exclusive right to develop any mineral resources within a 7.5
kilometre radius from the perimeter of the original Concession Area, an area covering approximately
26,300 hectares, which includes the Concession Area, the Northeast target, the Southwest deposit,
the Sarytor deposit, and adjacent areas to the southwest, as well as the surface rights area (the
&#147;Exploration License&#148;). This right is continued by the Investment Agreement. The expiry date of
the license is December&nbsp;18, 2009. The license cannot be renewed again, but a new license can be
applied for. Upon request, KGC is entitled to receive one or more mining concessions with respect
to mineral resources covered by the Exploration License on substantially the same terms and
conditions as those specified for the Concession Area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor site includes an open pit mine situated at approximately 4,050 metres above sea level.
The mine includes waste and ore stockpile areas as well as an area to dispose of the ice removed
during operations. Ore is processed at a crusher and mill with a nominal capacity of approximately
5.6&nbsp;million tonnes per year or 15,500&nbsp;tonnes per day. Other major facilities include a fresh water
system, a camp/residence for the employees on-site, a warehouse, workshops, offices, a batch plant,
two standby diesel generators and a tailings management facility. In February&nbsp;2006, Centerra also
commenced open pit mining at a satellite gold deposit located at the Southwest deposit. Mining of
the Southwest deposit is expected to be completed by the end of March&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tailings management facility is located in the Kumtor River valley and consists of twin
tailings lines, a tailings dam, an effluent treatment plant and two diversion ditches around the
area to prevent runoff and natural watercourses from entering the tailings basin. These facilities
received approval from the government of the Kyrgyz Republic during 1999. Each tailings pipeline
is approximately six kilometres in length. The tailings dam was designed and constructed to
address the permafrost conditions at the mine site. The dam wall is approximately 2.7 kilometres
in length and the tailings dam consists of compacted fill. The dam crest is ten metres wide and the
side slopes are approximately 3 horizontal to 1 vertical. The dam is currently 28 metres high at
its central part. The dam fill consists of alluvial sands
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 85 -<!-- /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">and gravels. A geomembrane liner has been placed on the upstream face and extends one hundred
metres upstream of the dam toe on natural ground into the impoundment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The dam crest is presently at elevation 3,658 metres and has capacity to store tailings until the
end of 2008. The tailings facility at the end of 2007 contained 41&nbsp;million cubic metres. Permits
have been received to raise the tailings dam by three metres, which will allow continuation of the
use of the facility to the end of 2010. Another three metres of additional dam height would extend
the life of the facility to last to the end of the current mineral reserves. The ultimate dam and
the stabilizing toe berm have been designed to store up to 101&nbsp;million tonnes (87&nbsp;million cubic
metres) of tailings. Raising of the tailings dam to its final elevation is estimated to require an
investment of $27.6&nbsp;million (US)&nbsp;from 2008 to 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra identified an ice-rich silt layer beneath the tailings dam that has been the cause of some
minor horizontal movement of the tailings dam. In 2003, in order to proactively deal with the
issue, a shear key and toe berm were built to reduce the rate of movement. However, the tailings
dam movement continued at the earlier rate, and additional engineering assessment was undertaken by
a consultant in 2005. The additional work suggested the initial key did not penetrate the ice rich
soils sufficiently deep to completely inhibit the movement. KOC commissioned an additional design
for a shear key, and additional construction work completed in 2006 and 2007 has deepened and
expanded the initial shear key. The new shear key has been excavated to depths of ten to twelve
metres, and ice rich silt and clay has been removed to expose the underlying dense granular moraine
foundation fill with little to no ice. Test pits one to two metres deep were excavated to confirm
that sound foundations had been reached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The levels of movement encountered in the Kumtor dam foundation to date are not excessive and fall
well within the range of movements experienced by other such dams around the world. The Kumtor dam
material is strain tolerant and shows little effect of the minor horizontal movement. The tailings
dam movement data has also been reviewed and interpreted independently by the Kyrgyz Republic
Institute of Rock Mechanics. A report issued in September&nbsp;2007 by the Institute of Rock Mechanics
of the Kyrgyz National Academy of Sciences concluded that deformations are decreasing and that the
remedial works undertaken to date are effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All material permits and licences required for the current mining operations at Kumtor are in good
standing.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Site Accessibility, Infrastructure and Physiography</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access to the Kumtor mine site is by a main road that runs between Bishkek and Balykchy, on the
western shore of Lake Issyk-Kul. After traveling along this road for a distance of 178 kilometres,
and then along a secondary road running along the south shore of the lake to the town of Barskaun
for another 150 kilometres, a final 100 kilometres must be traversed on a narrow, winding road
leading into the Tien Shan Mountains that climbs to an elevation of 3,700 metres through 32 switch
backs to reach the deposit. Centerra has done considerable work to maintain this access road and
despite occasional avalanches and movements of gravel and till down steep slopes during heavy
rains, there has not been any extended period during which the road has been out of service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mill is situated in alpine terrain at an elevation of approximately 4,016 metres, while
the highest mining excavations exceed an elevation of 4,400 metres. The main camp, administration
and maintenance facilities are at about 3,600 metres. Local valleys are occupied by active
glaciers that extend down to elevations of 3,800 to 3,900 metres and permafrost in the area can
reach a depth of 250 metres. The area is seismically active, as a result of the continuing
convergence of India and Eurasia, but the Kumtor area has a relatively sparse distribution of
historical seismicity. All facilities at Kumtor, including the process plant and tailings storage
dam, have been designed in accordance with recommended seismic standards for the area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The climate is continental with a mean annual temperature of minus eight degrees Celsius. Extreme
recorded temperatures vary from plus 23 to minus 49 degrees Celsius, with short summers that last
from June to September. Precipitation is low at 300 millimetres per annum, with the majority
falling in the summer months, and annual snow accumulation of 600 millimetres. Kumtor operates 365
days per year. Reflecting the harsh climate and high elevation, sparse, low vegetation is
restricted to the valley floors and lower mountain slopes, with a total absence of trees or shrubs.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 86 -<!-- /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">The mine site is connected to the Kyrgyz national power grid with a 110 kilovolt overhead power
line running parallel to the access road. Fresh water is taken from Petrov Lake, situated five
kilometres northeast of the mill site. The minimum water inflow into the lake is estimated to be
in excess of 1,000 cubic metres per hour or approximately twice the average project demand. The
present Kumtor Central pit, waste dumps and the mill are located within the Concession Area.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor area has a history of intermittent exploration dating to the late 1920s. Debris from
the Sarytor deposit was discovered in 1978 by a geophysical expedition of the state Kyrgyz Geology
department sampling float from the frontal moraine of the Sarytor Glacier. The sole outcrop of
what is now called the Central deposit was found during follow-up prospecting. From 1979 to 1989,
a systematic evaluation of the Central deposit, and to a lesser extent of the Southwest deposit,
was carried out consisting of several phases of surface trenching and geological mapping, diamond
drilling and underground development on three levels culminating in a detailed sampling program of
the central upper part of the Central deposit. An initial reserve statement was issued by the USSR
State Committee on Reserves in March&nbsp;1990
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco was presented the opportunity to become involved with the Kumtor project in 1992 while
pursuing uranium prospects in the Kyrgyz Republic. An initial agreement with the government of the
Kyrgyz Republic was signed in December&nbsp;1992 giving Cameco the exclusive right to evaluate and
develop the Kumtor project. A feasibility study was completed in December&nbsp;1993 by Kilborn Western
Inc. (&#147;Kilborn&#148;) and was amended in 1994 and 1995 (&#147;Kilborn Feasibility Study&#148;). A project
development agreement was finalized with the government of the Kyrgyz Republic in May&nbsp;1994.
Pursuant to this agreement, a Cameco subsidiary held an indirect one-third interest in KGC, a
Kyrgyz joint stock company that owns the concession giving it exclusive rights to develop the
Kumtor mine. Kyrgyzaltyn, a Kyrgyz joint stock company wholly-owned by the government of the
Kyrgyz Republic, held the remaining two-thirds interest. Another Cameco subsidiary, KOC, acted as
operator of the joint venture for which it received a management fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Project construction began in late 1994 and was financed by Cameco and an international group of
banks and lending agencies at a cost of $452&nbsp;million (US), which amount has been repaid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial production at Kumtor commenced in the second quarter of 1997 and more than 502,000
ounces of gold were produced that year. The Kumtor mine produced approximately 6.15&nbsp;million ounces
of gold during the 11-year period from 1997 to 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;22, 2004, Cameco completed the Kumtor restructuring. For more information, see &#147;2004
Kumtor Restructuring&#148; above.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor gold deposit occurs in the southern Tien Shan metallogenic belt, a Hercynian fault and
thrust belt that traverses Central Asia from Uzbekistan in the west through Tajikistan and the
Kyrgyz Republic into north-western China, a distance of more than 1,500 kilometres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are four major thrust slices comprising the mine geology, with an inverted age relationship.
Each thrust sheet contains older rocks than the sheet it structurally overlies. The slice hosting
the Kumtor gold mineralization is composed of Vendian (youngest Proterozoic or oldest Paleozoic)
metasediments, grey carbonaceous quartz-sericite-chlorite schists or phyllites that are strongly
folded and schistose. The fault forming the footwall contact of this structural segment is the
Kumtor Fault Zone, a dark-grey to black, graphitic gouge zone. The fault zone strikes
northeasterly, dips to the southeast at moderate angles and has a width of up to 30 metres. The
adjacent rocks in its hanging wall are strongly affected by shearing and faulting for a distance of
up to several hundred metres. The rocks in the structural footwall of the fault zone are
Cambro-Ordovician limestone and phyllite, thrust over Tertiary sediments of possible continental
derivation that in turn rest, with apparent profound unconformity, on Carboniferous clastic
sediments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor gold deposit is structurally controlled on a major fault of regional importance and is a
member of the class of structurally controlled mesothermal gold replacement deposits. The Kumtor
gold deposit occurs where the Vendian sediments have been hydro thermally altered and mineralized
based on structural controls. Gold mineralization has been
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 87 -<!-- /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">observed over a distance of more than 12 kilometres, with the Kumtor deposit itself located in what
is called the Center Block, with a length of 1,900 metres, a vertical range of 1,000 metres and a
width of up to 300 metres. A buried intrusive body is inferred by geophysical methods to occur
some five kilometres to the northwest of the deposit and may be the source of the mineralization
process at Kumtor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Within the Kumtor deposit, four zones of gold mineralization have been delineated:
</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>Two parallel zones of alteration and gold mineralization strike northeasterly and dip to
the southeast at 45<FONT style="font-family: Symbol">&#176;</FONT> to 60<FONT style="font-family: Symbol">&#176;</FONT>, separated by 30 to 50 metres of barren or poorly
mineralized rock. The South Zone, with a length of 700 to 1,000 metres and a horizontal width
of 40 to 80 metres, is reasonably well mineralized throughout its entire length, with an
average gold grade of 3 to 4 grams of gold per tonne. The North Zone, somewhat more extensive
along strike but with a similar width, has lesser gold grade continuity and splits into a
number of individual lenses that have average gold grades in the range of 2 to 3.5 grams of
gold per tonne;</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>At their north-eastern end, the North and South Zones coalesce into the Stockwork Zone,
which has higher gold grades and good grade continuity. Its dimensions in plan are 400 to 500
metres long by 50 to 200 metres wide, with an average gold grade of 5 to 6 grams of gold per
tonne, depending on the cut-off grade. The Stockwork Zone plunges northeasterly at 40<FONT style="font-family: Symbol">&#176;</FONT>
to 50<FONT style="font-family: Symbol">&#176;</FONT>, and diminishes in size below elevation 3,900. Its down-plunge continuation
below elevation 3,900 metres is known as the NB Zone. Geographically, the Stockwork Zone is
located closest to the pit highwall and thus has a larger effect on the overall strip ratio of
the pit; 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>In the south-western part of the deposit, the SB Zone (structurally a part of the South
Zone) tops out at an elevation of 3,900 metres. Drilling to date has defined the SB Zone
along strike for 700 metres, for a vertical extent of 650 metres, and a width that ranges from
6 to 75 metres, overall somewhat smaller than the Stockwork Zone, but of excellent grade, in
the range of 5 grams gold per tonne. It is the SB Zone that has given rise to the large
increase in the mineral reserves and resources (including inferred resources) of the Kumtor
deposit in 2005 and 2006.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineralization took place in four main pulses. An initial pulse resulted primarily in pervasive
quartz-carbonate-albite-chlorite-sericite-pyrite alteration, with little gold of economic
consequence being deposited. The next two pulses deposited all of the economically significant
gold at Kumtor. Feldspar makes up nearly 20% of the ore, carbonates (calcite, dolomite, ankerite
and siderite) collectively 25% to 30%, pyrite 15% to 20%, quartz 5% to 10% and the remainder are
host rock inclusions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineralization is most intense, and the gold grade is the highest, where metasomatic activity
was continuous through mineralization phases two and three. This is the case for the Stockwork and
SB Zones, to a lesser extent for the South Zone, and explains their higher-than-average gold
grades. The last pulse created planar carbonate-pyrite metasomatic rocks that are associated with
zones of intense deformation of previously altered phyllites and hydrothermal rocks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The gold and the gold-bearing minerals occur as very fine inclusions in the pyrite, with an average
size of only 10 microns. This, together with the poor cyanide leach response of the gold
tellurides, accounts for the partly refractory nature of the Kumtor ore. The refractory
characteristics are reflected in the relatively low historic and forecasted gold recovery of around
80%, despite the very fine grind applied to the pyrite flotation concentrate from which most of the
gold at Kumtor is recovered by leaching. The fine grain size of the gold also renders assaying of
this mineralization relatively reliable, with only a small nugget effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most of the mineralization takes the form of veins, veinlets and breccia bodies in which the
mineralization forms the matrix. In the more intensely mineralized areas, the surrounding host
rock has also been altered. Post-ore faulting is generally parallel to, or at low angles with, the
mineralized sequence. These faults often carry significant quantities of graphite, which
constitute the sources for the preg-robbing character of some of the mineralization.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 88 -<!-- /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">The Southwest deposit is located three kilometres to the southwest of the Central deposit across
the Davidov glacier, along the Kumtor fault. To the southwest, the Southwest deposit is covered by
the Sarytor glacier, beyond which additional mineralization is known as the Sarytor deposit. At
the end of 2007, the mineral reserves of the Southwest deposit had been almost completely mined out
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The structural/lithological framework of the Southwest and Sarytor deposits is identical to those
of the Kumtor deposit with the gold mineralization being controlled by the Kumtor thrust zone. The
structural dips are generally shallower than at Kumtor at an angle of 20&#176; to 50&#176;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A number of individual zones of mineralization have been identified at the Southwest deposit within
an overall mineralized envelope that is around 100 metres thick and has been traced by surface
drilling for a strike length in excess of one kilometre. Individual zones tend to be relatively
narrow and of different levels of intensity, and their contacts are often marked by tectonic crush
zones with black fault gouge. Due to the flat orientation of the mineralized zones, their contacts
have a sinuous feature in both plan and section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Sarytor deposit is located further southwest from the Southwest deposit. The drilling results
indicate that mineralized horizon at the Sarytor area strikes east-west and dips south at 20&#176; to
30&#176;. The thickness of the mineralized envelope is relatively consistent and varies from 80 metres
to 120 metres, with the strike length of the known mineralization being approximately 800 metres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Host rocks are tectonized slates and phyllites with lenses of till-like conglomerates and dolomitic
slates. Development of background alteration is weak and represented mainly by vein-type
silicification. Host rocks do not carry any elevated gold values. The mineralization zone has
been traced by drilling for 200 to 300 metres down dip.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineralized envelope hosts three mineralized zones separated by zones of strongly faulted host
rocks. Alteration intensity and zone thickness increase southward. Metasomatism is represented by
banded albite-carbonate-quartz alteration with 3% to 5% pyrite. Barite and siderite are well
developed in the southern part of Sarytor. As a rule, pyrite content is positively correlated with
the gold grade.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Historical Exploration and Drilling</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal exploration data acquisition method at Kumtor is diamond drilling. There is a large
historical drill-hole database (augmented by underground exploration results) dating back to Soviet
times. To a large extent, this information is no longer relevant to the current reserve estimate,
since the upper parts of the Central deposit, to which the historical information pertained, has
now been mined out. There are only small areas in the current mineral reserves that rely to a
significant extent on Soviet data, and this old data is successively being verified by in-fill or
replacement drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the lack of sufficiently detailed information below an elevation of 3,950&nbsp;metres,
about 28% of the Kilborn Feasibility Study open-pit reserves containing one-quarter of the total
gold to be mined had been substantially less well documented than the upper part of the deposit.
To fill this information gap, and to explore for extensions to the known mineralization, KOC has
undertaken a large in-fill diamond drill program in the years 1998 to 2007, comprised of 457 holes
in the Central Deposit totalling 145,745 metres and 407 holes on other targets totalling 66,683
metres. Drilling was undertaken from various pit benches and setups outside of the pit, including
setups on the waste piles. This has now increased the density of the drill pattern in the lower
part of the deposit to that available at the time of the Kilborn Feasibility Study for the upper
part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the Central, Southwest and Sarytor deposits, the drill holes are generally spaced 40&nbsp;metres
along strike and 40 to 80&nbsp;metres down-dip in geologically complex areas, and at 80 metres along
strike and 60 to 80&nbsp;metres down-dip in other areas. The entire project assay data base consists of
180,586 KOC assays (112,046 for the Central deposit, 34,378 for the Southwest deposit and 30,583
for Sarytor and 3,579 in other areas) in addition to 75,064 assay results originating from Soviet
times.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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">All of the KOC diamond drill holes are steeply inclined and recover HQ-size core, except when
ground conditions necessitate a reduction in core size to NQ. For all of the holes, drill collars
are surveyed and down-hole deviations are measured using either a Sperry-Sun single shot camera or
a Reflex single shot camera. Limitations on set-ups dictate that a certain number of off-section
holes are drilled, particularly within the Kumtor pit. Drill cores are logged for geological and
geotechnical information, and are photographed prior to sampling. Drill collar coordinates,
down-hole deviation surveys, assay results, and information on lithology, alteration and
mineralization are recorded in the mine or exploration drilling databases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Drill core recovery typically varies from 80% to 100%, averaging greater than 95%. In certain
cases where the core recovery from mineralized intervals is low, the hole is stopped and re-drilled
to achieve better core recovery. The angle of intersections between the drill holes and the
mineralization is generally such that the true width of the mineralization is equivalent to 80% to
100% of the length of mineralized drill-hole intervals.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In preparing the Kumtor Technical Report in 2008, Strathcona reviewed the database generated by KOC
drilling programs from 1998 to 2007 and concluded that the sample collection, sample preparation
and assaying protocols in place at the Kumtor operation are in accordance with normal industry
operating practises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The sampling protocol employed in the years prior to 1989 was typical of many projects of the
Soviet era. The entire core was removed for sampling, in intervals of an average length of 1.4
metres. Core recovery averaged only 75%. Trench samples were generally one metre long, presumably
taken horizontally, but the sampling method is not described. Channel samples were collected from
the extensive underground openings approximately one metre above the floor and varied from 0.5 to 2
metres long. The channels are reported to have measured 10 centimetres (cm)&nbsp;wide by 5 cm deep.
The analytical work was carried out at the Central Scientific Research Laboratory of Kyrgyz
Geology. The gold assay method was fire assay for all samples prior to 1989 (a total of 44,580
determinations) and a more productive atomic absorption (&#147;AA&#148;) method in 1989 (12,612
determinations). Internal and external duplicate assaying was undertaken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the drilling completed by KOC from 1998-2007, the drill core length is measured and checked
against the depth blocks inserted by the drillers in the core boxes. The core is logged and
photographed. Sample intervals are chosen to be representative of geological features such as
veining, alteration and mineralization. Individual samples are normally one metre long, but the
interval may be increased to two metres in unaltered rocks. With the exception of geotechnical
holes, drill holes are sampled over their entire length.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Competent drill core selected for sampling is cut by a diamond saw into two halves. One half is
placed into a numbered bag and sent to the laboratory for assaying. The other half is placed back
in the core box and retained in permanent storage. Incompetent core intervals are sampled with a
scoop that fits snugly into the individual rows, removing one-half of the material at the
discretion of the sampling technician.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Blasthole cuttings are sampled with a device that is placed radially away from the collar of the
hole. It collects about ten kilograms for an eight-metre bench height. Given the relatively
forgiving nature of the Kumtor mineralization with respect to sampling, this is satisfactory, if
not ideal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All sample collection, preparation and assaying from the 1998-2007 drilling programs were performed
by KOC personnel at the KOC-owned site laboratory, which is not certified but is subjected to
periodic calibration and operations checks by the Kyrgyz National Accreditations agency. Sample
collection protocols are monitored by KOC&#146;s exploration manager and the QA/QC geologist.
Preparation and assay protocols are supervised by KOC&#146;s chief assayer at the Kumtor mine. Samples
are delivered to and from the laboratory at the mine site by KOC personnel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The internal quality control measures at the KOC mine laboratory consist of the routine insertion
of internally prepared standards and a blank at a combined rate of one standard/blank per 30
samples. An original set of standards was certified by four independent laboratories, but
subsequent standards are not. The standards are prepared from Kumtor mineralization and reflect
three grade ranges &#150; tailings grade (approximately 0.4&nbsp;grams of gold per tonne), a head sample
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 90 -<!-- /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">that has varied from 3.7&nbsp;grams of gold per tonne to 7.3&nbsp;grams of gold per tonne, and a concentrate
sample that has varied from 29.5 to 33.8&nbsp;grams of gold per tonne.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the laboratory routinely re-assays duplicate pulps at a rate of 20% as an internal
check on assay precision. KOC geological staff do not submit external blanks and standards as
blind samples with their drill core sample batches. However, bench composites are created from
drill-hole intersections for check assaying and metallurgical test work, and this data provides a
further check for the initial assay results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Quality control checks on reject duplicates are routinely performed by the CSRL laboratory at Kara
Balta which is certified by the United Kingdom Accreditation Service under ISO 17025:2006. A
minimum of 20% of the total samples from the KOC drill programs have been re-assayed using the fire
assay method with a gravimetric finish. During 1998 and 1999, KOC geological staff periodically
re-assayed second splits of the coarse rejects for entire mineralized intervals to compare against
the initial assays. Since 1999, this has become standard practice for all mineralized intervals
that are intersected by drilling. The re-split samples retain the original sample number and are
re-assayed at both the mine and the CSRL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Periodic check assaying is also undertaken at the local laboratory of Alex Stewart Assayers and
Environmental Laboratory also located in Kara Balta, which is not accredited but participates in an
international laboratory round-robin organized by Geostats Pty. Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Much of the deposit covered by the early sampling programs has now been mined, and the only effect
of any deficiency is the possible influence of a faulty early database during the testing of a
block model against the mined-out, upper parts of the deposit where this data predominates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The sample preparation and assaying methods used by Centerra meet industry standards. While the
results of the check assay program indicate that there are no major apparent issues with respect to
assay accuracy, the QA/QC protocol used was both incomplete (the lack of true blanks and standards
that are blind to the KOC laboratory and to CSRL) and cumbersome, since much duplicate assaying is
performed on low-grade to very low-grade samples. Centerra has recently implemented certain
changes to the protocol which will mean a significant reduction in duplicate assaying of waste
material, but will result in a marked improvement of the reliability of the assays within
mineralized zones.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Kumtor Reserve and Resource Estimates</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserves and resources of the Kumtor project, which include the Central Pit and the
Southwest and Sarytor deposits, were most recently estimated as of December&nbsp;31, 2007 by Ian
Atkinson, P. Geo., Centerra&#146;s Vice President, Exploration, who is a qualified person. Resource
estimation at Kumtor has been undertaken using a number of mineral resource block models, following
procedures in accordance with Canadian reporting standards as required by NI 43-101. Each of the
Central, the Southwest and the Sarytor deposit has it owns block model.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Central Deposit Resource Block Model</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The KS-8 block model was developed in 2007 for the Central deposit and is based upon the most
recent drilling information, including the results of all in-fill drilling completed from 1998 to
October&nbsp;31, 2007, and is based on geological modeling using vein and alteration intensities
together with gold grade information to subdivide the higher and lower grade gold mineralization at
the Central Pit into 23 mineralized zones. The KS-8 model uses blocks measuring 10 metres by 10
metres by 8 metres, with the vertical dimension matching the mining bench height. Each block is
assigned to a particular mineralized zone and a gold grade is interpolated into the block from the
surrounding assay data.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All available assay results for a particular sample are averaged, and the average value is
used for mineral resource estimation. Within the low-grade shells, a top cutting value of 60 grams
of gold per tonne was applied to individual raw assays based on cumulative frequency plots and
production history. Within the high grade SB shell, a top cut of 100 grams of gold per tonne was
applied to individual assays, prior to compositing to 2 metre intervals for interpolation. Capping
affects less than 1% of the assay intervals. Two metre down-hole composites were then created from
the
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 91 -<!-- /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">capped new assays and the composites used for grade interpolation. The grade interpolation was by
ordinary kriging of the assay information residing in the two metre composites using a general
search ellipsoids of 100 metres along strike, 100 metres down dip and 5 metres across the dip.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Southwest and Sarytor Deposits</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserves of the Southwest deposit have been almost completely exhausted at year-end
2007, and the remaining resources outside of the final pit were estimated using the block model
originally established in 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following a substantial amount of in-fill drilling in 2006, the Sarytor block model identified as
SR-2 was newly created for the year-end 2006 reserve estimate. A new geological model was
developed, identifying ten mineralized zones, with two of the zones containing the majority of the
resources and reserves. After capping the individual assays at 30 grams of gold per tonne, grade
interpolation using two-metre composites within the two main shells was accomplished using ordinary
kriging, while the small zones were interpolated using anisotropic inverse distance squared methods
because of the lower overall drilling density. Variography identified primary ranges of 20 to 30
metres along strike, 20 to 50 metres down-dip and seven to 10 metres across the dip. Secondary
ranges are 40 to 80 metres along strike, 40 to 50 metres down-dip, and 12 to 16 metres across the
dip.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Resource Classification</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral resource classification for the Kumtor project into measured, indicated and inferred
categories for resources considered for open-pit mining is based on the distance to the nearest
composite. If the nearest composite in the Central and the Southwest deposits is within 30 metres,
then a block is placed in the measured category. If the nearest composite is at a distance larger
than 30 metres but shorter than 60 metres, then the block is placed in the indicated category. All
blocks having the nearest composite at a distance greater than 60 metres are placed in the inferred
category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The distances used at Sarytor are smaller, from 20 to 50 metres for the indicated category (first
pass interpolation), depending on the size and grade continuity of the individual zones. The
inferred category was assigned to those blocks at twice the distance of the first pass. There are
no measured resources at Sarytor, reflecting the lack of actual mining experience for this deposit.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mineral Reserves Estimate</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mineral reserves were estimated as of December&nbsp;31, 2007 by KOC&#146;s and Centerra&#146;s mining
resource groups on the basis of the KS-8 and SR-2 block models and pit designs. In estimating
mineral reserves, allowances were made in the models for internal and external dilution. External
dilution is provided for by adding to the tonnage of each block containing more than one rock type
(i.e., ore and waste) an arbitrary one-half of the waste tonnage in such a block.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The economic design parameters assume an average gold price of $550 (US)&nbsp;per ounce (both for the
purposes of estimating mineral reserves in accordance with National Instrument 43-101 of the
Canadian securities regulatory authorities and in accordance with United States Securities and
Exchange Commission&#146;s Industry Guide 7 for US reporting purposes), average mining costs of $0.91
(US)&nbsp;per tonne of material mined from the Central Pit and $1.21 (US)&nbsp;from the Sarytor deposits.
Milling, ore haulage and general and administrative costs used were $15.35 (US)&nbsp;for the Central Pit
and $15.73 (US)&nbsp;for the Southwest and Sarytor deposits. Metallurgical recoveries used in the pit
optimization follow a variable recovery equation and range from 47% to 87%. The economic effects
of the Agreement on New Terms on the pit design were evaluated and found to be of negligible
importance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The cut-off grade used to report the reserves has been chosen by Centerra at 1.0 grams of gold per
tonne, lower than the past value of 1.3 grams of gold per tonne. This is partly due to the recent
increase in the gold price. The 1.0 grams of gold per tonne value allows the mill to be operated
in 2008 and 2009 at the plant design capacity. The low grade stock pile that has been accumulated
by the end of 2007 will supplement the open pit ore in 2008 and 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reserve classification will normally reflect the original resource classification, with
measured resources becoming proven reserves and indicated resources becoming probable reserves.
However, in the Central Pit, both the high wall and
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 92 -<!-- /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">the final push back phase of the southwestern part of the pit have remaining geotechnical
uncertainties that constitute a certain risk for the eventual recovery of part of the reserves.
All of the mineral reserves affected by these uncertainties have been assigned the probable
classification, including the mineral resources originally classified as measured. This involves a
total of 17.9&nbsp;million tonnes at an average grade of 4.4 grams of gold per tonne representing 57% of
the Central Pit proven and probable in situ reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All reserves in the Southwest and Sarytor deposits have been classified as probable reserves in
view of limited production reconciliation history.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets out the Kumtor proven and probable mineral reserves estimate as of
December&nbsp;31, 2007:
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Kumtor Reserves as of December&nbsp;31, 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="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&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" style="border-bottom: 0px solid #000000"><B>CATEGORY</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Gold Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Contained Gold</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(g/t)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(thousands of ounces)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD nowrap><DIV style="margin-left:15px; text-indent:-15px"><B>Proven (Kumtor Central Pit)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stockpiles</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Greater than 1.0 g/t</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,594</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">158</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In situ</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greater than 1.0 g/t</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6294</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.3</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,065</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Proven Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">9,888</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.8</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,223</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Probable (Kumtor Central
Pit)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In situ</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greater than 1.0 g/t</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">25,342</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,334</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Probable (Southwest deposit)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In situ</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greater than 1.0 g/t</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">369</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.9</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">34</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Probable (Sarytor deposit)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In situ</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Greater than 1.0 g/t</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,835</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.4</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">311</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&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 align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">28,546</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,679</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD colspan="3" align="left"><B>Total Proven and Probable Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38,434</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.0</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,902</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except for the potential risks posed by the geotechnical issues described under the heading &#147;<I>Mining
Operations </I>&#150; <I>Geotechnical Issues Affecting the Kumtor Open Pit&#148; </I>and political risks pertaining to
the Kyrgyz Republic described under &#147;Risk Factors&#148;, there are currently no known environmental,
permitting, legal, title, taxation socio-economic, marketing, political or other relevant issues
that might materially affect the estimate of Kumtor mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The changes to the reserve base during 2007 predominantly reflect the lowering of the cut-off
grade, which now includes 8.5&nbsp;million tonnes with an average grade of 1.1 grams of gold per tonne
(existing stockpiles plus future production) that previously were not. A small tonnage gain of 0.4
million tonnes was registered for Sarytor, for the same reason. The remainder of the increase is
due to modifications to the Central pit design, which upgraded a modest tonnage of resources below
the pit into reserves, and the increase in gold price. The resulting increase in reserves more
than offset the gold mined during 2007.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mineral Resources Estimate</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional mineral resources have been estimated outside the updated pit designs at the Central
Pit, as well as the Southwest and Sarytor deposits. The estimates of additional mineral resources
for the expanded Central, Southwest and Sarytor open pits have been based upon a cut-off grade of
1.0 grams of gold per tonne using the undiluted KS-8, Southwest and Sarytor block models. The
additional mineral resources occur in the space between the current ultimate pit design that is
based on a gold price of $550 (US)&nbsp;per ounce, and optimized larger pit shells (resource shells)
that are uneconomic at a gold price of $550 (US)&nbsp;per ounce.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 93 -<!-- /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>Kumtor Resources as of December&nbsp;31, 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="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" style="border-bottom: 0px solid #000000"><B>CATEGORY</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Gold Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Contained Gold</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(g/t)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(thousands of ounces)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Measured</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">Open Pit (&#062; 1.0 g/t)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,931</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Indicated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">Open Pit (&#062;&nbsp;1.0 g/t)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,741</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>&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 Measured and Indicated Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">Open Pit (&#062;&nbsp;1.0 g/t)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,672</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>&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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Inferred</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="right">Open Pit (&#062;&nbsp;1.0 g/t)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778</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">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="3" align="right">Underground (&#062;&nbsp;7.0 g/t)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,797</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>&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 Inferred Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,843</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>&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>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral resources are not mineral reserves and do not have demonstrated economic viability.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>SB Zone Underground</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, SRK Consulting (Canada) Inc. (&#147;SRK Canada&#148;) conducted a scoping study with respect to
mining the SB Zone by underground mining methods below the ultimate Central pit. Diamond drilling
to date in the SB Zone has outlined a high-grade inferred resource below the current pit design,
estimated to be 1.8&nbsp;million ounces of contained gold at an average grade of 20.0&nbsp;grams of gold per
tonne.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the results as the SRK Canada Study on December&nbsp;7, 2006, Centerra announced a $36&nbsp;million
(US)&nbsp;underground program to upgrade the SB Zone inferred mineral resources considered for
underground mining to a higher classification. The underground exploration program will include
delineation drilling from the exploration decline, level development, test mining and a subsequent
detailed technical and economic study. Excavation of the box cut for the decline portal was
complete at the end of 2007, and the first round of the decline has recently been taken. The
physical underground exploration and delineation program is scheduled to be completed at the end of
2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, the designs for the portal, surface facilities and decline to access the SB Zone were
completed, and three permit applications which are required under applicable mining law were
submitted to the relevant authorities for approval. The permit applications were approved in the
second half of 2007, and construction of the portal and surface support structures commenced. The
portal to the decline required an extensive excavation of colluvium to access a secure rock face
and protect the portal entrance. A 100&nbsp;metre long culvert was designed as the primary portal
entrance. The first rock blast occurred on February&nbsp;29, 2008. All equipment required for this phase
has been purchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A decision to commence mining SB Zone resources will be considered as drilling results become
available. Plans to expand the underground development to allow for the timely extraction of the SB
Zone are expected to be formulated in 2008.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2007, Kumtor had approximately 2,145 employees (excluding long-term contractors),
of which approximately 96% are Kyrgyz citizens. The Kumtor mine is unionized and all of Kumtor&#146;s
national employees in the Kyrgyz Republic are subject to a collective agreement between KOC and the
Trade Union Committee. Labour relations to date have been generally good and there has been only
been one work stoppage due to a labour dispute in December&nbsp;2006. KOC reached agreement with trade
union representatives on the material terms of a new, two-year labour agreement in February&nbsp;2007.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 94 -<!-- /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><I>Mining Operations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mining</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining operations at Kumtor are carried on using conventional open-pit mining methods. The Central
deposit is mined in a large open pit where total material mined in 2007 was nearly 80&nbsp;million
tonnes, or 220,000 tonnes per day. Additionally, 35&nbsp;million tonnes were mined in 2007 from the
Southwest pit, or 96,000 tonnes per day. The overall waste to ore ratio in 2007 was 21.4 to 1.
Total mining in 2007 thus amounted to 14,000 tonnes per day of ore including low-grade material to
stockpiles, and more than 300,000 tonnes per day of waste.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The initial stripping of the Kumtor orebody in 1995 had the unusual challenge of mining a portion
of the Lysii glacier that covered the northeastern area of the planned open pit, and lesser
quantities of ice have been removed in subsequent years as the northeast highwall of the open pit
is pushed back. Additional mining of the Lysii glacier is planned as part of the high wall
push-back in the coming years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The top mining elevation in the Central deposit&#146;s current ultimate pit design is at about 4,460
metres, and the very deepest part of the final pit excavation will be at 3,650 metres in the
southwest part of the deposit. The crushing plant to which ore is delivered is at about 4,050
metres and ore transport was thus downhill for the upper portion of the orebody, and will have a
maximum uphill haul of 400 metres for the lower portion. The haulage distance from the Southwest
deposit is about 5.2 kilometres, and the haulage distance for the Sarytor deposit, scheduled to be
mined starting in 2009, will be 7.8 kilometres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Waste disposal continues to be on the upper and lower parts of the Davidov glacier. The waste does
not have any acid generation potential because of its high carbonate content. As the waste is
being deposited, the glacier reacts as a result of the increasing load. The ice movement is
measured and monitored.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining is based on eight-metre benches with split-bench mining in areas of lower ore thickness.
Blast holes are currently drilled using 11 rotary-percussion drill rigs. In 2008, eight of the
rigs will be converted to drill holes with a wider diameter. This will result in a wider
drill-hole pattern making the other three rigs redundant. Charging the holes is undertaken by
special bulk explosives trucks delivering either ammonium nitrate with fuel oil (ANFO), or the use
of emulsion explosives for wet holes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The main loading fleet includes ten hydraulic excavators (nine of which are configured as shovels
and the other as a backhoe), four shovels and three front-end loaders. Typically, the shovels are
used for production and the loaders for ore blending, cleanup and support during shovel
maintenance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2007, total capital expenditures at Kumtor amounted to $88&nbsp;million (US), mainly for
pre-stripping the South Pit, the SB Zone underground project, the tailings dam shear key extension
and the purchase of 16 haul trucks and four shovels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grade control in the pit is based on the sampling of blast hole cuttings whose grade and
metallurgical character are determined at the site laboratories. This information is entered into
the ore grade control model, based on which the various ore blocks are staked in the field for
digging. The ore is then delivered to the crusher or the appropriate stockpile depending on the
daily blending requirements. Kumtor has an active and dynamic blending program in close contact
with the mill that adjusts the ore blend as required to maximize the gold recovery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hydrological conditions are controlled by the presence of up to 250 metres of permafrost that has,
however, become more discontinuous in the area affected by mining due to seepage of seasonal
surface waters into the ground. Groundwater volumes from this source zone are relatively small and
are included with the water volumes handled as surface runoff and glacial meltwater. Surface
waters are partly diverted away from the pit using diversion ditches, sumps and gravity pipelines.
Water within the pit is channeled to sumps and is pumped outside the pit limits. The original
permafrost boundary was between elevations 3,900 metres and 3,950 metres along dewatering ditches
and parts of the pit are not in unfrozen ground. The consequences for pit wall stability are
described in &#147;<I>Mining Operations &#151; Geotechnical Issues Affecting the Kumtor Open Pit</I>&#148;.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 95 -<!-- /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">Kumtor has approximately seven years of remaining mine life.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Milling</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor flowsheet for ore processing is a standard layout that consists of crushing, grinding,
flotation, cyanide leaching and gold recovery in a carbon-in-leach (&#147;CIL&#148;) circuit. The milling
process reflects the fine-grained nature of the gold and its intimate association with pyrite and
consists of crushing, grinding, pyrite flotation and double re-grinding the flotation concentrate.
Two separate CIL circuits recover the gold from the re-ground concentrate and from the flotation
tails, with final gold recovery accomplished by electrowinning and refining. The mill was
originally designed with a capacity to process 4.8&nbsp;million tonnes of ore per year, but the actual
mill throughput is currently approximately 5.6&nbsp;million tonnes per year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ore to be milled is managed through a number of stockpiles that receive ore of different
metallurgical character and of different grade ranges and thus allow blending of the mill feed. A
gyratory crusher reduces the ore to 100% minus 30 centimetres. The ore is then fed to a coarse ore
stockpile from which it is reclaimed for grinding, first to a semi-autogenous (&#147;SAG&#148;) mill and then
to a ball mill, which together reduce the grain size to 80% passing 140 microns. A bulk sulphide
concentrate representing 7% to 11% of the original mill feed is then produced with a grade of 30 to
50 grams of gold per tonne and a gold recovery of 87% to 92% into the concentrate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The flotation concentrate is re-ground to 90% passing 20 microns. After thickening to 60% solids,
it is once more re-ground to 95% to 98% passing 20 microns in an ultra-fine grinding (&#147;ISA&#148;) mill,
re-pulped to 45% solids, pre-aerated for 40 hours and leached for 80 hours in the CIL circuit
consisting of four agitated tanks in series. Centerra commissioned the ISA mill at a cost of $6.8
million (US)&nbsp;in October&nbsp;2005. Application of this new technology has resulted in increased
recoveries in excess of 2%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The flotation tailings with an average grade of 0.45 grams of gold per tonne are thickened to 50%
solids and subjected to cyanidation for ten hours in a CIL circuit similar to the circuit used for
the sulphide concentrate. The carbon in both CIL circuits is moved forward counter-current to the
slurry flow, and the loaded carbon from the first flotation tailings CIL tank is pumped to the
third concentrate CIL tank to continue loading. Loaded carbon from the first concentrate CIL tank
is pumped to the gold recovery plant. The loaded carbon is stripped and the gold subsequently
recovered by electro-winning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The main grinding and re-grind circuits use ball mills that are constructed by joining together
four segments bolted at the flanges. Since the inception of production, there has been a bolt
breakage issue at the flanges of the re-grind mills that required ongoing remediation by various
methods. To reduce the risk of significant interruption in milling, Centerra replaced the re-grind
shell and discharge head in a planned shutdown, which has eliminated the bolt breakage problem on
the flanged segments. The ISA mill was used as a temporary replacement for the re-grind mill during
installation of the replacement mill shell and head. Additionally, in 2006 a SAG mill motor was
purchased as an emergency spare to reduce the risk of a shutdown due to SAG mill motor problems. In
late February&nbsp;2008, Kumtor temporarily shut down the mill in order to repair the ring gear on the
ball mill. The ring gear was repaired in mid-March&nbsp;2008 and replacement of the ball mill shell, a
defect in which is believed to have contributed to the failure of the ring gear, is ongoing and is
on schedule to be completed by early April&nbsp;2008. The ball mill is expected to be returned to
operation by mid-April&nbsp;2008. Centerra does not expect the shutdown to affect forecast gold
production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold recovery in the CIL circuits is 30% for the flotation tailings and 90% for the sulphide
concentrate. The loaded carbon is stripped and the gold subsequently recovered by electrowinning.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold recovery, particularly during the early phase of operations, was affected by the preg-robbing
character of some of the ore due to active graphite. These effects have been moderated by adding
diesel fuel and sodium laurel sulphate (&#147;SLS&#148;) as masking agents to the ore feeding the SAG and
re-grind mills. Historically, the overall metallurgical recovery rate has averaged 79.4%.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 96 -<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Production History</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mill started processing ore in the third quarter of 1996, leading to commercial
production in the second quarter of 1997. Through December&nbsp;31, 2007, a total of 59.4&nbsp;million
tonnes of ore has been milled with an average gold content of 4.05 grams of gold per tonne. The
total gold recovered was 6.15&nbsp;million ounces. In addition, 699 tonnes of waste and ice had been
mined for an overall strip ratio of 11.8 to 1. Production in 2007 of 300,862&nbsp;ounces of poured gold
was below Centerra&#146;s projection of 450,000-460,000 ounces at the beginning of the year as a result
of the delayed access to the SB Zone. See &#147;<I>Mining Operations &#150; Geotechnical Issues Affecting the
Kumtor Open Pit</I>&#148; below.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geotechnical Issues Affecting the Kumtor Open Pit</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>The Northeast Wall (High wall)</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operations of the Kumtor pit have been negatively affected as a result of two substantial failures
of the highwall that forms the northeastern limit of the Kumtor pit. While some ground movement is
common, on July&nbsp;8, 2002 a very significant and unexpected movement occurred (the &#147;2002 highwall
ground movement&#148;) that affected the pit wall over a vertical distance of 280 metres, caused one
fatality and resulted in the temporary suspension of mining operations. 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 the high-grade Stockwork Zone was
rendered temporarily inaccessible to mining. Consequently, KGC milled lower-grade ore and achieved
lower recovery rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the 2002 highwall ground movement, a program of structural mapping and geotechnical
drilling with assistance from SRK Consulting (UK)&nbsp;Ltd. (&#147;SRK UK&#148;) commenced. Based on the advice
of Centerra&#146;s geotechnical consultant, Golder Associates Ltd. (&#147;Golder&#148;), and following further
technical investigation, Centerra revised the structural model in the area of the highwall and
reformulated the slope design criteria for the final pit. The original overall slope design angle
was 42&#176;, which was redesigned to 36&#176; based on the assumption of a circular rock mass failure.
Mining of ore in the pit sector affected by the rock fall resumed in 2003. As of December&nbsp;31,
2005, the entire area affected by the 2002 failure had been mined out.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s claim under its insurance arrangements for certain losses it incurred as a result of the
2002 highwall ground movement, in particular the failure of the working bench, was settled in
August&nbsp;2006 for approximately $13.6&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A second pit wall failure occurred on July&nbsp;13, 2006 (the &#147;2006 highwall ground movement&#148;)
encompassing about two million cubic metres of waste rock in approximately the same location as the
2002 failure, above the Stockwork Zone that was planned to be mined in 2006 and 2007. An automated
prism monitoring system, installed by Centerra as a result of the initial 2002 highwall ground
movement, provided sufficient warning to remove all personnel and most equipment from the area
affected by the failure. A diamond drill rig was destroyed by the new slide. Due to safety
concerns, mining from the area was deferred, and mill feed from this area was partly replaced with
low-grade ore stockpiles resulting in a significant and negative impact on production. Mining of
the high wall affected by the failure was again postponed and has not yet resumed. As a result,
mill feed planned from this area was replaced with low grade ore stockpiles. Production in 2006
totalled 303,582 ounces of gold compared to a projection of 410,000 to 420,000 ounces of gold
(revised as of April&nbsp;30, 2006). Mining of the north wall affected by the ground movement was
postponed. Mine production equipment from this area was moved to the SB Zone to accelerate
stripping in order to access higher-grade ore expected in mid-2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the 2006 highwall ground movement, Centerra began an expanded program of structural
mapping and Golder and SRK UK continued to assess causes of the pit wall failure and provided
guidance with respect to remedial and long-term pit slope design criteria that would reduce the
possibility of recurrence. This work has provided insight into why the highwall failures occurred.
Large shallow wedges are interpreted to have formed the failure plane, and sub-glacial water
seeping from the overlying Lysii glacier into the pit wall, reducing the extent of the original
permafrost regime, exacerbated by a dysfunctional drainage ditch above the slide, have been
recognized as contributing factors to the 2006 highwall ground movement.
</DIV>


<DIV align="RIGHT" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 97 -<!-- /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">Based on recommendations by Golder and SRK UK, the high wall slope for the year-end 2007 mineral
reserve estimate and life-of-mine plan has now been designed with slope angles that range from 28&#176;
to 32&#176;. The slope has been flattened to excavate any deeper wedges that might exist to prevent
further similar failures. In addition to the flattening of the high wall, more ice is scheduled to
be removed from the remaining Lysii Glacier snout starting in 2008, and any melt water from the
glacier should be reliably directed away from the pit so that the pit wall is no longer affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The factor of safety for the slope as planned can only be determined with additional work to
identify the geometry and distribution of the remaining but diminished permafrost, and the degree
of water saturation in areas where the permafrost has receded or was never present. The necessity
of depressurizing the high wall by horizontal drains, considered to be technically possible,
requires the investigation of the ground water and permafrost regimes to allow an assessment of the
need for relief wells. Moreover, surface waters need to be reliably diverted from the wall.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since mining of ore requiring the push-back of the highwall is not planned before 2011, there is
time available to complete these investigations. Anticipating that Centerra will undertake
additional studies to confirm the structural geology, investigate the groundwater regime and
determine whether rock dewatering of the highwall is required and how it may be achieved, the
inclusion of the affected ore tonnage in Kumtor&#146;s current statement of mineral reserves has been
accepted. There is, however, a risk that some or all of the reserves in question, being 7.8
million tonnes with an average grade of 3.7 grams of gold per tonne and an incremental strip ratio
of 29 to one, may not be recoverable without a further substantial flattening of the highwall.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>The Southeast Wall</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The south-east wall of the Kumtor pit has a number of geotechnical challenges that have a
significant affect on the amount of high-grade ore from the SB Zone that can be recovered by
open-pit mining.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The excavation of the SB Zone takes place below the former location of the Davidov glacier in the
south-western part of the Kumtor deposit. Prior to the identification of the SB Zone, waste rock
had been dumped in this area. This has resulted in the gradual displacement of the glacier away
from the pit, so that the waste, originally lying on glacier ice, now rests for the most part on
the original substratum, the basal moraine (&#147;till&#148;) of the glacier. The new Kumtor life-of-mine
plan will continue this practice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The waste dumps acts as a buttress between the glacier and the pit, as intended. As a consequence,
the outer edge of the final pit design in this area is fixed and push-backs of the Kumtor pit past
the berm cannot be used to recover deeper parts of the SB Zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The till onto which the waste was dumped is loose, granular and heterogeneous with respect to fines
content and permeability. The initial design of the south east wall assumed a 36&#176; slope in the
lower bedrock, an 18&#176; face in the glacial till and a 36&#176; slope in waste rock overlying the till
with an overall slope of 29&#176; as recommended by Golder.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the first quarter of 2007, minor slope movement was detected in the waste dump above the SB Zone
highwall in the Central Pit. Deformation cracks in the waste rock above the till focused the mine
staff&#146;s attention on wall instability seated in the glacial till between the waste dumps and the
underlying bedrock. Drilling has indicated that further push backs of the Kumtor pit will
encounter unfrozen, water-saturated till. The outer face of the till is frozen and hence the water
behind the slope face is pressurized. The till appears to be pressurized by water derived from the
base of the Davidov glacier as well as by water flowing through unfrozen bedrock in the pit walls.
An initial geotechnical drilling and analysis program was undertaken in the second quarter of 2007
to determine whether a lower design slope angle would be required to stabilize the waste dump and,
if so, to determine the effect on future production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In a press release issued on July&nbsp;19, 2007, Centerra reported that independent geotechnical experts
had completed their preliminary analysis of the previously reported high wall waste dump movement
and the preliminary findings of the glacial till characterization. An initial assessment of the
slope with full water pressure in July&nbsp;2007 led to redesign of the overall slope by Golder to 18&#176;
above the till/bedrock contact with significantly flattened till and waste rock slopes. Since the
crest of the ultimate pit slope is fixed at this location, such flattening of the slope from the
original 29&#176; by 11&#176; would
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 98 -<!-- /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">have had a significant and negative impact on the December&nbsp;31, 2007 mineral reserves by raising the
pit bottom by some 95 metres. The lower slope angles would also delay access to the SB Zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further technical assessment since July of 2007, including additional drilling, installation of
piezometers (devices installed in drill holes that allow the direct measurement of pore water
pressure in the surrounding rock) and de-watering tests (a pump test utilizing a pumping well and
two observation holes) have led to a better understanding of the water pressure distribution in the
till. The de-watering tests undertaken to date indicate that the till can be depressurized to allow
push back of the overall slope at an approximate angle of 30&#176; &#151; near to the original design. Recent
interpretation of the geological structures in the south east corner of the Central Pit has
indicated the need to flatten the rock slope beneath the till where foliations interact
unfavourably with steeply dipping cleavage, foliations and north-westerly dipping thrust faults.
This work indicates that there are likely several parallel thrust structures behind the slope so
that failure modes would include a combination of cleavage, foliation attitude and faults.
Subsequent work by Golder has confirmed that a slope angle of 20&#176; is required in these areas where
these structures are oriented poorly with respect to the pit geometry. However, Golder notes that
the rock slope angle can be steepened substantially to about 30&#176; if depressurization is undertaken.
While there is no reason to believe that depressurization cannot be undertaken, there has been no
relevant testing done in this area of the pit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While depressurization tests of the rock below the till have not yet been undertaken, the rock is
fractured and is likely amenable to depressurization. The method of depressurization still has to
be determined, but a series of pumping wells on the surface, or a drainage adit at depth to dewater
by gravity, are being considered. Both approaches are technically feasible. If depressurization of
the till and of the underlying rocks cannot be achieved, however, the flatter slope angle required
under Golder&#146;s initial assessment would lead to a reduction of the mineral reserves mineable by
open pit by approximately ten million tonnes with an average grade of 4.9&nbsp;grams of gold per tonne.
Note, however, that about 1.4&nbsp;million tonnes with an undiluted grade of 21&nbsp;grams of gold per tonne,
which are part of this tonnage in question, would be added to the inferred resources scheduled for
underground exploration and possible later mining by underground mining methods. The pit design, on
which Centerra&#146;s December&nbsp;31, 2007 mineral reserves are based, uses the steeper set of design
angles which anticipate successful depressurization of both the till and the underlying rocks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Conclusion</I></U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate mineral reserves with exposure to geotechnical risk total nearly 18&nbsp;million tonnes
with an average grade of 4.4 grams of gold per tonne. To reflect the additional risk in this part
of the Kumtor reserve, the entire tonnage in question has been included in the probable reserve
class, even if their resource counterpart was originally in the measured category.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2008 Production Estimate</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, approximately 5.658&nbsp;million tonnes of ore at an average grade of 4.1 grams of gold per
tonne is scheduled to be processed, resulting in expected production of 618,000 ounces of gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing 2008 Kumtor production estimate and certain other statements regarding plans and
expectations for Kumtor under the heading &#147;Kumtor Mine&#148; and elsewhere in this Annual Information
Form are forward-looking information and are based upon the following key assumptions and subject
to the following factors that could cause results to differ materially:
</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>Cameco has assumed that the geotechnical issues affecting the Kumtor Pit, which is a
challenging deposit to mine, will be overcome and that all necessary studies,
investigations and remediation efforts to pushback the highwall and dewater the glacial
till and rocks above the SB Zone and portions of the east wall are successful, but
actual production results could differ materially if these geotechnical issues cannot
be resolved successfully within the expected timeframe;</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 has assumed that the initial planned raise of the tailings dam by three
meters is successfully completed on schedule by the end of 2008 and that all necessary
permits and authorizations are obtained, and all work is successfully completed, for a
further raise of the tailings dam by an additional</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</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 -->- 99 -<!-- /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 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>three metres by 2010, but there is a risk that future production levels will be
constrained if these raises of the tailings dam cannot be successfully completed on
schedule;</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 has assumed that the that the Agreement on New Terms is completed and all
conditions are satisfied, including approval of the Parliament of the Kyrgyz Republic
and any required regulatory or other approvals, but that is subject to the risk that
the agreement is not completed or the conditions are not satisfied;</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 has assumed that Centerra receives all necessary permits and authorizations,
including environmental permits and authorizations, from governmental authorities of
the Kyrgyz Republic in a timely fashion and on acceptable terms to maintain scheduled
production, but that is subject to risk that such permits or authorizations cannot be
obtained in a timely manner or on terms satisfactory to Centerra<B>.</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has also assumed there will be no material unexpected disruptions to Kumtor&#146;s planned
production schedule, but Kumtor&#146;s operations are subject to the risk of delays in or suspension of
production associated with: further ground movements of the pit walls, waste dump or tailings dam;
seismic activities, weather and other natural phenomenon; the occurrence of water inflows;
unexpected geological or hydrological conditions; employee relations, litigation or arbitration
proceedings; blockades or opposition by local communities; equipment failure; delays in obtaining
or failing to procure required capital equipment, operating parts and supplies; environmental
accidents or contamination; increased regulatory burden; and political instability and political
unrest in the Kyrgyz Republic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other factors that could cause actual results or events to differ materially from current
expectations include, among other things: volatility and sensitivity to market prices for gold;
replacement of reserves; increases in production and capital costs; inability to enforce legal
rights; defects in title; imprecision in reserve estimates; success of future exploration and
development initiatives; competition; operating performance of the facilities; seismic activity,
weather and other natural phenomena; the speculative nature of exploration and development,
including the risks of obtaining necessary permits and approvals from government authorities;
changes in national and local government legislation, taxation, controls, regulations, policies and
political or economic developments in Kyrgyzstan; and other development and operating risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If actual results differ materially from the assumptions set out above or any of the material risk
factors identified above or elsewhere in this Annual Information Form, including under the headings
&#147;Caution Regarding Forward-Looking Information and Statements&#148; and &#147;Risk Factors&#148;, occur,
production from Kumtor may differ materially from the foregoing production estimate and Centerra&#146;s
plans and expectations for Kumtor may differ materially from actual results.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold produced by the Kumtor mine is purchased at the mine site by Kyrgyzaltyn for processing at its
refinery in the Kyrgyz Republic pursuant to the Gold and Silver Sale Agreement entered into between
KOC, Kyrgyzaltyn and the government of the Kyrgyz Republic. Under these arrangements, Kyrgyzaltyn
is required to prepay for all gold delivered to it, based on the price of gold on the London
Bullion Market on the same day on which KOC provides notice that a consignment is available for
purchase. If Kyrgyzaltyn does not purchase any gold produced, the Investment Agreement provides
that KGC may export and sell the gold outside of the Kyrgyz Republic without restriction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to an amendment to the Gold and Silver Sale Agreement, effective from December&nbsp;22, 2005,
as amended from time to time since then, Kyrgyzaltyn is permitted, until May&nbsp;15, 2008, to defer
payments for gold for up to 12 calendar days. Kyrgyzaltyn has agreed to sell, before May&nbsp;15, 2008,
a sufficient number of Centerra common shares to yield $12&nbsp;million (US)&nbsp;of proceeds. These
proceeds, which will continue to be held by Kyrgyzaltyn, will fund a gold payment facility to be
used by Kyrgyzaltyn to resume the practice of pre-paying for gold. The obligations of Kyrgyzaltyn
are secured by a pledge of a portion of the Centerra shares owned by Kyrgyzaltyn.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 100 -<!-- /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><I>Kyrgyzaltyn Management Fee</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Kumtor restructuring, KOC entered into an amended and restated agreement
with Kyrgyzaltyn for its participation in the operation of the Kumtor gold project (the &#147;Management
Services Agreement&#148;). This agreement came into effect together with the Investment Agreement on
closing of the Kumtor restructuring.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Management Services Agreement provides for payment of a management fee to Kyrgyzaltyn in return
for its continuing assistance in the management of the Kumtor operations. Kyrgyzaltyn received an
initial payment of $1&nbsp;million (US)&nbsp;and will receive subsequent payments calculated on the basis of
$1.50 (US)&nbsp;per ounce of gold sold. The total amount of such subsequent payments is expected to be
less that $1.5&nbsp;million (US)&nbsp;annually.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Environmental, Health and Safety Matters</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s operations at the Kumtor mine are subject to environmental and safety requirements
arising from the legislation and other legal requirements applicable in the Kyrgyz Republic,
supplemented by contractual commitments to conduct operations in accordance with good international
mining practice and in material compliance with the standards applicable under the EMAP for the
Kumtor mine, which includes operation in material compliance with federal Canadian, Saskatchewan
and World Bank environmental, health and safety laws, regulations, policies and guidelines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For Kumtor, a number of certificates, permits, licences and approvals are required to be obtained
Centerra from various departments of the government of the Kyrgyz Republic, including with respect
to the use of potentially toxic chemicals, transportation of dangerous goods, importing of blasting
materials and sodium cyanide, environmental emissions and discharges, and water usage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2000, KOC developed a formal Environmental Management System (&#147;EMS&#148;) following the ISO-14001
standards for determining and managing environmental aspects associated with its activities. The
EMS addresses all impacts of the operation on the environment and monitors compliance with the
various permits issued by the Kyrgyz authorities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;1998, a truck en route to the Kumtor gold mine accidentally overturned and spilled
approximately 1,760 kilograms of sodium cyanide into the Barskaun River, which in turn drains into
Lake Issyk-Kul. Following the accident, an independent scientific commission of international
experts was assembled to assess the impact. The commission released its report to the public in
September&nbsp;1998 and, among other things, concluded that no fatalities resulted from the spill and
that, based on reported cases where humans may have been affected within the first 72 hours, up to
16 cases of cyanide exposure may have occurred. However, the commission concluded that none of
these exposure cases was confirmed, that no medical evidence has been suggested to support these
cases as being cyanide-related, and that none of these potential cases were likely to experience
long term effects. Despite the finding of the international experts, a separate commission
established by the Prime Minister of the Kyrgyz Republic determined that damages as a result of the
accident amounted to $4.6&nbsp;million (US). Subsequently, KGC reached a formal settlement agreement
with the government of the Kyrgyz Republic. In January&nbsp;1999, the settlement agreement was
submitted to a tribunal of the American Arbitration Association, which reviewed the terms of
settlement and confirmed them as fair and reasonable. This represents a final settlement of all
claims or potential claims arising from the accident. Mine operations were not interrupted by the
accident.
</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 operation and the consequences of the spill. Based on the inquiries of the state
committee, the government issued a decree in September&nbsp;2005, requesting, among other things, that
certain government agencies enter into negotiations with KGC and ask that KGC provide new funds to
compensate local residents. Throughout these negotiations KGC&#146;s position continued to be that the
settlement agreement 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 an
agreement was signed between
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 101 -<!-- /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">KGC and the government under which KGC agreed to make interest-free advances of approximately $4.4
million (US)&nbsp;to the government. To date, $3.7&nbsp;million (US)&nbsp;has been advanced. This money has been
distributed to members of the local communities by a committee created by the government to
administer the distribution of compensation. Half of the loan ($2.2&nbsp;million (US)) is repayable not
later than 2010 and is secured by Centerra common shares held by Kyrgyzaltyn. The balance will be
forgiven in 2012, provided that the government does not default on its obligations in the
Investment Agreement. The Agreement on New Terms provides that entire amount of $4.4&nbsp;million (US)
will be forgiven by Centerra.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the completion of mining and milling at Kumtor (subject to extending Centerra&#146;s rights to mine
other areas as provided under the Concession Agreement), all immovable infrastructure will become
the property of the government of the Kyrgyz Republic. This includes the roads, buildings,
accommodations and any other related facilities but does not include operating machinery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A decommissioning plan was developed as required by the EMAP. The decommissioning plan covers all
aspects of the mining project including the open pit, mill complex, tailings basin, stockpiles and
other surface facilities. Equipment, buildings and other structures will be salvaged to the extent
possible. All areas will be contoured to fit the natural terrain. The open pit will be left to
fill with water and the tailings will be covered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the EMAP, Centerra is required to update a Conceptual Closure Plan (&#147;CCP&#148;) every three years.
This approach allows for the development and adaptation of the CCP, provides a period for testing
and monitoring of several years to evaluate the various options contemplated by the CCP, and is
followed by the development of a Final Closure Plan closer to the end of mine life that will
consider the results of the testing and monitoring as well as any changes to the environmental,
regulatory and social environment that may have occurred over the life of the mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1999, Centerra&#146;s future decommissioning and reclamation costs for the Kumtor mine were estimated
to be approximately $20.3&nbsp;million (US). Any realized salvage value from the sale of plant
machinery and equipment and other moveable assets after mining operations have ceased would be
available to be applied against final reclamation costs, together with funds from the recovery of
working capital. In 2004, a revised and more detailed conceptual decommissioning and reclamation
plan was developed that estimated total costs of $21&nbsp;million (US). In 2007, a revised conceptual
closure plan was initiated and is planned to be completed in 2008. This is necessary due to the
extension of the mine life and addition of new equipment to the mine and mill operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1998, a reclamation trust fund was established for the future costs of reclamation, net of
estimated salvage values of $14.9&nbsp;million (US). In order to fund this amount, contributions are
made to the fund over the life of the mine based on ounces of gold sold. At December&nbsp;31, 2007, the
balance in the fund was $4.85&nbsp;million (US).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration expenditures at Kumtor were $11.7&nbsp;million (US)&nbsp;during 2007. Drilling programs were
carried out in the vicinity of the open pit area to further evaluate the Kumtor ore body and
consisted of 29 holes totalling 15,418 metres. A drilling program consisting of 27 holes totalling
3,077 metres was also completed at the Sarytor deposit, and a program of three holes totalling 527
metres at the Southwest Zone deposit, which are satellite deposits located about three to five
kilometres from the Kumtor mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2007 exploration drilling program continued to test the strike and dip extensions of the Kumtor
mineralized structure to the north of the highwall of the Central Pit. Additional drilling was
also carried out to test the mineralized structures north of the Sarytor and Southwest Zone
deposits and between the Sarytor and Southwest Zone deposits in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regional drilling programs consisting of three holes totalling 788 metres was also carried out on
the Bordoo target and a drilling program of 8 holes totaling 2,201 metres was completed on the
Northeast target.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 102 -<!-- /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">Further exploration programs are planned for 2008, with a budget of $15&nbsp;million (US) (not including
$14.0&nbsp;million (US)&nbsp;allocated to underground exploration and development for 2008). Additional
drilling programs will be completed in the vicinity of the Central Pit with a focus on testing
strike and dip extensions to the mineralized horizons to the north of the Central Pit. Exploration
programs will also continue in other target areas such as Bordoo, Akbel, Petrov and the Northeast
target.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo open pit gold mine is located in Mongolia. The Boroo mill began the commissioning phase
in November&nbsp;2003 and the mine was brought into commercial production on March&nbsp;1, 2004. In 2007,
the Boroo mine produced about 255,000 ounces of gold. At year-end 2007, 111,000 ounces of
contained gold have been added, before accounting for 297,000 ounces of reserves mined in 2007.
The mineral reserve and resource estimates for Boroo are found below at <I>Centerra Gold Inc. &#150;
Reserves and Resources</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Boroo has approximately 648 employees (excluding long term contractors). The proportion of
Mongolian citizens in the permanent workforce is approximately 94%. In the first quarter of 2008,
a collective agreement was reached with a newly formed union representing Boroo employees. It
expires February&nbsp;1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2007, Centerra completed the acquisition of the remaining indirect 5% minority interest
in Boroo Gold Company (&#147;BGC&#148;), which holds the rights to the Boroo gold deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo deposit is described in a NI 43-101 technical report dated May&nbsp;13, 2004, which was
prepared by Strathcona, and in Centerra&#146;s prospectus dated June&nbsp;22, 2004. The Boroo technical
report and Centerra&#146;s prospectus are available on SEDAR at <u>www.sedar.com</u>.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mongolian minerals legislation is principally governed by the Minerals Law of Mongolia (the
&#147;Minerals Law&#148;). The Minerals Law provides that all mineral resources in the country are the
property of the state and that the state, through its agency the Mineral Resources and Petroleum
Authority of Mongolia (&#147;MRPAM&#148;), has the right to grant exploration and mining (exploitation)
licenses. The body responsible for governing rights related to all minerals-related licenses is the
MRPAM&#146;s Office of Geological and Mining Cadastre (&#147;OGMC&#148;).
</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 as of
August&nbsp;26, 2006. The provisions of the Minerals Law apply to activities and relationships with
respect to the exploration for and mining of all types of mineral resources other than water,
petroleum and natural gas. The key legislative changes approved by the Mongolian Parliament are
described below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The amendments introduced a 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 mineral deposits of
strategic importance. Parliament may designate a deposit as a strategic deposit on its own
initiative or by referral from the government. The amendments provide that the state may take up to
a 50% interest in the exploitation of a minerals deposit of strategic importance where state-funded
exploration was used to determine proven reserves. The percentage of the state&#146;s share shall be
determined by an agreement made with the license holder on exploitation of the deposit, considering
the amount of investment made by the state. The state may take up to a 34% interest in an
investment to be made by a license holder in a mineral deposit of strategic importance where proven
reserves were determined through funding sources other than the state&#146;s budget. Under the new
Minerals Law, a legal person duly formed and operating under the laws of Mongolia, who holds 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="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 103 -<!-- /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">On February&nbsp;6, 2007, Parliament designated the Boroo deposit as strategic, but resolved that the
state would take no interest in Boroo on the basis that a stability agreement between BGC and the
government, should continue to govern the Boroo deposit. This Stability Agreement has since been
amended by the Amended Stability Agreement. See <I>Stability Agreement </I>below.
</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 previously applied to hard-rock gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The new Minerals Law also contemplates the entering into of investment agreements (formerly
referred to as stability agreements) between the government and investors with respect to mineral
properties. 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
million (US)&nbsp;will have 30-year terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral exploration and mining licenses are granted to legal persons duly formed and operating
under the laws of Mongolia who are Mongolian taxpayers. These entities may be foreign-owned. Under
the new Minerals Law, the initial term of a mining license is 30&nbsp;years and may be extended two
times for a period of twenty years each. Existing license holders will be required to convert their
licenses within five months to bring them in conformance with the periods specified by the new
Minerals Law. The Minerals Law provides that the holder of an exploration license has an absolute
right to obtain a mining license covering all or any portion of the exploration license area
subject to the approval of the provincial governor. The holder of a mining license must prepare an
environmental impact assessment and environmental protection plan either before or as soon as
possible after receiving a license and must comply with certain reporting requirements to the OGMC.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2008, the Mongolian Parliament established a working group to prepare draft amendments
to the Minerals Law. In mid-March&nbsp;2008, the cabinet of ministers approved draft amendments for
submission to Parliament. Amendments were submitted to Parliament on March&nbsp;25, 2008, but Parliament
determined that it would defer consideration of the amendments until April&nbsp;5, 2008.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;14, 2006, the Mongolian Parliament passed a new law that imposes a windfall profits tax of
68% in respect of gold sales at a price in excess of $500 (US)&nbsp;per ounce. The Mongolian Parliament
continues to debate recent changes to mining legislation and the applicability of the windfall
profit tax as well as state participation in various mining projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government has acknowledged that the windfall profits tax will not apply to Boroo for so long
as the Amended Stability Agreement remains in effect. However, in discussions between the
government and Centerra regarding an investment agreement in respect of the Gatsuurt project, the
government has not yet agreed to provide similar status to the Gatsuurt project.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">An initial stability agreement (the &#147;Stability Agreement&#148;) was entered into by BGC and the
Mongolian government in 1998. The Stability Agreement, which was amended in 2000, relates to BGC&#146;s
operations at the Boroo gold deposit. Among other things, the Stability Agreement required BGC to
invest at least $25&nbsp;million (US)&nbsp;in development of the deposit. Centerra has met this requirement.
In return, the Mongolian government has guaranteed that Mongolian tax laws in effect in 1998 (when
the initial Stability Agreement was signed) would apply to BGC&#146;s income from the project unless
more favourable laws take effect and the Minister of Finance confirms that the more favourable laws
apply. The initial Stability Agreement provided that the parties shall submit unsettled disputes
regarding the project or the agreement to international arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;3, 2007, Centerra&#146;s subsidiary, BGC, entered into an amended stability agreement (the
&#147;Amended Stability Agreement&#148;) with the government of Mongolia. Pursuant to this agreement,
effective January&nbsp;1, 2007, the Boroo project will be subject to a 10% tax rate for taxable income
up to 3.0&nbsp;billion tugriks and a 25% rate for taxable income above that
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 104 -<!-- /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">amount, which will apply until the termination of the Amended Stability Agreement in July&nbsp;2013.
(Before January&nbsp;1, 2007, BGC was exempt from income tax.) In addition, effective August&nbsp;3, 2007,
the mineral royalty payable will be 5% rather than the 2.5% previously applicable. The Amended
Stability Agreement reaffirms the applicability of the initial Stability Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Amended Stability Agreement currently applies only to the Boroo mine and does not apply to the
Gatsuurt property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Property Description and Location</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo gold project is located in the Republic of Mongolia some 110 kilometres northwest of the
capital city of Ulaanbaatar and about 230 kilometres to the south of the international boundary
with Russia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">MRPAM has granted BGC exclusive rights to all hard-rock minerals and placer deposits under a number
of contiguous mining licences centred on and surrounding the Boroo gold deposit. The licences
expire between 2055 and 2064.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface rights have been obtained, providing sufficient surface area for the mill, and for tailings
and waste rock disposal. Contracts are in place for the operation of the permanent camp, reagent
storage, mining of aggregate materials, fuel storage, operation of a fuel dispensing station and
the tailings dam. BGC must pay a 5% royalty on gold sales to the Mongolian government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo mine site includes an open pit mine with waste and ore stockpile areas. Ore is processed
at a crusher and mill with a capacity of 6,900 tonnes per day. There is a camp/residence for
employees, a warehouse, maintenance shops and offices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A permanent tailings facility in the Ikh Dashir River valley is connected to the process plant by a
five-kilometre pipeline. The tailings storage facility is designed for no discharge, with all of
the water being reclaimed for re-use in the mill. The design of the tailings facility provides
an ultimate storage capacity of 11&nbsp;million cubic meters of tailings, sufficient for the tonnage to
be mined for the entire life of the mine. In 2007, Centerra constructed an extension to the
original tailings dam. The tailings dam walls are at final design for the existing Boroo reserves.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo deposit is mined using conventional open pit mining methods and currently mines
approximately 12,000 tonnes per day of ore and approximately 33,000 tonnes per day of waste. The
strip ratio for the year ended December&nbsp;31, 2007 was 2.5 to 1. The remaining life of mine strip
ratio is expected to be 2.5 to 1. During 2007, mining occurred in Pits 3 and 6. Mining is done
with bench heights of five metres, with ore mined on half-benches for improved grade control in the
flat lying ore. Three to four benches are under development at any given time.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mill is a standard layout that consists of crushing, grinding, gravity concentration, cyanide
leaching and gold recovery in a CIL circuit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mill was designed with a capacity to process 1.8&nbsp;million tonnes of ore per year but the actual
mill throughput is currently 2.5&nbsp;million tonnes per year. The gravity circuit recovers about 30%
to 50% of the gold contained in the ore and the overall gold recovery has been 92% in the first two
years in accordance with the expectations based on the metallurgical test work, but has since
decreased to 79% due to processing of marginally refractory ore from Pit 5 since 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BGC is proceeding to construct a $20&nbsp;million (US)&nbsp;heap leach facility. The facility will have a 3
million annual tonne capacity. The heap leach project is now expected to process ore containing
approximately 528,000 ounces of contained gold over the six-year life of the heap leach project
from 17.7&nbsp;million tonnes of ore (which includes 1.4&nbsp;million tonnes for Gatsuurt) with an estimated
average grade of 0.93 grams of gold per tonne. This total includes an additional 211,000 ounces of
contained gold at an average grade of 0.68 grams of gold per tonne that was classified as probable
reserves as a
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 105 -<!-- /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">result of changing the cut-off grade to 0.2 grams of gold per tonne using the 2006&nbsp;year-end
resource model. Centerra expects the project to be mechanically and electrically completed in March
2008; however, solution application will not commence until permitting is completed.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All gold dor&#233; produced by the Boroo mine is currently exported and refined under a contract with
Johnson Matthey Limited (&#147;JM&#148;). The gold is delivered to a carrier appointed by JM at the minesite
and JM assumes the risk relating to security and transport and responsibility for insurance from
that point to the JM refinery in Ontario. Under the contract BGC may elect to take physical
delivery of the refined gold or to sell it to JM, receiving up to 95% of its estimated value based
on mine-site assays within five working days of delivery to the refinery, with the balance
following agreement on assays.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Environmental, Health and Safety Matters</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BGC has the necessary environmental permits and licences for the Boroo mine. Boroo&#146;s Environmental
Impact Assessment has been amended to reflect changes to operations, and its Environmental
Monitoring and Protection Plans have been approved by the Mongolian government as required on
annual basis. Licences for the import, storage, use and disposal of reagents and chemicals are in
place and include permits for the import, transport, use and on-site storage of cyanide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BGC is updating its Environment Management System to address the impacts of the Boroo operation on
the environment and to monitor compliance with all legal requirements. The system provides
scheduled monitoring, engineering controls and reporting on the tailings management facility, the
mill, the mine and waste rock stockpiles. Specific programs that monitor environmental impacts
include testing for acid generation potential, dust control, investigating and reporting spill
incidents on-site and off-site, hazardous material handling, planning for site decommissioning and
rehabilitation, monitoring the potable water treatment system and sewage treatment and operation of
the landfill.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, an updated preliminary closure plan has been prepared for the Boroo mine and submitted to
the relevant government authorities. In addition to meeting the Mongolian regulatory requirements,
the plan includes reference to international practices pertaining to closure of mining operations.
The estimated undiscounted cost of decommissioning and reclamation for the Boroo mine is $6.4
million (US). Funds for mine closure are accrued on an ongoing basis, and a portion of the annual
environmental management budget has been deposited with the relevant authorities in accordance with
prevailing laws. A review of the preliminary mine closure plan was undertaken in 2007 and, with
the addition of the heap leach project, the estimated cost has risen to $7.3&nbsp;million (US). A more
detailed closure and reclamation plan is expected to be developed in 2008.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has a 100% indirect interest in the mining and exploration licences for the Gatsuurt
development property, situated 35 kilometres from the Boroo project. The Gatsuurt exploration
property covers 2,236 hectares. The mineral reserve and resource estimates for Gatsuurt are found
below at <I>Centerra Gold Inc. &#151; Reserves and Resources</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra expects to be engaged in negotiations in 2008 with the Mongolian government regarding an
investment agreement for Gatsuurt. Since there is not yet an investment agreement for the Gatsuurt
project, there is a risk that Parliament could designate it as a strategic deposit and take up to a
34% interest in it. In addition, Gatsuurt might be subject to the new Mongolian windfall profits
tax. In light of these risks, in March&nbsp;2007 Centerra suspended further development of the property
(other than those necessary to maintain the property in good standing and comply with permits)
pending completion of negotiations of an investment agreement with the Mongolian government. Upon a
satisfactory investment agreement being reached and the final settlement of the Gatsuurt LLC claim,
Centerra expects to begin the development of Gatsuurt. (See Note 25 of the Consolidated Financial
Statements for the fiscal year ending December&nbsp;31, 2007 for a discussion of the Gatsuurt LLC
claim).
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 106 -<!-- /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">Development of Gatsuurt would take place in two stages. The first stage is budgeted at $20&nbsp;million
(US)&nbsp;and is to construct the 54&nbsp;kilometre access road, mine facilities at Gatsuurt, expand the camp
at Boroo and provide the required mobile mining equipment. The second stage is budgeted for $55
million (US)&nbsp;and is to prepare detailed engineering. Procurement and construction is scheduled to
begin thereafter. This stage will modify the Boroo plant to process the Gatsuurt sulphide ore.
However, material increases in potential production costs at Gatsuurt could impact the economic
recovery of ore from the deposit and ultimately a decision to develop the project and may lead to a
reclassification of reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A NI 43-101 technical report dated May&nbsp;9, 2006 for the Gatsuurt deposit was filed by Centerra and
is available on SEDAR at www.sedar.com.
</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">The disclosure in this Annual Information Form of a scientific or technical nature for Kumtor is
based on the Kumtor Technical Report, which was prepared under the supervision of Strathcona as of
March&nbsp;28, 2008, and was written by Henrik Thalenhorst, P.Geo. of Strathcona and Iain Bruce, P. Eng.
of BGC Engineering Inc., each of whom is independent of Cameco and a &#147;qualified person&#148; for
purposes of NI 43-101, and Dan Redmond, P. Geo., a qualified person and an employee of Centerra.
The reserve and resource estimates for the Kumtor mineral property were prepared under the
supervision of Ian Atkinson, Certified Professional Geologist, Centerra&#146;s Vice President of
Exploration, who is a qualified person.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the knowledge of Cameco, these 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">The following table shows the estimated gold reserves and resources as at December&nbsp;31, 2007 on a
property basis and Cameco&#146;s share, which is referred to as Cameco&#146;s equity. Cameco&#146;s equity or
share amounts to 52.7% of Centerra&#146;s share of the reserves and resources of the properties. Upon
the completion of the Agreement on New Terms with the Kyrgyz Government and the issuance of 10
million treasury shares of Centerra to Cameco, Cameco would own approximately 41% of Centerra.
</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;. The amount of reported resources does not include those amounts identified
as reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cautionary Note to Investors concerning estimates of Measured and Indicated Resources:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>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 and probable reserves.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cautionary Note to Investors concerning estimates of Inferred Resources:</B>
</DIV>


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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 107 -<!-- /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">
<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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="47" style="border-bottom: 1px solid #000000">(Tonnes and Ounces in Thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)</SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Reserves</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Proven (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Probable (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>Total Proven and Probable Reserves</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Estimated</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">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Metallurgical</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Recovery %</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,546</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">3,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,434</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">4,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80</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">Gatsuurt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">OP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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><SUP style="font-size: 85%; vertical-align: text-top"><B>(12)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,572</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,514</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,052</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>71,624</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,663</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" 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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="43" style="border-bottom: 1px solid #000000">(Tonnes and Ounces in Thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)</SUP></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" colspan="1" style="border-bottom: 1px solid #000000"><B>Measured and Indicated Resources</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Measured (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Indicated (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="20" style="border-bottom: 1px solid #000000"><B>Total Measured and Indicated Resources</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 7pt" 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">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Method</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(oz) <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(5)(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452</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">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></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">6,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></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">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,222</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,960</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33,568</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,793</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52,790</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,753</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,792</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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="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="19" style="border-bottom: 1px solid #000000">(Tonnes and Ounces in Thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)</SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Inferred Resources (100% Basis)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Inferred</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: 0px solid #000000"></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Equity (oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778</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">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor SB Underground<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947</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">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(5)(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,723</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">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437</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">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,569</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,770</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,375</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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 colspan="3">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with National Instrument 43-101
of the Canadian securities regulatory authorities and in accordance with US Securities and
Exchange Commission Industry Guide 7, reserves have been estimated with cut-off grades based
on a gold price of $550 (US)&nbsp;per ounce.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are in addition to mineral reserves. Mineral resources that are not
mineral reserves do not have demonstrated economic viability when calculated using mineral
reserve assumptions.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco&#146;s equity interest amounts to 52.7% of Centerra&#146;s equity interest of reserves and
resources for the properties. Centerra&#146;s equity interests for the properties are: Kumtor
100%, Gatsuurt 100%, Boroo 100% and REN 63%. Upon the completion of the Agreement on New
Terms with the Kyrgyz Government and the issuance of 10&nbsp;million treasury shares of Centerra to
Cameco, Cameco would own approximately 41% of Centerra.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;OP&#148; means open pit and &#147;UG&#148; means underground.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Open pit mineral resources occur outside the current pits, which have been designed using a
gold price of $550 (US)&nbsp;per ounce.</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 open pit mineral reserves and resources at Kumtor are estimated based on a cut-off grade
of 1.0 grams of gold per tonne and include the Central Pit and the Southwest and Sarytor
deposits. Except for the potential risks posed by the geotechnical issues described under the
heading &#147;Kumtor Mine &#151; Mining Operations -Geotechnical Issues Affecting the Kumtor Pit&#148; and
the political risks pertaining to Kyrgyz Republic described under &#147;Risk Factors&#148;, there are
no currently known environmental, permitting, legal, title, taxation socio-economic,
marketing, political or other relevant issues that might materially affect the estimate of
Kumtor mineral reserves</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">7.</TD>
    <TD>&nbsp;</TD>
    <TD>Underground mineral resources occur below the Central Pit shell and are estimated based on a
cut-off grade of 7.0 grams of gold per tonne.</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 mineral reserves and resources at Boroo are estimated based on a variable cut-off grade
depending on the type of material and the associated recovery. The cut-off grades range from
0.2 to 0.8 grams of gold per tonne.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">9.</TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves and resources at Gatsuurt are estimated using either a 1.2 or 1.9 grams
of gold per tonne cut-off grade depending on the type of material and the associated 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>The mineral resources at REN are estimated based on a cut-off grade of 8.0 grams of gold per
tonne.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">11.</TD>
    <TD>&nbsp;</TD>
    <TD>A conversion factor of 31.10348 grams of gold per ounce is used in the mineral reserve and
resource estimates.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">12.</TD>
    <TD>&nbsp;</TD>
    <TD>Numbers may not add up due to rounding.</TD>
</TR>

</TABLE>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 108 -<!-- /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; margin-left: 4%"><I>Gold Reserves and Resources Reconciliation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of gold mineral reserves and resources reflects the
changes in gold reserves and resources during 2007. Changes in mineral reserves or resources, as
applicable, are attributed to information provided by drilling and subsequent reclassification of
reserves or resources, an increase in the gold price, changes in pit designs, reconciliation
between the mill and the resource model and changes to operating costs. The additions to mineral
reserves and resources during 2007 at Kumtor are attributable to a lower-cut off grade and changes
to pit design. The changes in mineral reserves and resources at Boroo in 2007 are due to a slight
increase in the size of the pit design. The mineral reserves at Gatsuurt are unchanged as the
benefit of increased gold price was offset by increases in the estimated operating costs and
royalties.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Reconciliation of Cameco&#146;s Share of Gold Reserves and Resources </B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP><BR>
<B>(in troy ounces of contained gold)</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">2007 Addition</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 nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2007 Throughput <SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Deletion) <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2007</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">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(156,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">997,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(222,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(132,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">643,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Proven Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,222,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(378,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(48,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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>
</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">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">393,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">530,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,503,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">436,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,939,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Probable Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,426,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">441,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,867,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Proven and
Probable Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,648,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>378,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>393,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,663,000</B></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 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 align="right" style="border-top: 3px double #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">
    <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>
    <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">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,017,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Measured Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,057,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,032,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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>
    <TD 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>Resources &#151; 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>
    <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">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">810,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Indicated Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,649,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">110,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,759,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Measured and
Indicated Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,706,000</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"><B>85,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,791,000</B></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 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 align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<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>
    <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">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">985,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">971,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&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>
    <TD 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 Inferred Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,381,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(6,000</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,375,000</B></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 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 align="right" style="border-top: 3px double #000000">&nbsp;</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 colspan="3">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of reported
mineral resources does not include those amounts identified as mineral 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>Corresponds to mill feed. The discrepancy between the 2007 mill feed and Cameco&#146;s share of
2007 ounces produced is due to mill recovery.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Changes in mineral reserves or resources, as applicable, are attributed to information
provided by drilling and subsequent reclassification of mineral reserves or resources, an
increase in the gold price, changes in pit designs, reconciliation between the mill and the
resource model, and changes to operating costs.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Kumtor mineral reserves include the Central Pit and the Southwest and Sarytor deposits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Kumtor mineral resources include the Central Pit, the SB underground, and the Southwest and
Sarytor deposits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>Gatsuurt mineral reserves and resources include the Central Zone and Main Zone deposits.</TD>
</TR>

</TABLE>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 109 -<!-- /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>Centerra Commitments and Contractual Obligations</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Exchange Agreements with IFC and EBRD</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each of International Finance Corporation (&#147;IFC&#148;) and European Bank for Reconstruction and
Development (&#147;EBRD&#148;) made subordinated loans to KGC in the amount of $10&nbsp;million (US), the proceeds
of which were used in the construction of the Kumtor mine. The repayment of these loans was
scheduled to begin in December&nbsp;2005, but IFC and EBRD had the right to delay the final repayment of
the loans until 2013. The calculation of interest payments due under the loans was dependent on
the performance of the Kumtor mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra entered into agreements with each of IFC and EBRD (the &#147;Agency Exchange Agreements&#148;)
pursuant to which, in exchange for their assigning to Centerra the benefit of the subordinated
loans, Centerra issued to each of IFC and EBRD 1,530,606 common shares and made cash payment to
each of $9.5&nbsp;million on June&nbsp;30, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with this exchange, Centerra has agreed separately with IFC and EBRD that, as long as
each holds more than 10% of the number of Centerra&#146;s common shares issued to it in connection with
the exchange, it will: (i)&nbsp;maintain a sustainable development policy; (ii)&nbsp;allow representatives of
IFC and EBRD to visit Centerra&#146;s Kumtor and Boroo operations each year, (iii)&nbsp;perform an
environmental assessment in connection with all proposed new projects and developments in
accordance with the applicable World Bank policy in effect as of the date of the Agency Exchange
Agreements and to operate such new projects and developments in accordance with mine and operating
plans that seek to limit the environmental impact of the operations and protect human health and
safety in accordance with good international mining practices and applicable laws and World Bank
guidelines in effect as of the date of the Agency Exchange Agreements; and (iv)&nbsp;conduct its Kumtor
operations in accordance with good international mining practices, including the most stringent of
(a)&nbsp;the standards applicable to the Kumtor mine under the EMAP and (b)&nbsp;the environmental laws of
the Kyrgyz Republic, Canada and Saskatchewan in effect from time to time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To Centerra&#146;s knowledge, EBRD holds 50% of the Centerra common shares it was issued pursuant to its
Agency Exchange Agreement and IFC no longer holds any Centerra common shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Political Risk Insurance Rights Plan</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a prerequisite to acquiring political risk insurance for Centerra&#146;s Kumtor mining operations,
Centerra adopted an insurance risk rights plan. The plan will be applied if an event occurs
relating to KGC or its assets or operations at a time when Kyrgyzaltyn is controlled by the
government of the Kyrgyz Republic and the event is caused by that government and results in a
payment to Centerra under the political risk insurance coverage. In this event, the following will
occur:
</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>each holder of Centerra common shares will be entitled to exchange its shares for Centerra
Class&nbsp;A non-voting shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>Kyrgyzaltyn has irrevocably elected to exchange all of its common shares for Class&nbsp;A
non-voting shares and it is expected that no other shareholders would elect to do this;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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 holders of Centerra common shares (but not Class&nbsp;A non-voting shares) will be entitled
to acquire additional common shares for $0.01 per share, with the aggregate number of common
shares available to be determined by a formula designed to provide for the holders of Class&nbsp;A
non-voting shares to be diluted by an amount that approximates the proceeds received under the
political risk insurance; 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>following the exercise of the rights to acquire additional shares by Centerra common
shareholders, the Class&nbsp;A non&#150;voting shares will convert back into Centerra common shares.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Centerra Shareholders Agreement</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In connection with the Kumtor restructuring Centerra entered into a shareholders agreement with
Cameco Gold Inc. (&#147;CGI&#148;), a wholly-owned Cameco subsidiary, and Kyrgyzaltyn (the &#147;Shareholders
Agreement&#148;) governing certain
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 110 -<!-- /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">matters related to their ownership of common shares of Centerra. The Shareholders Agreement
provides for each of Kyrgyzaltyn and CGI to meet from time to time, not less frequently than
annually, to consider the disposition of the common shares held by them. Despite this agreement to
consult, each of Kyrgyzaltyn and CGI may at any time initiate a further distribution of Centerra&#146;s
common shares. Also, if Centerra proposes to issue any of its common shares by private placement
or public offering, Centerra will provide CGI and Kyrgyzaltyn with an opportunity to sell their
shares as part of the offering provided that Centerra&#146;s reasonable capital needs take priority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a period of five years following the date of the closing of the Kumtor restructuring, for so
long as Kyrgyzaltyn is controlled, directly or indirectly, by the government of the Kyrgyz
Republic, Kyrgyzaltyn or its affiliates have agreed to maintain registered and beneficial ownership
of at least 5% of the outstanding common shares at the time of the closing of the Kumtor
restructuring, except in the case of certain permitted takeover bids and subject to appropriate
anti-dilution adjustments, as determined from time to time by Centerra&#146;s board of directors. In
addition, Kyrgyzaltyn has agreed not to sell, transfer or encumber any of its shares during any
period during which the Kyrgyz government is in default of its obligations under the principal
agreements relating to the Kumtor restructuring. Kyrgyzaltyn&#146;s shares are held in escrow to ensure
compliance with these transfer restrictions. As at March&nbsp;28, 2008, Kyrgyzaltyn had 33,869,151
common shares held in escrow, representing 15.7% of Centerra&#146;s issued and outstanding common
shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Shareholders Agreement also addresses the voting by CGI and Kyrgyzaltyn of their shares for
their respective nominees to Centerra&#146;s board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Location Agreement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;22, 2004, Cameco entered into an agreement with Centerra which provides that Centerra will
not carry on business in Canada by owning, acquiring, exploring, developing or mining mineral
properties located in Canada (the &#147;Location Agreement&#148;). The Location Agreement will terminate and
the prohibition will end once Centerra ceases to be a subsidiary of Cameco under applicable
corporate law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Administrative Services Agreement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has entered into a services agreement with Cameco pursuant to which Cameco has agreed to
provide certain services and expertise to Centerra in return for reimbursement of all its direct or
indirect costs relating to such services. Beginning in the 2006 fiscal year, Cameco ceased
providing a number of these services to Centerra, including accounting services.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra is listed and publicly traded on the Toronto Stock Exchange. It is required to file with
Canadian securities regulators its continuous disclosure documents on SEDAR, which documents are
available to the public at <U>www.sedar.com.</U> As such, additional information on Centerra&#146;s
properties, operations, financial results, financial positions and the risk factors associated with
its operations can be found in its most recent annual and interim financial statements and
management&#146;s discussion and analysis, annual information form, material change reports and press
releases available through SEDAR (<U>www.sedar.com</U>).
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The businesses in which Cameco participates are subject to certain risks. The risks described
below are not the only risks facing Cameco and other risks now unknown to Cameco may arise or risks
now thought to be immaterial may become material. Some of the risks described below are only
applicable to certain of Cameco&#146;s business interests, while others are generally applicable. No
guarantee is provided that other factors will not affect the Company in the future. This discussion
of risks should be read in conjunction with the discussion of risks in Cameco&#146;s 2007 MD&#038;A. In
addition, Cameco discloses statements and information which are neither about the present nor
historical facts, and therefore are forward-looking. This forward-looking information is based
upon a number of assumptions which may prove to be incorrect and there are material risk factors
that cause results to differ materially, including the risks described below. (See Caution
Regarding Forward-Looking Information and Statements.) As the context requires for the
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 111 -<!-- /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">following information, reference to the Company or Cameco also includes Cameco&#146;s direct and
indirect subsidiaries, including Centerra.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Cameco and Centerra Generally</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Cameco and Centerra are subject to a number of operational risks and Cameco and Centerra may
not be adequately insured for certain risks</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s and Centerra&#146;s businesses are subject to a number of risks and hazards, including
environmental pollution, accidents or spills (including hazardous emissions from Cameco&#146;s Port Hope
conversion facilities such as a UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> release or a leak of anhydrous hydrogen fluoride
used in the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion process); industrial and transportation accidents, which may
involve radioactive or hazardous materials; labour disputes; catastrophic accidents; fires;
availability of reagents and supplies critical to production (including the availability of acid
for Joint Venture Inkai&#146;s operations in Kazakhstan); blockades or other acts of social or political
activism; changes in the regulatory environment; impact of non-compliance with laws and
regulations; natural phenomena, such as inclement weather conditions, underground floods,
earthquakes, pit wall failures, ground movements, tailings pipeline and dam failures and cave-ins;
encountering unusual or unexpected geological or hydrological conditions; and technological failure
of mining methods. Cameco also contracts for the transport of its uranium and uranium products to
refining, conversion, fuel manufacturing, enrichment and nuclear generation facilities in North
America and Europe, as well as processing facilities in Kazakhstan, which exposes the Company to
transportation risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no assurance that the foregoing risks and hazards will not result in damage to, or
destruction of, Centerra&#146;s gold properties and Cameco&#146;s uranium properties and refining, conversion
and fuel manufacturing facilities, personal injury or death, environmental damage, delays in or
interruption of or cessation of production from Centerra&#146;s and Cameco&#146;s mines and mills or Cameco&#146;s
refining, conversion and fuel manufacturing facilities or in Centerra&#146;s and Cameco&#146;s exploration or
development activities, costs, monetary losses and potential legal liability and adverse
governmental action, all of which could have a material adverse impact on Cameco&#146;s future cash
flows, earnings, results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco and Centerra maintain insurance to cover some of these risks and hazards in amounts
Cameco and Centerra believe to be reasonable, subject to applicable deductibles, this insurance may
not provide adequate coverage in all circumstances. No assurance can be given that Cameco&#146;s and
Centerra&#146;s insurance will continue to be available at economically feasible premiums or that it
will provide sufficient coverage for losses related to these or other risks and hazards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also, Cameco and Centerra may be subject to liability or sustain losses in relation to certain
risks and hazards against which Cameco and Centerra cannot insure or which Cameco and Centerra may
elect not to insure because of the cost. This lack of insurance coverage could have a material
adverse impact on Cameco&#146;s and Centerra&#146;s future cash flows, earnings, results of operations and
financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Governmental Regulation and Policy Risks</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s operations and exploration activities, particularly uranium mining, refining, conversion,
fuel manufacturing and transport in Canada and the United States, are subject to extensive laws and
regulations. Such regulations relate to production, development, exploration, exports, imports,
taxes and royalties, labour standards, occupational health, waste disposal, protection and
remediation of the environment, decommissioning and reclamation, safety, toxic substances,
transportation, emergency response, and other matters. Compliance with such laws and regulations
has increased the costs of exploring, drilling, developing, constructing, operating and closing the
Company&#146;s mines and refining and other facilities. It is possible that, in the future, the costs,
delays and other effects associated with such laws and regulations may impact the Company&#146;s
decision as to whether to operate existing mines, ore refining and other facilities or, with
respect to exploration and development properties, whether to proceed with exploration or
development. The Company expends significant financial and managerial resources to comply with
such laws and regulations. Cameco anticipates it will have to continue to do so as the historic
trend toward stricter government regulation will likely continue. Since legal requirements change
frequently, are subject to interpretation and may be enforced in varying degrees in practice,
Cameco
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 112 -<!-- /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">is unable to predict the ultimate cost of compliance with these requirements or their effect on
operations. Furthermore, future changes in governments, regulations and policies and practices,
such as those affecting the Company&#146;s mining operations, uranium refining, conversion and fuel
manufacturing operations, and uranium transport, could materially and adversely affect the
Company&#146;s results of operations and financial condition in a particular period or its long term
business prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Worldwide demand for uranium is directly tied to the demand for electricity produced by the nuclear
power industry, which is also subject to extensive government regulation and policies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The development and operation of mines and other facilities is contingent upon governmental
approvals, licences and permits which are complex and time consuming to obtain and which, depending
upon the location of the project, involve multiple governmental agencies. The receipt, duration
and renewal of such approvals, licences and permits are subject to many variables outside the
Company&#146;s control, including potential legal challenges from various stakeholders such as
environmental groups, non-government organizations or aboriginal groups claiming certain rights
with respect to traditional lands. Any significant delays in obtaining or renewing such approvals,
licences or permits could have a material adverse impact on the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Political Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. These
three countries are developing countries. The Kyrgyz Republic and Mongolia have experienced
political and economic difficulties in recent years. A revolution in March&nbsp;2005 in the Kyrgyz
Republic resulted in the ouster of the long-time incumbent President. Although the election of a
new President has brought a measure of stability to the Kyrgyz Republic following the events of
March&nbsp;2005, the political situation continues to evolve. There continues to be a risk of future
political instability. The government resigned in late 2006, the Parliament was dissolved in
October&nbsp;2007 and a new Parliament elected in December&nbsp;2007. There continues to be a risk of future
political instability in the Kyrgyz Republic. (For a discussion of the recent political unrest in
the Kyrgyz Republic and other matters related to Kyrgyz political risk see <I>Centerra Gold Inc. -
Kumtor Mine &#151; Government and Political Factors </I>above).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s Inkai project and Centerra&#146;s mining operations and gold exploration activities are
affected in varying degrees by political stability and government regulations relating to foreign
investment and the mining business in each of these countries. Operations may also be affected in
varying degrees by civil unrest, terrorism, military conflict or repression, crime, corruption,
extreme fluctuations in currency rates and inflation in Central Asia and the former Soviet Union.
There is also a risk of terrorism in North America, Europe and elsewhere in the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The relevant governments have entered into contracts with Cameco and Centerra or granted permits or
concessions that enable them to conduct operations or development and exploration activities.
Notwithstanding these arrangements, their ability to conduct operations or exploration and
development activities is subject to renewal of permits or concessions, changes in government
regulations or shifts in political attitudes over which they have no control.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, amendments to the Subsoil Law took effect in Kazakhstan, which expands the ability of the
government to re-open subsoil use agreements in certain circumstances. It is perceived these
amendments were passed in connection with a dispute between the Kazakh government and companies
that are a party to the 1997 North Caspian Production Sharing Agreement. Although Cameco believes
that the amendments will not be applied to uranium projects in Kazakhstan, there can be no
assurance that they will not be. The amendments have raised the risk profile of natural resource
projects in Kazakhstan. (See Development Projects &#151; Inkai &#150; <I>Legal and Regulatory Environment in
the Republic of Kazakhstan</I>.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2007, Prime Minister Isabekov of the Kyrgyz Republic invited Cameco to discuss a number
of issues concerning Kumtor. Based upon this invitation, Cameco and Centerra entered into
negotiations with the government of Kyrgyz Republic to address the government&#146;s concerns about the
agreements entered into in connection with the 2004 Kumtor restructuring, as well as to stabilize
further the operational environment for the Kumtor project. In August&nbsp;2007, Cameco and Centerra
signed the binding Agreement on New Terms with the government of the Kyrgyz Republic that provides
for the government&#146;s full commitment to and support for Centerra&#146;s continuing a long-term
development of the
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 113 -<!-- /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">Kumtor project. The Agreement on New Terms is subject to a number of conditions, including
approval by the Parliament of the Kyrgyz Republic. Parliament was dismissed on October&nbsp;22, 2007
before its scheduled final vote on the Agreement New Terms. The parties have agreed to extend the
deadline for closing the Agreement on New Terms from October&nbsp;31, 2007 to February&nbsp;15, 2008 and now
to April&nbsp;30, 2008. There can be no assurance that parliamentary approval will be received or that
the other conditions will be satisfied. If the issues between Cameco and the government of the
Kyrgyz Republic are not resolved to their mutual satisfaction, the risks to Cameco&#146;s investment in
Centerra may increase significantly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that industries deemed of national or strategic importance like mineral
production will not be nationalized. Government policy may change to discourage foreign
investment, renationalization of mining industries may occur or other government limitations,
restrictions or requirements not currently foreseen may be implemented. There can be no assurance
that Cameco&#146;s or Centerra&#146;s assets in these countries will not be subject to nationalization,
requisition or confiscation, whether legitimate or not, by any authority or body. While there are
provisions for compensation and reimbursement of losses to investors under such circumstances,
there is no assurance that such provisions would be effective to restore the value of Cameco&#146;s or
Centerra&#146;s original investment or to fully compensate Cameco or Centerra for the loss of the
investment. Similarly, Cameco&#146;s and Centerra&#146;s operations may be affected in varying degrees by
government regulations with respect to restrictions on production, price controls, export controls,
income taxes, expropriation of property, environmental legislation, mine safety and annual fees to
maintain mineral properties in good standing. There can be no assurance that the laws in these
countries protecting foreign investments will not be amended or abolished or that these existing
laws will be enforced or interpreted to provide adequate protection against any or all of the risks
described above. Furthermore, there can be no assurance that the agreements Cameco and Centerra
have with the governments of these countries, including the Investment Agreement and the Amended
Stability Agreement, will prove to be enforceable or provide adequate protection against any or all
of the risks described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra have made an assessment of the political risk associated with each of its
foreign investments and maintain political risk insurance to mitigate losses as deemed appropriate.
However, Centerra&#146;s political risk coverage provides that on a change of control of Centerra the
insurers have the right to terminate the coverage. If that were to happen, there can be no
assurance that the political risk insurance will continue to be available on reasonable terms.
Cameco will cease to control Centerra following completion of the transactions contemplated in the
Agreement on New Terms. Centerra&#146;s insurers have waived the right to terminate coverage under those
circumstances. Furthermore, there can be no assurance that the insurance would continue to be
available at any time or that particular losses Cameco or Centerra may suffer with respect to its
foreign investments will be covered by the insurance. These losses could have a material adverse
impact on Cameco&#146;s future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Cameco and Centerra may experience difficulties with their joint venture partners.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco operates McArthur River mine and Cigar Lake and Inkai development projects through joint
ventures with other companies and have entered into a number of other joint ventures. Centerra
operates the REN project through a joint venture with another company. Both Cameco and Centerra
may in the future enter into additional joint ventures. Both companies are subject to the risks
normally associated with the conduct of joint ventures. These risks include disagreement with a
joint venture partner on how to develop, operate and finance a project, and compliance by Cameco
and Centerra with the operating requirements in joint venture agreements, and possible litigation
between the joint venture partners regarding joint venture matters. These matters may result in
material legal liability or may have an adverse effect on Cameco&#146;s and Centerra&#146;s ability to pursue
the projects subject to the joint venture, either of which could have a material adverse impact on
Cameco&#146;s future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Tailings Capacity Constraints</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Key Lake mill, tailings from processing McArthur River ore are deposited in the Deilmann
tailings management facility (DTMF). The currently approved capacity of the DTMF is sufficient to
operate at current production rates for approximately six years, assuming only minor storage
capacity losses due to sloughing (or erosion) from the pit walls. Cameco has initiated the
necessary work in two stages to obtain regulatory approval for a final higher tailings elevation
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 114 -<!-- /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">that will be sufficient to hold all tailings generated from processing of McArthur River reserves.
This first stage will involve the provision of technical analysis which is expected to result in
approximately four years of additional capacity. The second stage will involve an additional
environmental assessment process. Cameco has performed several studies to better understand the
pitwall sloughing mechanism and has initiated engineering work to design and build mitigation
measures for prevention of sloughing. Sloughing has occurred at the past at the DTMF resulting in
the loss of approved capacity. Although the situation has recently stabilized, there is a risk of
further sloughing at the DTMF.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake, the existing approved tailings capacity at the Rabbit Lake in-pit tailings
management facility (RLITMF)&nbsp;is sufficient to store tailings from the processing of Eagle Point ore
until the end of 2010. 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 RLITMF when the Rabbit Lake toll-milling agreement was originally signed,
unanticipated ongoing production from the Eagle Point mine due to mine life extensions has consumed
some of the existing tailings capacity planned for Cigar Lake tailings. The EA for processing of
Cigar Lake uranium solution at Rabbit Lake includes an assessment of an increased tailings capacity
achieved through expansion of the pit footprint and by raising the final tailings elevation.
Regulatory approval of this EA will provide sufficient capacity to contain Eagle Point tailings
until the end of 2011, depending upon ore grades and milling rates, and all of Phase 1 Cigar Lake
uranium solution tailings (approximately 13&nbsp;years of production.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to maintain existing tailings capacity at the DTMF and RLITMF due to sloughing or other
causes or failure to obtain or delay in obtaining regulatory approval for a new tailing management
facility or to expand existing tailing capacity at the DTMF or RLITMF could constrain uranium
production, which could have a material adverse impact upon Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tailings dam crest at Kumtor is presently at elevation 3,658 metres and only has capacity to
store tailings until the end of 2008. Permits have been received to raise the tailings dam by
three metres, which will allow continuation of the use of the facility to the end of 2010. Another
three metres of additional dam height would extend the life of the facility to last to the end of
the current reserves. If the initial planned raise of the tailings dam by three metres is not
successfully completed on schedule by the end of 2008 or if all necessary permits and
authorizations are not obtained, or all work is not successfully completed for a further raise of
the tailings dam by an additional three metres by 2010, delays in, or interruptions or cessation of
Centerra&#146;s gold production from Kumtor may occur, which could have a material adverse impact upon
Cameco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Labour Relations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has unionized employees at its McArthur River and Key Lake mining and milling operations and
at its Port Hope conversion facilities and at Zircatec&#146;s fuel manufacturing facilities in Port Hope
and Cobourg. The collective agreement for unionized employees at the McArthur River and Key Lake
operations expires on December&nbsp;31, 2009. A new collective agreement covering unionized employees
at the Port Hope conversion facility was entered into during 2007, which expires in June&nbsp;2010. A
new collective agreement covering unionized employees at Zircatec&#146;s fuel manufacturing facilities
was also entered into during 2007, which expires June&nbsp;2009. Centerra&#146;s subsidiary, KOC, has a
collective agreement covering unionized employees at the Kumtor mine, which expires in February
2009. An illegal work stoppage by unionized employees at Kumtor occurred in December&nbsp;2006 in
connection with negotiating the new collective agreement, which impacted mining operations.
Centerra&#146;s subsidiary, BGC, has a collective agreement with a newly formed union at Boroo that
expires February&nbsp;1, 2010. Cameco cannot predict at this time whether new collective agreements
will be reached with these or other employees without a work stoppage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any lengthy work interruptions could have a material adverse impact on Cameco&#146;s future cash flows,
earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Imprecision of Reserve and Resource Estimates</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reserve and resource figures included for uranium and gold are estimates and no assurances can be
given that the indicated levels of uranium and gold will be produced or that Cameco will receive
the uranium price and gold price
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 115 -<!-- /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">assumed in determining its reserves. Such estimates are expressions of judgment based on
knowledge, mining experience, success of planned mining methods, analysis of drilling results, and
industry practices. Valid estimates made at a given time may significantly change when new
information becomes available. While the Company believes that the reserve and resource estimates
included are well established and reflects management&#146;s best estimates, by their nature reserve and
resource estimates are imprecise and depend, to a certain extent, upon statistical inferences which
may ultimately prove unreliable. Furthermore, market price fluctuations in uranium and gold, as
well as increased capital or production costs or reduced recovery rates, may render reserves
containing lower grades of mineralization uneconomic and may ultimately result in a restatement of
reserves. The extent to which resources may ultimately be reclassified as proven or probable
reserves is dependent upon the demonstration of their profitable recovery. The evaluation of
reserves or resources is always influenced by economic and technological factors, which may change
over time, and the experience gained in use of a mining method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Resources figures included herein have not been adjusted in consideration of these risks and,
therefore, no assurances can be given that any resource estimate will ultimately be reclassified as
proven or probable reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Cameco&#146;s reserve or resource estimates for its uranium and gold properties are inaccurate or are
reduced in the future, this could have a material adverse impact on Cameco&#146;s future cash flows,
earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Production Estimates may be inaccurate</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco prepares estimates of future production for particular operations. No assurance can be
given that production estimates will be achieved. Expected future production estimates are
inherently uncertain, particularly for periods extending beyond one year, and could materially
change over time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium and gold production estimates are based on, among other things, the following factors: the
accuracy of reserve estimates; the accuracy of assumptions regarding ground conditions and physical
characteristics of ores, such as hardness and presence or absence of particular metallurgical
characteristics; equipment and mechanical availability; labour availability; access to the mine;
facilities and infrastructure; sufficient materials and supplies on hand; the accuracy of estimated
rates and costs of mining and processing; the accuracy of assumptions about the success of mining
plans and availability of tailings capacity; and the assumption of ongoing timely regulatory
approvals where these are required. In addition, production estimates for McArthur River assumes
the successful transition to new mining zones at McArthur River beginning in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production estimates for uranium refining, conversion and fuel manufacturing are based on, among
other things, the following factors: no disruption or reduction in supply from the Company&#146;s or
third party sources; and the accuracy of estimated rates and costs of processing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s actual production may vary from estimates for a variety of reasons, including, among
others: actual ore mined varying from estimates of grade, tonnage, dilution, and metallurgical and
other characteristics; mining and milling losses being greater than planned; short-term operating
factors relating to the ore reserves, such as the need for sequential development of ore bodies and
the processing of new or different ore grades; risk and hazards associated with mining, milling,
uranium refining, conversion and fuel manufacturing; failure of mining methods and plans; lack of
tailings capacity; natural phenomena, such as inclement weather conditions, underground floods,
earthquakes, pit wall failures, ground movements and cave-ins; unexpected labour shortages or
strikes; and significant interruption to production facilities due to fires, failure of critical
equipment, or other unforeseen difficulties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to achieve production estimates could have a material adverse impact on Cameco&#146;s future
cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Exploration and Development activities may not be successful</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration for and development of uranium properties and gold properties involve significant
financial risks that even a combination of careful evaluation, experience and knowledge may not
eliminate. While the discovery of an ore body
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 116 -<!-- /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">may result in substantial rewards, few properties that are explored are ultimately developed into
producing mines. Major expenses may be required to establish reserves by drilling, constructing
mining and processing facilities at a site, connecting to reliable infrastructure, developing
metallurgical processes and extracting uranium and gold from ore. Cameco and Centerra cannot
guarantee that their current exploration and development programs will result in profitable
commercial mining operations or replacement of current production at existing mining operations
with new reserves. Also, substantial expenses may be incurred on exploration projects that are
subsequently abandoned due to poor exploration results or the inability to define reserves that can
be mined economically.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s and Centerra&#146;s ability to sustain or increase their present levels of uranium and gold
production, respectively, is dependent in part on the successful development of new ore bodies
and/or expansion of existing mining operations. The economic feasibility of development projects
is based upon many factors, including, among others: the accuracy of reserve estimates;
metallurgical recoveries; capital and operating costs of such projects; government regulations
relating to prices, taxes, royalties, land tenure, land use, importing and exporting, and
environmental protection; and uranium and gold prices, which are highly volatile. Development
projects are also subject to the successful completion of feasibility studies, issuance of
necessary governmental permits and availability of adequate financing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Development projects have no operating history upon which to base estimates of future cash flow.
Estimates of proven and probable reserves and cash operating costs are, to a large extent, based
upon detailed geological and engineering analysis. Cameco and Centerra conduct feasibility studies
that derive estimates of capital and operating costs based upon many factors, including, among
others: anticipated tonnage and grades of ore to be mined and processed; the configuration of the
ore body; ground and mining conditions; expected recovery rates of the uranium and gold from the
ore; and anticipated environmental and regulatory compliance costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is possible that actual costs and economic returns of current and new mining operations may
differ materially from Cameco&#146;s and Centerra&#146;s best estimates. It is not unusual in the mining
industry for new mining operations to experience unexpected problems during the start-up phase and
to require more capital than anticipated. These additional costs could have a material adverse
impact on Cameco&#146;s and Centerra&#146;s future cash flows, earnings, results of operations and financial
condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Environmental, health and safety risk.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra expend significant financial and managerial resources to comply with a complex
set of environmental, health and safety laws, regulations, guidelines and permitting requirements
(for the purpose of this paragraph, &#147;laws&#148;) drawn from a number of jurisdictions. The historical
trend toward stricter laws is likely to continue. The uranium industry is subject to not only the
worker health, safety and environmental risks associated with all mining businesses, including
potential liabilities to third parties for environmental damage, but also to additional radiation
risks uniquely associated with uranium mining, processing and fuel manufacturing. The possibility
of more stringent laws or more rigorous enforcement of existing laws exists in the areas of worker
health and safety, the disposition of wastes, the decommissioning and reclamation of mining,
milling, refining, conversion and fuel manufacturing sites and other environmental matters, each of
which could have a material adverse effect on Cameco&#146;s and Centerra&#146;s operations or the cost or the
viability of a particular project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s and Centerra&#146;s facilities operate under various operating and environmental permits,
licences and approvals that contain conditions that must be met and Cameco&#146;s and Centerra&#146;s right
to continue operating their facilities is, in a number of instances, dependent upon compliance with
these conditions. Failure to meet certain of these conditions could result in interruption or
closure of Cameco&#146;s and Centerra&#146;s facilities or material fines or penalties, all of which could
have a material adverse impact on Cameco&#146;s future cash flows, earnings, results of operations and
financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2007, contamination of the soil under the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was discovered,
and production of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> was suspended to allow a comprehensive investigation. (For a
discussion of this matter and related risks see <I>Uranium Fuel Conversion Services &#150; Operations &#150;
Port Hope &#150; </I>Conversion.) Approval by the CNSC staff is required to restart UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
production at Port Hope. There can be no assurance that such approval will be forthcoming or, if
so, when such approval will be granted.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 117 -<!-- /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; margin-left: 4%"><I>Cameco or Centerra may be unable to enforce its legal rights in certain circumstances.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a dispute arising at Cameco&#146;s or Centerra&#146;s foreign operations, Cameco and Centerra
may be subject to the exclusive jurisdiction of foreign courts or may not be successful in
subjecting foreign persons to the jurisdiction of courts in Canada. Cameco and Centerra may also
be hindered or prevented from enforcing its rights with respect to a government entity or
instrumentality because of the doctrine of sovereign immunity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The dispute resolution provision of the Investment Agreement, the Amended Stability Agreement, the
agreements related to Joint Venture Inkai, and HEU Commercial Agreement stipulate that any dispute
between the parties thereto is to be submitted to international arbitration. However, there can be
no assurance that a particular governmental entity or instrumentality will either comply with the
provisions of these or any other agreements or voluntarily submit to arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Cameco and Centerra are unable to enforce their rights under these agreements, this could have a
material adverse impact on Cameco&#146;s future cash flows, earnings, results of operations and
financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Properties may be subject to defects in title</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra have investigated their rights to explore and exploit all of their material
properties and, to the best of their knowledge, those rights are in good standing. However, no
assurance can be given that such rights will not be revoked, or significantly altered, to their
detriment. There can also be no assurance that Cameco&#146;s and Centerra&#146;s rights will not be
challenged or impugned by third parties, including the local governments, and in Canada, by First
Nations and M&#233;tis. A third party has challenged Centerra&#146;s title to its Gatsuurt property (see
<I>Centerra Gold Inc. &#151; Gatsuurt Development Property </I>above).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The validity of unpatented mining claims on US public lands is sometimes uncertain and may be
contested. Due to the extensive requirements and associated expense involved in obtaining and
maintaining mining rights on US public lands, Centerra&#146;s interest in the REN property and Cameco&#146;s
interest, held by subsidiaries, in its US ISR properties may be subject to various uncertainties
that are common to the industry, with the attendant risk that its title may be defective or
challenged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco and Centerra are not currently aware of any existing title uncertainties with
respect to any of their material properties, other than with respect to First Nation and M&#233;tis
claims in Saskatchewan and with respect to Centerra&#146;s Gatsuurt property as discussed in <I>Centerra
Gold Inc. &#151; Gatsuurt Development Property </I>above, there is no assurance that such uncertainties will
not result is future losses or additional expenditures, which could have a material adverse impact
on Cameco&#146;s future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Counterparty/Credit Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco enters into transactions to reduce the impact of fluctuations in currency exchange rates.
These transactions expose the Company to the risk of default by the counterparties to such
contracts. The Company manages this risk of default, or credit risk, by dealing only with
financial institutions that meet its credit rating standards and by limiting exposures with
individual counterparties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s sales of uranium product, conversion and fuel manufacturing services expose the Company to
the risk of non-payment. The Company manages 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, 2007, about 3% of Cameco&#146;s forecast revenue
under contract, for the period 2008 to 2010, is with customers whose creditworthiness does not meet
Cameco&#146;s standards for unsecured payment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. In October&nbsp;2007, Tenex requested
discussions with Cameco and its two partners regarding the pricing structure for the last few years
of the remaining term of the HEU Commercial Agreement. Discussions have commenced
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 118 -<!-- /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">If such discussions are not successful, the risk that Tenex will not fulfill its contractual
commitment to deliver uranium to Cameco may increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Company seeks to manage its credit risk and purchase risk exposure, there can be no
assurance that the Company will be successful in eliminating the potential material adverse impacts
of such risks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Currency Fluctuations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s earnings and cash flow may also be affected by fluctuations in the US/Canadian dollar
exchange rate. Cameco&#146;s sales of uranium and conversion services are mostly denominated in US
dollars, while the production costs of both are denominated primarily in Canadian dollars.
Cameco&#146;s consolidated financial statements are expressed in Canadian dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s consolidated financial statements are expressed in US dollars. Its sales of gold are
denominated in US dollars. As part of the consolidation by Cameco of Centerra&#146;s financial results,
the sales of gold are converted into Canadian dollars at prevailing exchange rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fluctuations in exchange rates between the US dollar and the Canadian dollar may give rise to
foreign exchange currency exposures, both favourable and unfavourable, which have materially
impacted and may materially impact in the future Cameco&#146;s financial results. Although Cameco
utilizes a hedging program to limit any adverse effects of foreign exchange rate fluctuations,
there can be no assurance that such hedges have eliminated the potential material adverse impact of
such fluctuations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Asset-Backed Commercial Paper</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August&nbsp;2007, the global credit markets, and particularly the market for asset-backed commercial
paper (&#147;ABCP&#148;), experienced disruptions and liquidity problems. As a result, certain ABCP programs
were unable to raise funds from new issuances and therefore were not able to refund maturing notes.
The liquidity issues faced by the ABCP market may affect Cameco&#146;s liquidity and capital resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at December&nbsp;31, 2007, all of Cameco&#146;s investments in ABCP have been repaid to Cameco except for
$13&nbsp;million invested in two Canadian market trusts: $7.5&nbsp;million in Apsley Trust, managed by
Metcalf &#038; Mansfield and $5.5&nbsp;million in Planet Trust, managed under Coventree Capital. Cameco has
assessed the recoverability of these investments and determined that it is unlikely the full value
will be recovered.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Decommissioning and Reclamation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Environmental regulators are increasingly requiring financial assurances to assure that the cost of
decommissioning and reclaiming sites are borne by the parties involved, and not by government.
Cameco has filed decommissioning plans for certain of its properties with regulators. These
regulators have accepted the decommissioning plans in concept. Beginning in 1996, Cameco 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. As Cameco properties approach or go into decommissioning, further regulatory
review of the detailed decommissioning plans may result in additional requirements, associated
costs and financial assurances. It is not possible to predict what level of decommissioning and
reclamation (and financial assurances relating thereto) may be required in the future by
regulators. If Cameco is required to comply with significant additional regulations or if the
actual cost of future decommissioning and reclamation is significantly higher than current
estimates, this could have a material adverse impact on Cameco&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly at each of Centerra&#146;s mine sites, Centerra is required to establish a decommissioning and
reclamation plan. The costs of performing the decommissioning and reclamation must be funded by
Centerra&#146;s operations. These costs can be significant and are subject to change. Centerra cannot
predict what level of decommissioning and reclamation may be required in the future by regulators.
If Centerra is required to comply with significant additional regulations or if the
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 119 -<!-- /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">actual cost of future decommissioning and reclamation is significantly higher than current
estimates, this could have a material adverse impact on Centerra&#146;s expected contribution to
Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Accounting Policies</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The accounting policies and methods utilized by Cameco (and by Centerra and other entities in which
Cameco has an interest) determine how it reports its financial condition and results of operations,
and they may require management of the Company to make estimates or rely on assumptions about
matters that are inherently uncertain. Cameco&#146;s financial condition and results of operations are
reported using accounting policies and methods prescribed by Canadian GAAP. In certain cases,
Canadian GAAP allows accounting policies and methods to be selected from two or more alternatives,
any of which might be reasonable, yet could result in Cameco reporting materially different
amounts. Management of Cameco exercises judgement in selecting and applying accounting policies
and methods to ensure that while Canadian GAAP compliant, they reflect management&#146;s best judgment
of the most appropriate manner in which to record and report the Company&#146;s financial condition and
results of operations. Significant accounting policies used in the preparation of Cameco&#146;s
December&nbsp;31, 2007 consolidated financial statements are described in Note 2 to such statements
under the heading &#147;Significant Accounting Policies&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Internal Controls</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Internal controls over financial reporting are procedures designed to provide reasonable assurance
that transactions are properly authorized, assets are safeguarded against unauthorized or improper
use, and transactions are properly recorded and reported. A control system, no matter how well
designed and operated, can provide only reasonable, not absolute, assurance with respect to the
reliability of financial reporting and financial statement preparation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Key Personnel</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The chief executive officer and senior officers of Cameco and Centerra are critical to their
success. In the event of the departure of the chief executive officer or a senior officer, each of
Cameco and Centerra believe that they will be successful in attracting and retaining qualified
successors but there can be no assurance of such success. If either Cameco or Centerra is not
successful in attracting and retaining qualified personnel, the efficiency of its operations could
be affected, which could have a material adverse impact on Cameco&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Cameco&#146;s and Centerra&#146;s success depends on their ability to attract and retain qualified
personnel.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recruiting and retaining qualified personnel is critical to Cameco&#146;s and Centerra&#146;s success. The
number of persons skilled in the acquisition, exploration, development and operation of mining
properties and the operation of uranium, milling, refining, conversion and fuel manufacturing
facilities is limited and competition for such persons is intense. As Cameco&#146;s and Centerra&#146;s
business activity grows, they will require additional key financial, administrative, technical and
operations staff. The Concession Agreement relating to Centerra&#146;s Kumtor operations also requires
two thirds of all administrative or technical personnel to be citizens of the Kyrgyz Republic. It
has been necessary to engage expatriate workers for Centerra&#146;s operations in Mongolia and, to a
lesser extent, the Kyrgyz Republic because of the shortage of locally trained personnel. It is
also necessary for Cameco to engage expatriate and local workers for the Inkai project in
Kazakhstan. If Cameco or Centerra is not successful in attracting and training qualified
personnel, the efficiency of its operations could be affected, which could have a material adverse
impact on Cameco&#146;s future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Prospects may suffer due to enhanced competition for mineral acquisition opportunities.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant and increasing competition exists for mineral acquisition opportunities throughout the
world. As a result of this competition, Cameco and Centerra may be unable to acquire rights to
exploit additional attractive mining properties on terms that Cameco and Centerra consider
acceptable. Accordingly, there can be no assurance that the Company and Centerra will acquire any
interest in additional operations that would yield reserves or result in commercial mining
operations. If Cameco and Centerra are not able to acquire such interests, this could have a
material adverse impact on
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 120 -<!-- /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">Cameco&#146;s future cash flows, earnings, results of operations and financial condition. Even if they
do acquire such interests, the resultant business arrangements may not ultimately prove beneficial
to their businesses.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Volatility and Sensitivity to Prices</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because the majority of the Company&#146;s revenues are derived from the sale of uranium and uranium
products, the Company&#146;s net earnings and operating cash flow are closely related and sensitive to
fluctuations in the long-term and short-term market price 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> and for
uranium conversion services. Historically, these prices have fluctuated and have been and will
continue to be affected by numerous factors beyond the Company&#146;s control. Such factors include,
among others: demand for nuclear power; political and economic conditions in uranium producing and
consuming countries; reprocessing of used reactor fuel and the re-enrichment of depleted uranium
tails; sales of excess civilian and military inventories (including from the dismantling of nuclear
weapons) by governments and industry participants; production levels and costs of production;
significant production interruptions or delays in expansion plans; and actions of investment and
hedge funds in the uranium market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fluctuation of the prices of uranium and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services is illustrated by
the following tables, which set forth, for the periods indicated, the highs and lows of the spot
price for non-CIS origin U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services, as
published by Trade Tech:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Spot Uranium Prices </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(US $/lb of 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="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</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>1998</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1999</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</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>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</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>Spot</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.00</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">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: The Nuexco Exchange Value, published by TradeTech. Spot prices reflect the spot price
for all uranium other than of CIS origin.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Range of Nuexco Spot UF</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>6</b></SUB><b> Conversion Values </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(US$/kg U)</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</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>1998</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1999</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</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>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</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>Spot</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00</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">11.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</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">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: The Nuexco Conversion Value, published by TradeTech. The conversion value over this
period of time is for the provision of conversion services delivered in North America.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Company employs various pricing mechanisms within its sales contracts to manage its
exposure to price fluctuations, there can be no assurance that such a program will be successful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Large flood at the McArthur River Mine, Cigar Lake Project, or Rabbit Lake Mine</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;6, 2003, production at Cameco&#146;s McArthur River mine was temporarily suspended, as an
increased water inflow from an area of collapsed rock in a new development area began to flood
portions of the mine. The sandstone that overlays the basement rocks of the McArthur River deposit
contains significant water, which is at hydrostatic pressure. Water flow into the mine area is
generally prevented by ground freezing. There are technical challenges at McArthur River involving
the groundwater and rock properties.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 121 -<!-- /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">This incident resulted in a considerable shortfall in 2003 uranium production and a major setback
to the development of new mining zones as revised mining plans were subsequently prepared and
improved controls put in place to access the zone where the inflow occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake deposit has hydro-geological characteristics similar to McArthur River and as a
result also has technical challenges involving groundwater and rock properties. In April&nbsp;2006, the
second shaft at Cigar Lake was flooded. This shaft was under development at the time and as a
result it was not connected to the underground development area. Remediation is planned to take
place primarily by ground freezing around the perimeter of the shaft that remains to be developed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2006, a second water inflow occurred at Cigar Lake, this time in an underground
development area. The inflow occurred following a rock fall in an access tunnel that was being
developed to a future production area. The magnitude of the inflow exceeded the installed pumping
and water treatment capacity, flooding the existing underground excavations. The Company is
proceeding with a phased remediation plan to dewater and restore the underground development areas.
This water inflow has had many significant impacts upon Cameco, among others, including a
significant delay in Cigar Lake production, an increase in capital costs, and requiring Cameco to
give notice to many of its customers that it was declaring an interruption in planned supply.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2007, Cameco announced that it had temporarily reduced underground activities at Rabbit
Lake as a precautionary measure, due to an increase of water flow from a mining area at the same
time as the capacity of the surface water-handling system was limited due to an equipment upgrade.
In late December&nbsp;2007, Rabbit Lake operations resumed normal mining activities, after site crews
located and plugged the source of the water inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no guarantee against floods in the future at McArthur River, Cigar Lake or Rabbit
Lake. A flood could result in a significant interruption of operations, and a loss of reserves and
a material increase in costs. The consequences of a flood will depend on the magnitude, location,
and timing of any such flood. If mining operations are interrupted or Cameco experiences a loss of
reserves, this could have a material adverse impact on Cameco. Water inflows and floods are
generally not insurable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Technical Challenges</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the unique nature of the deposits at McArthur River and Cigar Lake, there are technical
challenges at these deposits involving groundwater, rock properties, radiation protection, mining
methods, ore-handling and transport. Failure to resolve any one of these technical challenges at
McArthur River or Cigar Lake may have a material adverse impact on the Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beginning in 2009, Cameco is transitioning to new mining zones at McArthur River which involves
significant technical challenges. Failure or delay in overcoming these challenges may have a
material adverse impact on the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Replacement of Reserves</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River and Rabbit Lake mines are currently the Company&#146;s principal sources of mined
uranium concentrates. Unless the Cigar Lake and Inkai deposits are placed into production or other
reserves are identified, discovered or extensions to existing ore bodies are found, the Company&#146;s
sources of mined uranium concentrates will decrease over time as reserves at these two mines are
depleted, which could have a material adverse impact on Cameco. The reserves at Rabbit Lake&#146;s
Eagle Point mine are expected to be depleted in 2012. Although in the past the Company (or its
predecessors) has successfully replenished its reserves through ongoing exploration, development
and acquisition programs, there can be no assurance that Cameco&#146;s future exploration, development
and acquisition efforts will be successful. In addition, while Cameco believes that the Cigar Lake
and Inkai deposits will be put into production, there can be no assurance that they will be.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 122 -<!-- /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; margin-left: 4%"><I>Aboriginal Title and Consultation Issues</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First Nations and M&#233;tis title claims, as well as related consultation issues, may affect the
ability of Cameco to pursue exploration, development and mining at its Saskatchewan uranium
producing properties (McArthur River and Rabbit Lake) and developmental property (Cigar Lake), as
well as milling ore at Key Lake. Cameco has received formal demands from the English First River
Nation and the M&#233;tis Nation of Saskatchewan to be consulted and accommodated with respect to
development on aboriginal traditional lands, which is an expectation of all aboriginal groups in
Northern Saskatchewan. Pursuant to historical treaties, First Nation bands in northern
Saskatchewan ceded title to most traditional lands in northern Saskatchewan in exchange for treaty
lands. However, First Nations in Saskatchewan continue to assert that their treaties are not an
accurate record of their agreement with the Canadian government and that they did not cede title to
the minerals when they ceded title to their traditional lands. First Nations have launched a
lawsuit in Alberta making a similar claim that they did not cede title to the oil and natural gas
rights when they ceded title to their traditional lands. A similar lawsuit could be brought by
First Nations in Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the English River First Nation has selected lands for Treaty Land Entitlement (TLE)
designation that covers the mineral claims for the Millennium uranium deposit. Similarly, the
Peter Ballantyne Cree has selected lands under the TLE process that cover portions of the mineral
claims held by the Dawn Lake joint venture. The TLE process does not affect the rights of
Cameco&#146;s mining joint ventures; however, it may have an impact on the surface rights and benefits
ultimately negotiated as part of the development of the two uranium deposits. Cameco, as the
operator of both affected joint ventures, is investigating the potential implications of the TLE
issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Managing these issues is an integral part of exploration, development and mining in Canada and
Cameco is committed to managing these issues effectively. However, in view of the legal and
factual uncertainties, no assurance can be given that material adverse consequences will not arise
in connection with First Nation and M&#233;tis title claims and related consultation issues as well as
TLE land claims.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Competition from Other Energy Sources and Public Acceptance of Nuclear Energy</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear energy competes with other sources of energy, including oil, natural gas, coal and
hydro-electricity. These other energy sources are to some extent interchangeable with nuclear
energy, particularly over the longer term. Sustained lower prices of oil, natural gas, coal and
hydro-electricity may result in lower demand for uranium concentrates and uranium conversion
services. Furthermore, growth of the uranium and nuclear power industry will depend upon continued
and increased acceptance of nuclear technology as a means of generating electricity. Because of
unique political, technological and environmental factors that affect the nuclear industry, the
industry is subject to public opinion risks which could have an adverse impact on the demand for
nuclear power and increase the regulation of the nuclear power industry. An accident at a nuclear
reactor anywhere in the world could impact the continuing acceptance of nuclear energy and the
future prospects for nuclear generation, which may have a material adverse impact on Cameco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Dependence on Limited Number of Customers</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s principal business relates to the production and sale of uranium concentrates and the
provision of uranium conversion services. The Company relies heavily on a small number of
customers to purchase a significant portion of its production of uranium concentrates and its
uranium conversion services. For instance, for the period 2008 through 2010, Cameco&#146;s five largest
customers are anticipated to account for approximately 43% of the Company&#146;s 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 2008 through 2010, Cameco&#146;s five largest UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion customers are anticipated to account for approximately 33% of the Company&#146;s 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
accounting for approximately 37% of the Company&#146;s UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> sales in 2007. In addition,
during 2007, revenues from one customer of Cameco&#146;s uranium and conversion segments represented
approximately $179&nbsp;million (12%) of Cameco&#146;s total revenues from those businesses. As well, sales
for the Bruce A and B reactors represent a substantial portion of the Company&#146;s fuel manufacturing
business. The loss of any of the Company&#146;s largest customers or curtailment of purchases by such
customers could have a material adverse impact on the Company&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 123 -<!-- /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; margin-left: 4%"><I>Uranium Industry Competition and International Trade Restrictions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The international uranium industry, including the supply of uranium concentrates and the provision
of uranium conversion services, is highly competitive. The Company markets uranium to utilities in
direct competition with supplies available from a relatively small number of world uranium mining
and enrichment companies, from excess inventories, including inventories made available from
decommissioning of nuclear weapons, from reprocessed uranium and plutonium derived from used
reactor fuel, and from the use of excess enrichment capacity to re-enrich depleted uranium tails.
The supply of uranium from Russia is, to some extent, impeded by a number of international trade
agreements and policies. These agreements and any similar future agreements, governmental policies
or trade restrictions are beyond the control of Cameco and may affect the supply of uranium
available in the US and Europe, which are the largest markets for uranium in the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion, the Company competes on the basis of price, location and
service with two other full scale commercial suppliers in the western world and with additional
supplies available from excess inventories, including inventories made available from
decommissioning of nuclear weapons, and the use of excess enrichment capacity to re-enrich depleted
uranium tails.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Deregulation of the Electrical Utility Industry</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s future prospects are tied directly to the electrical utility industry worldwide.
Deregulation of the utility industry, particularly in the US and Europe, is expected to impact the
market for nuclear and other fuels for years to come, and may result in the premature shutdown of
some nuclear reactors. Experience to date with deregulation indicates that utilities are improving
the performance of their reactors, achieving record capacity factors. There can be no assurance
that this trend will continue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Reduced Liquidity and Difficulty in Obtaining Future Financing.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The further development and exploration of mineral properties in which Cameco holds an interest may
depend upon Cameco&#146;s ability to obtain financing through joint ventures, debt financing, equity
financing or other means. There is no assurance that Cameco will be successful in obtaining
required financing as and when needed. Volatile uranium markets, a claim against Cameco, a
significant event disrupting Cameco&#146;s business or operations, or other factors may make it
difficult or impossible for Cameco to obtain debt financing or equity financing on favourable terms
or at all.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Technical Obsolescence</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Requirements for the Company&#146;s products and services may be affected by technological changes in
nuclear reactors, enrichment and used fuel processing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Nuclear Electrical Generation</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Generation and Technology Risks</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is exposed to the market impact of uncertain output from its nuclear units known as generation
risk. The amount of electricity generated by BPLP is affected by such risks as nuclear fuel
supply, equipment malfunction, maintenance requirements, and regulatory and environmental
constraints. BPLP is exposed to considerable technology risk because of the age of the Bruce
units. Technology risks that could lead to significant impacts on the generating capability or
operating life of BPLP&#146;s assets are not fully predictable. BPLP attempts to identify those risks
through on-going management review and assessments, internal audits, and from experience of nuclear
units around the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any events associated with generation risk or technology risk could have a
material adverse impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 124 -<!-- /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; margin-left: 4%"><I>Nuclear Operations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Risks of substantial liability, as well as the potential for significant increased costs of
operations, arise from the management and operation of nuclear generating stations, including,
among other things, from structural problems, increasing security requirements to cover factors
such as physical security threats, equipment malfunctions, and the storage, handling and disposal
of radioactive materials. BPLP has implemented risk management strategies, including the safety
systems that are a part of CANDU technology, but there can be no assurance that such risks can be
minimized or eliminated. An accident at a nuclear installation anywhere in the world or other
reasons could cause the CNSC to limit the operation or licensing of the Bruce nuclear generation
stations. Any such accident could also have an impact on the future prospects for nuclear
generation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no assurance that the foregoing risks and hazards will not result in damage to, or
destruction of, BPLP&#146;s nuclear facilities, personal injury or death, environmental damage, delays
in or interruption of or cessation of operations from BPLP&#146;s facilities, costs, monetary losses and
potential legal liability and adverse governmental action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OPG undertook a testing and inspection program to ascertain the physical condition of its nuclear
generating stations. Under agreements entered into concurrently with the OPG-Bruce Power Lease,
BPLP has continued that program for the Bruce nuclear generating stations by contracting with OPG
for the supply of fuel channel and other inspection services (see <I>Operating Life Assessment </I>above).
As a result of this program, OPG identified equipment life cycle issues, such as steam generator
tube corrosion, feeder pipe wall thinning and pressure tube/calandria tube contact. Cameco
understands these conditions were anticipated in the design but that experience has shown that the
rate of degradation is higher than anticipated. In addition, no nuclear generating station
utilizing CANDU technology has yet completed a full life cycle. There can be no assurance that
BPLP will not have to incur significant capital expenditures for repairs or replacements in
addition to those currently contemplated. To address these issues, BPLP may need to increase
preventative maintenance programs and allow for more outage time (a period when a nuclear reactor
is not operating) than currently planned. Such additional repairs, replacements and longer outage
times could have a material adverse impact on BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Unplanned or Extended Outages</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s anticipated contribution to Cameco&#146;s financial results in a given year could be
significantly impacted if the amount of electricity generated is less than expected due to
extensions of planned outages significantly beyond their scheduled periods, or if there are one or
more unplanned outages which, in aggregate, are for an extended period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Labour Relations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has approximately 3,700 employees. Most of them are unionized. The PWU Collective Agreement
expires December&nbsp;31, 2009. The Society Collective Agreement, which commenced January&nbsp;1, 2005,
expires December&nbsp;31, 2009. Cameco cannot predict at this time whether new collective agreements
will be reached with these or other employees without a work stoppage. Any lengthy work
interruptions could have a material adverse impact on BPLP&#146;s expected contribution to Cameco&#146;s
financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Government Regulation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s operations are subject to extensive government regulation, which regulation may change from
time to time. Failure to comply with government regulations could subject BPLP to the revocation
of its operating licences for its nuclear generation facilities, the imposition of additional
conditions under such licences, and fines or other penalties. Matters that are subject to
regulation include nuclear operations, nuclear waste management and decommissioning and
environmental matters including air emissions. These regulations are promulgated pursuant to both
federal and provincial law. Operations that are not currently regulated may become subject to
regulation. Since legal requirements frequently change and are subject to interpretation, BPLP is
not able to predict the ultimate cost of compliance with regulatory requirements or their effect on
operations. Some of BPLP&#146;s operations are regulated by government agencies
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 125 -<!-- /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">that exercise discretionary powers conferred by statute. Since the scope of such authority is
discretionary and may be inconsistently applied, BPLP is not able 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">BPLP has decided to delay introduction of modified fuel in the Bruce B units. Previously, the plan
was to start refuelling the Bruce B units with modified fuel commencing in 2008. The use of the
modified fuel was intended to restore the safety margins of the reactors and allow them to operate
at their design capacity. Currently, the Bruce B units are operating safely with reduced operating
margins. BPLP has successfully taken other steps to partially restore the power rating at the
Bruce B units. While the delay of the deployment of the modified fuel at Bruce B is not expected
to result in any derating due to the low probability event safety margins, it remains possible that
the units could experience significant derating in the future due to this issue. In addition, due
to, among other things, inadequate safety margins, the CNSC has the power to limit the output from
or order the shutdown of one or more of the Bruce B units and to impose additional onerous licence
conditions on BPLP. (See <I>Bruce Power LP &#150; The Generating Facilities &#150; New Fuel Program </I>above.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Fuel Fabrication Defects and Product Liability</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Zircatec fabricates nuclear fuel bundles, other reactor components and monitoring equipment.
Zircatec&#146;s products are complex and, accordingly, may contain defects that could be detected at any
point in their product life cycle. Flaws in these products could materially and adversely affect
Zircatec&#146;s and Cameco&#146;s reputation, result in significant cost to Zircatec and Cameco and impair
Zircatec&#146;s ability to sell its products in the future. The costs incurred in correcting any
product errors may be substantial and could adversely impact Cameco&#146;s operating margins. While
Zircatec has introduced in 2007 a rigorous new process review and control regime, there is no
guarantee that all defects or errors in its products will be found.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some customers may demand compensation if Zircatec delivers defective products. In the event of a
significant number of product defects, the compensation that may have to be paid could have a
significant impact on Cameco&#146;s operating results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some Zircatec agreements with customers contain specific terms which limit its liability to
customers and others do not. Even with liability limitations in place, such provisions may not be
effective as a result of existing or future laws or unfavourable judicial decisions. Zircatec has
not experienced any material product liability claims to date. However, given the nature of
nuclear fuel products, there is a risk that such claims could occur in the future. A successful
product liability claim could result in significant monetary liability and could seriously disrupt
Zircatec&#146;s and Cameco&#146;s business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Nuclear Waste Management and Decommissioning</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is subject to extensive federal regulation with respect to nuclear waste management. Failure
to comply with such regulation could lead to prosecution and could subject BPLP to the revocation
of its operating licences for its nuclear generation facilities, the imposition of additional
conditions under such licences, and fines and other penalties. Any release of radioactive material
beyond prescribed limits from property leased or occupied by BPLP could lead to governmental orders
requiring investigation, control and/or remediation of such release and could also lead to claims
from third parties for harm caused by such release. BPLP incurs substantial costs for nuclear
waste management and changes in federal regulation could result in additional costs that could have
a material adverse affect on BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The wet bays at Bruce B have limited capacity to store used nuclear fuel. As required by contract
with BPLP, OPG has commenced the collection of used nuclear fuel bundles stored in the wet bays for
transport to and storage at OPG&#146;s dry storage facility at the Bruce site. OPG has title to all
used nuclear fuel bundles in the wet bays. Failure of OPG to continue to provide collection
services of adequate quality or in a timely manner or problems associated with the in station
modifications to the Bruce B wet bays to support the loading of used nuclear fuel bundles into dry
storage containers, could have a material adverse effect on BPLP.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 126 -<!-- /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">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Restructuring of Ontario&#146;s Electricity Industry</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government of Ontario has the overall power to regulate Ontario&#146;s electricity industry.
Ontario&#146;s electricity market opened to competition on May&nbsp;1, 2002 with the introduction of
competition in both the wholesale and retail markets in Ontario. The Ontario government
subsequently announced regulatory changes as described under <I>Ontario&#146;s Electricity Regulation &#150;
Ontario Electricity Sector Restructuring </I>above. It is possible that further changes in the
structure of the electricity market may occur based on the experience of the regulatory authorities
and market participants in the new market environment. Such changes could be accomplished either
through fundamental changes made by the government of Ontario to the structure of the Ontario
electricity market, or through changes made to the market rules by the regulators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Spot Market Electricity Prices</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant portion of BPLP&#146;s revenue is tied, either directly or indirectly, to the spot market
price for electricity in Ontario. The spot market price for electricity will vary depending on,
amongst other variables: the availability of generation and transmission systems; economic growth;
economic slowdown; seasonal and weather-based variations in electricity demand; the plans and
activities of other market participants; the evolution of newly deregulated electricity markets;
regulatory decisions in Ontario and neighbouring jurisdictions (including deregulation); the
exchange rate for the Canadian dollar; wholesale market trading rules; mechanisms for maintaining
adequate generation reserves; and the overall level of competition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although BPLP engages in risk management activities, including trading of electricity and related
contracts to mitigate these risks, there can be no assurance that these activities will be
successful. Electricity prices have proven to be volatile.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Reliance on Single Contractors</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is dependent upon OPG for certain nuclear support services, Cameco 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> supply and UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services, and Zircatec for fuel
manufacturing services. Reliance by BPLP on a single contractor for each of these services is a
supply security risk. Failure of any of these suppliers to provide services of adequate quality or
in a timely manner, or, in the case of OPG, to agree to extend the term of short-term material
service agreements, could have a material adverse impact on BPLP&#146;s expected contribution to
Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Competition</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The spot market price for electricity in the Ontario market has been volatile. Since Market
Opening and the subsequent regulation of the retail electricity market, wholesale prices have been
volatile. It is not clear what impact the changes brought about by the <I>Electricity Restructuring
Act</I>, including the implementation of a hybrid electricity market model, will have on wholesale
electricity prices. Cameco believes BPLP&#146;s ability to compete depends upon many factors within and
outside of its control. There can be no assurance that BPLP will be able to compete successfully
or that competitive pressure will not have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Reliance on Transmission Systems</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s ability to sell electricity depends on the capacity and reliability of the Ontario
electricity transmission system operated by Hydro One under the direction of the IESO and regulated
by the OEB and the other North American electricity transmission systems that are connected to the
Ontario electricity transmission system. Accordingly, the success of BPLP&#146;s business is dependent
upon the functioning of interconnected electrical transmission systems in North America, Hydro
One&#146;s operating performance and financial stability, as well as the provincial regulation of
Ontario&#146;s
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 127 -<!-- /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">electricity transmission system. The lack of adequate and reliable electricity transmission
capacity could have a material adverse impact on BPLP&#146;s expected contribution to Cameco&#146;s financial
results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Effects of Weather</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By the nature of its business, BPLP&#146;s earnings are sensitive to weather variations from time to
time. Variations in winter weather affect the demand for electrical heating requirements.
Variations in summer weather affect the demand for electrical cooling requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Credit Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit risk is the risk of non-performance by contractual counterparties with respect to payment
for services provided. A significant portion of BPLP&#146;s revenues are derived from sales through the
IESO-administered spot market. Participants in the IESO spot market must meet IESO-mandated
standards for creditworthiness with the result that BPLP&#146;s risk for these sales should be
effectively managed. To the extent that the credit support provided by purchasers of power to the
IESO is inadequate, all market participants, including BPLP, could be responsible for any shortfall
in proportion to their market activity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant portion of BPLP&#146;s revenues are derived from the sale of electricity under medium-term
and long-term power purchase and electricity price heading agreements. The purchasers and BPLP
under such agreements must meet certain standards for creditworthiness and, in certain
circumstances, must supply financial assurances as security for non-performance. The requirement
of purchasers to provide financial assurances should result in BPLP&#146;s credit risk for these sales
being effectively managed. To the extent that financial assurances provided by such purchasers are
inadequate, BPLP is subject to credit risk, the occurrence of which could have a material adverse
impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results. BPLP is likewise obligated,
in certain circumstances, to provide financial assurances to such purchasers. Depending on the
circumstances, this may burden the credit capacity of BPLP and Cameco. Cameco has committed to
provide a certain amount of financial assurances to BPLP.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra&#146;s business is sensitive to the volatility of gold prices</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s revenue is largely dependent on the world market price of gold. The gold price is
subject to volatile movements over time and is affected by numerous factors beyond Centerra&#146;s
control. These factors include global supply and demand; central bank lending, sales and
purchases; expectations for the future rate of inflation; the level of interest rates; the strength
of, and confidence in, the US dollar; market speculative activities; and global or regional
political and economic events, including the performance of India&#146;s and the rest of Asia&#146;s
economies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fluctuation in gold prices is illustrated by the following table that sets forth for the periods
indicated the average closing gold prices in US dollars per ounce.
</DIV>

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(US$)</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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</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>1998</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1999</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</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>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">US$ Average</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">409</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">444</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">696</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;18, 2008, the closing price of gold on the London market (PM Fix) was $1,006 (US)&nbsp;per
ounce.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the market price of gold falls and remains below variable production costs of any of Centerra&#146;s
mining operations for a sustained period, losses may be sustained and, under certain circumstances,
there may be a curtailment or suspension of some or all of Centerra&#146;s mining and exploration
activities. Centerra would also have to assess the economic impact of any sustained lower gold
prices on recoverability and, therefore, the cut-off grade and level of Centerra&#146;s gold reserves
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 128 -<!-- /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">and resources. These factors could have a material adverse impact on Centerra&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra&#146;s reserves may not be replaced</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor and Boroo mines are currently Centerra&#146;s only sources of gold production. Based on 2007
year-end reserve estimates and current mining plans, the Kumtor mine is expected to be depleted by
2014 and the Boroo mine is expected to be depleted by 2010. If these reserves are not replaced,
this could have a material adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial
results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra may experience further ground movements at the Kumtor mine</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;8, 2002, a highwall ground movement at the Kumtor mine resulted in the death of one of
Centerra&#146;s employees and the temporary suspension of mining operations. The movement led to a
considerable shortfall in 2002 gold production because the high-grade Stockwork Zone was rendered
temporarily inaccessible. Consequently, Centerra milled lower-grade ore and achieved lower
recovery rates. In February&nbsp;2004, movement was also detected in the southeast wall of the open pit
and a crack was discovered at the crest of the wall. In February&nbsp;2006, there was further movement
detected in the southeast wall of the open pit. In July&nbsp;2006, a pitwall ground movement occurred
that resulted in lower than anticipated gold production in 2006 and re-sequencing of mining of the
ore body. In the first quarter of 2007, minor slope movement was detected in the waste dump above
the SB Zone highwall in the Central Pit. Deformation cracks in the waste rock above the till
focused attention on wall instability seated in the glacial till between the waste dumps and the
underlying bedrock. Drilling has indicated that further push backs of the Kumtor pit will
encounter unfrozen, water-saturated till. The outer face of the till is frozen and hence the water
behind the slope face is pressurized. If depressurization of the till and of the underlying rocks
cannot be achieved, a flatter slope angle will be required which would lead to a reduction of the
mineral reserves mineable by open pit. For a description of these incidents, see &#147;Kumtor Mine -
<I>Mining Operations &#151; Geotechnical Issues Affecting the Kumtor Open Pit</I>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no guarantee against further ground movements. A ground movement could result in a
significant interruption of operations. Centerra may also experience a loss of reserves or a
material increase in costs if it is necessary to redesign the open pit as a result of a ground
movement. The consequences of a ground movement will depend upon the magnitude, location and
timing of any such movement. If mining operations are interrupted or Centerra experiences a loss
of reserves or a material increase in costs, this could have a material adverse impact on Cameco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Changes in, or more aggressive enforcement of, laws and regulations could adversely impact
Centerra&#146;s business</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining operations and exploration activities are subject to extensive laws and regulations. These
relate to production, development, exploration, exports, imports, taxes and royalties, labour
standards, occupational health, waste disposal, protection and remediation of the environment, mine
decommissioning and reclamation, mine safety, toxic substances, transportation safety and emergency
response and other matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compliance with these laws and regulations increases the costs of exploring, drilling, developing,
constructing, operating and closing mines and other facilities. It is possible that the costs,
delays and other effects associated with these laws and regulations may impact Centerra&#146;s decision
as to whether to continue to operate existing mines, ore refining and other facilities or whether
to proceed with exploration or development of properties. Since legal requirements change
frequently, are subject to interpretation and may be enforced to varying degrees in practice,
Centerra is unable to predict the ultimate cost of compliance with these requirements or their
effect on operations. Furthermore, changes in governments, regulations and policies and practices
could have a material adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial
results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;3, 2007, Centerra&#146;s subsidiary, BGC, entered into an Amended Stability Agreement with the
government of Mongolia. Centerra and the Mongolian government agreed that, effective January&nbsp;1,
2007, the Boroo project will be subject to the generally applicable 25% corporate income tax, which
will apply until the termination of the Amended
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 129 -<!-- /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">Stability Agreement in July&nbsp;2013. Effective August&nbsp;3, 2007, the mineral royalty payable will be
5%. (See <I>Centerra Gold Inc. &#151; Boroo Mine &#151; Stability Agreement </I>above.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since there is not yet an investment agreement for the Gatsuurt project, there is a risk that the
Mongolian parliament could designate it as a strategic deposit and take up to a 34% interest in it
under the new Minerals Law. In addition, Gatsuurt may be subject to the windfall profits tax.
Accordingly, Centerra has suspended further development of the property pending the completion of
negotiations with the government. (See <I>Centerra Gold Inc. &#151; Gatsuurt Development Property </I>above.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please see also see the additional disclosure above in the Risk Factor section under the heading
<I>Governmental Regulation and Policy Risks </I>above.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra&#146;s operations in the Kyrgyz Republic and Mongolia are located in areas of seismic
activity</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The areas surrounding both the Kumtor mine and Boroo operations are seismically active. While the
risks of seismic activity were taken into account when determining the design criteria for
Centerra&#146;s Kumtor and Boroo operations, there can be no assurance that Centerra&#146;s operations will
not be materially adversely affected by this kind of activity.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra&#146;s properties are located in remote locations and require a long lead-time for
equipment and supplies</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra operates in remote locations and depends on an uninterrupted flow of materials, supplies
and services to those locations. In addition, Centerra uses expensive, large equipment that
requires a long time to procure, build and install. Any interruptions to the procurement of
equipment, or the flow of materials, supplies and services to Centerra&#146;s properties could have a
material adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial results. Access
to the Kumtor mine has been restricted on several occasions by illegal roadblocks. (See <I>Centerra
Gold &#150; Kumtor Mine &#150; Environmental, Health and Safety Matters </I>above.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Illegal mining has occurred on Centerra&#146;s Mongolian properties, is difficult to control, may
disrupt Centerra&#146;s operations and may expose Centerra to liability.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Illegal mining is widespread in Mongolia. Illegal miners have and may continue to trespass on
Centerra&#146;s properties and engage in very dangerous practices, including climbing inside caves and
old exploration shafts without any harnessing or safety devices. The presence of illegal miners
could also lead to project delays and disputes regarding the development or operation of commercial
gold deposits. The illegal activities of these miners could cause environmental damage (including
environmental damage from the use of mercury by these miners) or other damage to Centerra&#146;s
properties or further personal injury or death, for which Centerra could potentially be held
responsible.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra may experience reduced liquidity and difficulty in obtaining future financing</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The further development and exploration of mineral properties in which Centerra holds an interest
or which Centerra may acquire may depend upon Centerra&#146;s ability to obtain financing through joint
ventures, debt financing, equity financing or other means. There is no assurance that Centerra
will be successful in obtaining required financing as and when needed. Volatile gold markets, a
claim against Centerra, a significant event disrupting Centerra&#146;s business or operations, or other
factors may make it difficult or impossible for Centerra to obtain debt financing or equity
financing on favourable terms or at all. Centerra&#146;s principal operations are located in, and
Centerra&#146;s strategic focus is on, Central Asia and the former Soviet Union, developing areas that
have experienced past economic and political difficulties and may be perceived as unstable. This
may make it more difficult for Centerra to obtain debt financing from project or other lenders.
Failure to obtain additional financing on a timely basis may cause Centerra to postpone development
plans, forfeit rights in Centerra&#146;s properties or joint ventures or reduce or terminate Centerra&#146;s
operations. Reduced liquidity or difficulty in obtaining future financing could have a material
adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 130 -<!-- /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; margin-left: 4%"><I>As a holding company, Centerra&#146;s ability to make payments depends on the cash flows of its
subsidiaries.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra is a holding company that conducts substantially all of operations through subsidiaries,
many of which are incorporated outside of North America. Centerra has no direct operations and no
significant assets other than the shares of its subsidiaries. Therefore, Centerra is dependent on
the cash flows of its subsidiaries to meet its obligations, including payment of principal and
interest on any debt it incurs. The ability of Centerra&#146;s subsidiaries to provide it with payments
may be constrained by the following 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cash flows generated by operations, investment activities and financing activities;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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 level of taxation, particularly corporate profits and withholding taxes, in the
jurisdiction in which they operate; 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the introduction of exchange controls and repatriation restrictions or the availability of
hard currency to be repatriated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Centerra is unable to receive sufficient cash from its subsidiaries, Centerra may be required to
refinance its indebtedness, raise funds in a public or private equity or debt offering or sell some
or all of its assets. There can be no assurances that an offering of its debt or equity or
refinancing of its debt can or will be completed on satisfactory terms or that it would be
sufficient to enable it to make payment with respect to its debt.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Description of Share Capital</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The authorized share capital of Cameco consists of an unlimited number of First Preferred Shares
without nominal or par value, issuable in series (none of which are outstanding); an unlimited
number of Second Preferred Shares without nominal or par value, issuable in series (none of which
are outstanding); an unlimited number of common shares without nominal or par value, of which, at
December&nbsp;31, 2007, 344,398,698 common shares were outstanding as fully paid and non-assessable
shares and one Class&nbsp;B Share of which one is outstanding as a fully paid and non-assessable share.
In addition, as of December&nbsp;31, 2007 there were 6,422,592 stock options outstanding to acquire
common shares of Cameco pursuant to the Company&#146;s stock option plan. As well, at December&nbsp;31,
2007, Cameco had $230&nbsp;million of Convertible Debentures outstanding. This issue may be converted
into a total of 21,208,707&nbsp;million common shares. (See 5% Convertible Subordinated Debentures
below.) (The foregoing common share and stock option information adjusted for Cameco&#146;s February&nbsp;17,
2006 two-for-one stock split of its outstanding common shares.) The Articles of Incorporation of
Cameco (the &#147;Articles&#148;) contain provisions imposing restraints on the issue, transfer and ownership
of voting securities of Cameco. (See Restrictions on Ownership and Voting below.) The following
is a summary of the material provisions attaching to these classes of shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Common Shares</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the limitations described below, the holders of common shares are entitled to one vote
per common share on all matters to be voted on by the shareholders at any meetings of shareholders
(other than at meetings of only holders of some other class or series), and are entitled to receive
such dividends as may be declared by the board of directors of Cameco. The common shares are
subordinate to the rights of the holders of each series of the First Preferred Shares and Second
Preferred Shares that may be outstanding as to payment of dividends and to the distribution of
assets in the event of liquidation, dissolution or winding up of Cameco or any other distribution
of the assets of Cameco among its shareholders for the purpose of winding up its affairs. The
holders of the common shares have no pre-emptive, redemption, purchase or conversion rights in
respect of such shares. Except as described under Description of Share Capital &#150; Restrictions on
Ownership and Voting below, non-residents of Canada who hold common shares have the same rights as
shareholders as residents of Canada.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 131 -<!-- /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; margin-left: 4%"><I>Class&nbsp;B Shares</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The holder of the Class&nbsp;B share (the &#147;Class&nbsp;B Share&#148;), the Province of Saskatchewan, is entitled to
receive notice of and to attend all meetings of shareholders including meetings of any class or
series thereof but does not have the right to vote at any such meeting other than a meeting of the
holder of the Class&nbsp;B Share as a class. The holder of the Class&nbsp;B Share does not have the right to
vote separately as a class, except on any proposal to: (i)&nbsp;amend Part&nbsp;I of Schedule&nbsp;B of the
Articles; (ii)&nbsp;amalgamate that would effect an amendment to Part&nbsp;I of Schedule&nbsp;B of the Articles;
or (iii)&nbsp;amend the Articles so as to alter the rights attached to the Class&nbsp;B Share. Part&nbsp;I of
Schedule&nbsp;B of the Articles provides that (A)&nbsp;the registered office and head office operations of
Cameco must be located in the Province of Saskatchewan (the &#147;Province&#148;), (B)&nbsp;all of the executive
officers (vice-chairman of the board, chief executive officer, chief operating officer, chief
financial officer and president) of the Company, except for the chairman of the board, and
substantially all of the senior officers (vice presidents) of the Company must be ordinarily
resident in the Province, and (C)&nbsp;all annual meetings of shareholders of the Company must be held
at a place in the Province. The holder of the Class&nbsp;B Share is entitled to request and receive
information from Cameco for the purpose of determining whether the provisions of Part&nbsp;I of Schedule
B of the Articles are being complied with. The holder of the Class&nbsp;B Share does not have the right
to receive any dividends declared by the Company. Subject to the prior rights of each series of
First Preferred Shares and Second Preferred Shares, the holder of the Class&nbsp;B Share ranks equally
with holders of common shares with respect to the distribution of assets in the event of
liquidation, dissolution or winding up of the Company. The holder of the Class&nbsp;B Share has no
pre-emptive, redemption, purchase or conversion rights in respect of such share. The Class&nbsp;B Share
is non-transferable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>First Preferred Shares</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The First Preferred Shares are issuable from time to time in one or more series and the board of
directors of Cameco may determine by resolution the number of shares in, and the designation,
rights, privileges, restrictions and conditions attaching to, each series. The First Preferred
Shares of each series will rank equally with the shares of every other series of First Preferred
Shares and prior to the Second Preferred Shares, the common shares and the Class&nbsp;B Share with
respect to the payment of dividends and the distribution of assets in the event of liquidation,
dissolution or winding up of the Company and may carry voting rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Second Preferred Shares</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Second Preferred Shares are issuable from time to time in one or more series and the board of
directors of Cameco may determine by resolution the number of shares in, and the designation,
rights, privileges, restrictions and conditions attaching to, each series. The Second Preferred
Shares of each series will rank equally with the shares of every other series of Second Preferred
Shares and prior to the common shares and the Class&nbsp;B Share with respect to the payment of
dividends and the distributions of assets in the event of liquidation, dissolution or winding up of
the Company and may carry voting rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Ownership and Voting</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Limits on the Holdings of Residents and Non-Residents of Canada</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Articles, pursuant to the requirements of the <I>Eldorado Nuclear Limited Reorganization and
Divestiture Act </I>(Canada) as amended (the &#147;ENL Reorganization Act&#148;), contain provisions imposing
constraints on the issue, transfer and ownership, including joint ownership, of voting securities
of Cameco so as to prevent both residents and non-residents from owning or controlling more than a
specified percentage of voting securities. The constraints affect the common shares of the
Company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Specifically, no resident, alone or together with associates, may hold, beneficially own or
control, directly or indirectly, other than by way of security only or for purposes of distribution
by an underwriter, voting securities to which are attached more than 25% of the votes than may
ordinarily be cast to elect directors of Cameco. Similarly, no non-resident, alone or together
with associates, may hold, beneficially own or control, directly or indirectly, other than by way
of security only or for purposes of distribution by an underwriter, voting securities to which are
attached more than
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 132 -<!-- /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">15% of the votes that may ordinarily be cast to elect directors of Cameco. Further, the votes
attaching to securities of Cameco held, beneficially owned or controlled, directly or indirectly,
by all non-residents together, and cast at any meeting of shareholders of Cameco will be counted or
pro-rated so as to limit the counting of those votes to not more than 25% of the total number of
votes cast by the shareholders at that meeting.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Enforcement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to give effect to such constraints, the Articles contain provisions for the enforcement of
the restrictions relating to ownership and voting by residents and non-residents described above,
including provisions for suspension of voting rights, forfeiture of dividends and other
distributions to shareholders, prohibitions against the issue and transfer of securities and
suspension of all remaining shareholders&#146; rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The provisions allow Cameco to require holders, proposed transferees or other subscribers for
voting securities and certain other persons to furnish shareholder declarations as to residence,
ownership of voting securities and certain other matters relative to the enforcement of the
restrictions. Cameco is precluded from issuing or registering a transfer of any voting securities
where a contravention of the resident or non-resident ownership restrictions would result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Cameco has reason to believe, whether through shareholder declarations filed with it or its
books and records or those of its registrar and transfer agent or otherwise, that voting securities
are held by a shareholder in contravention of the resident or non-resident ownership restrictions,
it has the power to suspend all rights of the shareholder in respect of all securities held, other
than the right to transfer them, not earlier than 30&nbsp;days after first sending notice to the
shareholder, unless the voting securities so held have been disposed of by the shareholder and
Cameco has been so advised.
</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following definitions apply for the purposes of the restrictions described above:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>non-resident</I>&#148; means:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual, other than a Canadian citizen, who is not ordinarily resident in Canada;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation incorporated, formed or otherwise organized outside Canada;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign government or an agency thereof;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by non-residents, directly or indirectly, as defined in any of (i)&nbsp;to (iii)&nbsp;above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>established by a non-resident as defined in any of (ii)&nbsp;to (iv)&nbsp;above, other
than a trust for the administration of a pension fund for the benefit of individuals a
majority of whom are residents; or</TD>
</TR>

<TR>
    <TD 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in which non-residents as defined in any of (i)&nbsp;to (iv)&nbsp;above have more than
fifty percent of the beneficial interest; or</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by a trust described in (v)&nbsp;above;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>resident</I>&#148; means an individual, corporation, government or agency thereof or trust that is not a
non-resident;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>voting security</I>&#148; means a share or other security of Cameco carrying full voting rights under all
circumstances or under some circumstances that have occurred and are continuing, and includes:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a security currently convertible into such a share or other security; and</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 133 -<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>currently exercisable options and rights to acquire such a share or other security or such
convertible share or other security;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>person</I>&#148; includes any individual, corporation, government or agency thereof, executor,
administrator or other legal representative; a person is an associate of another person if:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation of which the other is an officer or director;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation that is controlled by the other or by a group of persons of which the other is a member;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a partnership of which the other is a partner;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a trust of which the other is a trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are corporations controlled by the same person;</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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are members of a voting trust or parties to an arrangement that relates to voting securities of Cameco; or</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">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are at the same time associates, within the meaning of any of (i)&nbsp;to (vi)&nbsp;above, of the
same person; provided that:</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">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a resident who, but for this paragraph, would be an associate of a
non-resident submits to Cameco a statutory declaration stating that no voting
securities are held, directly or indirectly, for a non-resident, that resident and
non-resident are not associates of each other, provided the statutory declaration is
not false;</TD>
</TR>

<TR>
    <TD 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>two corporations are not associates pursuant to (vii)&nbsp;above by reason only that
each is an associate of the same person pursuant to (i)&nbsp;above;</TD>
</TR>

<TR>
    <TD 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">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if any person appears to Cameco to hold voting securities to which are attached
not more than the lesser of four one-hundredths of one percent of the votes that may
ordinarily be cast to elect directors of Cameco and 10,000 such votes, that person is
not an associate of any other person and no other person is an associate of that person
in relation to those voting securities;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>control</I>&#148; means control in any manner that results in control in fact, whether directly through
ownership of securities or indirectly through a trust, an agreement, the ownership of nay body
corporate or otherwise; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&#147;<I>beneficial ownership</I>&#148; includes ownership through a trustee, legal representative, agent or other
intermediary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Other Restrictions</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ENL Reorganization Act places certain other restrictions on Cameco, including prohibition
against applying for continuance in another jurisdiction and a prohibition against Cameco enacting
articles of incorporation or bylaws containing provisions inconsistent with the provisions included
in the ENL Reorganization Act. The ENL Reorganization Act provides that the Articles must contain
restrictions on Cameco including a prohibition against Cameco creating restricted shares (generally
a participating share containing restrictive voting rights) and the requirement that Cameco
maintain its registered office and its head office operations within the Province of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The Saskatchewan Mining Development Corporation Reorganization Act </I>also requires Cameco to maintain
its registered office and its head office operations (generally all executive, corporate planning,
senior management, administrative and general management functions) within the Province of
Saskatchewan.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 134 -<!-- /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">The bylaws of the Company provide that a majority of the members of the board of directors of
Cameco shall be resident Canadians. The Articles provide that the number of directors will be not
less than three and not more than fifteen. The number of directors is presently fixed at thirteen.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>5% Convertible Subordinated Debentures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 5% Convertible Subordinated Debentures (the &#147;Convertible Debentures&#148;) are subordinated
unsecured general obligations of the Company and are convertible into common shares of the Company,
at the option of the holders. The Convertible Debentures are limited in aggregate principal amount
to $230&nbsp;million and mature on October&nbsp;1, 2013, unless earlier redeemed by the Company. The
Convertible Debentures bear interest at the rate of 5% per annum payable semi-annually on April 1
and October 1 of each year. Interest payments will be payable by cash, or at the option of the
Company, by delivery of common shares of the Company to the trustee (the &#147;Trustee&#148;) for the
Convertible Debentures, for sale on the open market and delivery of a cash amount equal to the
amount payable to the holders of the Convertible Debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A holder of a Convertible Debenture is entitled to convert the Convertible Debenture into common
shares at any time on or prior to maturity. The conversion rate is approximately 92.3 shares per
$1,000 principal amount of Convertible Debentures, which translates to a conversion price of
approximately $10.83 ($21.67 prior to the two-for one stock split on February&nbsp;17, 2006) per Common
Share, which is subject to adjustment in certain events. At December&nbsp;31, 20007, the total number
of Common Shares to be issued upon the conversion of the $230&nbsp;million Convertible Debentures was
21,208,707.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Convertible Debentures will not be redeemable prior to October&nbsp;1, 2008, except as described
below. On or after October&nbsp;1, 2008, the Convertible Debentures will be redeemable in whole or in
part, at a redemption price equal to par (the &#147;Redemption Price&#148;) plus accrued and unpaid interest.
In addition, the Convertible Debentures are redeemable, in whole but not in part, at the option of
the Company for cash at a redemption price equal to par plus accrued and unpaid interest thereon,
in the event that the Company has become or would become obligated to pay any additional amounts in
compensation for any withholding or deduction for or on account of any Canadian taxes related to
payments made under or in respect of the Convertible Debentures on behalf of holders as a result of
any change in Canadian tax laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company has the right to purchase for cancellation Debentures in the market, by tender or by
private contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company shall have the right to elect to issue and deliver common shares of the Company to the
Trustee to raise funds in order to satisfy its obligations to pay interest on the Convertible
Debentures, subject to receiving any necessary regulatory approvals to issue the common shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company may, at its option, subject to applicable regulatory approval, elect to satisfy the
Redemption Price of the Convertible Debentures which are to be redeemed or the principal amount of
the Convertible Debentures which have matured, as the case may be, by issuing common shares of the
Company to the holders of the Convertible Debentures in lieu of or in exchange for payment of the
Redemption Price in money. Any accrued and unpaid interest thereon will be paid in cash.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the occurrence of certain change of control events related to the Company, the Company is
required to make an offer to all holders to purchase all outstanding Convertible Debentures
properly tendered pursuant to such offer for a cash price equal to 100% of the principal amount of
the Convertible Debentures plus accrued and unpaid interest thereon.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to having issued common shares and the Convertible Debentures, Cameco has one series of
senior unsecured debentures outstanding and is a frequent issuer of commercial paper. Cameco&#146;s
senior unsecured debentures (&#147;Senior Unsecured Debentures&#148;) 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. On January
17, 2006, Cameco completed the redemption of the $50&nbsp;million 7% senior unsecured debentures and
$100&nbsp;million 6.9% senior unsecured debentures for a total redemption price of $152&nbsp;million plus
accrued and unpaid interest. No commercial paper was outstanding at March&nbsp;1, 2008.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 135 -<!-- /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">As summarized in the following table, DBRS and Standard &#038; Poor&#146;s (&#147;S&#038;P&#148;) have provided ratings of
the Company&#146;s commercial paper, Senior Unsecured Debentures, and Convertible Debentures as set out
below:
</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="66%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DBRS</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>S&#038;P</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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">(3)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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><DIV style="margin-left:15px; text-indent:-15px">Convertible Debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BBB (high)</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Rated</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">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Published as of September&nbsp;6, 2007</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Published as of August&nbsp;25, 2006</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</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 align="left" style="font-size: 10pt; margin-top: 6pt">The credit ratings provided by DBRS and S&#038;P (&#147;Rating Agencies&#148;) are not recommendations to buy,
hold or sell the securities, as such rating do not comment on the market price or suitability for
an individual investor. There is no assurance that any rating will remain in effect for any given
period of time or that any rating will not be revised or withdrawn entirely by a Rating Agency in
the future if in its judgment circumstances so warrant. Cameco provides the Rating Agencies with
confidential, in-depth information in support of the rating process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rating ranges, definitions of the rating categories and the relative rankings assigned within
the respective rating classification systems are as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Commercial Paper</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial paper rating scales are meant to give an indication of the risk that a borrower will not
fulfill its near-term debt obligations in a timely manner. DBRS rates commercial paper by rating
categories ranging from a high of R-1 to a low of D. The rating of R-1 (low)&nbsp;from DBRS is at the
lower end of the R-1 category. An R-1 (low)&nbsp;rating is characterized as having &#147;satisfactory credit
quality&#148; and is the third highest of ten available credit ratings. S&#038;P rates commercial paper by
rating categories ranging from a high of A-1 (high)&nbsp;to a low of D. The rating of A-1 (low)&nbsp;from
S&#038;P is characterized as having &#147;satisfactory capacity to meet its financial commitments on the
obligation&#148; and is the third highest of eight available credit ratings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Senior Unsecured Debentures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Long-term debt rating scales are meant to give an indication of the risk that a borrower will not
fulfill its full obligations in a timely manner, with respect to both interest and principal
commitments. DBRS rates senior unsecured debt by rating categories ranging from a high of AAA to a
low of D. The rating of A (low)&nbsp;from DBRS is at the lower end of the A category. The A category
is characterized as having &#147;satisfactory credit quality&#148; and is the third highest of ten available
credit ratings. S&#038;P rates senior unsecured debt by rating categories ranging from a high of AAA to
a low of D. The rating of BBB&#043; from S&#038;P is at the higher end of the BBB category. The BBB
category is characterized as exhibiting &#147;adequate protection parameters&#148; and is the fourth highest
of ten available credit ratings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Convertible Debentures</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subordinated obligations are typically rated lower than senior obligations, to reflect the lower
priority in bankruptcy. DBRS rates the subordinated convertible debentures by rating categories
ranging from a high of AAA to a low of C. The rating of BBB&#043; from DBRS is at the higher end of the
BBB category. The BBB category is characterized as having &#147;adequate credit quality&#148; and is the
fourth highest of nine available credit ratings.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the time of the Company&#146;s initial public offering in 1991, the board of directors of the Company
established a policy of paying quarterly dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2004, Cameco announced that its board of directors approved a three-for-one stock split
of its outstanding common shares, to be effected by way of a stock dividend. All shareholders
received two additional shares for each
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 136 -<!-- /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">share owned on the record date of December&nbsp;31, 2004. The board of directors also approved an
increase in the annual dividend from $0.60 to $0.72 ($0.24 post split) beginning in 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2006, Cameco announced that its board of directors approved a two-for-one stock split of
its outstanding shares, to be effected by way of a stock dividend. All shareholders received one
additional share for each share owned on the record date of February&nbsp;17, 2006. The board of
directors also approved an increase in the annual dividend from $0.24 to $0.32 ($0.16 post-split)
beginning in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2006, Cameco&#146;s board of directors approved an increase in the annual dividend from
$0.16 to $0.20 beginning in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2007, Cameco&#146;s board of directors approved an increase in the annual dividend from
$0.20 to $0.24 beginning in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This policy will be reviewed from time to time in light of the Company&#146;s financial position and
other factors considered relevant by the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the cash dividends per common share for each of the most recently
completed financial years (adjusted for the February&nbsp;17, 2006 stock split).
</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>2007</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>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends declared per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2007 CONSOLIDATED FINANCIAL STATEMENTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s 2007 Consolidated Financial Statements are incorporated herein by reference. This
document has been filed by the Company, and is available, on SEDAR at www.sedar.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2007 is
incorporated herein by reference. This document (also referred to in this Annual Information Form
as the 2007 MD&#038;A) has been filed by the Company, and is available, on SEDAR at www.sedar.com.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s common shares are listed and traded on the Toronto Stock Exchange (CCO)&nbsp;and the New
York Stock Exchange (CCJ).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also listed and traded on the Toronto Stock Exchange are the Company&#146;s 5% Convertible Subordinated
Debentures due October&nbsp;1, 2013 (CCO.DB).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Canadian registrar and transfer agent for the Company&#146; common shares and 5% Convertible
Subordinated Debentures is CIBC Mellon Trust Company through its offices at 320 Bay Street, P.O.
Box 1, Toronto, Ontario M5H&nbsp;4A6. The US registrar and transfer agent for the Company&#146;s common
shares is Mellon Investor Services LLC through its offices at 29 Jersey City, New Jersey, 07310.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Price Range and Trading Volume of Common Shares</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the range of high and low closing prices and trading volume for the
common shares of the Company on the TSX for the periods indicated.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 137 -<!-- /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">
<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="11" style="border-bottom: 1px solid #000000"><B>TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" 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>High ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,781,765</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,112,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,728,523</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,209,043</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57.49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,205,110</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,283,929</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,278,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,434,497</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,516,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,049,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,262,008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,357,832</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Price Range and Trading Volume of 5% Convertible Subordinated Debentures due October&nbsp;1, 2013</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets forth the range of high and low closing prices and trading volume for the
5% Convertible Subordinated Debentures due October&nbsp;1, 2013 for the periods indicated on the TSX.
The high and low prices are quoted based upon $100 principal or par value amount. The volume is
the total number to $100 par value debentures traded during the period.
</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="11" style="border-bottom: 1px solid #000000"><B>TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" 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>High $</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low $</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">451.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">740</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">427.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">390.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">272,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">431.94</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">398.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">500.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,720</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">521.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">287,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">533.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">507.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">386.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">394.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">357.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">940</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">431.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410.84</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">392.22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">364.56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 138 -<!-- /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>DIRECTORS AND OFFICERS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Directors</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="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&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>Municipality of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Occupation or Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOHN S. AUSTON <SUP style="font-size: 85%; vertical-align: text-top">(2, 6)</SUP><br>
West Vancouver, British Columbia,
Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Geologist; Corporate Director,
2000 to present; prior: President,
Director and Chief
Executive Officer, Ashton Mining
of Canada Inc. 1996-2000.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOHN H. CLAPPISON <SUP style="font-size: 85%; vertical-align: text-top">(2, 3, 4) </SUP><br>
Toronto, Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, commencing in
2006; prior: 1990 to December
2005, managing partner of the
Toronto office of
PricewaterhouseCoopers LLP.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOE F. COLVIN <SUP style="font-size: 85%; vertical-align: text-top">(4, 6) </SUP><br>
Kiawah Island, South Carolina, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director and President
Emeritus of Nuclear Energy
Institute, February&nbsp;16, 2005 to
present; prior: President and
Chief Executive Officer, Nuclear
Energy Institute 1996 to February
15, 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HARRY D. COOK <SUP style="font-size: 85%; vertical-align: text-top">(2, 4, 6)</SUP><br>
La Ronge, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, March&nbsp;31,
2005 to present; prior: Chief,
Lac La Ronge Indian Band from
1987 until March&nbsp;31, 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1992</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR>
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JAMES R. CURTISS <SUP style="font-size: 85%; vertical-align: text-top">(4, 5)</SUP><br>
Brookeville, Maryland, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawyer, Partner, Winston &#038;
Strawn, 1993 to present;
prior: Commissioner US Nuclear
Regulatory Commission 1988-1993.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1994</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GEORGE S. DEMBROSKI <SUP style="font-size: 85%; vertical-align: text-top">(5, 6)</SUP><br>
Toronto, Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, 1998 to
present; prior: Vice-Chairman and
Director, RBC Dominion Securities
Limited (investment dealer)
1981-1998.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1996</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GERALD W. GRANDEY<br>
President and Chief Executive Officer<br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position 2003;
prior: President 2000-2002;
Executive Vice-President
1997-2000.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NANCY E. HOPKINS <SUP style="font-size: 85%; vertical-align: text-top">(3, 6)</SUP><br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawyer, Partner, McDougall
Gauley, 1984 to present.
Effective January&nbsp;2001 Gauley &#038;
Company merged with McDougall
Ready to form McDougall Gauley.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1992</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OYVIND HUSHOVD <SUP style="font-size: 85%; vertical-align: text-top">(2, 3, 5)</SUP><br>
Kristiansand S, Norway
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, June&nbsp;1, 2005
to present; prior: Chairman and
Chief Executive Officer of
Gabriel Resources Ltd., May&nbsp;2003
to May&nbsp;31, 2005; and President
and Chief Executive Officer of
Falconbridge Ltd. 1996 to 2002.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2003</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J.W. GEORGE IVANY <SUP style="font-size: 85%; vertical-align: text-top">(3, 5, 6)</SUP><br>
Kelowna, British Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, 1999 to
present; prior: President and
Vice-Chancellor, University of
Saskatchewan 1989-1999.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 139 -<!-- /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">
<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="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&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>Municipality of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Occupation or Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. ANNE McLELLAN <SUP style="font-size: 85%; vertical-align: text-top">(4, 5, 6)</SUP><br>
Edmonton, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawyer, Counsel, Bennett Jones
LLP June, 2006 to present;
prior: 1993 to 2006, served as a cabinet
minister in various portfolios
with the Canadian government,
most recently as Deputy Prime
Minister of Canada from 2003 to
2006.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. NEIL McMILLAN <SUP style="font-size: 85%; vertical-align: text-top">(2, 3, 4)</SUP><br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive
Officer, Claude Resources Inc.
March&nbsp;1, 2004 to present;
prior: 1996 to March&nbsp;1, 2004 President
of Claude Resources Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2001</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ROBERT W. PETERSON <SUP style="font-size: 85%; vertical-align: text-top">(3, 4, 5)</SUP><br>
Regina, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Senate of Canada
2005 to present and President and
Chief Operating Officer Denro
Holdings Ltd. 1994 to present.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1994</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<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 nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VICTOR J. ZALESCHUK <SUP style="font-size: 85%; vertical-align: text-top">(2, 5, 6)</SUP><br>
Calgary, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, November&nbsp;2001
to present; prior: President and
Chief Executive Officer, Nexen
Inc. (formerly Canadian
Occidental Petroleum Ltd.) from
June&nbsp;1, 1997 to June&nbsp;1, 2001.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2001</TD>
    <TD nowrap valign="top">&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 colspan="3">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Each director will hold office until the next annual meeting unless such director&#146;s office is
earlier vacated in accordance with the corporate law requirements applicable to the Company
from time to time.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the reserves oversight committee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the audit committee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the safety, health and environment committee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the human resources and compensation committee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the nominating, corporate governance and risk committee.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 140 -<!-- /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>Officers</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="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and Municipality</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal Occupation or Employment for Past Five</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VICTOR J. ZALESCHUK<BR>

Chair<BR>

Calgary, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, November&nbsp;2001 to present;
prior: President and Chief Executive Officer,
Nexen Inc. (formerly Canadian Occidental
Petroleum Ltd.) from June&nbsp;1997 to June&nbsp;2001.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GERALD W. GRANDEY<BR>
President and Chief Executive Officer<BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2003; prior: President,
2000-2002; Executive Vice-President
1997-2000.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TIMOTHY S. GITZEL<BR>

Senior Vice-President and Chief Operating Officer <BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2007;
prior: Executive Vice-President, mining business unit,
AREVA June&nbsp;2004 to January&nbsp;2007; President and
Chief Executive Officer, Cogema Resources Inc.
September&nbsp;2001 to June&nbsp;2004.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GEORGE B. ASSIE<BR>

Senior Vice-President, Marketing and Business
Development <BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2003;
prior: President Cameco Inc., Eden Prairie, Minnesota
1999 &#151; 2002.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">O. KIM GOHEEN<BR>

Senior Vice-President
and Chief Financial Officer<BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position August&nbsp;2004; prior
Vice-President &#038; Treasurer May&nbsp;1999 to August
2004.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RITA M. MIRWALD<BR>

Senior Vice-President, Corporate Services<BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position April&nbsp;1997.</TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GARY M.S. CHAD<BR>
Senior Vice-President, Governance, Law
and Corporate Secretary<BR>

Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2000;
prior: Senior General Counsel and Secretary 1990-1999.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the knowledge of the Company, the number of common shares of Cameco which were beneficially
owned, directly or indirectly, or over which control or direction was exercised by all directors
and officers of Cameco as a group, as at March&nbsp;18, 2008, was 506,189, representing less than 1% of
the outstanding common shares of Cameco .
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the knowledge of the Company, the number of common shares of Centerra which were beneficially
owned, directly or indirectly, or over which control or direction was exercised by all directors
and officers of Cameco as a group, as at March&nbsp;18 2008, was 49,695, representing less than 1% of
the outstanding common shares of Centerra.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 141 -<!-- /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>Cease Trade Orders, Bankruptcies, Penalties or Sanctions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None of the directors or officers of the Company or a shareholder holding a sufficient number of
securities of the Company to affect materially the control of the Company are, or have been within
the past ten years, a director or executive officer of another company which, during such
individual&#146;s tenure:
</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was the subject of a cease trade or similar order or an order that denied that company access
to any statutory exemptions for a period exceeding 30 consecutive days;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was subject to an event that resulted, after the director or executive officer ceased to be a
director or executive officer, in the company being the subject of a cease trade or similar
order or an order that denied that issuer access to any statutory exemptions for a period
exceeding 30 consecutive days; or</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>within a year of that person ceasing to act in that capacity, became bankrupt, made a
proposal under any legislation relating to bankruptcy or insolvency or was subject to or
instituted any proceedings, arrangement or compromise with creditors or had a receiver,
receiver manager or trustee appointed to hold the assets of that issuer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None of the directors or officers of the Company or a shareholder holding a sufficient number of
securities of the Company to affect materially the control of the Company are, or have been within
the past ten years, directors, officers or promoters of other companies which were declared
bankrupt or made a voluntary assignment in bankruptcy, made a proposal under any legislation
relating to bankruptcy or insolvency or has been subject to or instituted any proceedings,
arrangement or compromise with any creditors or had a receiver, receiver manager or trustee
appointed to hold the assets of that company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">None of the directors or executive officers of the Company or a shareholder holding a sufficient
number of securities of the Company to affect materially the control of the Company has been
subject 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="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any penalties or sanctions imposed by a court relating to securities legislation or by a
securities regulatory authority or has entered into a settlement agreement with a securities
regulatory authority; or</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other penalties or sanctions imposed by a court or regulatory body that would likely be
considered important to a reasonable investor in making an investment decision.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest of Management and Others in Material Transactions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the best of the Company&#146;s knowledge, none of the directors, executive officers or shareholders
exercising control or direction or over 10% of any class of the Company&#146;s outstanding securities,
nor their associates or affiliates, have any material interests in material transactions which have
affected, or will materially affect, the Company.
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the audit committee charter is attached as Appendix &#147;A&#148; and is also available on the
Company&#146;s website <U>www.cameco.com</U> under &#147;Governance&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Composition of the Audit Committee</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The members of the audit committee are Nancy Hopkins (chair), Oyvind Hushovd, George Ivany, Neil
McMillan, Robert Peterson and John Clappison. Each member of the committee is independent and
financially literate within the meaning of Multilateral Instrument 52-110 of the Canadian
Securities Administrators.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 142 -<!-- /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>Relevant Education and Experience</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Clappison, a corporate director, is the former managing partner of the Toronto office of
PricewaterhouseCoopers LLP. He currently serves on a number of boards of publicly traded
companies, a board of one the public company&#146;s subsidiaries, the boards of other private and
not-for-profit organizations. Mr.&nbsp;Clappison is a chartered accountant and a Fellow of the
Institute of Chartered Accountants of Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nancy Hopkins is a partner with the law firm of McDougall Gauley, LLP in Saskatoon where she
concentrates her practice on corporate and commercial law and taxation. She currently serves on a
number of boards. She formerly served on the board of the Canadian Institute of Chartered
Accountants. Ms.&nbsp;Hopkins has a Bachelor of Commerce degree and a Bachelor of Laws degree from the
University of Saskatchewan. Ms.&nbsp;Hopkins chairs the Audit Committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Oyvind Hushovd, a corporate director, is the former Chair and Chief Executive Officer of Gabriel
Resources Ltd., a Canadian-based precious metals exploration and development company, retiring in
2005. Prior to that he was the President and Chief Executive Officer of Falconbridge Limited from
1996 to 2002. He currently serves on a number of boards of publicly traded companies. Mr.&nbsp;Hushovd
received a Master of Economics and Business Administration degree from the Norwegian School of
Business and a Master of Law degree from the University of Oslo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">George Ivany, a corporate director, is the former President and Vice-Chancellor of the University
of Saskatchewan. Dr.&nbsp;Ivany received a Bachelor of Science degree in Chemistry and Physics and a
diploma in education from Memorial University of Newfoundland. He received a Master of Arts degree
in Physics Education from the Teachers College, Columbia University and a Ph.D. in Secondary
Education from the University of Alberta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Neil McMillan is the President and Chief Executive Officer of Claude Resources Inc., a gold mining
and oil and gas producing company based in Saskatoon, Saskatchewan. He currently serves on a
number of boards of publicly traded companies and previously sat on the board of Atomic Energy
Canada Ltd. Mr.&nbsp;McMillan received a Bachelor of Arts degree in History and Sociology from the
University of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Robert Peterson, Senator, is a member of the Senate of Canada, having been appointed in 2005. He
is also the President and Chief Operating Officer of Denro Holdings Ltd., a diversified corporation
involved in real estate development, investor fund management and property management. Mr.
Peterson received a Bachelor of Science degree in Civil Engineering from the University of
Saskatchewan.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 143 -<!-- /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>Fees Paid to External Auditors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fees paid to the external auditors during the years ended December&nbsp;31, 2007 and 2006 were 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="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 nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</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>Total</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>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Cameco and Canadian joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">890,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">834,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra and other subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">661,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.7</TD>
    <TD nowrap>%</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:30px; text-indent:-15px">Total Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,551,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">78.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,729,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">82.5</TD>
    <TD nowrap>%</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>Audit-Related Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Sarbanes-Oxley 404 scoping project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco consultative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</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:30px; text-indent:-15px">Centerra consultative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Zircatec &#150; specified procedures</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">&nbsp;50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</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:30px; text-indent:-15px">Total Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">239,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">148,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.1</TD>
    <TD nowrap>%</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>Tax Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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:30px; text-indent:-15px">Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">130,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">167,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Planning and advice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;&nbsp;&nbsp;&nbsp;51,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</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:30px; text-indent:-15px">Total Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">189,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">219,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>All Other Fees:</B></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>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; 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 Fees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,980,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,096,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>External Audit Pre-Approval Practices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Cameco&#146;s corporate governance practices, under Cameco&#146;s audit committee charter, the
audit committee is required to pre-approve the audit and non-audit services performed by the
external auditors. Unless a type of service is which is to be provided by the external auditors
receives general pre-approval, it requires specific pre-approval by Cameco&#146;s audit committee or
audit committee chair, or in the absence of the audit committee chair, a member of the audit
committee as designated by the audit committee. All pre-approvals granted pursuant to the
delegated authority must be presented by the member(s) who granted the pre-approvals to the full
committee at its next meeting. The audit committee has adopted a written policy to provide
procedures to implement the foregoing principles.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The only contracts entered into by the Company since January&nbsp;1, 2002 that are material and not
entered into in the ordinary course of business, and which not otherwise required to be disclosed,
are the following:
</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;11, 2003, Cameco entered into an underwriting agreement with RBC Dominion
Securities Inc., Scotia Capital Inc., CIBC World Markets and HSBC Securities (Canada) Inc. in
connection with the issuance on October&nbsp;1, 2003 of $230&nbsp;million principal amount of 5%
Convertible Debentures due in 2013. For more details on the Convertible Debentures, see
&#147;Description of Securities-5% Convertible Subordinated Debentures.&#148;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;25, 2003, Cameco entered into a Trust Indenture with CIBC Mellon Trust Company
in connection with the issuance on October&nbsp;1, 2003 of $230&nbsp;million principal amount of 5%
Convertible Debentures due in 2013. This Trust Indenture sets out the terms and conditions
pertaining to the Convertible Debentures. For more details on the Convertible Debentures, see
&#147;Description of Securities-5% Convertible Subordinated Debentures.&#148;</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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;1, 2005, Cameco entered into an underwriting agreement with RBC Dominion
Securities Inc. and Scotia Capital Inc. in connection with the issuance on September&nbsp;15, 2005
of $300&nbsp;million principal amount of</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 144 -<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>4.7% unsecured debentures due in 2015. For more details on these debentures, see
&#147;Description of Securities-Rating of Securities.&#148;</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">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;16, 2005, Cameco entered into the Third Supplemental Indenture with CIBC Mellon
Trust Company in connection with the issuance on September&nbsp;15, 2005 of $300&nbsp;million principal
amount of 4.7% unsecured debentures due in 2015. This Third Supplemental Indenture, together
with the July&nbsp;12, 1999 original indenture, sets out the terms and conditions pertaining to the
$300&nbsp;million principal amount of 4.7% unsecured debentures due in 2015. For more details on
these debentures, see &#147;Description of Securities-Rating of Securities.&#148;</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">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On December&nbsp;2, 2005, Cameco entered into an agreement to acquire a 100% interest in Zircatec,
a Canadian manufacturer of nuclear fuel bundles. The purchase was completed on February&nbsp;1,
2006 at a purchase price of $109&nbsp;million. For more details on this purchase, see &#147;Uranium
Fuel Conversion Services-Operations.&#148;</TD>
</TR>

</TABLE>
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s auditor is KPMG LLP, independent chartered accountants, who have audited the
Company&#146;s 2007 Consolidated Financial Statements, which are incorporated herein by reference.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The qualified persons, as defined by National Instrument 43-101, who have prepared or supervised
preparation of the scientific and technical information in this Annual Information Form regarding
the Company&#146;s material uranium properties (McArthur River and Cigar Lake), including uranium
mineral reserve and resources estimates, are named above at <I>Uranium Concentrates Business &#150;
Reserves and Resources</I>. All of the qualified persons are employees of Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The qualified persons, as defined by National Instrument 43-101, who has prepared or supervised the
preparation of scientific and technical information in this Annual Information Form regarding the
Company&#146;s material gold property (Kumtor), including mineral reserve and resource estimates, are
named above at <I>Centerra Gold Inc. &#150; Reserves and Resources</I>. Two qualified persons, Ian Atkinson
and Dan Redmond, are employees of Centerra, a subsidiary of Cameco. The other two qualified
persons are not employees of Cameco or its subsidiaries.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KPMG LLP is independent within the meaning of the Rules of Professional Conduct of the Institute of
Chartered Accountants of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the knowledge of the Company, the qualified persons named or referred above under &#147;Name of
Experts&#148; beneficially owns, directly or indirectly, less than 1% or more of any class of the
Company&#146;s outstanding securities.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional information relating to the Company is available on the System for Electronic Document
Analysis and Retrieval (SEDAR)&nbsp;under the Company&#146;s name at <u>www.sedar.com</U>. Further
additional information, including directors&#146; and officers&#146; remuneration and indebtedness, principal
holders of Cameco securities, if any, and securities authorized for issuance under equity
compensation plans, can be found in Cameco&#146;s April&nbsp;9, 2007 Management Proxy Circular for its May
2007 annual and special meeting of shareholders and will be found in Cameco&#146;s Management Proxy
Circular for its May&nbsp;2008 annual and special meeting of shareholders that is expected to be
available in April&nbsp;2008. Such additional financial information is provided in the Company&#146;s
consolidated financial statements for the fiscal year-ended December&nbsp;31, 2007 and the Company&#146;s
management&#146;s discussion and analysis relating to the same, which are incorporated herein by
reference.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 145 -<!-- /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>Appendix &#147;A&#148;</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>AUDIT COMMITTEE<BR>
OF THE BOARD OF DIRECTORS</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>MANDATE</B>

</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The primary purpose of the audit committee (committee)&nbsp;is to assist the board of directors (board)
in fulfilling its oversight responsibilities for (a)&nbsp;the accounting and financial reporting
processes, (b)&nbsp;the internal controls, (c)&nbsp;the external auditors, including performance,
qualifications, independence, and their audit of the corporation&#146;s financial statements, (d)&nbsp;the
performance of the corporation&#146;s internal audit function, (e)&nbsp;risk management of financial risks as
delegated by the board, (f)&nbsp;the corporation&#146;s process for monitoring compliance with laws and
regulations (other than environmental and safety laws) and its code of conduct and ethics, and (g)
prevention and detection of fraudulent activities. The committee shall also prepare such reports as
required to be prepared by it by applicable securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the committee provides an avenue for communication between each of the internal
auditor, the external auditors, management, and the board. The committee shall have a clear
understanding with the external auditors that they must maintain an open and transparent
relationship with the committee and that the ultimate accountability of the external auditors is to
the board and the committee, as representatives of the shareholders. The committee, in its capacity
as a committee of the board, subject to the requirements of applicable law, is directly responsible
for the appointment, compensation, retention, and oversight of the external auditors.<U> </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee has the authority to communicate directly with the external auditors and internal
auditor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee shall make regular reports to the board concerning its activities and in particular
shall review with the board any issues that arise with respect to the quality or integrity of the
corporation&#146;s financial statements, the performance and independence of the external auditors, the
performance of the corporation&#146;s internal audit function, or the corporation&#146;s process for
monitoring compliance with laws and regulations other than environmental and safety laws.<U> </U>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The board shall appoint annually, from among its members, a committee and its chair. The committee
shall consist of at least three members and shall not include any director employed by the
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each committee member will be independent pursuant to the standards for independence adopted by the
board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each committee member shall be financially literate with at least one member having accounting or
related financial expertise, using the terms defined as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&#147;Financially literate&#148; </I>means the ability to read and understand a set of financial statements that
present a breadth and level of complexity of accounting issues that are generally comparable to the
breadth and complexity of issues that can be reasonably be expected to be raised by the
corporation&#146;s financial statements; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>&#147;Accounting or related financial expertise</I>&#148; means the ability to analyse and interpret a full set
of financial statements, including the notes attached thereto, in accordance with Canadian
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, where possible, at least one member of the committee shall qualify as an &#147;audit
committee financial expert&#148; within the meaning of applicable securities law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Members of the committee may not serve on the audit committees of more than two additional public
companies without the approval of the board.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 146 -<!-- /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>MEETINGS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee will meet at least four times annually and as many additional times as the committee
deems necessary to carry out its duties effectively. The committee will meet separately in private
with the external auditors, the internal auditor and management at each regularly scheduled
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A majority of the members of the committee shall constitute a quorum. No business may be
transacted by the committee except at a meeting of its members at which a quorum of the committee
is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee may invite such officers, directors and employees of the corporation as it may see
fit from time to time to attend at meetings of the committee and assist thereat in the discussion
and consideration of any matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A meeting of the committee may be convened by the chair of the committee, a member of the
committee, the external auditors, the internal auditor, the chief executive officer or the chief
financial officer. The secretary, who shall be appointed by the committee, shall, upon direction
of any of the foregoing, arrange a meeting of the committee. The committee shall report to the
board in a timely manner with respect to each of its meetings.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To carry out its oversight responsibilities, the committee shall:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial Reporting Process</B>
</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>Review with management and the external auditors any items of concern, any proposed changes
in the selection or application of major accounting policies and the reasons for the change,
any identified risks and uncertainties, and any issues requiring management judgement, to the
extent that the foregoing may be material to financial reporting.</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>Consider any matter required to be communicated to the committee by the external auditors
under applicable generally accepted auditing standards, applicable law and listing standards,
including the external auditors&#146; report to the committee (and management&#146;s response thereto)
on: (a)&nbsp;all critical accounting policies and practices used by the corporation; (b)&nbsp;all
material alternative accounting treatments of financial information within generally accepted
accounting principles that have been discussed with management, including the ramifications of
the use of such alternative treatments and disclosures and the treatment preferred by the
external auditors; and (c)&nbsp;any other material written communications between the external
auditors and 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="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Require the external auditors to present and discuss with the committee their views about the
quality, not just the acceptability, of the implementation of generally accepted accounting
principles with particular focus on accounting estimates and judgements made by management and
their selection of accounting principles.</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>Discuss with management and the external auditors (a)&nbsp;any accounting adjustments that were
noted or proposed (i.e. immaterial or otherwise) by the external auditors but were not
reflected in the financial statements, (b)&nbsp;any material correcting adjustments that were
identified by the external auditors in accordance with generally accepted accounting
principles or applicable law, (c)&nbsp;any communication reflecting a difference of opinion between
the audit team and the external auditors&#146; national office on material auditing or accounting
issues raised by the engagement, and (d)&nbsp;any &#147;management&#148; or &#147;internal control&#148; letter issued,
or proposed to be issued, by the external auditors to the corporation.</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>Discuss with management and the external auditors any significant financial reporting issues
considered during the fiscal period and the method of resolution. Resolve disagreements
between management and the external auditors regarding financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 147 -<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management and the external auditors (a)&nbsp;any off-balance sheet financing
mechanisms being used by the corporation and their effect on the corporation&#146;s financial
statements and (b)&nbsp;the effect of regulatory and accounting initiatives on the corporation&#146;s
financial statements, including the potential impact of proposed initiatives.</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>Review with management and the external auditors and legal counsel, if necessary, any
litigation, claim or other contingency, including tax assessments, that could have a material
effect on the financial position or operating results of the corporation, and the manner in
which these matters have been disclosed or reflected in the financial statements.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with the external auditors any audit problems or difficulties experienced by the
external auditors in performing the audit, including any restrictions or limitations imposed
by management, and management&#146;s response. Resolve any disagreements between management and the
external auditors regarding these matters.</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">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the results of the external auditors&#146; audit work including findings and
recommendations, management&#146;s response, and any resulting changes in accounting practices or
policies and the impact such changes may have on the financial statements.</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">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the external auditors the audited annual financial
statements and related management discussion and analysis, make recommendations to the board
with respect to approval thereof, before being released to the public, and obtain an
explanation from management of all significant variances between comparable reporting periods.
Obtain confirmation from management and the external auditors that the reconciliation of the
audited financial statements to U.S. GAAP complies with the requirements of U.S. securities
laws.</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">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the external auditors all interim unaudited financial
statements and quarterly reports and related interim management discussion and analysis and
make recommendations to the board with respect to the approval thereof, before being released
to the public.</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">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obtain confirmation from the chief executive officer and the chief financial officer (and
considering the external auditors&#146; comments, if any, thereon) to their knowledge:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the audited financial statements, together with any financial information
included in the annual MD&#038;A and annual information form, fairly represent in all
material respects the corporation&#146;s financial condition, cash flow and results of
operation, as of the date and for the periods presented in such filings; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the interim financial statements, together with any financial information
included in the interim MD&#038;A, fairly represent in all material respects the
corporation&#146;s financial condition, cash flow and results of operation, as of the date
and for the periods presented in such filings.</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">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review earnings press releases, before being released to the public. Discuss the type and
presentation of information to be included in earnings press releases (paying particular
attention to any use of &#147;pro-forma&#148; or &#147;adjusted&#148; Non-GAAP, information).</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">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review any news release, before being released to the public, containing earnings guidance or
financial information based upon the corporation&#146;s financial statements prior to the release
of such statements.</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">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the appointment of the chief financial officer and have the chief financial officer
report to the committee on the qualifications of new key financial executives involved in the
financial reporting process.</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">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consult with the human resources and compensation committee on the succession plan for the
chief financial officer and controller. Review the succession plans in respect of the chief
financial officer and controller.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 148 -<!-- /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>Internal Controls</B>
</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>Receive from management a statement of the corporation&#146;s system of internal controls over
accounting and financial reporting.</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>Consider and review with management, the internal auditor and the external auditors, the
adequacy and effectiveness of internal controls over accounting and financial reporting within
the corporation and any proposed significant changes in them.</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>Consider and discuss the scope of the internal auditors and external auditors review of the
corporation&#146;s internal controls, and obtain reports on significant findings and
recommendations, together with management responses.</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>Discuss, as appropriate, with management, the external auditors and the internal auditor, any
major issues as to the adequacy of the corporation&#146;s internal controls and any special audit
steps in light of material internal control deficiencies.</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>Review annually the disclosure controls and procedures, including (a)&nbsp;the certification
timetable and related process and (b)&nbsp;the procedures that are in place for the review of
corporation&#146;s disclosure of financial information extracted from corporation&#146;s financial
statements and the adequacy of such procedures. Receive confirmation from the chief executive
officer and the chief financial officer of the effectiveness of disclosure controls and
procedures, and whether there are any significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the corporation&#146;s ability to record, process, summarize and report
financial information or any fraud, whether or not material, that involves management or other
employees who have a significant role in the corporation&#146;s internal control over financial
reporting. In addition, receive confirmation from the chief executive officer and the chief
financial officer that they are prepared to sign the annual and quarterly certificates
required by applicable securities law.</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>Review management&#146;s annual report and the external auditors&#146; report on the assessment of the
effectiveness of the corporation&#146;s internal control over financial reporting.</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>Receive a report, at least annually, from the reserves oversight committee of the board on
the corporation&#146;s mineral reserves.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>External Auditors</B>
</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"><I>(i)</I></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>External Auditors&#146; Qualifications and Selection</I></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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the requirements of applicable law, be solely responsible to select, retain,
compensate, oversee, evaluate and, where appropriate, replace the external auditors, who must
be registered with agencies mandated by applicable law. The committee shall be entitled to
adequate funding from the corporation for the purpose of compensating the external auditors
for completing an audit and audit report.</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>Instruct the external auditors that:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>they are ultimately accountable to the board and the committee, as
representatives of shareholders; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>they must report directly to the committee.</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ensure that the external auditors have direct and open communication with the committee and
that the external auditors meet regularly with the committee without the presence of
management to discuss any matters that the committee or the external auditors believe should
be discussed privately.</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>Evaluate the external auditors&#146; qualifications, performance, and independence. As part of
that evaluation:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 149 -<!-- /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 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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least annually, request and review a formal report by the external auditors
describing: the firm&#146;s internal quality-control procedures; any material issues raised
by the most recent internal quality-control review, or peer review, of the firm, or by
any inquiry or investigation by governmental or professional authorities, within the
preceding five years, respecting one or more independent audits carried out by the
firm, and any steps taken to deal with any such issues; and (to assess the auditors&#146;
independence) all relationships between the external auditors and the corporation,
including the amount of fees received by the external auditors for the audit services
and for various types of non-audit services for the periods prescribed by applicable
law; and<U> </U></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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annually review and confirm with management and the external auditors the
independence of the external auditors, including the extent of non-audit services and
fees, the extent to which the compensation of the audit partners of the external
auditors is based upon selling non-audit services, the timing and process for
implementing the rotation of the lead audit partner, reviewing partner and other
partners providing audit services for the corporation, whether there should be a
regular rotation of the audit firm itself, and whether there has been a &#147;cooling off&#148;
period of one year for any former employees of the external auditors who are now
employees with a financial oversight role, in order to assure compliance with
applicable law on such matters; 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annually review and evaluate senior members of the external audit team,
including their expertise and qualifications. In making this evaluation, the audit
committee should consider the opinions of management and the internal auditor.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Conclusions on the independence of the external auditors should be reported to the board.
</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the corporation&#146;s policies for the corporation&#146;s hiring of employees and
former employees of the external auditors. Such policies shall include, at minimum, a one-year
hiring &#147;cooling off&#148; period.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>(ii)&nbsp;Other Matters</I>
</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">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meet with the external auditors to review and approve the annual audit plan of the
corporation&#146;s financial statements prior to the annual audit being undertaken by the external
auditors, including reviewing the year-to-year co-ordination of the audit plan and the
planning, staffing and extent of the scope of the annual audit. This review should include an
explanation from the external auditors of the factors considered by the external auditors in
determining their audit scope, including major risk factors. The external auditors shall
report to the committee all significant changes to the approved audit plan.</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>Review and approve the basis and amount of the external auditors&#146; fees with respect to the
annual audit in light of all relevant matters.</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">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and pre-approve all audit and non-audit service engagement fees and terms in
accordance with applicable law, including those provided to the subsidiaries of the
corporation by the external auditors or any other person in its capacity as external auditors
of such subsidiary. Between scheduled committee meetings, the chair of the committee, on
behalf of the committee, is authorised to pre-approve any audit or non-audit service
engagement fees and terms. At the next committee meeting, the chair shall report to the
committee any such pre-approval given. Establish and adopt procedures for such matters.<U>
</U></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Internal Auditor</B>
</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>Review and approve the appointment or removal of the internal auditor.</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>Review and discuss with the external auditors, management, and internal auditor the
responsibilities, budget and staffing of the corporation&#146;s internal audit function.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 150 -<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the mandate for the internal auditor and the scope of annual work planned
by the internal auditor, to receive summary reports of internal audit findings, management&#146;s
response thereto, and reports on any subsequent follow-up to any identified weakness.</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>Ensure that the internal auditor has direct and open communication with the committee and
that the internal auditor meets regularly with the committee without the presence of
management to discuss any matters that the committee or the internal auditor believe should be
discussed privately, such as problems or difficulties which were encountered in the course of
internal audit work, including restrictions on the scope of activities or access to required
information, and any disagreements with 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="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with the internal auditor and management the internal auditor&#146;s ongoing
assessments of the corporation&#146;s business processes and system of internal controls.</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>Review the effectiveness of the internal audit function, including staffing, organizational
structure and qualifications of the internal auditor and staff.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Compliance</B>
</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>Monitor compliance by the corporation with all payments and remittances required to be made
in accordance with applicable law, where the failure to make such payments could render the
directors of the corporation personally liable.</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>The receipt of regular updates from management regarding compliance with laws and regulations
and the process in place to monitor such compliance, excluding, however, legal compliance
matters subject to the oversight of the safety, health and environmental committee of the
board. Review the findings of any examination by regulatory authorities and any external
auditors&#146; observations relating to such matters.</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>Establish and oversee the procedures in the code of conduct and ethics policy to address:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt, retention and treatment of complaints received by the corporation
regarding accounting, internal accounting or auditing matters; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confidential, anonymous submissions by employees of concerns regarding
questionable accounting and auditing matters.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Receive periodically a summary report from the senior vice-president law, regulatory affairs and
corporate secretary on such matters as required by the code of conduct and ethics policy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Monitor management&#146;s implementation of the code of conduct and ethics policy and the international
business conduct policy and review compliance therewith by, among other things, obtaining an annual
report summarising statements of compliance by employees pursuant to such policies and reviewing
the findings of any investigations of non-compliance. Periodically review the adequacy and
appropriateness of such policies and make recommendations to the board thereon.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Monitor management&#146;s implementation of the anti-fraud policy; and review compliance therewith by,
among other things, receiving reports from management on:
</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any investigations of fraudulent activity;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring activities in relation to fraud risks and controls; 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">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assessments of fraud risk.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Periodically review the adequacy and appropriateness of the anti-fraud policy and make
recommendations to the board thereon.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 151 -<!-- /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">Review all proposed related party transactions and situations involving a director&#146;s, senior
officer&#146;s or an affiliate&#146;s potential or actual conflict of interest that are not required to be
dealt with by an &#147;independent committee&#148; pursuant to securities law rules, other than routine
transactions and situations arising in the ordinary course of business, consistent with past
practice. Between scheduled committee meetings, the chair of the committee, on behalf of the
committee, is authorised to review all such transactions and situations. At the next committee
meeting, the chair shall report to the results of such review. Ensure that political and charitable
donations conform with policies and budgets approved by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Monitor management of hedging, debt and credit, make recommendations to the board respecting
policies for management of such risks, and review the corporation&#146;s compliance therewith.<U> </U>
</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approve the expenses submitted for reimbursement by the chief executive officer.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Organizational Matters</I></B>
</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>The procedures governing the committee shall, except as otherwise provided for herein, be
those applicable to the board as set forth in Part&nbsp;7 of the General Bylaws of the corporation.</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>The members and the chair of the committee shall be entitled to receive remuneration for
acting in such capacity as the board may from time to time determine.</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>The committee shall have the resources and authority appropriate to discharge its duties and
responsibilities, including the authority to:</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">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to select, retain, terminate, set and approve the fees and other retention
terms of special or independent counsel, accountants or other experts, as it deems
appropriate; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain appropriate funding to pay, or approve the payment of, such approved
fees;</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>without seeking approval of the board or 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="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any member of the committee may be removed or replaced at any time by the board and shall
cease to be a member of the committee upon ceasing to be a director. The board may fill
vacancies on the committee by appointment from among its members. If and whenever a vacancy
shall exist on the committee, the remaining members may exercise all its powers so long as a
quorum remains in office. Subject to the foregoing, each member of the committee shall remain
as such until the next annual meeting of shareholders after that member&#146;s election.</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>The committee shall annually review and assess the adequacy of its mandate and recommend any
proposed changes to the nominating, corporate governance and risk committee for recommendation
to the board for approval.</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>The committee shall participate in an annual performance evaluation by the nominating,
corporate governance and risk committee, the results of which will be reviewed by the board.</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>The committee shall perform any other activities consistent with this mandate, the
corporation&#146;s governing laws and the regulations of stock exchanges, as the committee or the
board deems necessary or appropriate.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2007 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 152 -<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>o39572exv99w2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.2</B>
</DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt">Cameco Corporation
</DIV>


<DIV align="Center" style="font-size: 14pt; margin-top: 6pt">2007 Consolidated Audited Financial Statements

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt">February&nbsp;27, 2008

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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>REPORT OF MANAGEMENT&#146;S ACCOUNTABILITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The accompanying consolidated financial statements have been prepared by management in accordance
with Canadian generally accepted accounting principles. Management is responsible for ensuring that
these statements, which include amounts based upon estimates and judgment, are consistent with
other information and operating data contained in the annual financial review and reflect the
corporation&#146;s business transactions and financial position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management is also responsible for the information disclosed in the management&#146;s discussion and
analysis including responsibility for the existence of appropriate information systems, procedures
and controls to ensure that the information used internally by management and disclosed externally
is complete and reliable in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, management is responsible for establishing and maintaining an adequate system of
internal control over financial reporting. The internal control system includes an internal audit
function and a code of conduct and ethics, which is communicated to all levels in the organization
and requires all employees to maintain high standards in their conduct of the corporation&#146;s
affairs. Such systems are designed to provide reasonable assurance that the financial information
is relevant, reliable and accurate and that the company&#146;s assets are appropriately accounted for
and adequately safeguarded. Management conducted an evaluation of the effectiveness of the system
of internal control over financial reporting based on the criteria established in &#147;Internal Control
&#151; Integrated Framework&#148; issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on this evaluation, management concluded that the company&#146;s system of internal
control over financial reporting was effective as at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KPMG LLP has audited the consolidated financial statements in accordance with Canadian generally
accepted auditing standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The board of directors annually appoints an audit committee comprised of directors who are not
employees of the corporation. This committee meets regularly with management, the internal auditor
and the shareholders&#146; auditors to review significant accounting, reporting and internal control
matters. Both the internal and shareholders&#146; auditors have unrestricted access to the audit
committee. The audit committee reviews the financial statements, the report of the shareholders&#146;
auditors, and management&#146;s discussion and analysis and submits its report to the board of directors
for formal approval.
</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="49%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Original signed by Gerald W. Grandey</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Original signed by O. Kim Goheen</B></TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>President and Chief Executive Officer</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Senior Vice-President and Chief Financial Officer</I></TD>
</TR>
<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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">February&nbsp;27, 2008
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;27, 2008</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /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>AUDITORS&#146; REPORT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>To the Shareholders of Cameco Corporation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have audited the consolidated balance sheets of Cameco Corporation as at December&nbsp;31, 2007 and
2006 and the consolidated statements of earnings, shareholders&#146; equity, comprehensive income and
cash flows for the years then ended. These financial statements are the responsibility of the
corporation&#146;s management. Our responsibility is to express an opinion on these financial
statements based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted our audits in accordance with Canadian generally accepted auditing standards. We also
conducted our audits in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform an audit to obtain
reasonable assurance whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall financial statement
presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, these consolidated financial statements present fairly, in all material respects,
the financial position of the corporation as at December&nbsp;31, 2007 and 2006 and the results of its
operations and its cash flows for the years then ended in accordance with Canadian generally
accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Original signed by KPMG</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>LLP</B></SUB>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Chartered Accountants</I><BR><I>
Saskatoon, Canada</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;27, 2008
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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>Consolidated Balance Sheets</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>As at December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets </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">
Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">131,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">334,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,097</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">402,847</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories &#091;note 4&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">437,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,479</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Supplies and prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191,831</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term receivables, investments and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,178</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,291,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,354,424</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">Property, plant and equipment &#091;note 5&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,437,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,198,133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets and goodwill &#091;note 6&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables, investments and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,714</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 assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,371,382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,140,429</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities </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:30px; text-indent:-15px">
Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">541,283</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">392,679</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,092</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt &#091;note 8&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,816</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of other liabilities &#091;note 10&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,492</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future income taxes &#091;note 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,289</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">684,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">501,697</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">Long-term debt &#091;note 8&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">696,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities &#091;note 10&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,641</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income taxes &#091;note 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,451</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,191,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,998,976</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">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,071</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">Shareholders&#146; equity </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">
Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">819,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contributed surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,779,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,428,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income (loss) &#091;note 12&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,766</TD>
    <TD nowrap>)</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,743,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,741,382</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 liabilities and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,371,382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,140,429</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Commitments and contingencies &#091;notes 9,24,25,26&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See accompanying notes to consolidated financial statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Approved by the board of directors</B><BR>
<B>Original signed by Gerald W. Grandey and Nancy E. Hopkins</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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>Consolidated Statements of Earnings</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&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="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">($Cdn thousands, except per share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>Revenue from</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Products and services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,309,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,831,690</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"><!-- 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>Expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Products and services sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211,664</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,127,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,014</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,813</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,152</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,682</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and other &#091;note 14&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,673</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,708</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake remediation &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,559</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring of gold business &#091;note 24&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option plan amendment &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on sale of assets &#091;note 15&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,028</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(51,826</TD>
    <TD nowrap>)</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,834,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,496,310</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>Earnings from operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335,380</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other income (expense) &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,078</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,046</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>Earnings before income taxes and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">345,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax expense (recovery) &#091;note 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,843</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,554</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>Net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>416,112</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>375,715</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic earnings per common share &#091;note 28&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.07</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings per common share &#091;note 28&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.02</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See accompanying notes to consolidated financial statements.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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>Consolidated Statements of Shareholders&#146; Equity</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&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="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>Share 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:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">812,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">779,420</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares repurchased &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,750</TD>
    <TD nowrap>)</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">Stock option plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,285</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debenture conversions</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">64</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">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>819,268</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>812,769</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>
<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>Contributed surplus</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529,245</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares repurchased &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(406,577</TD>
    <TD nowrap>)</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">Stock option plan amendment &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,875</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,960</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,612</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debenture conversions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</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">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>119,531</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>540,173</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>
<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>Retained earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,428,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,108,748</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transition adjustment &#151; financial instruments &#091;note 3(a)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,343</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">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">375,715</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends on common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(56,257</TD>
    <TD nowrap>)</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">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,779,629</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,428,206</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>
<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>Accumulated other comprehensive income (loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,766</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53,397</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transition adjustment &#151; financial instruments &#091;note 3(a)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,839</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">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,631</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">Balance at end of year &#091;note 12&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,433</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(39,766</B></TD>
    <TD nowrap><B>)</B></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">Total retained earnings and accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,805,062</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,388,440</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>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholders&#146; equity at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,743,861</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,741,382</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Statements of Comprehensive Income</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">416,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">375,715</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income (loss), net of taxes</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:30px; text-indent:-15px">Unrealized foreign currency translation gains (losses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(111,169</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,631</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gains on derivatives designated as cash flow hedges
transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,320</TD>
    <TD nowrap>)</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">Unrealized losses on assets available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,360</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,631</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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total comprehensive income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>442,472</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>389,346</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See accompanying notes to consolidated financial statements.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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>Consolidated Statements of Cash Flows</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&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="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>Operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">416,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">375,715</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items not requiring (providing)&nbsp;cash:</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">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,539</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for future taxes &#091;note 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(134,129</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(184,639</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,441</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(43,449</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses (gains)&nbsp;on derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,032</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of assets &#091;note 15&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,028</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(51,826</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity in loss from associated companies &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,439</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,320</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake remediation &#091;note 13&#093;</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">15,356</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring of gold business &#091;note 24&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock option plan amendment &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,175</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">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,554</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other operating items &#091;note 18&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,969</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,375</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>Cash provided by operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>800,726</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>418,020</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>
<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>Investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition of business, net of cash acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(83,856</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions to property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(494,473</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(459,559</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in long-term receivables, investments and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,167</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(29,687</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds on sale of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,824</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,404</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>Cash used in investing</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(526,816</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(526,698</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" 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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,900</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(156,700</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,815</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">Issue of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,058</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares repurchased &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(429,327</TD>
    <TD nowrap>)</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">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,906</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(52,660</TD>
    <TD nowrap>)</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>Cash used in financing</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(437,029</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(182,302</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" 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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease in cash during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(163,119</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(290,980</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exchange rate changes on foreign currency cash balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,038</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,876</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">623,193</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>Cash and cash equivalents at end of year</B>*</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>131,932</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>334,089</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Supplemental cash flow disclosure</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:30px; text-indent:-15px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">47,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">53,551</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">154,748</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">115,352</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">*</TD>
    <TD>&nbsp;</TD>
    <TD>As of December&nbsp;31, 2007, our cash and cash equivalents balance consisted of $89,438 in cash and
$42,494 in cash equivalents (primarily treasury bills)
As at December&nbsp;31, 2006 &#151; $73,159 in cash and $260,930 in cash equivalents (primarily commercial
paper).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See accompanying notes to consolidated financial statements.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /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>Notes to Consolidated Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the years ended December&nbsp;31, 2007 and 2006

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">($Cdn thousands except per share amounts and as noted)

</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>1.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cameco Corporation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco Corporation is incorporated under the Canada Business Corporations Act. Cameco
Corporation and its subsidiaries (collectively, Cameco or the company) are primarily engaged in
the exploration for and the development, mining, refining, conversion and fabrication of uranium
for sale as fuel for generating electricity in nuclear power reactors in Canada and other
countries. The company has a 31.6% interest in Bruce Power L.P. (BPLP), which operates the four
Bruce B nuclear reactors in Ontario. Cameco&#146;s 52.7% subsidiary Centerra Gold Inc. (Centerra) is
involved in the exploration for and the development, mining and sale of gold.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Significant Accounting Policies</B></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>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidation Principles</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated financial statements include the accounts of Cameco and its subsidiaries.
Interests in joint ventures are accounted for by the proportionate consolidation method.
Under this method, Cameco includes in its accounts its proportionate share of assets,
liabilities, revenues and expenses.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated financial statements are prepared by management in accordance with Canadian
generally accepted accounting principles. Management makes various estimates and assumptions
in determining the reported amounts of assets and liabilities, revenues and expenses for each
year presented, and in the disclosure of commitments and contingencies. The most significant
estimates are related to the lives and recoverability of mineral properties, provisions for
decommissioning and reclamation of assets, future income taxes, financial instruments and
mineral reserves. Actual results could differ from these estimates. This summary of
significant accounting policies is a description of the accounting methods and practices that
have been used in the preparation of these consolidated financial statements and is presented
to assist the reader in interpreting the statements contained herein.</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>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cash and cash equivalents</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash and cash equivalents consists of balances with financial institutions and investments in
money market instruments, which have a term to maturity of three months or less at time of
purchase.</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>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Inventories</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inventories of broken ore, uranium concentrates, refined and converted products and gold are
valued at the lower of average cost and net realizable value. Average cost includes direct
materials, direct labour, operational overhead expenses and depreciation, depletion and
reclamation.</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>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Supplies</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consumable supplies and spares are valued at the lower of cost or replacement value.</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>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investments</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investments in associated companies over which Cameco has the ability to exercise significant
influence are accounted for by the equity method. Under this method, Cameco includes in
earnings its share of earnings or losses of the associated company. Prior to January&nbsp;1,
2007, portfolio investments were carried at cost or at cost less amounts written off to
reflect a decline in value that was other than temporary. Effective January&nbsp;1, 2007,
portfolio investments were classified as available for sale and are carried at fair value in
the consolidated balance sheets with unrealized gains and losses reported in other
comprehensive income until realized, at which time they are recorded in the consolidated
statement of earnings.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Property, Plant and Equipment</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assets are carried at cost. Costs of additions and improvements are capitalized. When
assets are retired or sold, the resulting gains or losses are reflected in current earnings.
Maintenance and repair expenditures are charged to cost of production.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The decision to develop a mine property within a project area is based on an assessment of
the commercial viability of the property, the availability of financing and the existence of
markets for the product. Once the decision to proceed to development is made, development
and other expenditures relating to the project area are deferred and carried at cost with the
intention that these will be depleted by charges against earnings from future mining
operations. No depreciation or depletion is charged against the property until commercial
production commences. After a mine property has been brought into commercial production,
costs of any additional work on that property are expensed as incurred, except for large
development programs, which will be deferred and depleted over the remaining life of the
related assets.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The carrying values of non-producing properties are periodically assessed by management and
if management determines that the carrying values cannot be recovered, the unrecoverable
amounts are written off against current earnings.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco reviews the carrying values of its property, plant and equipment when changes in
circumstances indicate that those carrying values may not be recoverable. Estimated future
net cash flows are calculated using estimated recoverable reserves, estimated future
commodity prices and the expected future operating and capital costs. An impairment loss is
recognized when the carrying value of an asset held for use exceeds the sum of undiscounted
future net cash flows. An impairment loss is measured as the amount by which the asset&#146;s
carrying amount exceeds its fair value.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest is capitalized on expenditures related to development projects actively being
prepared for their intended use. Capitalization is discontinued when the asset enters
commercial operation or development ceases.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fuel services assets, mine buildings, equipment and mineral properties are depreciated or
depleted according to the unit-of-production method. This method allocates the costs of
these assets to each accounting period. For fuel services, the amount of depreciation is
measured by the portion of the facilities&#146; total estimated lifetime production that is
produced in that period. For mining, the amount of depreciation or depletion is measured by
the portion of the mines&#146; proven and probable reserves which are recovered during the period.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nuclear generating plants are depreciated according to the straight-line method based on the
lower of useful life and remaining lease 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other assets are depreciated according to the straight-line method based on estimated useful
lives, which generally range from three to 10&nbsp;years.</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>(g)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intangible Assets and Goodwill</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intangible assets acquired in a business combination are recorded at their fair values.
Finite-lived intangible assets are amortized over the estimated production profile of the
business unit to which they relate. The carrying values of intangible assets are periodically
assessed by management and if management determines that the carrying values cannot be
recovered, the unrecoverable amount is charged to earnings in the current period.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acquisitions are accounted for using the purchase method whereby acquired assets and
liabilities are recorded at fair value as of the date of acquisition. The excess of the
purchase price over such fair value is recorded as goodwill. Goodwill is assigned to assets
and is not amortized. Cameco tests goodwill for possible impairment on an annual basis and
at any other time if an event occurs or circumstances change that would more likely than not
reduce the fair value of a reporting unit below its carrying amount.</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>(h)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Future Income Taxes</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Future income taxes are recognized for the future income tax consequences attributable to
differences between the carrying values of assets and liabilities and their respective income
tax bases. Future income tax assets and liabilities are measured using enacted or
substantively enacted income tax rates expected to apply to taxable income in the years in
which temporary differences are expected to be recovered or settled. The effect on future
income tax assets and liabilities of a change in rates is included in earnings in the period,
which includes the enactment date. Future income tax assets are recorded in the financial
statements if realization is considered more likely than not.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Research and Development and Exploration Costs</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expenditures for research and technology related to the products, processes and expenditures
for geological exploration programs are charged against earnings as incurred.</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>(j)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Environmental Protection and Reclamation Costs</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of the liability for an asset retirement obligation is recognized in the
period incurred. The fair value, discounted using the company&#146;s credit adjusted risk free
rate, is added to the carrying amount of the associated asset and depreciated over the
asset&#146;s useful life. The liability is accreted over time, using the company&#146;s credit
adjusted risk free rate, through periodic charges to earnings and it is reduced by actual
costs of decommissioning and reclamation. Cameco&#146;s estimates of reclamation costs could
change as a result of changes in regulatory requirements, reclamation plans, cost estimates
and timing of estimated expenditures. Costs related to ongoing environmental programs are
charged against earnings as incurred.</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>(k)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Employee Future Benefits</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco accrues its obligations under employee benefit plans. The cost of pensions and other
retirement benefits earned by employees is actuarially determined using the projected benefit
method pro-rated on service and management&#146;s best estimate of expected plan investment
performance, salary escalation, retirement ages of employees and expected health care costs.
For the purpose of calculating the expected return on plan assets, those assets are measured
at fair value. Cameco measures the plan assets and the accrued benefit obligations on
December&nbsp;31 each year.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On both the Cameco-specific and BPLP-specific defined benefit pension plans, past service
costs arising from plan amendments are amortized on a straight-line basis over the expected
average remaining service life of the plan participants. Net actuarial gains, which exceed
10% of the greater of the accrued benefit obligation and the fair value of plan assets, are
amortized on a straight-line basis over the expected average remaining service life of the
plan participants.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On the Cameco-specific retirement benefit plans that do not vest or accumulate, past service
costs arising from plan amendments, and net actuarial gains and losses, are recognized in the
period they arise. Conversely, the BPLP-specific amounts are amortized on a straight-line
basis over the expected average remaining service life of the plan participants.</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>(l)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock-Based Compensation</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has five stock-based compensation plans that are described in note 21. These
encompass a stock option plan, an employee share ownership plan, a performance share unit
plan, a deferred share unit plan and a phantom stock option plan. In calculating
compensation expense, Cameco includes an estimate for forfeitures that is based on historic
trends.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to July&nbsp;27, 2007, options granted under the stock option plan on or after January&nbsp;1,
2003 were accounted for using the fair value method. Under this method, the compensation
cost of options granted was measured at estimated fair value at the grant date and recognized
over the shorter of, the period to eligible retirement, or the vesting period. For options
granted prior to January&nbsp;1, 2003, no compensation expense was recognized when the stock
options were granted. Any consideration received on exercise of stock options was credited
to share capital. Effective July&nbsp;27, 2007, options granted under the stock option plan are
accounted for as liabilities and are carried at their intrinsic value. The intrinsic value
of the liability is marked to market each period and is amortized to expense over the shorter
of, the period to eligible retirement, or the vesting period.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deferred share units, performance share units and phantom stock options are amortized over
their vesting periods and re-measured at each reporting period, until settlement, using the
quoted market value. Cameco&#146;s contributions under the employee share ownership plan are
expensed during the year of contribution. Shares purchased with company contributions and
with dividends paid on such shares, become unrestricted on January 1 of the second plan year
following the date on which such shares were purchased.</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>(m)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revenue Recognition</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco supplies uranium concentrates and uranium conversion services to utility customers.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco recognizes revenue on the sale of its nuclear products when evidenced by a contract
that indicates the product, pricing and delivery terms, delivery occurs, the related revenue
is fixed or determinable and collection is reasonably assured.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has three types of sales arrangements with its customers in its uranium and fuel
services businesses. These arrangements include uranium supply, toll conversion services and
conversion supply (converted uranium), which is a combination of uranium supply and toll
conversion services.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Uranium Supply</I></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a uranium supply arrangement, Cameco is contractually obligated to provide uranium
concentrates to its customers. Cameco-owned uranium is physically delivered to conversion
facilities (Converters) where the Converter will credit Cameco&#146;s account for the volume of
accepted uranium. Based on delivery terms in a sales contract with its customer, Cameco
instructs the Converter to transfer title of a contractually-specified quantity of uranium to
the customer&#146;s account at the Converter&#146;s facility. At this point, Cameco invoices the
customer and recognizes revenue for the uranium supply.</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"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Toll Conversion Services</I></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a toll conversion arrangement, Cameco is contractually obligated to convert customer-owned
uranium to a chemical state suitable for enrichment. The customer delivers uranium to
Cameco&#146;s conversion facilities. Once conversion is complete, Cameco physically delivers
converted uranium to enrichment facilities (Enrichers) where the Enricher will credit
Cameco&#146;s account for the volume of accepted processed uranium. Based on delivery terms in a
sales contract with its customer, Cameco instructs the Enricher to transfer title of a
contractually-specified quantity of converted uranium to the customer&#146;s account at the
Enricher&#146;s facility. At this point, Cameco invoices the customer and recognizes revenue for
the toll conversion services.</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"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Conversion Supply</I></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a conversion supply arrangement, Cameco is contractually obligated to provide uranium
concentrates and conversion services to its customers. Cameco-owned uranium is converted and
physically delivered to an Enricher as described in the toll conversion services arrangement.
Based on delivery terms in a sales contract with its customer, Cameco instructs the Enricher
to transfer title of a contractually-specified quantity of converted uranium to the
customer&#146;s account at the Enricher&#146;s facility. At this point, Cameco invoices the customer
and recognizes revenue for both the uranium supplied and the conversion service provided. It
is rare for Cameco to enter into back-to-back arrangements for uranium supply and toll
conversion services. However, in the event that a customer requires such an arrangement,
revenue from uranium supply is deferred until the toll conversion service has been rendered.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue from deliveries to counterparties with whom Cameco has arranged a standby
product loan facility (up to the limit of the loan facilities) and the related cost of sales
are 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.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco records revenue on the sale of gold when title passes and delivery is effected.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Electricity sales are recognized at the time of generation, and delivery to the purchasing
utility is metered at the point of interconnection with the transmission system. Revenues are
recognized on an accrual basis, which includes an estimate of the value of electricity
produced during the period but not yet billed.</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>(n)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amortization of Financing Costs</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to January&nbsp;1, 2007, debt discounts and issue expenses associated with long-term
financing were deferred and amortized over the term of the issues to which they related and
were classified as deferred charges. Effective January&nbsp;1, 2007, for financial instruments
measured at amortized cost, the effective interest method of amortization is used for any
debt discounts and issue expenses. The costs are now classified with their related financial
liability.</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>(o)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Foreign Currency Translation</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monetary assets and liabilities denominated in foreign currencies are translated into
Canadian dollars at year-end rates of exchange. Revenue and expense transactions denominated
in foreign currencies are translated into Canadian dollars at rates in effect at the time of
the transactions. The applicable exchange gains and losses arising on these transactions are
reflected in earnings.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The United States dollar is considered the functional currency of most of Cameco&#146;s uranium
and gold operations outside of Canada. The financial statements of these operations are
translated into Canadian dollars using the current rate method whereby all assets and
liabilities are translated at the year-end rate of exchange and all revenue and expense items
are translated at the average rate of exchange prevailing during the year. Exchange gains
and losses arising from this translation, representing the net unrealized foreign currency
translation gain (loss)&nbsp;on Cameco&#146;s net investment in these foreign operations, are recorded
in the foreign currency translation adjustments component of accumulated other comprehensive
income (AOCI). Exchange gains or losses arising from the translation of foreign debt
designated as hedges of a net investment in foreign operations are also recorded in the
foreign currency translation adjustments component of accumulated other comprehensive income.
These adjustments are not included in earnings until realized through a reduction in Cameco&#146;s
net investment in such operations.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(p)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Derivative Financial Instruments and Hedging Transactions</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to January&nbsp;1, 2007, Cameco&#146;s policy was to use derivative financial and commodity
instruments to reduce exposure to fluctuations in foreign currency exchange rates, interest
rates and commodity prices. Cameco formally documented all relationships between hedging
instruments and hedged items, as well as its risk management objective and strategy for
undertaking various hedge transactions. This process included linking all derivatives to
specific assets and liabilities on the balance sheet or to specific firm commitments or
forecasted transactions. Cameco also formally assessed, both at the hedge&#146;s inception and on
an ongoing basis, whether the derivatives that were used in hedging transactions were highly
effective in offsetting changes in fair values or cash flows of hedged items. Gains and
losses related to hedging items were deferred and recognized in the same period as the
corresponding hedged items. If derivative financial instruments were closed before planned
delivery, gains or losses were recorded as deferred gains or deferred charges and recognized
on the planned delivery date. In the event a hedged item was sold, extinguished or matured
prior to the termination of the related hedging instrument, any realized or unrealized gain
or loss on such derivative instrument was recognized in earnings.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BPLP uses various energy and related sales contracts to reduce exposure to fluctuations in
the price of electricity in Ontario. Prior to January&nbsp;1, 2007, gains or losses on hedging
instruments were recognized in earnings over the term of the contract when the underlying
hedged transactions occurred. All energy contracts were designated as hedges of BPLP&#146;s
electricity sales.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2007, Cameco&#146;s policy is in accordance with note 3(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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>When hedge accounting criteria are met, derivative contracts are accounted for as described
in note 3(a). When hedge accounting criteria are not met, the derivative contracts which do
not qualify for hedge accounting are marked-to-market and the resulting net gains or losses
are recognized in interest and other in the consolidated statements of earnings.</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>(q)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Earnings Per Share</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Earnings per share are calculated using the weighted average number of paid common shares
outstanding.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The calculation of diluted earnings per share assumes that outstanding options and warrants,
which are dilutive to earnings per share are exercised and the proceeds are used to
repurchase shares of the company at the average market price of the shares for the period.
The effect is to increase the number of shares used to calculate diluted earnings per share.</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>3.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accounting Standards</B></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>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes in Accounting Policies</B></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>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Financial Instruments &#151; Recognition and Measurement, Hedges and Comprehensive Income</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On January&nbsp;1, 2007, Cameco adopted the standards issued by the Canadian Institute of
Chartered Accountants (CICA)&nbsp;relating to financial instruments, hedges and other
comprehensive income. In accordance with the new standards, prior periods have not been
restated except for the new accounting policies affecting the cumulative translation account.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On January&nbsp;1, 2007, Cameco recognized all of its financial assets and liabilities in the
consolidated balance sheets according to their classification. Any adjustment made to a
previous carrying amount was recognized as an adjustment to the balance of retained earnings
at that date or as the opening balance of AOCI, net of income taxes. Cameco has added two new
statements to the consolidated financial statements entitled &#147;Consolidated Statements of
Shareholders&#146; Equity&#148; and &#147;Consolidated Statements of Comprehensive Income&#148;.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Financial Assets and Financial Liabilities</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All financial assets and liabilities will be carried at fair value in the consolidated
balance sheets, except for items classified in the following categories, which will be
carried at amortized cost: loans and receivables, held-to-maturity securities and financial
liabilities not held for trading. Realized and unrealized gains and losses on financial
assets and liabilities that are held for trading will be recorded in the consolidated
statements of earnings. Unrealized gains and losses on financial assets that are available
for sale will be reported in OCI until realized, at which time they will be recorded in the
consolidated statements of earnings. On transition, there was no impact to Cameco as the
accounting was either unchanged or the area was not applicable at January&nbsp;1, 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other significant accounting implications arising upon the adoption of the financial
instrument standards includes the use of the effective interest method of amortization for
any transaction costs or fees, premiums or discounts earned or incurred for financial
instruments measured at amortized cost. On transition, there was no impact to Cameco on the
amortization of these fees although applicable issue costs, which were previously recognized
as deferred charges, were reclassified to their related financial liabilities. As a result,
on transition Cameco recorded a net decrease in long-term receivables, investments and other
of $7,372,000 and a decrease in long-term debt of $7,372,000.</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>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Hedge Accounting and Derivatives</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purpose of hedging transactions is to modify Cameco&#146;s exposure to one or more risks by
creating an offset between changes in the fair value of, or the cash flows attributable to,
the hedged item and the hedging item. Hedge accounting ensures that the offsetting gains,
losses, revenues and expenses are recognized to net earnings in the same period or periods.
When hedge accounting is appropriate, the hedging relationship will be designated as a fair
value hedge, a cash flow hedge, or a foreign currency risk hedge related to a net investment
in a self-sustaining foreign operation.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the inception of a hedging relationship, Cameco formally documents all relationships
between hedging instruments and hedged items, as well as its risk management objective and
strategy for undertaking various hedge transactions. The process includes linking all
derivatives to specific assets and liabilities on the balance sheet or to specific firm
commitments or forecasted transactions. Cameco also formally assesses, both at the inception
and on an ongoing basis, whether the derivatives that are used in hedging transactions are
highly effective in offsetting changes in fair values or cash flows of hedged items.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For fair value hedges, changes in the fair value of the derivatives and corresponding changes
in fair value of the hedged items attributed to the risk being hedged will be recognized in
the consolidated statements of earnings. For cash flow hedges, the effective portion of the
changes in the fair values of the derivative instruments will be recorded in OCI until the
hedged items are recognized in the consolidated statements of earnings.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At January&nbsp;1, 2007, Cameco did not have any fair value hedges or hedges of net investments in
self-sustaining foreign operations. Upon adoption of the new standards, Cameco measured its
cash flow hedges at fair value, which resulted in a decrease in other liabilities of
$1,444,000 and an increase in AOCI of $1,444,000 pre-tax. Cameco also recognized an increase
in long-term receivables, investments and other of $54,567,000 and an increase of $54,567,000
in AOCI pre-tax for BPLP&#146;s various energy and sales related cash flow hedges.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivatives may be embedded in other financial instruments (the &#147;host instrument&#148;). Prior to
the adoption of the new standards, most embedded derivatives were not accounted for
separately from the host instrument except in cases such as Cameco&#146;s unsecured convertible
debentures where the fair value of the option component was reflected separately in
contributed surplus. Under the new standards, embedded derivatives are treated as separate
derivatives when their economic characteristics and risks are not clearly and closely related
to those of the host instrument, the terms of the embedded derivative are the same as those
of a stand-alone derivative, and the combined contract is not held for trading or designated
at fair value. These embedded derivatives are measured at fair value with subsequent changes
recognized in gains or losses on derivatives within interest and other on the consolidated
statements of earnings.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon adoption of the new standards, Cameco recognized embedded foreign currency derivatives
on certain of its uranium products sales contracts. As a result, Cameco recorded a net
increase in long-term receivables, investments and other of $8,348,000 and an increase of
$8,348,000 in retained earnings pre-tax at January&nbsp;1, 2007.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Cumulative Translation Account</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to the adoption of the financial instrument standards at January&nbsp;1, 2007, exchange
gains and losses arising from the translation of the financial statements of a
self-sustaining foreign operation were recorded in the cumulative translation account as a
separate component of shareholders&#146; equity. Upon adoption of the new standards, the exchange
gains and losses are to be recognized in a separate component of other comprehensive income
with restatement of prior periods. The effect of the change in policy is to adjust the
opening balance of AOCI by $53,397,000 and eliminate the cumulative translation account.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table summarizes the opening adjustments, gross and net of future income taxes,
required to adopt the new standards:</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: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Retained Earnings</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #ffffff"><B>AOCI</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>Gross</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>Net</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges (net of $17,172 tax expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">56,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">38,839</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Recognition of embedded derivatives on
sales contracts (net of $3,005 tax expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,348</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,343</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Totals</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>8,348</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,343</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>56,011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>38,839</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<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>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Future Changes in Accounting Policy</B></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>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Inventories</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2008, Cameco will adopt the new Canadian standard, Handbook Section
3031, <I>Inventories</I>, which supersedes Handbook Section&nbsp;3030 and converges with the
International Accounting Standard Board&#146;s recently amended standard IAS 2, Inventories.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The standard introduces significant changes to the measurement and disclosure of inventory.
The measurement changes include: the elimination of the last in first out method (LIFO), the
requirement to measure inventories at the lower of cost and net realizable value, the
allocation of overhead based on normal capacity, the use of the specific cost method for
inventories that are not ordinarily interchangeable or goods and services produced for
specific purposes, the requirement for an entity to use a consistent cost formula for
inventory of a similar nature and use, and the reversal of previous write-downs to net
realizable value when there is a subsequent increase in the value of inventories.
Disclosures of inventories have also been enhanced. Inventory policies, carrying amounts,
amounts recognized as an expense, write-downs and the reversals of write-downs are required
to be disclosed.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The adoption of this new standard is not expected to have a material impact on Cameco&#146;s
consolidated financial statements.</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>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Instruments &#151; Disclosure and Presentation</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2008, Cameco will adopt two new Canadian standards: Handbook Section
3862, <I>Financial Instruments &#151; Disclosures </I>and Handbook Section&nbsp;3863, <I>Financial Instruments
&#151; Presentation</I>. These sections replace Handbook Section&nbsp;3861, <I>Financial Instruments &#151;
Disclosures and Presentation</I>, and enhance the users&#146; ability to evaluate the significance of
financial instruments to an entity, related exposures and the management of these risks.</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>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Capital Disclosures</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2008, Cameco will adopt the new Canadian standard, Handbook Section
1535, <I>Capital Disclosures</I>. This section establishes standards for disclosure of both
qualitative and quantitative information that enable users to evaluate the company&#146;s
objectives, policies and processes for managing capital.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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 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>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Inventories</B></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="76%">&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: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium</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">Concentrate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">291,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">280,650</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Broken ore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,946</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,596</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>Fuel Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,788</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gold</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Finished</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,986</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,513</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stockpile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,885</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,398</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</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>437,487</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>416,479</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: 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>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Property, Plant and Equipment</B></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="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: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Accumulated</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>and Depletion</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Net</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium</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:30px; text-indent:-15px">Mining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,990,665</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,575,167</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,415,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,333,397</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-producing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">888,872</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">888,872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">748,442</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fuel Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">407,013</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,121</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,892</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,765</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>Electricity</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:30px; text-indent:-15px">Assets under capital lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,750</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,900</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">547,771</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150,078</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397,693</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,003</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gold</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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">928,345</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">563,051</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365,294</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,201</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-producing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,676</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">4,676</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,552</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>Other</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>6,002,624</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>2,565,174</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3,437,450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3,198,133</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intangible Assets and Goodwill</B></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="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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="17" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt; font-weight: bold" 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">Accumulated</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; font-weight: bold" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cost</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Depreciation</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2007 Net</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2006 Net</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">118,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,712</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">114,019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,772</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">265,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">10,107</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">255,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">294,158</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The intangible asset value relates to intellectual property acquired with Zircatec Precision
Industries, Inc. in 2006 (note 23).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco&#146;s goodwill is related to its investment in Centerra, which is denominated in United
States dollars. Accordingly, the amount of goodwill is remeasured to reflect the current
foreign exchange rate at each financial statement date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In 2007, Centerra acquired the outstanding 5% non-controlling interest in one of its
subsidiaries. The book value of the minority interest acquired in the transaction was in excess
of the purchase price and, as a result, goodwill was reduced by $6,046,000.
</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>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Long-Term Receivables, Investments and Other</B></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="76%">&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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP &#091;note 20&#093;</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">Capital
lease receivable from Bruce A L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,328</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97,518</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,788</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">Receivable from Ontario Power Generation (OPG)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,907</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,281</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued pension benefit asset &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,992</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor Gold Company (KGC)</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:30px; text-indent:-15px">Reclamation trust fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity accounted investments</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:30px; text-indent:-15px">UNOR Inc. (market value $5,527)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,790</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,893</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UEX Corporation (market value $258,223)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,153</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,151</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Huron Wind (privately held)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,174</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minergia S.A.C. (privately held)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">683</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale securities</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">Western Uranium Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,351</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cue Capital Corp.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,751</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">Derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred charges</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">Cost of sales &#091;notes 10&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,854</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Debt issue costs &#091;note 3(a)&#093;</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">7,372</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gold hedges</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">593</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,739</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,094</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset-backed commercial paper in default</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued pension benefit asset &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,889</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,687</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,483</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302,892</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(164,164</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,178</TD>
    <TD nowrap>)</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>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>387,304</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>293,714</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>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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; margin-left: 2%">BPLP leases the Bruce A nuclear generating plants and other property, plant and equipment to
Bruce A L.P. under a sublease agreement. Future minimum base rent sublease payments under the
capital lease receivable are imputed using a 7.5% discount rate.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The advances receivable bear interest at an effective rate of 11% with no fixed repayment 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="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Long-Term Debt</B></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="76%">&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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Convertible debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">205,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">207,091</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital lease obligation &#151; BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">197,500</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial paper</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,866</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">725,946</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">704,591</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,816</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,900</TD>
    <TD nowrap>)</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>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>717,130</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>696,691</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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">On September&nbsp;25, 2003, the company issued unsecured convertible debentures in the amount of
$230,000,000. 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 fair value of the
conversion option associated with the convertible debentures on the date of issuance was
$30,473,000, resulting in an effective interest rate of 7.21%. The amount is reflected as
contributed surplus. The conversion price is $10.83 per share, a rate of approximately 92.3
common shares per $1,000 of convertible debentures. Interest is payable semi-annually in
arrears on April 1 and October 1. The debentures are redeemable by the company beginning
October&nbsp;1, 2008, at a redemption price of par plus accrued and unpaid interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The fair value of the outstanding convertible debentures is based on the quoted market price of
the debentures at December&nbsp;31, 2007, and was approximately $837,616,700.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco has $300,000,000 outstanding in senior unsecured debentures (Series&nbsp;C). These debentures
bear interest at a rate of 4.7% per annum (effective interest rate of 4.79%) and mature
September&nbsp;16, 2015. Cameco had $100,000,000 outstanding in senior unsecured debentures (Series
A) that bore interest at a rate of 6.9% per annum and were to mature July&nbsp;12, 2006. Cameco also
had $50,000,000 outstanding in senior unsecured debentures (Series&nbsp;B) that bore interest at a
rate of 7.0% per annum and were to mature July&nbsp;6, 2006. On January&nbsp;17, 2006, Cameco redeemed in
full the Series&nbsp;A and B debentures. The redemption prices under the trust indenture were based
on the yield for a Government of Canada bond with the equivalent term to maturity plus 25 basis
points for the Series&nbsp;A debentures and 34 basis points for the Series&nbsp;B debentures. The total
redemption price was $152,104,000 plus accrued and unpaid interest.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco has a $500,000,000 unsecured revolving credit facility that is available until November
30, 2012. Cameco may also borrow directly in the commercial paper market. Commercial paper
outstanding at December&nbsp;31, 2007, was $32,866,000 (Cdn) (2006 &#151; nil) and bears interest at an
average rate of 4.8% (2006 &#151; nil). These amounts, when drawn, are classified as long-term
debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco has $524,430,000 ($307,588,000 (Cdn) and $219,453,000 (US)) in letter of credit
facilities. The majority of the outstanding letters of credit at December&nbsp;31, 2007 relate to
future decommissioning and reclamation liabilities &#091;note 9&#093; and amounted to $302,773,000
($235,189,000 (Cdn) and $68,398,000 (US)) (2006 &#151; $213,069,000 ($137,236,000 (Cdn) and
$65,076,000 (US))). At December&nbsp;31, 2007 there were no amounts outstanding under the
$150,000,000 (US)&nbsp;letter of credit facility that related to the standby product loan facility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">BPLP holds a long-term lease with OPG to operate the Bruce nuclear power facility. The term of
the lease, which expires in 2018, is 18&nbsp;years with an option to extend the lease for up to an
additional 25&nbsp;years. The interest rate associated with the lease is 7.5%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">BPLP has a $150,000,000 (Cameco&#146;s share $47,400,000) revolving credit facility that is available
until July&nbsp;21, 2009, as well as $146,000,000 (Cameco&#146;s share $46,136,000) in letter of credit
facilities. As at December&nbsp;31, 2007, BPLP had $62,000,000 (Cameco&#146;s share $19,592,000)
outstanding under the letter of credit facilities.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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; margin-left: 2%">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, 2007, Cameco met these financial covenants and does not expect its
operating and investment activities in 2008 to be constrained by them</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The table below represents currently scheduled maturities of long-term debt over the next five
years.
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">8,816</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,692</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,852</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">667,202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>725,946</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Standby Product Loan Facilities</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco has arranged for a standby product loan facility with one of its customers. The
arrangement, which was finalized in 2006, allows Cameco to borrow up to 2,600,000 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. Of this material, up to 1,000,000 kilograms of uranium can be borrowed in the form of
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. Under the loan facility, standby fees of 2.25% are payable based on the market
value of the facility, and interest is payable on the market value of any amounts drawn at a
rate of 4.0%. Any borrowings will be secured by letters of credit and are payable in kind.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The market value of the available facility is based on the quoted market price of the products
at December&nbsp;31, 2007 and was approximately $242,600,000 (US). As at December&nbsp;31, 2007, Cameco
did not have any loan amounts outstanding under the facility.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">On January&nbsp;29, 2008, Cameco gave notice of termination to the counterparty of the product loan
arrangement. The loan facility will be terminated on April&nbsp;1, 2008 and the associated letter of
credit facilities were cancelled on January&nbsp;31, 2008. Cameco will recognize previously deferred
revenues and costs in its earnings for the first quarter of 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Previously, Cameco had two other product loan arrangements with another one of its customers.
These arrangements had allowed Cameco to borrow up to 2,960,000 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. Of this material, up to 400,000 kilograms of uranium
could be borrowed in the form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. During the second quarter, Cameco terminated
these two arrangements and cancelled the related letter of credit facilities.
</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>9.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Provision for Reclamation</B></TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco&#146;s estimates of future asset retirement obligations are based on reclamation standards
that satisfy regulatory requirements. Elements of uncertainty in estimating these amounts
include potential changes in regulatory requirements, decommissioning and reclamation
alternatives and amounts to be recovered from other parties.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco estimates total future decommissioning and reclamation costs for its operating assets to
be $440,000,000. These estimates are reviewed by Cameco technical personnel as required by
regulatory agencies or more frequently as circumstances warrant. In connection with future
decommissioning and reclamation costs, Cameco has provided financial assurances of $300,000,000
in the form of letters of credit to satisfy current regulatory requirements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Under the BPLP lease agreement, OPG, as the owner of the Bruce nuclear plants, is responsible to
decommission the Bruce facility and to provide funding and meet other requirements that the
Canadian Nuclear Safety Commission (CNSC)&nbsp;may require of BPLP as licensed operator of the Bruce
facility. OPG is also responsible to manage radioactive waste associated with decommissioning
of the Bruce nuclear plants.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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; margin-left: 2%">Following is a reconciliation of the total liability for asset retirement obligations:
</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="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" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">228,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">167,568</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition of Zircatec interest &#091;note 23&#093;</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">7,129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in estimates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,299</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities settled</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,034</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,420</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accretion expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,768</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,954</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impact of foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,044</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34</TD>
    <TD nowrap>)</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>Balance, end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>284,673</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>228,496</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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Following is a summary of the key assumptions on which the carrying amount of the asset
retirement obligations is based:
</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">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total undiscounted amount of the estimated cash flows &#151; $440,000,000.</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected timing of payment of the cash flows &#151; timing is based on life of mine plans.
The majority of expenditures are expected to occur after 2013.</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discount rates &#151; 5.25% to 7.50% for operations in North America; 8.00% for operations
in Kyrgyzstan; 8.00% for operations in Mongolia.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The asset retirement obligations liability is comprised of:
</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="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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">166,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fuel Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,329</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90,789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,435</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</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>284,673</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>228,496</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: 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>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Liabilities</B></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="76%">&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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred sales &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">113,461</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">107,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,619</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred currency hedges &#091;note 3(a)&#093;</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">26,333</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued post-retirement benefit liability &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zircatec acquisition holdback &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP</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:30px; text-indent:-15px">Accrued post-retirement benefit liability &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivatives &#091;note 27&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,057</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred revenue &#151; electricity contracts</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">856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,710</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,003</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">273,378</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,492</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40,737</TD>
    <TD nowrap>)</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>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>258,511</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>232,641</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>

<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 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>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Share Capital</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Authorized share capital:<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlimited number of first preferred shares<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlimited number of second preferred shares<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unlimited number of voting common shares, and<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;One Class&nbsp;B share</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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Common Shares</B></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="76%">&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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number Issued</B> (Number of Shares)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,292,632</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349,570,048</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">Issued:</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:30px; text-indent:-15px">Shares repurchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,575,300</TD>
    <TD nowrap>)</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">Debenture conversions</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">5,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock option plan &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,681,366</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,716,679</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>Issued share capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>344,398,698</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>352,292,632</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: 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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Class&nbsp;B Share</B></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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One Class&nbsp;B share issued during 1988 and assigned $1 of share capital, entitles the
shareholder to vote separately as a class in respect of any proposal to locate the head
office of Cameco to a place not in the province of Saskatchewan.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Share Repurchase Program</B></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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;6, 2007, Cameco announced an open market share repurchase program for
cancellation of up to 17,700,000 of its common shares, representing 5% of its common shares
then outstanding. This repurchase program is authorized to be in effect until September&nbsp;10,
2008. As at December&nbsp;31, 2007, 9,575,300 shares had been repurchased under this program at a
cost of $429,327,000 at an average share price of $44.84. The excess of the repurchase cost
of these shares over their book value, amounting to $406,577,000, has been charged to
contributed surplus.</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>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accumulated Other Comprehensive Income (Loss)</B></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="76%">&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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized foreign currency translation losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(150,935</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(39,766</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow hedges
(net of $64,756 tax expense)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized loss on available-for-sale securities
(net of $1,152 tax recovery)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>25,433</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(39,766</B></TD>
    <TD nowrap><B>)</B></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: 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>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cigar Lake Remediation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a result of the water inflow at Cigar Lake, Cameco recorded an expense of $29,403,000 during
2007 (2006 &#151; $20,599,000). The amount recorded in 2007 related to remediation efforts. Of the
amount recorded in 2006, $15,356,000 related to the write-down of assets while $5,203,000
related to remediation efforts.</TD>
</TR>

</TABLE>
</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 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>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest and Other</B></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="76%">&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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">42,743</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,223</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Writedown of investment in commercial paper</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other interest and financing charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,642</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Gains) losses on derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53,606</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,400</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,960</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,348</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,727</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(31,038</TD>
    <TD nowrap>)</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>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(32,673</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(3,708</B></TD>
    <TD nowrap><B>)</B></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: 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>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Gain on Sale of Assets</B></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="76%">&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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of geological data</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,317</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest in Fort a la Corne Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44,782</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Voting rights in Fort a la Corne Joint Venture</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,889</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,155</TD>
    <TD nowrap>)</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>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(4,028</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(51,826</B></TD>
    <TD nowrap><B>)</B></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: 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>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Income (Expense)</B></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="76%">&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: 0pt" valign="bottom">
    <TD nowrap align="left" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in loss from associated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(6,439</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(5,320</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Claim settlement &#091;note 25(c)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,175</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Insurance settlement (Kumtor)</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">15,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(9,078</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>10,046</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>


<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 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>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Income Taxes</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The significant components of future income tax assets and liabilities at December&nbsp;31 are as
follows:</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>Assets</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">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">201,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">173,774</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,234</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exploration and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,389</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,060</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,031</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:30px; text-indent:-15px">Future income tax assets before valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">307,183</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,092</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(128,771</TD>
    <TD nowrap>)</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:30px; text-indent:-15px"><B>Future income tax assets, net of valuation allowance</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>278,252</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>178,412</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>
<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>Liabilities</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">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">473,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">502,579</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,601</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,935</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term investments and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,506</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,638</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:30px; text-indent:-15px"><B>Future income tax liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>609,841</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>564,152</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>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Net future income tax liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>331,589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>385,740</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(84,653</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(46,289</TD>
    <TD nowrap>)</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>246,936</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>339,451</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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provision for income taxes differs from the amount computed by applying the combined
expected federal and provincial income tax rate to earnings before income taxes. The reasons
for these differences are as follows:</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">465,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">345,426</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Combined federal and provincial tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39.3</TD>
    <TD nowrap>%</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">Computed income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,338</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in taxes resulting from:</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:30px; text-indent:-15px">Reduction in income tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,036</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,749</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provincial royalties and other taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,092</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal and provincial resource allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(492</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,617</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Manufacturing and processing deduction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,112</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,719</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Difference between Canadian rate and rates
applicable to subsidiaries in other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(187,328</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(133,988</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring of gold business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,827</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital and other taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,296</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(306</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Recovery of taxes due to amendment of tax treatment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,950</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other permanent differences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,786</TD>
    <TD nowrap>)</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>Income tax expense (recovery)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>29,468</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(68,843</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="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 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2007, the federal government introduced amendments to the Canadian Income Tax Act that
provide for a 4% reduction in the general corporate income tax rate. The federal tax rate will
decline in 2012 from 19% to 15%. This legislation was substantively enacted in 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 $25,400,000 in 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During 2006, the federal and provincial governments enacted amendments to current tax
legislation, which provided for a reduction in corporate tax rates. The cumulative effect of
the change in income tax legislation on Cameco&#146;s future income tax liability was a reduction of
$73,000,000.</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Earnings before income taxes and minority interest</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">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(297,519</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(17,703</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">763,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">363,129</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>465,932</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>345,426</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>
<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">Current income taxes</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">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">99,066</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">91,730</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,066</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>163,597</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>115,796</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income taxes (recovery)</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">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(126,303</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(167,189</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,826</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,450</TD>
    <TD nowrap>)</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(134,129</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(184,639</B></TD>
    <TD nowrap><B>)</B></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>Income tax expense (recovery)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>29,468</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(68,843</B></TD>
    <TD nowrap><B>)</B></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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other comprehensive income included on the consolidated statements of shareholders&#146; equity and
the consolidated statements of comprehensive income is presented net of income taxes. The
following income tax amounts are included in each component of other comprehensive income</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Net gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">92,860</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net gains on derivatives designated as cash flow hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,104</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized losses on assets available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,152</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total income tax expense included in OCI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>63,604</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>&#151;</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>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Statements of Cash Flows</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Operating Items</B></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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Changes in non-cash working capital:</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">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">103,118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">36,180</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,810</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(63,623</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Supplies and prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,631</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,393</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,677</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,258</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge position settlements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,113</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,667</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,840</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</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>117,969</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>35,375</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: 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>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Uranium Joint Ventures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco conducts a portion of its exploration, development, mining and milling activities through
joint ventures. Cameco&#146;s significant uranium joint venture interests are comprised of:</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="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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Producing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">69.81</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">83.33</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-producing:</DIV></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:30px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">50.03</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60.00</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium joint ventures allocate uranium production to each joint venture participant and the
joint venture participant derives revenue directly from the sale of such product. Mining and
milling expenses incurred by the joint venture are included in the cost of inventory. At
December&nbsp;31, 2007, Cameco&#146;s share of property, plant and equipment in these joint ventures
amounted to $2,037,000,000 (2006 &#151; $1,862,000,000) &#091;note 5&#093;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment in BPLP</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco holds a 31.6% interest in the BPLP partnership, which is governed by an agreement that
provides for joint control of the strategic operating, investing and financing activities among
the three major partners. Cameco proportionately consolidates its 31.6% interest in BPLP.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Fuel Supply Agreements</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Cameco has entered into fuel supply agreements with BPLP for the procurement of fabricated
fuel. Under these agreements, Cameco will supply uranium and conversion services and finance
the purchase of fabrication services. Contract terms are at market rates and on normal trade
terms. During 2007, sales of uranium and conversion services to BPLP amounted to $49,608,000
(2006 &#151; $41,650,000), approximately 2.1% (2006 &#151; 2.3%) of Cameco&#146;s total revenue. At
December&nbsp;31, 2007, amounts receivable under these agreements totaled $4,550,000 (2006 &#151;
$15,055,000).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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>Balance Sheets</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">417</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>751</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>677</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>
<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">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">370</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">458</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">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">219</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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>751</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>677</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 align="left" style="font-size: 10pt; margin-top: 6pt"><B>Statements of Earnings</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">417</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">393</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</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">Earnings before interest and taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</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">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">Earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>139</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>123</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 align="left" style="font-size: 10pt; margin-top: 6pt"><B>Statements of Cash Flows</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in investing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(126</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(143</TD>
    <TD nowrap>)</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: 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>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock-Based Compensation Plans</B></TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has established a stock option plan under which options to purchase common shares may be
granted to directors, officers and other employees of Cameco. Options granted under the stock
option plan have an exercise price of not less than the closing price quoted on the TSX for the
common shares of Cameco on the trading day prior to the date on which the option is granted.
The options vest over three years and expire eight years from the date granted. Options granted
prior to 1999 expire 10&nbsp;years from the date of the grant of the option. Options have not been
awarded to directors since 2003.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The aggregate number of common shares that may be issued pursuant to the Cameco stock option
plan shall not exceed 43,017,198, of which 24,011,079 shares have been issued.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock option transactions for the respective years were as follows:</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Number of Options)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,390,053</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,723,170</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">976,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,537,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,794,515</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,716,679</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(149,421</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(153,768</TD>
    <TD nowrap>)</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>End of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,422,592</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,390,053</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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exercisable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,696,479</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,088,841</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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Upon exercise of certain existing options, additional options in respect of 15,300 shares
would be granted.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Weighted average exercise prices were as follows:</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">19.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13.29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.92</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>End of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>25.40</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>19.92</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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exercisable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>16.46</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>10.46</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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total options outstanding and exercisable at December&nbsp;31, 2007 were as follows:</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="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: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="6" style="border-bottom: 1px solid #000000"><B>Options Outstanding</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" colspan="6" style="border-bottom: 1px solid #000000"><B>Options Exercisable</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Option Price Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Life</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$3.13 &#151; 5.99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4.47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">6.00 &#151; 13.49</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,347,560</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">8.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,227,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">13.50 &#151; 32.99</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,698,552</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">26.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">929,010</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.81</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">33.00 &#151; 55.43</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,247,180</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">43.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410,609</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,422,592</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>&nbsp;</TD>
    <TD align="right"><B>3,696,479</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The foregoing options have expiry dates ranging from February&nbsp;23, 2008 to May&nbsp;29, 2017.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On July&nbsp;27, 2007, Cameco&#146;s board of directors approved an amendment to the company&#146;s stock
option program introducing a cash settlement feature for the exercise of employee stock options.
The cash settlement feature allows option holders to elect to receive an amount in cash equal
to the intrinsic value, being the excess market price of the common share over the exercise
price of the option, instead of exercising the option and acquiring common shares. All
outstanding stock options are now classified as liabilities and are carried at their intrinsic
value. The intrinsic value of the liability is marked to market each period. The intrinsic
value is amortized to expense over the shorter of, the period to eligible retirement, or the
vesting period. Previously, all stock options were classified as equity and were accounted for
using the fair value method. Under this method, the compensation cost of options granted was
measured at estimated fair value at the grant date and recognized over the shorter of, the
period to eligible retirement, or the vesting period. The impact of the reclassification of the
stock options at July&nbsp;27, 2007 was an increase in liabilities of $116,050,000, a decrease in
contributed surplus of $21,875,000 and a decrease to earnings of $94,175,000. In addition, a
future tax recovery of $35,225,000 was recorded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the year ended December&nbsp;31, 2007, Cameco has recorded a net recovery of $4,868,000 (2006
expense &#151; $17,549,000), related to options issued and vested during the year. These amounts are
exclusive of the expense recorded upon adoption of the cash settlement feature on July&nbsp;27, 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of the options granted prior to July&nbsp;27, 2007, was determined using the
Black-Scholes option-pricing model with the following assumptions:</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Number of options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">976,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,537,330</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average strike price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">46.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41.04</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life of option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">3.5 years</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">4 years</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected forfeitures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average grant date fair values</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">13.19</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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Executive Performance Share Unit (PSU), Deferred Share Unit (DSU), and Other Plans</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commencing in 2005, Cameco provides each planned participant an annual grant of PSUs in an
amount determined by the board. Each PSU represents one phantom common share that entitles the
participant to a payment of one Cameco common share purchased on the open market, or cash at the
board&#146;s discretion, at the end of each three-year period if certain performance and vesting
criteria have been met. The final value of the PSUs will be based on the value of Cameco common
shares at the end of the three-year period and the number of PSUs that ultimately vest. Vesting
of PSUs at the end of the three-year period will be based on total shareholder return over the
three years, Cameco&#146;s ability to meet its annual cash flow from operations targets and whether
the participating executive remains employed by Cameco at the end of the three-year vesting
period. As of December&nbsp;31, 2007, the total PSUs held by the participants was 152,196 (2006 &#151;
292,150).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco offers a deferred share unit plan to non-employee directors. A DSU is a notional unit
that reflects the market value of a single common share of Cameco. 60% of each director&#146;s
annual retainer is paid in DSUs. In addition, on an annual basis directors can elect to receive
the remaining 40% of their annual retainer and any additional fees in the form of DSUs. Each
DSU fully vests upon award. The DSUs will be redeemed for cash upon a director leaving the
board. The redemption amount will be based upon the weighted average of the closing prices of
the common shares of Cameco on the TSX for the last 20 trading days prior to the redemption date
multiplied by the number of DSUs held by the director. As of December&nbsp;31, 2007, the total DSUs
held by participating directors was 329,908 (2006 &#151; 299,928).</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco makes annual grants of bonuses to eligible non-North American employees in the form of
phantom stock options. Employees receive the equivalent value of shares in cash when exercised.
Options granted under the phantom stock option plan have an award value equal to the closing
price quoted on the TSX for the common shares of Cameco on the trading day prior to the date on
which the option is granted. The options vest over three years and expire eight years from the
date granted. As of December&nbsp;31, 2007, the number of options held by participating employees
was 339,072 (2006 &#151; 383,181) with exercise prices ranging from $4.81 to $54.38 per share (2006 -
$4.81 to $41.00) and a weighted average exercise price of $39.56 (2006 &#151; $18.63).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commencing in 2007, Cameco created an employee share ownership plan whereby both employee and
company contributions are used to purchase shares on the open market for employees. The
company&#146;s contributions are expensed during the year of contribution. Under the plan, all
employees have the opportunity to participate in the program to a maximum of 6% of eligible
earnings each year with Cameco matching the first 3% of employee &#151; paid shares by 50%. Cameco
contributes $1,000 of shares annually to each employee that is enrolled in the plan. At
December&nbsp;31, 2007, there were 2,637 participants in the plan. The total number of shares
purchased in 2007 on behalf of participants, including the company contribution, was 159,761
shares. In 2007, the company&#146;s contributions totaled $3,716,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has recognized the following expenses (recoveries)&nbsp;under these plans:</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Performance share units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,288</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">4,884</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred share units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,606</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,206</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phantom stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,410</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,212</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employee share ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,716</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<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>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco maintains both defined benefit and defined contribution plans providing pension and
post-retirement benefits to substantially all of its employees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the defined pension benefit plans, Cameco provides benefits to retirees based on their
length of service and final average earnings. The non-pension post-retirement plan covers such
benefits as group life and supplemental health insurance, to eligible employees and their
dependents. The costs related to the non-pension post-retirement plans are charged to earnings
in the period during which the employment services are rendered. However, these future
obligations are not funded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effective date for the most recent valuations for funding purposes on the pension benefit
plans is January&nbsp;1, 2006. The next planned effective date for valuation for funding purposes of
the pension benefit plans is set to be January&nbsp;1, 2009. The status of the defined plans is as
follows:</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Benefit Obligation</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: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">15,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">12,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">872</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,056</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(370</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan amendments</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">3,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan curtailments</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,990</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisition of Zircatec interest &#091;note 23&#093;</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">3,116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(619</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(611</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(617</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(367</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange rate changes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>28,441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>23,272</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>13,143</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>12,166</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plan Assets</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(611</TD>
    <TD nowrap>)</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>Fair value at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>23,864</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>24,412</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 align="left" style="font-size: 10pt; margin-top: 6pt">Plan assets consist of:
</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="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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset Category (i)</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">Equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">34</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">23</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other (ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">43</TD>
    <TD nowrap>%</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 nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></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>



<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 style="font-size: 3pt"><TD>&nbsp;</TD></TR>
<TR valign="top">
    <TD nowrap align="left">(i)</TD>
    <TD>&nbsp;</TD>
    <TD>The defined benefit plan assets contain no material amounts of related party
assets at December&nbsp;31, 2007 and 2006 respectively.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(ii)</TD>
    <TD>&nbsp;</TD>
    <TD>Relates to the value of the refundable tax account held by the Canada Revenue
Agency. The refundable total is approximately equal to half of the sum of the realized
investment income plus employer contributions less half of the benefits paid by the
plan.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funded Status Reconciliation</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: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funded status of plans &#151; surplus (deficit)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,577</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,143</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,166</TD>
    <TD nowrap>)</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized net actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,509</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized transitional obligation</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">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accrued benefit asset (liability) &#091;notes 7, 10&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,874</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>7,889</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(13,143</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(12,166</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Pension Expense</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,028</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,569</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,056</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">Balance prior to adjustments to recognize the long-term
nature of employee future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,830</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,387</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actual and expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(820</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial loss recognized for year and
actual actuarial loss on accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,122</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of transitional obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">723</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">Defined benefit pension expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,128</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Defined contribution pension expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,973</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>Net pension expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>13,033</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>10,823</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 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="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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</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">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term rate of return on assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Post-Retirement Benefit Expense</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(370</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan amendment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,838</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">588</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan curtailment gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,990</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other post-retirement benefit expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,594</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,014</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 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="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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</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">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Initial health care cost trend rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost trend rate declines to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year the rate reaches its final level</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</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 align="left" style="font-size: 10pt; margin-top: 6pt"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and Other Post-Retirement Benefits Cash Payments</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions to funded pension plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid for unfunded benefit plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash contributions to defined contribution plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,905</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,973</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 cash payments for employee future benefits</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>11,577</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>9,391</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 align="left" style="font-size: 10pt; margin-top: 6pt"><B>BPLP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has a funded registered pension plan and an unfunded supplemental pension plan. The funded
plan is a contributory, defined benefit plan covering all employees up to the limits imposed by
the Income Tax Act. The supplemental pension plan is a non-contributory, defined benefit plan
covering all employees with respect to benefits that exceed the limits under the Income Tax Act.
These plans are based on years of service and final average salary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also has other post-retirement benefit and other post-employment benefit plans that provide
for group life insurance, health care and long-term disability benefits. These plans are
non-contributory.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The effective date for the most recent valuations for funding purposes on the pension benefit
plans is January&nbsp;1, 2007. The next planned effective date for valuation for funding purposes of
the pension benefit plans is set to be January&nbsp;1, 2008. The status of Cameco&#146;s proportionate
share (31.6%) of the defined plans is as follows:
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funded Status Reconciliation</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: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">618,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">605,789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">816,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">800,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,421</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,746</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funded status of plans &#151; deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(198,478</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(194,261</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(137,421</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(141,746</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Unrecognized prior service cost</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">3,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized net actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,253</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,034</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accrued benefit asset (liability) &#091;notes 7, 10&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,864</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>11,992</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(104,046</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(86,856</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension Asset Categories</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: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Asset Allocation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #ffffff"><B>Target Allocation</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset Category (i)</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:30px; text-indent:-15px">Equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">71</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">70</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">28</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">30</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt;margin-left: 2%">The assets of the pension plan are managed on a going concern basis subject to legislative
restrictions. The plan&#146;s investment policy is to maximize returns within an acceptable risk
tolerance. Pension assets are invested in a diversified manner with consideration given to
the demographics of the plan participants. Rebalancing will take place on a monthly basis if
outside of 3% of the target asset allocation.
</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">(i)</TD>
    <TD>&nbsp;</TD>
    <TD>The defined benefit plan assets contain no material amounts of related party assets at
December&nbsp;31, 2007.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Pension Expense</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">29,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">24,229</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,658</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,406</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(64,194</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,978</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,119</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">Balance prior to adjustments to recognize the long-term
nature of employee future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actual and expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44,632</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,679</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial loss recognized and actual actuarial
loss on accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,544</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(81,322</TD>
    <TD nowrap>)</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>Net pension expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>38,900</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>28,917</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>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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">
<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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</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">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term rate of return on assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD nowrap>%</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 align="left" style="font-size: 10pt; margin-top: 6pt"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Benefit Plans Expense</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">8,423</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">6,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,394</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Past service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,829</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,856</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,939</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,563</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">Balance prior to adjustments to recognize the long-term nature of employee
future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,073</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actual and recognized past service costs for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,526</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,856</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial gain recognized and actual actuarial loss on
accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(59,931</TD>
    <TD nowrap>)</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>Other benefit plans expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>19,444</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>10,330</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 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="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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</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">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Initial health care cost trend rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost trend rate declines to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year the rate reaches its final level</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2018</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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">A one percentage point increase or decrease in assumed health care cost trend rate would have
the following effect:
</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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Increase</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Decrease</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Effect on December&nbsp;31, 2007, obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">23,430</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(19,647</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Aggregate of 2007 current service cost and interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,575</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,101</TD>
    <TD nowrap>)</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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and Other Post-Retirement Benefits Cash Payments</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions to funded pension plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">31,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">21,665</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid for unfunded benefit plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,458</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,705</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 cash payments for employee future benefits</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>33,742</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>23,370</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 align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Benefits paid by the funded pension plan were $22,600,000 for 2007 (2006 &#151; $12,500,000).
BPLP&#146;s expected contributions for the year ended December&nbsp;31, 2008 are approximately
$30,673,000 for the pension benefit plans.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following are estimated future benefit payments, which reflect expected future service:</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="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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Benefit Plans</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">26,100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">3,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,700</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013 to 2017</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267,600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,900</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: 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>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisition of Interest in Zircatec Precision Industries, Inc.</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective February&nbsp;1, 2006, Cameco acquired a 100% interest in Zircatec Precision Industries,
Inc. for $108,884,000. Zircatec&#146;s primary business is manufacturing nuclear fuel bundles for
sale to companies that generate electricity from Candu reactors. The acquisition was accounted
for using the purchase method and the results of operations are included in the consolidated
financial statements from February&nbsp;1, 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The values assigned to the net assets acquired were as follows:</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="88%">&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: 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">Cash and other working capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20,738</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Tangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,928</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,819</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(40,836</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(20,765</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,884</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financed by:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">88,884</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Holdback &#091;note 10&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">108,884</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /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: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restructuring of the Gold Business</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the first quarter of 2007, the Parliament of the Kyrgyz Republic accepted in the first
reading and returned to committee for further deliberation draft legislation that, among other
things, challenges the legal validity of Kumtor Gold Company (Kumtor) agreements with the Kyrgyz
Republic, proposes recovery of additional taxes on amounts relating to past activities, and
provides for the transfer of gold deposits (including Kumtor) to a state-owned entity. If the
law is enacted, there would be a substantial risk of harm to Centerra&#146;s rights and therefore the
value of Cameco&#146;s investment in Centerra.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a result, Cameco and Centerra entered into discussions with the Kyrgyz Government. These
discussions resulted in the signing of two agreements, both dated August&nbsp;30, 2007, between the
Government of the Kyrgyz Republic and, respectively, Cameco and Centerra. Under the terms of
the agreements, the Kyrgyz Government and Kyrgyzaltyn JSC, a joint stock company owned by the
Kyrgyz Government, agree to support Centerra&#146;s continuing long-term development of the Kumtor
project and agree to facilitate eventual divestiture of Cameco&#146;s interest in Centerra. In
return, the Kyrgyz Government will receive 32,305,238 shares (22,305,238 net from Cameco and
10,000,000 treasury shares from Centerra) upon closing of the definitive legal agreements. Of
these, 15,000,000 shares will be received immediately and 17,305,238 shares will be held in
escrow to be released within four years subject to a number of conditions, including the
approval by the Parliament of the Kyrgyz Republic.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These agreements were originally to expire on October&nbsp;31, 2007, but the parties have agreed to
extend the deadline for closing the transactions to April&nbsp;30, 2008. The conditions that gave
rise to these agreements still exist and Cameco believes the number of Centerra shares that
would have been transferred to the Kyrgyz Government is indicative of the ultimate cost to
remedy those conditions. Thus, Cameco has recorded a charge of $113,000,000 ($153,000,000 after
a tax expense of $40,000,000).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commitments and Contingencies</B></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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco signed a toll-conversion agreement with British Nuclear Fuels plc (BNFL)&nbsp;to
acquire uranium UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services from BNFL&#146;s Springfields plant in
Lancashire, United Kingdom. Under the 10-year agreement, BNFL is obligated to annually
convert a base quantity of five 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.</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>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On February&nbsp;12, 2004, Cameco, Cameco Bruce Holdings II Inc., BPC Generation
Infrastructure Trust and TransCanada Pipelines Limited (collectively, the &#147;Consortium&#148;)
sent a letter to British Energy Limited and British Energy International Holdings Limited
(collectively, BE) requesting, amongst other things, indemnification for breach of a
representation and warranty contained in the February&nbsp;14, 2003, Amended and Restated Master
Purchase Agreement. The alleged breach is that the Unit 8 steam generators were not &#147;in
good condition, repair and proper working order, having regard to their use and age.&#148; This
defect was discovered during a planned outage conducted just after closing. As a result
of this defect, the planned outage had to be significantly extended. The Consortium has
claimed damages in the amount of $64,558,200 being 79.8% of the $80,900,000 of damages
actually incurred, plus an unspecified amount to take into account the reduced operating
life of the steam generators. The parties have agreed that the arbitration should be
before a single arbitrator.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In anticipation of this claim, BE issued on February&nbsp;10, 2006, and then served on Ontario
Power Generation Inc. (OPG)&nbsp;and Bruce Power LP a Statement of Claim. This Statement of Claim
seeks damages for any amounts that BE is found liable to pay to the Consortium in connection
with the Unit 8 steam generator arbitration described above, damages in the amount of
$500,000,000, costs and pre and post judgment interest amongst other things. This action is
in abeyance pending further developments on the Unit 8 steam generator arbitration.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Management is of the opinion, after review of the facts with counsel, that this action
against Bruce Power LP will not have a material financial impact on Cameco&#146;s financial
position, results of operations and liquidity.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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 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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pursuant to an agreement between Centerra Gold Mongolia Limited (CGM)&nbsp;and Gatsuurt LLC, an
unrelated Mongolian company, under which CGM acquired the Gatsuurt licenses, CGM agreed to
transfer the principal license covering the Gatsuurt property to Gatsuurt LLC if CGM did not
complete a feasibility study by December&nbsp;31, 2005. CGM completed a feasibility study in
December&nbsp;2005. Gatsuurt LLC informed Centerra that it does not believe that CGM complied
with its obligation and began proceedings in the Mongolian National Arbitration Court (MNAC)
alleging non-compliance by CGM and seeking the return of the principal license for the
Gatsuurt property. CGM believes that the Gatsuurt LLC claim is without merit and on July&nbsp;10,
2007, filed a petition with Mongolia&#146;s District Court contesting the jurisdiction of the
MNAC. On July&nbsp;25, 2007, the Mongolian District Court returned CGM&#146;s petition, without a
decision on the jurisdictional issue, to permit CGM to supplement its submissions. All
proceedings were suspended in August&nbsp;2007 pending the outcome of settlement discussions. CGM
and Gatsuurt LLC have reached an agreement in principle to suspend, and upon signing a
definitive agreement, to terminate the arbitration proceedings between CGM and Gatsuurt LLC.
In anticipation of a settlement, CGM has recorded a $3,000,000 (US)&nbsp;charge as an estimate of
the cost to settle the matter.</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>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual supplemental rents of $26,000,000 (subject to CPI) per operating reactor are
payable by BPLP to OPG. Should the hourly annual average price of electricity in Ontario
fall below $30 per megawatt hour, the supplemental rent reduces to $13,000,000 per
operating reactor. In accordance with the Sublease Agreement, Bruce A L.P. will
participate in its share of any adjustments to the supplemental rent.</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>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco, TransCanada and BPC have assumed the obligations to provide financial
guarantees on behalf of BPLP. Cameco has provided the following financial assurances, with
varying terms that range from 2004 to 2018:</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="7%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Licensing assurances to Canadian Nuclear Safety Commission of up to $133,300,000.
At December&nbsp;31, 2007, Cameco&#146;s actual exposure under these assurances was $23,700,000.</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">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Guarantees to customers under power sales agreements of up to $47,000,000.
Cameco did not have any actual exposure under these guarantees at December&nbsp;31, 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="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Termination payments to OPG pursuant to the lease agreement of $58,300,000.
</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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of these guarantees is nominal.</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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commitments</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%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2007, Cameco&#146;s purchase commitments, the majority of which are fixed price
uranium and conversion purchase arrangements, were as follows:</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="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: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">(Millions (US))</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>849</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: 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>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Port Hope Conversion Facility</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On July&nbsp;13, 2007, Cameco discovered uranium and other production-associated chemicals in the
soil beneath its Port Hope uranium hexafluoride (UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) conversion plant. As a result,
production of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> has been suspended until Cameco is able to remove the contaminated
soil and implement necessary corrective measures. Current estimates indicate that the clean up
of the contaminated area will cost approximately $15,000,000 to $20,000,000 and a total of
$17,000,000 was recognized in earnings for 2007.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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 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>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Instruments</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The majority of revenues at Cameco are derived from the sale of uranium products, electricity
through its investment in BPLP, and gold through its investment in Centerra. Cameco&#146;s uranium
product financial results are closely related to the long and short-term market price of uranium
sales and conversion services. Prices fluctuate and can be affected by demand for nuclear
power, worldwide production and uranium levels, and political and economic conditions in uranium
producing and consuming countries. BPLP&#146;s revenue from electricity is affected by changes in
electricity prices associated with an open spot market for electricity in Ontario. Centerra&#146;s
gold revenue is largely dependent on the market price of gold, which can be affected by
political and economic factors, industry activity and the policies of central banks with respect
to their level of gold held as reserves. Financial results for Cameco are also impacted by
changes in foreign currency exchange rates and other operating risks. Finally, certain
financial assets are subject to credit risks including cash and securities, accounts receivable,
and commodity and currency instruments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with certain financial assets, Cameco will hold positions with a
variety of large creditworthy institutions. Sales of uranium products, with short payment
terms, are made to customers that management believes are creditworthy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with foreign currency on its sale of uranium products, Cameco
enters into forward sales contracts to establish a price for future delivery of the foreign
currency. The majority of the contracts qualify as cash flow hedges.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with the fluctuations in the market price for uranium products,
Cameco seeks to maintain a portfolio of uranium product sales contracts with a variety of
delivery dates and pricing mechanisms that provide a degree of protection from price volatility.
To mitigate risks associated with the fluctuations in the market price for electricity, BPLP
enters into various energy and sales related contracts that qualify as cash flow hedges. These
instruments have terms ranging from 2008 to 2013. At December&nbsp;31, 2007, the mark-to-market gain
on these sales contracts was $67,600,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise disclosed, the fair market value of Cameco&#146;s financial assets and
liabilities approximates the carrying amount as a result of the short-term nature of the
instruments, or the variable interest rate associated with the instruments, or the fixed
interest rate of the instruments being similar to market rates.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2007, Cameco had $1,908,000,000 (US)&nbsp;in forward contracts at an average exchange
rate of $1.11 and &#128;88,420,000 at an average exchange rate of $1.35. The foreign currency
contracts are scheduled for use as follows:</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="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: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>US</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cdn</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Euro</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>US</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,028</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><FONT face="'Times New Roman',times,serif">&#128;</FONT></TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">566</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">1.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">422</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">1.34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</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">1.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</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">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,908</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,124</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B><FONT face="'Times New Roman',times,serif">&#128;</FONT></B></TD>
    <TD align="right"><B>88</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.35</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>118</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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These positions consist entirely of forward sales contracts. The average exchange rate reflects
the original spot prices at the time the contracts were entered into and includes deferred gains
and deferred charges. The realized exchange rate will depend on the forward premium (discount)
that is earned (paid)&nbsp;as contracts are utilized. Of these amounts, $1,293,000 of the
US-denominated contracts and $88,000,000 of the Euro-denominated contracts mature in 2008. The
remaining $615,000 in US-denominated contracts matures in 2009.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2007, Cameco&#146;s net mark-to-market gain on these foreign currency instruments was
$139,700,000 (Cdn).</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Derivatives</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table summarizes the fair value of derivatives and classification on the December
31, 2007, balance sheet:</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="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: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cameco</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>BPLP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</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">Non-hedge derivatives:</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">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">7,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">14,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,546</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>147,022</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>74,731</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>221,753</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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Classification:</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:30px; text-indent:-15px">Current portion of long-term receivables, investments
and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">125,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">35,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,940</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term receivables, investments and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,489</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of other liabilities &#091;note 10&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(448</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,661</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities &#091;note 10&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,406</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(609</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,015</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>147,022</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>74,731</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>221,753</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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table summarizes different components of the (gains)&nbsp;and losses on derivatives:</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="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: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cameco</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>BPLP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</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">Non-hedge derivatives:</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">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(634</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(634</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,107</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,183</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,183</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</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">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,616</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,616</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ongoing hedge inefficiency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,252</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,252</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ineligible for hedge accounting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,814</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,814</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(38,807</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(14,799</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(53,606</B></TD>
    <TD nowrap><B>)</B></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: 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Over the next twelve months, based on current exchange rates, Cameco expects an estimated
$89,300,000 of pre-tax gains from the foreign currency cash flow hedges to be reclassified
through other comprehensive income to net earnings. The maximum length of time Cameco hedges
its exposure to the variability in future cash flows related to foreign currency on anticipated
transactions is five years.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Over the next twelve months, based on current prices, Cameco expects an estimated $33,200,000 of
pre-tax gains from BPLP&#146;s various energy and sales related cash flow hedges to be reclassified
through other comprehensive income to net earnings. The maximum length of time BPLP is hedging
its exposure to the variability in future cash flows related to electricity prices on
anticipated transactions is five years.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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 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>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Per Share Amounts</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per share amounts have been calculated based on the weighted average number of common shares
outstanding during the year net of shares held as security for employee loans to purchase such
shares. The weighted average number of paid shares outstanding in 2007 was 351,175,226 (2006 &#151;
351,223,724).</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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic earnings per share computation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">416,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">375,715</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,224</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>Basic earnings per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.07</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>
<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>Diluted earnings per share computation</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"><!-- 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">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">416,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">375,715</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilutive effect of:</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">Convertible debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,992</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">Net earnings, assuming dilution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">425,736</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">384,707</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">Weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,224</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilutive effect of:</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">Convertible debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,209</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,209</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,402</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">Weighted average common shares outstanding, assuming dilution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376,871</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376,835</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>Diluted earnings per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1.02</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>

<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>29.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Segmented Information</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has four reportable segments: uranium, fuel services, electricity and gold. The uranium
segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate.
The fuel services segment involves the refining, conversion and fabrication of uranium
concentrate and the purchase and sale of conversion services. The electricity segment involves
the generation and sale of electricity. The gold segment involves the exploration for, mining,
milling and sale of gold.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s reportable segments are strategic business units with different products, processes and
marketing strategies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounting policies used in each segment are consistent with the policies outlined in the
summary of significant accounting policies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Business Segments</B></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="28%">&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>
    <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" colspan="25" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fuel</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>Inter-</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">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Uranium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Services</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Segment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,269.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">238.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">417.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">404.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(21.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">2,309.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Products and services sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">516.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.9</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">225.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.0</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.8</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">66.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Research and development</DIV></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">3.4</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">3.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</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">3.2</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">9.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake remediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.4</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring costs &#091;note 24&#093;</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">113.0</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">113.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss (gain)&nbsp;on sale of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-segmented expenses</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 align="right">188.1</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>Earnings (loss)&nbsp;before income taxes
and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>572.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(26.7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>137.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(29.0</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">466.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax expense</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 align="right">29.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</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 align="right">20.4</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>Net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">416.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3,383.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>272.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>821.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>638.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,115.9</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Intangibles</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>108.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>108.7</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Goodwill</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>146.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>146.8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital expenditures for the year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>304.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>26.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>30.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>132.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>494.5</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>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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">
<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="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>
    <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" colspan="25" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fuel</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>Inter-</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">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Uranium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Services</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Segment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">803.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">224.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">407.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">414.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(17.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,831.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Products and services sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">472.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">221.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13.9</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,127.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94.2</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">43.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.7</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">26.5</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">58.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Research and development</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">2.7</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">2.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.2</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(15.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake remediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.6</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss (gain)&nbsp;on sale of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(0.4</TD>
    <TD nowrap>)</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.3</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-segmented expenses</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 align="right">89.6</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"><!-- 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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings (loss)&nbsp;before income taxes
and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>180.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>143.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>91.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(2.0</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>345.5</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax recovery</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(68.8</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</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 align="right">38.6</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>Net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>375.7</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>3,100.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>252.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>758.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>734.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4,846.3</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Intangibles</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>114.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>114.0</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Goodwill</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>180.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>180.1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital expenditures for the year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>287.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>17.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>33.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>120.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>459.6</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: 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"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Geographic Segments</B></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="76%">&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: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>Revenue from products and services</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">Canada &#151; domestic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">610.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">525.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:60px; text-indent:-15px">&nbsp;&nbsp;&nbsp;&nbsp;&#151; export</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">271.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">621.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Kyrgyzstan</DIV></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">223.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" 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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,309.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,831.7</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" 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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,894.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,560.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">323.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Kyrgyzstan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">576.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">305.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">286.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Kazakhstan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" 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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,371.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,140.4</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Major Customers</B><BR><BR>
Cameco relies on a small number of customers to purchase a significant portion of its uranium
concentrates and uranium conversion services. During 2007, revenues from one customer of
Cameco&#146;s uranium and fuel services segments represented approximately $179,175,000 (2006 &#151;
$64,270,000), approximately 12% (2006 &#151; 6%) of Cameco&#146;s total revenues from these segments.
As customers are relatively few in number, accounts receivable from any individual customer
may periodically exceed 10% of accounts receivable depending on delivery schedules.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During 2007, electricity revenues from one customer of BPLP represented approximately 6% of
BPLP&#146;s total revenues. In 2006, electricity revenues from BPLP&#146;s two largest customers
represented approximately 15% and 12% of BPLP&#146;s total revenues.</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>30.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comparative Figures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain prior year balances have been reclassified to conform to the current financial statement
presentation.</TD>
</TR>

</TABLE>
</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>o39572exv99w3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.3</B>
</DIV>


<DIV align="Center" style="font-size: 14pt; margin-top: 6pt">Cameco Corporation

</DIV>

<DIV align="Center" style="font-size: 14pt; margin-top: 6pt">2007 Management&#146;s Discussion and Analysis

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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>CAMECO CORPORATION<BR>
2007 MANAGEMENT&#146;S DISCUSSION &#038; ANALYSIS (MD&#038;A)<BR>
MARCH 7, 2008</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
7, 2008. 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, 2007, prepared in accordance with
Canadian generally accepted accounting principles (GAAP), (collectively, our financial statements).
A reconciliation of our Canadian GAAP financial statements to US GAAP will be filed with securities
regulatory authorities. 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
sensitivity analysis discussions in this MD&#038;A address the potential impact of changes to the
variables discussed for the full 2008&nbsp;year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements contained in this MD&#038;A, which are not current statements or 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 and Statements&#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">Our Core Business</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">Our Vision, Mission and Values</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Our Objectives and Strategies &#151; Growth</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">Nuclear Energy Trends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">The Uranium Industry</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">The Fuel Services Industries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Our Uranium Business</DIV></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">Our 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">2007 Consolidated Financial Results</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">Consolidated Outlook for 2008</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">2005 &#151; 2007 Consolidated Financial Highlights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007 Uranium Business Financial 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">2007 Fuel Services Business Financial Results</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007 Nuclear Electricity Generation Business Results</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">2007 Gold Business Results</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007 Fourth Quarter Consolidated Financial Results</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">2006 &#151; 2007 Quarterly Consolidated Financial Highlights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2007 Fourth Quarter Business Segment Financial Results</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</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">66</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">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Our Reserves and Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk and Risk Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Controls and Procedures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94</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">94</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">New Accounting Pronouncements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">95</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Use of Non-GAAP Financial Measures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</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">97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Caution Regarding Forward-Looking Information and Statements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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>1. OUR CORE BUSINESSES, VISION, MISSION, VALUES, OBJECTIVES &#038; STRATEGIES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>OUR CORE BUSINESSES</B></FONT>

</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>

<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 uranium (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: 12pt"><B>Uranium</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is the world&#146;s largest uranium producer, accounting for 19% of the world&#146;s production in
2007 and with 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: 12pt"><B>Fuel Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 and Cobourg, all 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 plant has the licensed capacity to produce 20% 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 up to 5&nbsp;million kilograms of uranium (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>

<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /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">Cameco is a nuclear fuel manufacturer through a wholly owned subsidiary. This company manufactures
fuel bundles for use in Candu reactors. Cameco participates in all stages (from uranium exploration
and production to fuel fabrication) of the Candu nuclear fuel cycle.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 two operating Bruce A reactors,
Cameco is the fuel procurement manager for conversion services and fuel fabrication. BPLP&#146;s four B
reactors have a combined net generation capacity of about 3,260 megawatts (MW), supplying about 15%
of Ontario&#146;s electricity.
</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">Cameco has a 52.7% interest in Centerra Gold Inc. (Centerra), which began trading on the Toronto
Stock Exchange (TSX)&nbsp;in June&nbsp;2004. Cameco transferred substantially all its gold assets to Centerra
as part of the strategy to maximize 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 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>OUR VISION, MISSION, VALUES</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our vision is to be a dominant nuclear energy company producing uranium fuel and generating clean
electricity.
</DIV>

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /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"><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"><FONT style="font-variant: SMALL-CAPS"><B>OUR OBJECTIVES AND STRATEGIES &#151; GROWTH</B></FONT>
</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, employer and
investment 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 of 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 fuel services 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 to expand our services
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 an appropriate 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 available options 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>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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 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>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 promoting
industry initiatives to position nuclear power as a major part of the solution in
addressing clean air and climate change. We will do this by providing leadership and
resources to key industry associations and by developing government relationships.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. THE NUCLEAR ENERGY, URANIUM AND FUEL SERVICES INDUSTRIES</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The nuclear energy industry is experiencing stable growth in the form of capacity factor
improvements, power uprates, refurbishments, life extensions and, in the developing world,
aggressive new-build programs. The following discussion outlines a number of factors that may have
a positive or negative impact on the outlook for nuclear energy. While it is difficult to determine
which factors will dominate in the long term, the demand for nuclear energy is expected to
accelerate in response to concerns about electricity supply, the need for non-emitting baseload
power, and security of supply.
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In a December&nbsp;2007 US national public opinion survey by Bisconti Research for the Nuclear Energy
Institute (NEI), support for &#147;definitely building more nuclear power plants&#148; continues to rise,
with 62% agreeing we should definitely build new reactors and 32% disagreeing. Those who strongly
agree increased nine percentage points between April and October&nbsp;2007 &#151; from 23% to 32%. Those who
strongly disagree declined from 22% to 18%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Support for nuclear energy in Canada continues to grow. Four in 10 Canadians (44%) expressed
support for nuclear energy in a national poll (Ipsos Reid) conducted for the Canadian Nuclear
Association (CNA)&nbsp;in February&nbsp;2007. Support for nuclear energy was up four points in 2007 over
2006, and nine points from two years ago.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2007, the US Nuclear Regulatory Commission (NRC)&nbsp;had received five applications for
combined construction and operating licences (COL)&nbsp;for eight new nuclear reactors (one is a partial
submission). The COL applications were filed by Duke Power, NRG, TVA, Dominion, and Constellation.
Constellation filed a partial COL application and plans to file the remainder of the application in
early 2008. In addition, three Early Site Permits were granted to Exelon, Entergy and Dominion. The
NRC expects to receive 14 applications from 13 companies for 21 reactors by the end of 2008, which
may lead to substantial new nuclear capacity in the US by 2020.
</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. In addition, it was reported early in 2008 that more than 50
proposed coal-fired plants in 20 states have been cancelled. Reasons noted included concern about
climate change as well as rising costs of transportation and construction, along with environmental
regulations.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /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 Canada, there is an application before federal regulators to build a reactor near Peace River,
Alberta, which, if approved, would mark the first time a Canadian nuclear plant is located west of
Ontario. In addition, New Brunswick Power is considering the construction of a second nuclear
reactor to produce electrical power for export to the northeastern US.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UK government formally announced a decision to support a new generation of nuclear power
plants. Reports indicate up to 10 nuclear reactors could be built by 2020.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2006, US President Bush signed the United States-India Peaceful Atomic Energy
Cooperation Act, a major step toward civil nuclear trade with India. The two countries now must
conclude a bilateral agreement, known in the US as the 123 Civil Nuclear Agreement, which
essentially codifies their negotiations. Several steps need to occur before trade can take place,
including approval from India&#146;s parliament, India&#146;s negotiation of a safeguard agreement with the
International Atomic Energy Agency (IAEA), final approval from the US Congress and approval from
the 45-nation Nuclear Suppliers Group. Currently, the 123 agreement faces opposition from India&#146;s
Communist parties, which form part of the nation&#146;s ruling coalition.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. Nuclear
plant phase out programs still exist in a number of European countries, including Germany, Sweden,
Belgium and Spain, although phase out plans are reportedly being reconsidered.
</DIV>

<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. Escalating costs of
construction materials present a major obstacle to new plant construction. It remains to be seen
whether new plants can be competitive in all regions with other forms of baseload electricity
generation.
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o39572o3957101.gif" alt="(PIE CHAART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The IAEA has significantly increased its projection of world nuclear generating capacity. In the
next 15&nbsp;years, the IAEA anticipates 430 gigawatt electric (GWe) of nuclear energy will be in place
in 2020 &#151; 130 GWe more than projected in 2000 and 16% more than actually operating in 2006. The
change is based on specific plans and actions in a number of countries, including China, India,
Russia, Finland and France, coupled with the changed outlook due to concerns about global warming.
Achieving the IAEA projections would give nuclear power a 17% share in electricity production in
2020.
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were no significant safety incidents at nuclear power plants during 2007 and nuclear power
continues to be one of the safest forms of electricity generation. The IAEA completed a five-day
reassessment of Japan&#146;s Kashiwazaki-Kariwa nuclear power complex, which was hit by a magnitude 6.8
earthquake in July&nbsp;2007. Four of the seven reactors operating at the time automatically shut down
and were put in a stable condition. The director of the IAEA&#146;s Nuclear Installation Safety Division
confirmed there was no significant damage to the safety-related components. Nevertheless, the
industry is continuously seeking methods to improve its safety record.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, US nuclear power plants achieved a record low average electricity production cost of 1.68
cents per kilowatt hour (kWh). Comparable figures for coal, natural gas and petroleum are not yet
available for 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, the last year for which data are available, the direct costs of US nuclear electricity
production were the lowest for baseload (non-hydro) electricity production for the eighth
consecutive year. US production costs were 1.72 cents per kWh for nuclear, 2.37 cents for coal,
6.75 cents for natural gas and 9.63 cents for petroleum (Source: NEI).
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /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>World Nuclear Reactors (Cameco estimate, February&nbsp;2008) </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="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>
    <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>Nuclear</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Outlook to 2017</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 nowrap align="center" colspan="3"><B>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><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 nowrap align="center" colspan="3"><B>Operating</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GWe</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="3"><B>2006</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP> (%)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>New</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shutdown</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2017</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><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">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">1.5</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">1.4</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">16</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</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">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</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">104</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">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.5</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>128</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>2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>136</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.5</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" 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">11</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">0</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">23.8</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">17</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">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.2</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">2.0</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">30</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">6.1</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">39</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">10.1</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">0.7</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">2.7</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>111</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58</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>168</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>56.6</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">54</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">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">2.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Finland</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">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">1.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">France</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</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">1.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Germany</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">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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hungary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lithuania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</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">
    <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" style="background: #cceeff">
    <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">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">1.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Slovakia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</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" style="background: #cceeff">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Slovenia</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">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</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">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sweden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Switzerland</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">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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</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">-1.6</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>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>151</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>7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>154</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7.1</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">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">13</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">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Armenia</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">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 nowrap align="right">-0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Belarus</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 valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ukraine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</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">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">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</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>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>47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>60</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13.9</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">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">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"><B>1.1</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"><B>World Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>16</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>439</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>96</B></TD>
    <TD>&nbsp;</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"><B>522</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>89.2</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 align="left">
<DIV style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 0px 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>Estimated by Cameco, February&nbsp;2008. Partially based on public announcements made prior
to February&nbsp;2008.</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>


<P align="center" style="font-size: 10pt"><!-- Folio -->8<!-- /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>Reactors &#151; Operating, Planned and Under Construction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are 439 reactors operating worldwide and a total of 96 new reactors that are under
construction or planned for completion within the next 10&nbsp;years (as of February&nbsp;2008). These more
than offset 13 anticipated closures, for a net increase of 83 reactors during the period. Given
that new reactors tend to have higher capacities than older units, this represents a 23% 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>58 reactors are scheduled to be built in Asia, as energy demand is driven by rapid
economic expansion. About 65% of this growth will occur in China and India, which have
plans to build 23 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, Belarus and Armenia, it is anticipated that 16 reactors will be
built, offset by one closure in Armenia and two in Russia,</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, and a second EPR
is under construction in France,</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>both South Africa and Turkey have solicited bids for multiple units, 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 that had
previously been shutdown, and both Bruce Power and Ontario Power Generation Inc. (OPG)&nbsp;have
initiated the regulatory process for new generating units.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, four reactors were connected to the electricity grid, one each in Romania, China, India
and the US. There were no reactor closures in 2007. There were also five power uprates. The net
result was a 3.3 GWe increase in nuclear capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reactors &#151; Potential</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, a number of additional non-nuclear countries expressed interest in pursuing nuclear
energy, including Azerbaijan, Bangladesh, Chile, Egypt, Indonesia, Israel, Jordan, Kuwait, Libya,
Namibia, Phillipines, Poland, Qatar, Saudi Arabia, Thailand, United Arab Emerites, Vietnam and
Yemen. Currently these countries are examining the feasibility of a nuclear program and do not
appear in our reactor table.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Worldwide Uranium Supply and Demand</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium market supply and demand fundamentals remained strong in 2007, 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 from various types
of inventory and recycled products, often collectively referred to as secondary sources.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /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"><IMG src="o39572o3957102.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Overall, nuclear power trends support moderately growing demand for uranium and conversion services
in the next 10&nbsp;years, with the potential for more rapid growth thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates the world uranium consumption totalled about 174&nbsp;million pounds in 2007, 2% lower
than in 2006 as a result of lower capacity factors in India and Japan. In 2008, we expect world
uranium demand to increase to about 182&nbsp;million pounds. Annual world uranium consumption should
reach 226&nbsp;million pounds in 2017, reflecting an annual growth rate of almost 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">At December&nbsp;31, 2007, the uranium price had increased in excess of 700% since mid-2003. Over the
same period, enrichment prices have increased by only 30%. Thus, utilities are choosing lower tails
assay under their enrichment contracts, using less uranium and more enrichment services.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /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">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 0.30%, 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: 12pt"><FONT style="font-variant: SMALL-CAPS">Uranium Supply</FONT>
</DIV>


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">World production in 2007 increased but at a lower rate than anticipated. We estimate world mine
production in 2007 was about 109&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>,<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>up 6% from
103&nbsp;million pounds in 2006, but down 7% from an early 2007 forecast of 117&nbsp;million pounds. We
currently expect world production to total in the range of 125 to 130&nbsp;million pounds in 2008, but,
as seen in 2007, production targets are not always easily achievable.
</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 equal world consumption 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the strength of uranium 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>the efficiency of regulatory regimes in various regions,</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 availability and sufficiency of required infrastructure and skilled workforce,</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>currency exchange rates in producer countries compared 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>prices for other mineral commodities produced in association with uranium (i.e.
byproduct or co-product 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>the quality and size of the mineral reserves, 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 availability of financing.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /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="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o39572o3957103.gif" alt="(PIE CHART)">
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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
recovered 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 these recycled
products will account for about 7% of world requirements over the next 10&nbsp;years. With the exception
of recycled products, 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
6% of world consumption 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 (DOE).
We expect about 3% of world demand through 2017 will be met from this source.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since 1985, uranium consumption has exceeded mine production by wide margins, with a large part of
the difference being made up by drawdown of excess inventories. We believe 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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">Over the next 10&nbsp;years, even with new mines currently under development, such as Cigar Lake and
Inkai, this shortfall between consumption 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With 2007 uranium production just over 60% of uranium requirements, secondary supplies (such as
recycling and blended down HEU) continue to bridge the gap and this is expected to continue in the
near future.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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,
market referenced prices (spot and long-term indicators). 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 investment 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: 12pt"><FONT style="font-variant: SMALL-CAPS">Uranium Spot Market</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry average spot price (TradeTech and Ux Consulting (UxC)) on December&nbsp;31, 2007 was $89.50
(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>, a 24% increase over the December&nbsp;31, 2006 price of
$72.00 (US). Spot market demand in 2007 decreased to about 20&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> from 35&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 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Discretionary purchases, or purchases not for immediate consumption, accounted for about 68% of
spot market volume in 2007, similar to levels in previous years. Increased inventory positions that
were built over the past several years, resulting in higher than average spot purchases, allowed
many buyers to withdraw from the market as the spot price hit record levels in June&nbsp;2007. Since the
utilities average inventory levels have improved compared to three years ago, we expect more price
volatility in 2008.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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"><IMG src="o39572o3957104.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


<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 UxC) on December&nbsp;31, 2007 was $95.00 (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 32% from $72.00 (US)&nbsp;at December&nbsp;31, 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We estimate long-term contracting in 2007 to have been about 250&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 higher than the 200&nbsp;million pounds contracted in 2006, and
well above historic levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect long-term contracting activity in 2008 to be lower compared to 2007, but higher than the
long-term average. We expect utilities to mitigate the risk of potential future supply shortfalls
by securing long-term contracts with reliable primary suppliers. Currently, we estimate the 2008
long-term contracting volume will be about half of the 2007 volume, however this level will be
highly dependent on supply developments and market prices.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco&#146;s fuel services business consisted of uranium refining and conversion facilities in
Ontario, a Candu fuel fabrication facility in Ontario and a uranium conversion services supply
arrangement with SFL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry practice for measuring conversion services is 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&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>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following sections discuss the conversion services market only, as information on the other
segments of fuel services is not publicly available.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /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>Conversion Services Demand</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 66&nbsp;million kgU in 2007. Western world demand accounted for almost 57&nbsp;million kgU, with the
remaining 9&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 32% to about 87&nbsp;million kgU in
2017. In 2008, total world conversion services demand is expected to increase by 5%.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 nameplate conversion capacity of about 51&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, SFL in Lancashire, United Kingdom. Under the 10-year agreement, SFL will annually
convert a base quantity of up to 5&nbsp;million kgU to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> for Cameco. This source, coupled
with our Canadian UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, will account for about 35% of the western world
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> nameplate 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 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: 12pt"><B>Conversion Services Markets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: 12pt"><FONT style="font-variant: SMALL-CAPS">Spot/Long-Term Conversion Market</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Spot market UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion prices declined in 2007. Spot prices decreased for North
American conversion services and for European conversion services year-over-year. Outlined below
are the industry average spot market prices (TradeTech and UxC) 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="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>Dec 31/07</B></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>% 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"><b>&#149;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</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:30px; text-indent:-15px"><b>&#149;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Outlined in the following table are the industry average long-term prices (TradeTech and UxC) for
North American and European conversion services. The industry does not publish UO<SUB style="font-size: 85%; vertical-align: text-bottom">2
</SUB>prices.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /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">
<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>Dec 31/07</B></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>% 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"><b>&#149;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><b>&#149;</b>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. OUR KEY PERFORMANCE DRIVERS, BUSINESS STRATEGIES AND CAPABILITIES TO DELIVER RESULTS</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>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="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: 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 2003, when the spot
price averaged less than $12.00 (US), could have started deliveries in 2005 and could continue
through to 2010. Consequently, many of the contracts in our current portfolio reflect market
conditions when uranium prices were significantly lower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result, Cameco&#146;s average realized price for uranium sales in 2007 was $37.47 (US)&nbsp;per pound of
uranium compared to an average spot price of $99.29 (US)&nbsp;and average long-term price of $90.83
(US). In 2007, the benefit of improved spot prices was also partially offset by a less favourable
foreign exchange rate. Our average realized selling price rose by 82% in US dollars but only 69% in
Canadian dollars over 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information on Cameco&#146;s contracting strategy, see the section titled &#147;Uranium Strategies&#148;
in this MD&#038;A.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->16<!-- /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">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 2007, Cameco delivered 29.3&nbsp;million pounds of uranium, representing a 19% decrease from 2006
deliveries of 36.1&nbsp;million pounds. The lower delivery volumes were the result of shifting customer
requirements and our decision to reduce sales in light of production constraints.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, for revenue purposes in 2007, Cameco reported sales of 30.2&nbsp;million pounds due to the
accounting treatment of product loans it had 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
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 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, 2007, Cameco had terminated two of the three product loan agreements and no
material was borrowed under the remaining standby loan agreement. However, in accordance with
accounting standards, regardless of whether any material is borrowed, we defer revenue recognition
from sales to the counterparty of the standby product loan agreements, up to the limit of the loan.
As of December&nbsp;31, 2007, because of the remaining standby loan agreement, we have deferred revenue
of $96&nbsp;million and the associated costs on sales of 2.6&nbsp;million pounds (as UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> supply).
The gross profit on the deferred sales was $44&nbsp;million. Notice of termination has been given on the
remaining facility and we will recognize previously deferred revenue in our earnings for the first
quarter of 2008. Our reported sales volume will be affected by the termination.
</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: 6pt">Sales of the company&#146;s uranium are routinely denominated in US dollars, while production costs are
largely denominated in Canadian dollars. A discussion about Cameco&#146;s hedging program can be found
under the heading &#147;Foreign Exchange.&#148;
</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="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>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>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(million 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 nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008 Planned*</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007 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"><B>13.1</B></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>3.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.0</B></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>1.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.0</B></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>0.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.7</B></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"><B>1.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.0</B></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: 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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.8</B></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 align="right" style="border-top: 3px double #000000">&nbsp;</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">*</TD>
    <TD>&nbsp;</TD>
    <TD>See the section titled &#147;Cameco&#146;s Uranium Supply Outlook&#148; in this MD&#038;A for more information about
assumptions and risk factors associated with this production forecast.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /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">Continued production at our operations is subject to the timely receipt of all necessary approvals,
permits and licences.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>McArthur River/Key Lake</I></B>
</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 2007. Cameco&#146;s share of production for 2008 is expected to
be 13.1&nbsp;million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has submitted requests to the Canadian Nuclear Safety Commission (CNSC)&nbsp;to renew our
facility operating licences for McArthur River and Key Lake in 2008 for a five-year term. The
current operating licences have been in place since 2004 and expire in October&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to increase the annual production licence capacity at the McArthur River/Key Lake
operation to 22&nbsp;million pounds from 18.7&nbsp;million pounds. As the first step, we submitted an
environmental assessment for an increase in the annual licensed capacity in November&nbsp;2004. The
environmental assessment was delayed due to the discussions with the regulator regarding how to
deal with the local accumulation of trace amounts of selenium and molybdenum in the Key Lake mill
downstream environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 regulatory
hearing in January&nbsp;2007, the CNSC subsequently amended the licence to include a condition for the
Key Lake mill to implement this plan. The first phase of the plan is expected to be in place in the
first part of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The environmental assessment for the increased licence capacity is pending the demonstration of the
effectiveness of our plan to reduce concentrations of selenium and molybdenum. We expect that
reducing the current level of these metals will help advance the environmental assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to obtaining approval for the environmental assessment (which has to be resubmitted at
the appropriate time) and licence approval to operate at higher production levels, we need to move
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 zone transition is ongoing and only after this transition is
complete can we fully assess the production rate capacity of the new mining zones. A revitalization
pre-feasibility assessment for the Key Lake mill was initiated in October&nbsp;2006 and is scheduled to
be completed in the first part of 2008. Revitalization of Key Lake will include upgrading circuits
to new technology for simplified operation, increased production capacity and improved
environmental performance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we receive approval for the increased production limit, we expect annual production will range
between current levels and 20&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> until such time as
revitalization is completed at Key Lake. Annual production levels after mill revitalization are
expected to be largely dependent on mine production. As such, Cameco anticipates it will be a
number of years before it can achieve the sustainable rate at these operations, and there is a risk
of even further delay.
</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">For more information about McArthur River/Key Lake, including the assumptions and risk factors
associated with the forward-looking information discussed above, refer to the section titled
&#147;Uranium &#151; Capability to Deliver Results&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River, tunnelling of the north exploration drift continued during the fourth quarter of
2007. This development is intended to follow up on surface exploration drilling results from 2005
and 2006. The north exploration development will continue through 2008, followed by an underground
diamond-drilling program to delineate targets previously identified from surface.
</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"><B><I>Rabbit Lake</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake produced 4.0&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> for 2007. Reduced tonnage and
mill head grade, and required changes to the mine plan related to a new mining zone contributed to
production being 1.5&nbsp;million pounds less than target.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In late November&nbsp;2007, there was an increased water inflow to the underground mine at Rabbit Lake
and mining was suspended. Cameco immediately began construction of four concrete bulkheads to
control the inflow and, at the same time, initiated action to find and seal the source of the
inflow. An old exploration drill hole was confirmed as the source and plugged, allowing normal
mining activities to resume on December&nbsp;31, 2007, well ahead of plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake continued milling during the event by processing stockpiled ore, but the loss of a
month of mining has reduced our 2008 planned production. Estimates for 2008 have been reduced from
4.5 to 3.6&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> due to reduced ore stockpile levels and a
decision to delay mining in the area affected by the inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has submitted a request to the CNSC to renew our facility operating licence for Rabbit Lake
in 2008 for a five-year term. The current operating licence expires in October&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have been working on an environmental assessment to process a little over one-half of the future
uranium from Cigar Lake ore at the Rabbit Lake mill beginning in the second to third year of Cigar
Lake production, depending on the production rampup. A CNSC hearing to consider the environmental
assessment is expected by mid 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake began operation in 1975 and is Saskatchewan&#146;s longest operating uranium production
facility. In order to extend the life of this facility to process uranium from Cigar Lake&#146;s ore, we
began a mill revitalization assessment in 2007.
</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 Rabbit Lake.
</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><I>Smith Ranch-Highland and Crow Butte</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith Ranch-Highland and Crow Butte in situ recovery (ISR)&nbsp;mines, located in Wyoming and Nebraska,
respectively, produced 2.7&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 2007, up from our target of
2.4&nbsp;million pounds. Smith Ranch-Highland produced 2.0&nbsp;million pounds of our ISR production in 2007,
equalling a record set in 2006. In 2008, the two operations are expected to produce 2.7&nbsp;million
pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2008, Smith Ranch-Highland received regulatory approval for construction of a second
satellite facility (SR-2), which will extend the life of the Smith Ranch-Highland operation. We
expect the new SR-2 facility to be operational in the third quarter of 2008 and operate for about
nine years.
</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"><B><I>Cigar Lake</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Site crews at Cigar Lake continue to make progress on the remediation plan following a rockfall
that caused a flood of the underground development in October&nbsp;2006. Construction was about 60%
complete at that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have completed pouring a concrete barrier in the area of the inflow and reinforcing a tunnel
adjacent to the rockfall. This includes injection of cement into the rock around the area of the
inflow to seal off the area. In addition, we completed a test on the effectiveness of the
underground seal in February&nbsp;2008. The results were positive and demonstrated that the seal is
effective with no indication of plug deterioration throughout the six-day testing period.
Additional testing will be conducted as we prepare to dewater the mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are a number of activities that must now take place before we can begin dewatering the
underground development. We need to complete an assessment to determine if depressurization,
reinforcement or other precautionary measures are necessary in two other areas of the mine. We
anticipate results from this assessment in the first quarter of 2008 and can then determine if
additional remediation is required in these areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the technical work, we need to complete many of the corrective actions arising from
the root cause investigation before applying for regulatory approval to dewater the mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are preparing a regulatory application to allow dewatering of the underground development and
all other remediation activities leading up to, but not including, the restart of mine
construction. We plan to submit this application to the CNSC in the first half of the year.
Therefore, if the application is approved, we anticipate dewatering in the second half of 2008, as
previously announced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is also conducting an assessment of the partially completed second shaft to gather more
detailed images of the structures and geology to facilitate the successful sinking of the shaft. We
are targeting substantial completion of this assessment in the first half of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Installation of the ventilation fans on surface, slurry load-out facilities and surface pipelines
is currently underway at the site.
</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">We continue to anticipate production startup by 2011 at the earliest. We will be able to provide a
better estimate of the initial production date after the mine has been dewatered, the condition of
the underground development has been assessed, and the findings incorporated in the new mine
development and production plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The Cigar Lake expected production date mentioned above and certain other statements regarding our
plans and expectations for the resumption of production are forward-looking information and are
based upon the material assumptions, and subject to the risk factors, stated under the heading
&#147;Caution Regarding Forward-Looking Information and Statements&#148;, as well as the following key
assumptions and risk factors that could cause results to differ materially:</I>
</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><I>we have assumed the success and timely completion of our dewatering and remediation efforts
(including favourable results of geotechnical assessments), which are subject to the risk that
they do not succeed as anticipated or take longer to complete than anticipated;</I></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><I>our ability to obtain and comply with the terms of, and the timing of, various regulatory
approvals, which are subject to the risk of taking longer to obtain than anticipated, or our
inability to comply with their terms; and</I></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><I>our expectation regarding the condition of the existing underground workings is correct,
which is subject to the risk that actual conditions prove to be worse.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We have also assumed that there are no further disruptions to our dewatering and other remediation
plans, but we are subject to the risk of delays arising from natural phenomena, such as fires,
floods or cave-ins; the occurrence of another water inflow at Cigar Lake; failure of our radiation
protection plans, labour disputes, litigation or arbitration proceedings; delays in obtaining or
failure to procure the required equipment, personnel, operating parts and supplies; equipment
failure; unexpected geological or hydrological conditions, and adverse ground conditions.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>If actual results differ materially from the assumptions set out above or if any of the material
risk factors above occur, the target date for the completion of dewatering Cigar Lake, and its
production restart date, may differ materially from the expected dates that are stated above.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2007, we estimated 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),
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. This capital cost estimate will be updated after the mine has been dewatered,
the condition of the underground has been evaluated, and information from the evaluation has been
incorporated in a new mining plan.
</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 $60
million, of which $35&nbsp;million has been expensed to the end of 2007. In 2008, Cameco expects its
pre-tax earnings to be reduced by $15&nbsp;million due to remediation expenses for Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco obtained an amended construction licence for Cigar Lake in 2007, which is valid until
December&nbsp;31, 2009. We will be applying to amend the licence to allow for completion of the mine
remediation work prior to the end of the existing licence term.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two production areas are currently in development (Blocks 1 and 2) at the Inkai ISR project in
Kazakhstan. At Block 1, construction of a commercial processing facility is underway. We expect to
complete construction and begin commissioning the facility in the first half of 2008, subject to
regulatory approvals. We expect commercial production to follow in 2008, subject to the
availability of acid as noted below.
</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: 6pt">At Block 2, the test mine produced about 0.6&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> during 2007.
Commercial development of Block 2 could start in 2008 subject to regulatory approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the third quarter of 2007, the availability of acid required for ISR mining was restricted
due to a fire at one acid plant in Kazakhstan and delays in the startup of a new plant. As a
result, Inkai and other ISR operations in Kazakhstan are receiving reduced acid allotments from
Kazatomprom, Cameco&#146;s state-owned joint venture partner in Inkai. These allotments are expected to
continue through the second quarter of 2008 or longer. Inkai is making progress on securing
alternative supply options and putting in place the necessary logistics. Inkai expects to have
sufficient quantities of acid to facilitate commercial production in 2008. We continue to acidify
the existing wellfield at the block 2 test plant and began acidifying the new commercial wellfield
at block 1.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production from blocks 1 and 2 is expected to total 5.2&nbsp;million pounds per year by 2010, subject to
regulatory approval (Cameco&#146;s share is 60% or 3.1&nbsp;million pounds). However, a non-binding
memorandum of understanding (MOU)&nbsp;signed between Cameco and Kazatomprom in May&nbsp;2007 provides for
the doubling of future production capacity from the Inkai uranium deposit, raising the total annual
production capacity to 10.4&nbsp;million pounds on a timeframe yet to be confirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the existing project ownership would not change, Cameco&#146;s share of the additional capacity
under the MOU would be 50%, raising Cameco&#146;s share of the future annual production at Inkai to 5.7
million pounds. This MOU also contemplates studying the feasibility of constructing a uranium
conversion facility in Kazakhstan. For more information, refer to the section titled &#147;Fuel Services
Business &#151; Key Performance Drivers &#151; Production Volume&#148; in this MD&#038;A.
</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
$245&nbsp;million (US). The development expenditures for Inkai in 2008 are expected to total about $45
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 $110&nbsp;million
(US) (reflecting the direct costs of construction less the proceeds for sales of pre-commercial
production).
</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 &#147;excess profits tax.&#148; Excess profits
tax becomes payable when the internal rate of return (IRR)&nbsp;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 IRR. The 4% rate is triggered at an IRR of 20% and the 30% rate is triggered at an
IRR of 30%. The excess profits tax rate is applied to net income. Inkai is not expected to pay
excess profits tax in 2008. The timing of excess profits tax in the future, after Inkai reaches
commercial production, will be dependent on the IRR of the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A one-time commercial discovery bonus of $14&nbsp;million (US)&nbsp;was paid to the Kazakh government in the
first quarter of 2008.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /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">A new Kazakh law took effect in 2007 allowing the government to renegotiate previously signed
subsoil use agreements. Cameco does not have any reason to believe the new law will be applied to
uranium projects. However, it is a concern going forward and we continue to monitor how the
government uses this new legislation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See the section titled &#147;Cameco&#146;s Uranium Supply Outlook&#148; in this MD&#038;A for more information about
assumptions and risk factors associated with the forward-looking information regarding Inkai
discussed above.
</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 2007, these purchase
commitments totalled 41&nbsp;million pounds uranium equivalent from 2008 to 2013. Of this, 39&nbsp;million
pounds are from exercising options under our agreement to purchase uranium from dismantled Russian
weapons (the Russian HEU commercial agreement).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cameco&#146;s Uranium Supply Outlook</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are providing an update for our near-term production outlook in the table below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Cameco&#146;s Share of Production (million pounds U</I></B><SUB style="font-size: 85%; vertical-align: text-bottom"><B><I>3</I></B></SUB><B><I>O</I></B><SUB style="font-size: 85%; vertical-align: text-bottom"><B><I>8</I></B></SUB><B><I>) Excluding Cigar
Lake</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="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>Current Forecast</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>2012</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 <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></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>
    <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>
    <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 <SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</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">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">US ISR<SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></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">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.8</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">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</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: 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>
</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>20.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>22.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>24.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23.3</B></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 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 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>
</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">*</TD>
    <TD>&nbsp;</TD>
    <TD>While a single estimate has been included for each year of the production outlook, actual
production may differ
from estimates as forecasting production is inherently uncertain.</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">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A revised production forecast for Cigar Lake will be provided after the mine has been
dewatered, the condition of the underground development has been assessed, and the findings
incorporated in the new mine development and production plans.</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>Cameco has applied to increase its licensed capacity from 18.7&nbsp;million pounds to 22
million pounds (Cameco&#146;s share 70%), but is awaiting regulatory approval. Until approval has
been received, the production forecast has assumed the current licensed capacity. (See
discussion in &#147;Uranium Operations&#148; in this MD&#038;A.)</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>The Rabbit Lake production forecast is based on proven and probable reserves as well
as blending lower grade material. We are optimistic that some of the existing resources will
be reclassified as reserves and add to production in the latter years. In addition, ongoing
mine planning will focus on identifying means of smoothing the production profile in future
years.</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>Refers to Cameco&#146;s Smith Ranch-Highland and Crow Butte ISR operations in the US and
other ISR development projects in the US.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also purchases uranium derived from blended down Russian highly enriched uranium (HEU)&nbsp;from
Techsnabexport (Tenex). These purchases total about 7&nbsp;million pounds uranium equivalent annually
until 2013. As previously announced, Tenex has asked Cameco and its partners to consider a new
pricing structure to share in the improved uranium market prices for the last few years of the
remaining six years of the agreement. Discussions have commenced.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /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"><I>The current uranium production and HEU purchase forecast noted above for the company are
forward-looking information. This forward-looking information is based upon the key assumptions and
subject to the material risk factors that could cause results to differ materially which are
discussed under the heading &#147;Caution Regarding Forward-Looking Information and Statements&#148;. In
particular, we have assumed that:</I>
</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><I>the company&#146;s forecast production for each operation is achieved;</I></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><I>the company&#146;s schedule for the development and rampup of production from Inkai is achieved,
which requires, among other things, resolution of the issues surrounding acid availability
required for mining;</I></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><I>the successful transition between zones at McArthur River beginning in 2009;</I></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><I>the company is able to obtain or maintain the necessary permits and approvals from
government authorities to achieve the forecast production;</I></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><I>there is no disruption in production due to natural phenomena, labour disputes or other
development and operation risks; and</I></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><I>the HEU supplier complies with its delivery commitments.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Material risk factors that could cause actual results to differ materially include our inability to
achieve forecast production levels for each operation; our development and rampup of production
from Inkai does not proceed as anticipated; the transition between zones at McArthur River is not
successful; the inability to obtain or maintain necessary permits or government approvals; a
disruption or reduction in production or the failure of the HEU supplier to comply with its
delivery commitments. No assurance can be given that the indicated quantities will be produced or
purchased. Expected future production estimates are inherently uncertain, particularly in the
latter years of the forecast, and could materially change over time.</I>
</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 about 35% 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 27% of the total. Contracted services include items such as
mining, maintenance, air charters, security and ground freight. These four components (labour,
production supplies, maintenance materials and contracted services) make up 95% 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 volume of material mined. 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&nbsp;million pounds per year by extracting only 100 to 120
tonnes of high-grade ore per day. While Rabbit Lake&#146;s average ore grade of around 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">ISR extraction methods can make even lower grade mineralization commercially attractive. Worldwide,
ISR 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 ISR
operations. In 2007, US ISR production accounted for about 14% of the company&#146;s primary output.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /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">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 $500&nbsp;million (US)&nbsp;at
December&nbsp;31, 2007. Refer to note 25 in the 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"><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 four 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,</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, 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>maximize realized prices over time.</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, which is expected to achieve commercial production
in 2008, bringing Cigar Lake into production, and continuing to pursue a global exploration
program. Our program seeks to identify the most prospective regions and maximize options to access
and/or control land positions for future business advantage. To ensure we have adequate production,
we look to identify the optimal resource mix (i.e. different types of deposits such as unconformity
versus in situ recovery), 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
its 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /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">A key element for maximizing our realized price 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 are the
increase in companies exploring for new uranium deposits and the construction of new mines and the
proposed expansion of existing ones. However, this is a recent phenomenon. 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 will be expanded and newly discovered deposits will be developed, but the
lead time for commercial production may be lengthy depending on the region. Consequently, the
primary supply industry will be challenged to 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="4%" 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 mines, startup of
mines currently under construction and development of known deposits,</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 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>

<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 appropriate to continue to target a mix of market-related and fixed-price mechanisms.
</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 retention of 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /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">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 both market-related and fixed
components. 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
references either the spot price or the long-term price in effect near the time of delivery. The
market-related component may include a floor price (escalated by inflation), and, while the level
of floor prices secured will depend on the prevailing market prices at the time of signing,
recently, they have been in the mid to high $40 (US)&nbsp;range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the current volatile market environment and recent history of 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: 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>Uranium &#151; 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,</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 sufficient 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 to support 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>
<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /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">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 mineralized zones with
reserves (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>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o39572o3957105.gif" alt="(MINE ZONE)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River mine schematic above illustrates the location of the four mineralized 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 current 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 continued in 2007.
Significant advances in 2007 were made in both the zone 2 panel 5 freeze program and to the
accessible portion of the freeze drill program for lower zone 4. Lower zone 4 development continues
to advance in this area, but slower than planned as we mitigate risk of potential water inflows.
Zone 2 panel 5 was on schedule at the end of 2007 for production in the first half of 2009. The
lower zone 4 area is currently forecasted to begin production by mid-2009, but it may not occur
until the second half of 2009. We are developing options that may allow us to access other areas of
the mine if needed.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 upper zone 4
is scheduled to begin in 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to develop and test the boxhole boring method over the next four years. In 2006, we
placed an order for a boxhole borer for delivery in the first half of 2008 and in 2007 completed
the mine plan for the boxhole boring test area. We expect mine development for the test area will
be completed in 2008, and initial test boring is planned for the second half of 2008. During this
time, we will continue to further develop detailed plans for this mining method.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /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">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 exists. We are confident we will be able to solve
the challenges that may arise during the initial rampup period.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake and Rabbit Lake mills have been in operation for 25 and 33&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 started in October&nbsp;2006. We are
targeting to complete the pre-feasibility study in the first quarter of 2008. A revitalization
assessment of the Rabbit Lake mill was initiated in 2007.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 practices 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 reduce or eliminate our environmental impacts.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s workforce reflects the national demographics where a significant number of the eligible
workforce is nearing retirement age. Approximately 26% of the workforce at our Saskatchewan uranium
mines was age 50 or older at December&nbsp;31, 2007. Cameco&#146;s challenge is to compete for the limited
number of people entering the workforce to replace retiring employees, as well as to adequately
resource our growth plans. We have identified critical workforce segments and developed a long-term
people strategy that includes workforce planning to meet this challenge.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 25% net debt to total capital. We are prepared to temporarily go above our target to
pursue attractive opportunities, but would then return to this benchmark over time.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /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">uranium exploration </FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant part of Cameco&#146;s 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
$46&nbsp;million in direct uranium exploration during 2007. An additional $30&nbsp;million was invested in
three strategic partnerships with junior exploration companies, complementing our own exploration
program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have skilled and experienced exploration staff with more than 90 professionals searching for the
next generation of economic deposits. Our landholdings are substantial, with approximately 5.2
million hectares (12.8&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 2007, Cameco
operated approximately 70% 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>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.<BR>
We will continue to use Cameco&#146;s industry leadership position and specifically our recognized
exploration expertise to leverage investments as the partner of choice in the junior sector and
with larger players.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will also create a portfolio of future options for Cameco through the structure of the strategic
alliances we are developing, and on high quality exploration and development projects. Our
strategic alliances with junior exploration companies typically involve investments in publicly
listed or private companies, which themselves hold exploration land in which Cameco wishes to
participate. In return for these investments, Cameco typically obtains the right to own a majority
in, and develop a successful discovery resulting from, exploration on the junior companies&#146; lands.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /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"><I>Junior Exploration Companies</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2007, Cameco owned interests in the following junior exploration companies:
</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><B>UEX Corporation (UEX)</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has a 21.4% interest in UEX, 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. This
minimum 20% ownership level also provides Cameco with the right to mill uranium produced
from properties it contributed to UEX at the time of its formation in 2002.</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><B>UNOR Inc. (UNOR)</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco acquired a 19.5% interest in UNOR in 2006 by purchasing 22.9&nbsp;million common shares.
UNOR is a uranium exploration and development company with its head office in Toronto,
Ontario. Its principal properties include 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 provides Cameco with 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 provided it maintains a 10% or greater equity
interest in UNOR.</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><B>MINERGIA SAC (MINERGIA)</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has the right to earn a 50% ownership interest in MINERGIA, a private company jointly
owned by Cameco and Vena Resources, established to explore and develop Vena&#146;s uranium assets
in Peru. Cameco has the option to invest $10&nbsp;million over the next four years in two stage
payments to obtain its 50% interest. Cameco can increase its stake in MINERGIA to 60% when a
feasibility study is completed and to 70% when mine development commences.</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><B>Western Uranium Corporation (WUC)</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2007, Cameco acquired a 10% interest in WUC. WUC is an exploration company with land
positions primarily in Nevada, US and Nunavut. As long as Cameco maintains a 7.5% or greater
interest in WUC, it has the right to purchase a 70% joint venture interest in uranium
resources discovered by WUC, that meet certain size criteria, in return for a defined
payment to WUC.</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><B>Cue Capital Corp. (CUE)</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September of 2007, Cameco gained a 15.4% interest in CUE through the execution of a
strategic alliance agreement to pursue exploration on CUE&#146;s uranium exploration land in
Paraguay. Cameco has the right to purchase a 60% joint venture interest in uranium
resources discovered by Cue, that meet certain size criteria, in return for a three-stage
private placement in CUE, provided Cameco maintains ownership of 90% of the CUE shares it
acquired as part of this investment.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /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"><FONT style="font-variant: SMALL-CAPS">2007 Exploration Program<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></FONT>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Brownfield exploration refers to uranium exploration activity undertaken near existing operations
and on advanced projects. In 2007, 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">Diamond drilling to evaluate the P2 trend north of the McArthur River mine was undertaken in 2007.
In total, almost 13,000 metres were drilled in 25 drill holes comprising a combination of
conventional and directional drilling. The P2 structure has now been tested at approximately
200-metre intervals for a distance of three kilometres north of the mine. Results continue to be
encouraging.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have been successful at extending the mine life at Rabbit Lake by finding incremental reserves.
The underground drilling reserve replacement program has been extended to include drilling
throughout 2008. We drilled 66,000 metres in 2007 to test the north zone beyond the area where
reserves were identified in 2006, as well as a target south of the mine. Both areas continue to
provide good indications of mineralization and are part of our ongoing underground exploration
drilling focus for 2008. The surface exploration program comprised about 13,000 metres in 62 holes
and tested targets in the vicinity of the Eagle Point mine as well as more regional targets on the
mining lease.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Both the Millennium and Tamarack (formerly Collins Creek) deposits were advanced in 2007. At
Millennium, a feasibility study was approximately 80% complete by year end. A new resource estimate
for Millennium resulted in indicated resources of 469,000 tonnes at 4.5% 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 46.8&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>and inferred resources of 214,000 tonnes at 2.1%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 9.7&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>. Cameco&#146;s share of
Millennium resources is 42%. We have notified the CNSC of our intent to file a formal project
proposal for Millennium in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco completed a pre-feasibility study on the Dawn Lake 11B zone. The study examined mining the
11B zone as a stand-alone operation by shaft and underground development. The study concluded the
project economics would not support this style of operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the Dawn Lake project, a scoping study was undertaken in 2007 to examine the potential for
mining the Tamarack deposit by open pit. Environmental studies involving a fish habitat
compensation program were initiated. Infill diamond drilling (6,000 metres in 32 holes) of the
deposit was completed on 50-metre spacing. Further drilling is planned for 2008, at which time a
resource estimate will be undertaken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The English River First Nation (ERFN)&nbsp;has selected claims for Treaty Land Entitlement (TLE)
designation that include the Millennium uranium deposit. Similarly, the Peter Ballantyne Cree
Nation has selected lands under the TLE process that cover portions of the mineral claims held by
the Dawn Lake joint venture. The TLE process does not affect the rights of our mining joint
ventures, however, it may have an impact on the surface rights and benefits ultimately negotiated
</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>All widths noted in the exploration section refer to
drilled widths.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /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">as part of the development of our two uranium deposits. Cameco, as operator of both affected joint
ventures, is investigating the potential implications of the TLE land issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the AREVA operated Cree Zimmer project, surrounding the Key Lake operation, 13 diamond drill
holes totalling about 3,000 metres were drilled in the P-zone and along the Key Lake fault
southwest of the historic deposits. The best hole of the summer program intersected three zones of
weak to moderate mineralization. The hole was designed to test approximately 20 metres north of
known mineralization and to test below the historical drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the Waterbury/Cigar Lake joint venture project operated by AREVA, the dominant activity
undertaken was diamond drilling at Cigar East and Tibia Lake. The drilling program consisted of 12
holes for a total of approximately 6,000 metres. Nine drill holes tested the Cigar East area and
three drill holes investigated the Tibia Lake area. The drilling in the Cigar East area extended
the mineralization intersected in 2006 over a strike length of approximately 120 metres, with
mineralization intersected in four drill holes. Drilling in the Tibia area intersected prospective
sandstone alteration, large zones of structural deformation, favourable basement lithologies and
weak mineralization in two of the three drill holes.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Centennial discovery on the Virgin River project was extended with several new mineralized
holes, confirming the significance of this new mineralized region. During 2007, a total of about
8,000 metres in six pilot holes and five wedge holes (holes drilled from existing holes) were
completed on the Centennial zone. The best assay result from the 2007 drilling program was a drill
hole, which returned 6.33% 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 21 metres. Mineralization has now been
defined over a strike length of at least 550 metres and remains open for expansion along strike to
the south.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Cameco&#146;s continuing expansion of uranium exploration activities, numerous new projects
were initiated in Nunavut, the Northwest Territories, Quebec, Western Australia, South Australia
and Mongolia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2007, Cameco signed an agreement to explore in Russia and Canada with Joint Stock
Company Atomredmetzoloto (&#147;ARMZ&#148;), a Russian company, which, as part of the restructuring and
centralization of Russia&#146;s nuclear industry, will now control all of Russia&#146;s uranium mining assets
previously controlled by Tenex. Pursuant to this agreement, Cameco and ARMZ will work to establish
and organize joint venture companies in Russia and Canada. These companies will explore for uranium
deposits in northwestern Russia, Saskatchewan and Nunavut and, if warranted, engage in the
development of deposits that are found. This agreement builds on memoranda of understanding signed
in March&nbsp;2007 and October&nbsp;2006 between Cameco and Tenex. Cameco anticipates entering into binding
shareholders&#146; agreements and operators&#146; agreements in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">2008 Exploration Program</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to invest between $50&nbsp;million and $55&nbsp;million on uranium exploration during 2008 as
part of our long-term strategy to maintain our leadership position in uranium production.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approximately 26% of the uranium exploration budget will be for brownfield exploration projects in
the Athabasca Basin. We plan to invest about $13&nbsp;million on six advanced projects. The largest
proposed investment will be at McArthur River, with $3.5&nbsp;million to be directed toward diamond
drilling on the northern extension of the prolific P2 fault. At the Rabbit Lake operation, surface
exploration will continue to focus on both regional and mine-related targets, principally east and
north of the Eagle Point mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Dawn Lake joint venture plans to continue delineation work on the Tamarack deposit.
Environmental studies will continue while more engineering-related geotechnical work will be
initiated. An initial resource estimate is intended to be undertaken once all the 2008 drilling
program assay results are available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration activity at the Cree Zimmer and the Waterbury Lake/Cigar Lake projects continues in
2008. Priority targets on the Cree Zimmer project include the P-zone and the area along the main
Key Lake fault southwest of the former Gaertner and Deilmann uranium deposits. In 2008, exploration
on the Waterbury Lake project will be focused east of the Cigar Lake orebody to follow up on the
mineralization encountered and also in the Tibia Lake area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Millennium deposit is expected to proceed to the mine planning and development stage following
completion of the feasibility study and a positive development decision, which is pending. We
expect the feasibility study will be complete by the end of the first quarter of 2008. Exploration
on the Cree Extension joint venture will shift to testing along the Millennium trend and on a
parallel trend.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The remaining exploration expenditures in 2008 are expected to be allocated among 63 projects
worldwide, the majority of which are at drill target stage. Our largest investments are planned to
be in Saskatchewan, where a $2.7&nbsp;million program is scheduled to be completed on the Virgin River
project as followup on the Centennial zone mineralization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will also focus on projects in the Northwest Territories and Nunavut regions of Northern Canada,
where Cameco has a large land position. A significant proportion of the $9&nbsp;million earmarked for
Australian exploration will take place on new land positions in Western Australia and South
Australia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, exploration will also take place in the US, Mongolia, South America and in Africa. Cameco
continues to evaluate other regions and projects globally, and we will add to our land position as
new prospects are confirmed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /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>OUR FUEL SERVICES BUSINESS</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major factors that drive Cameco&#146;s fuel services 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>conversion 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: 12pt"><FONT style="font-variant: SMALL-CAPS">Prices &#151; Spot/Long-Term (Conversion Services)</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 2007, 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Going forward, the majority of our contract commitments, totalling more than 90&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 on average 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
recent higher priced environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Volumes &#151; Sales, Production, 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">Cameco sold 17.0&nbsp;million kgU of fuel services in 2007, down 8% from the 18.5&nbsp;million kgU in 2006.
Cameco has met scheduled UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> deliveries since our Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production
was suspended in July&nbsp;2007 (see &#147;<I>Production Volume&#148; </I>below). We are working with our customers to
manage our worldwide pool of inventories in order to meet customer requirements at specific
locations. In addition, we have arranged for voluntary deferrals of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> deliveries and
purchased UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services. These actions are intended to allow us to meet
utility delivery commitments until Port Hope production resumes, assuming customers do not
accelerate deliveries and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production and other purchases proceed as planned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 under the heading &#147;Foreign Exchange.&#148;
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /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"><I>Production Volume</I>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Port Hope fuel services production and SFL supply totalled 12.9&nbsp;million kgU in 2007 compared to
15.4&nbsp;million kgU in 2006. The decrease for 2007 is a result of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant
shutdown due to the discovery of contamination beneath the plant in July&nbsp;2007. UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
conversion services and other activities at the site were not affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has received regulatory approval to begin installing the structures and new equipment
required for safely restarting and operating the plant. We have already removed most of the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant floor and the top 0.6 metres of soil beneath areas of the plant where leakage
was identified. Subsequent steps involve backfilling the excavated area and pouring the concrete
floor of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> building, adding leak-proof surface coatings and re-installing
equipment. Replacement of the concrete floors has started.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additionally, a groundwater management system outside the plant will be installed to contain,
recover and treat affected groundwater. We will require approval for the final design, installation
and operation of this system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco must also complete and receive CNSC approval for a comprehensive risk assessment that will
identify contaminants that could pose a potential risk to the environment and verify that the
selected treatment methods and technology will effectively mitigate potential risks. The health and
safety of employees and the public have not and will not be adversely affected based on a
preliminary risk assessment and the low concentrations of contaminants in the soil and groundwater
outside the footprint of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has set a target of resuming UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at its Port Hope plant in the third
quarter of 2008 at the earliest. We expect to provide a more specific timetable after construction
schedules are finalized and availability of contractors is confirmed. Resuming production in the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant will require CNSC approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The statements above regarding the target date for resumption of Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I>
</SUB><I>production and certain other statements regarding future events, including meeting UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I>
</SUB><I>utility delivery commitments, are forward-looking information and are based upon the
following key assumptions and subject to the following material risk factors that could cause
results to differ materially: we have made certain assumptions regarding the timing of regulatory
approvals for remediation activities, modifications to the UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6 </I></SUB><I>plant, and production
restart, but they are subject to the risk that they take longer to obtain than anticipated; we have
assumed that the UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> plant can be brought back into production without unforeseen
difficulty or delay, but that is subject to a number of risks including the risk of unusual
difficulties arising from the extended length of time that the UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> plant has been shut
down, the risk that there will be a delay in or failure to procure the required contractors,
equipment and suppliers, the risk of equipment failure, the risk of natural phenomena including
inclement weather conditions and fire, and the risk of delay or ultimate lack of success; we have
assumed that the findings in our preliminary risk assessment prove to be correct, but that is
subject to the risk of adverse findings in the final risk assessment; and we have assumed our
efforts to meet scheduled UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> delivery commitments will succeed, but that is subject to
a number of risks including customers accelerating UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> deliveries or UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I>
production, purchases and deferrals not proceeding as planned; which are subject to the risk that
costs are higher than expected.</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /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"><U>Port Hope Conversion Facility Project</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC has released, for public review, the environmental assessment guidelines required 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: 12pt"><U>Potential New UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> Supply Capacity</U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, Cameco is working with Kazatomprom under a MOU to study the feasibility of
constructing a UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion facility in Kazakhstan and elsewhere. Cameco would provide
the technology and potentially hold an interest of up to 49% in the facility, at the company&#146;s
discretion. Cameco anticipates that binding agreements will be signed in 2008 and that various
government approvals will be required as the agreements are implemented.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At our Blind River refinery, we produced 9.5&nbsp;million kgU in 2007 compared to 17.2&nbsp;million kgU for
2006. The decrease was due primarily to the suspension of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at Port Hope,
which reduced the requirement for UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> feed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Blind River incinerator, having received regulatory approval, was operational by the end of
2007. The incinerator has additional pollution abatement equipment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The final environmental assessment for the proposed increase in the Blind River licensed production
capacity from 18 to 24&nbsp;million kgU per year is expected to be issued early in 2008 with approval
expected in the fall, after which construction of modifications to meet the new licensed capacity
can be completed.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The primary business of our fuel manufacturing facilities is to fabricate 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, our plant presses UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> 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. The fuel bundles are supplied
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">We are planning to modify our fuel manufacturing plant in Port Hope to produce fuel bundles
containing slightly enriched uranium, subject to reaching agreement with BALP. Cameco is in the
process of obtaining regulatory approval from the CNSC to produce these fuel bundles. The
environmental assessment was approved by the CNSC in February&nbsp;2008 and we have made a submission
for approval of the licence amendment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Cobourg, Ontario, we operate 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>


<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /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"><I>Purchase Volume</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, 2007 total about 57&nbsp;million kgU, most as conversion
services.
</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 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>

<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 $349&nbsp;million (US)&nbsp;at December&nbsp;31, 2007. Refer to note 25 in 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: 12pt"><B>Fuel Services Strategies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s objective is to build on and leverage its competitive advantage in fuel services. In doing
so, we strive to meet four 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 a sustainable low-cost producer,</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,</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, 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>maximize realized prices.</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>upgrade its plant and improve operating practices,</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,</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, 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>manage its conversion services contract portfolio.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Learning from the extended shutdown of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, we will enhance our
plant and operating practices to ensure sustainable economic production for the long term. 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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel Services &#151; Capability to Deliver Results</B>
</DIV>


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

<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>sufficient human resources are available to replace an aging workforce,</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>capital is available over the longer term given our expansion plans, 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>adequate resources are allocated to maintain and grow our fuel services business.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /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"><FONT style="font-variant: SMALL-CAPS">Community Relations </FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: 12pt"><FONT style="font-variant: SMALL-CAPS">Human Resources </FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As with our uranium business, we need to ensure we have sufficient human resources to replace the
aging fuel services workforce. At December&nbsp;31, 2007, about 36% of the conversion services workforce
was age 50 or older. We have identified the critical workforce segments and developed a long-term
people strategy that includes workforce planning to meet that challenge.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For information on this topic, refer to section titled &#147;Uranium &#151; Capability to Deliver Results &#151;
Ready Access to Capital&#148; in this MD&#038;A.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 fuel services business to meet
these longer term opportunities.
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /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">At December&nbsp;31, 2007, the Canadian dollar strengthened against the US dollar to $0.99 from $1.17 at
December&nbsp;31, 2006. Over the course of the year, the exchange rate averaged $1.08.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2007, we had foreign currency contracts of $1,568&nbsp;million (US)&nbsp;and EUR 88&nbsp;million
that were accounted for using hedge accounting and foreign currency contracts of $340&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>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>
</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">918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">380</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</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">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">15</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">The US currency contracts have an average effective exchange rate of $1.11 (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, 2007, the mark-to-market gain on all foreign exchange contracts designated as
hedges was $118&nbsp;million compared to a $34&nbsp;million loss at December&nbsp;31, 2006. For those contracts
not designated as hedges, the mark-to-market gain of $22&nbsp;million has been included in earnings for
2007.
</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, 2007, net deferred
gains totalled $80&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>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>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$&nbsp;millions (Cdn)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13</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 2007, 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 2007, the effective exchange rate, after
allowing for hedging, was about $1.11 compared to $1.20 in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For sensitivity of our net earnings in 2008 to changes in the US to Canadian dollar exchange rate,
see the section titled &#147;Consolidated Outlook for 2008&#148; in this MD&#038;A.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /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"><B>4. our performance and outlook</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2007 CONSOLIDATED FINANCIAL RESULTS</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco recorded strong financial results and established a number of records in key
measures of financial performance, exceeding the previous results achieved in 2006. The following
table illustrates these measures.
</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" 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>2007</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>% 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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>2,310</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</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"><B>416</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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>603</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">120</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"><B>801</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our 2007 third quarter report, we indicated that our consolidated revenue for the year was
expected to be about 30% higher than in 2006. However, actual revenue came in below expectations
(26% higher than in 2006) due to deliveries of uranium and conversion services being rescheduled to
2008.
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2007, our net earnings were $416&nbsp;million ($1.13 per share diluted),
$40&nbsp;million higher than net earnings of $376&nbsp;million ($1.02 per share diluted) recorded in 2006.
Cameco recorded a number of amounts related to unusual items in net earnings for 2007 and 2006. In
2007, Cameco recorded an after-tax loss of $153&nbsp;million ($0.41 per share diluted) as the results of
the agreements reached among Cameco, Centerra and the Government of the Kyrgyz Republic, an
after-tax expense of $59&nbsp;million ($0.16 per share diluted) due to the amendment to the company&#146;s
stock option program under which a cash settlement feature was introduced and a $25&nbsp;million ($0.07
per share diluted) recovery of future income taxes due to tax legislation changes enacted by the
federal government. In 2006, Cameco recorded a non-cash recovery of $73&nbsp;million ($0.19 per share
diluted) of future income taxes related to reductions in federal and provincial income tax rates
and a net gain of $29&nbsp;million ($0.08 per share diluted) due to the sale of its interest in the Fort
&#224; la Corne diamond project. Consolidated earnings in the following discussion are adjusted to
exclude these items in order to provide a more meaningful basis for period-to-period comparisons of
the financial results. Adjusted net earnings, a non-GAAP measure, should be considered as
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 the year ended December&nbsp;31, 2007, our adjusted net earnings<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> were $603&nbsp;million
($1.63 per share adjusted and diluted), $329&nbsp;million higher than the adjusted net
earnings<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> of $274&nbsp;million ($0.75 per share adjusted and diluted) recorded in 2006. The
increase was due to higher earnings
</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>Net earnings for the years ended December&nbsp;31, 2006 and
2007 have been adjusted to exclude a number of items. Adjusted net
earnings is a non-GAAP measure. For a description, see &#147;Use of Non-GAAP
Financial Measures&#148; in this MD&#038;A.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /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 uranium business resulting from a significant increase in the realized selling price driven
by the rise in the spot price of uranium, partially offset by higher costs in the fuel services
business related to the discovery of uranium contamination in the soil beneath the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
plant in Port Hope.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Earnings from operations increased to $475&nbsp;million in 2007 from $335&nbsp;million in 2006. The aggregate
gross profit margin increased in 2007 to 38% from 28% in 2006 due to higher realized prices for
uranium.
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco&#146;s administration expenses include direct costs for administration as well as
expenses for stock-based compensation. As a result of the amendment to our stock option program,
the amount of the reported expense is determined using the Cameco share price as of the date of the
financial statements. Thus, the reported expense may vary significantly from period to period. The
following table illustrates the components of our administration expense.
</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>2007</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>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">Direct administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">118</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(30</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total administration</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>127</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>143</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>($16</B></TD>
    <TD nowrap><B>)</B></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>Stock-based compensation includes amounts charged to administration under the stock
option deferred share unit,
performance share unit and phantom stock option plans. It does not include the $94&nbsp;million
charge related to the
amendment of the stock option plan in 2007. See note 21 to the financial statements.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, direct administration costs were $132&nbsp;million, an increase of $7&nbsp;million compared to 2006
due to increased costs for systems enhancements and higher costs for recruiting, retention and
maintenance of the workforce.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also recorded a net recovery of $5&nbsp;million in 2007 for stock compensation as a result of the
decline in the share price following the amendment of the stock option program. The stock
compensation expense reported above does not include the $94&nbsp;million charge recorded at the date of
the amendment.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, interest and other charges were $29&nbsp;million lower than in 2006 due to the recognition of
$40&nbsp;million in gains on foreign exchange contracts that do not qualify for hedge accounting,
partially offset by foreign exchange losses recorded on US dollar-denominated asset balances and a
provision of $5&nbsp;million for the decline in the fair value of investments in asset-backed commercial
paper. Refer to note 14 in the notes to the financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, we recorded a tax expense of $29&nbsp;million compared to a net tax recovery of $69&nbsp;million for
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, the federal Government introduced amendments to the Canadian Income Tax Act that provide
for a 4% reduction in the general corporate income tax rate. The federal tax rate will
</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">decline in 2012 from 19% to 15%. This legislation was substantively enacted in 2007. 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 $25&nbsp;million ($0.07 per share diluted) in 2007.
</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 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. 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">Also in 2006, 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">In 2007, our effective tax rate increased slightly to 7% from 6% in 2006 due to higher taxes in
Centerra. The Boroo mine in Mongolia had been exempt from paying corporate income taxes until early
2007. The effective rates for 2007 and 2006 are based on adjusted net earnings and the rate for
2006 also excludes the $17&nbsp;million recovery mentioned above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Income tax expense also includes capital taxes of approximately $2&nbsp;million in each of 2007 and
2006, respectively. Refer to note 17 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>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco generated record cash from operations of $801&nbsp;million compared to the previous
record of $418&nbsp;million in 2006. The increase of $383&nbsp;million reflects higher uranium revenue
compared to 2006 and a reduction in non-cash working capital during the year. Trade receivables
were $75&nbsp;million lower than at the end of 2006 due to the timing of sales in the uranium and fuel
services businesses.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, cash used in its investing activities was $527&nbsp;million, unchanged compared to 2006. Total
expenditures for property, plant and equipment in 2007 were $494&nbsp;million, an increase of $35
million over 2006 due to higher development charges at Inkai ($19&nbsp;million) and increased capital
expenditures at the Saskatchewan uranium operations. In 2006, Cameco spent $84&nbsp;million in the
acquisition of its fuel manufacturing subsidiary and collected $45&nbsp;million as a result of the sale
of its interest in the Fort &#224; la Corne joint venture.
</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">For 2007, investing activities included $77&nbsp;million for sustaining capital at McArthur River/Key
Lake, $69&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>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco used $437&nbsp;million in its financing activities compared to $182&nbsp;million in 2006 due
largely to the share repurchase program. In 2007, Cameco spent $429&nbsp;million to repurchase and
cancel 9.6&nbsp;million shares. In 2006, Cameco redeemed $150&nbsp;million in debentures. In 2007, the
company paid a record total of $67&nbsp;million in dividends, up from $53&nbsp;million in 2006.
</DIV>

<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>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2007, our consolidated cash balance totalled $132&nbsp;million with Centerra holding
$104&nbsp;million of this amount.
</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our product inventories increased by $21&nbsp;million to $437&nbsp;million compared to the end of 2006. The
increase in the inventory value was attributable to higher unit costs due primarily to higher unit
costs for uranium and fuel services, partially offset by a 22% decline in the quantity of
conversion inventory. The average cost of our uranium rose due to higher production costs. The cost
of conversion services has risen due to higher production costs and 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: 12pt"><FONT style="font-variant: SMALL-CAPS">Debt</FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2007, our total debt was $726&nbsp;million, representing an increase of $21&nbsp;million
compared to December&nbsp;31, 2006. Included in the December&nbsp;31, 2007 balance was $190&nbsp;million, which
represents our proportionate share of BPLP&#146;s capital lease obligation. At December&nbsp;31, 2007, our
consolidated net debt to capitalization ratio was 18%, up from 12% at the end of 2006. Refer to
note 8 in the financial statements.
</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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="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: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Book Value</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>Market Value</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Investment ($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec 31/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec 31/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 31/06</B></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. <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,504</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UEX Corporation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Western Uranium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UNOR Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CUE Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>417</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,716</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1,738</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: 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 style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD width="1%">&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, 2006 and December&nbsp;31, 2007.</TD>
</TR>

</TABLE>
</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 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="3%" nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The market value for the investment in Centerra has not been reduced to reflect the
22.3&nbsp;million shares that are to
be transferred upon the closing of the restructuring arrangement with the Kyrgyz Republic.</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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
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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2007 Nuclear Electricity Generation 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="8%" 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="8%" 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notes 8, 9, 25 and 27 of the 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="8%" 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="8%" 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="8%" 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 Financial Statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CONSOLIDATED OUTLOOK FOR 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco expects consolidated revenue from its nuclear fuel and electricity businesses to
increase by about 3% to 10% over 2007, due largely to expected higher revenue from the uranium
business. Gold revenue is excluded from this forecast, as Cameco will equity account for Centerra&#146;s
results instead of consolidating them once Cameco&#146;s ownership in Centerra falls below 50%. We
expect this to occur once the pending transaction with the Kyrgyz government is completed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administration costs, excluding stock-based compensation, are projected to be 10% to 15% greater
than in 2007. The increase reflects anticipated growth in the workforce, and costs to maintain the
workforce. Uranium exploration costs are expected to range from $50&nbsp;million to $55&nbsp;million in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, the effective tax rate is expected to be in the range of 10% to 15% compared to
approximately 7% in 2007. The rate for 2007 is calculated on adjusted net earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 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 $5&nbsp;million (Cdn) related
to unhedged exposures and about a $2&nbsp;million (Cdn) decrease/increase related to mark-to-market
exposure on hedges that do not qualify for hedge accounting. Going forward, we expect to continue
to reduce our US dollar hedge position.
</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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capital Expenditures</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="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" style="border-bottom: 1px solid #000000"><I>(Cameco&#146;s share in $ millions)</I></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007 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>
</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">108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</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">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">US ISR</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">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Growth</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>171</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>118</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"><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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">US ISR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rabbit Lake</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">34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel Services</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">36</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</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">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Sustaining</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>324</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Uranium &#038; Fuel Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>534</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>330</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">Bruce Power (BPLP)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gold<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</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>Reflects Cameco&#146;s 31.6% share of expenditures and expected to be funded by BPLP.<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>Represents 100% of Centerra&#146;s expenditures and expected to be funded by Centerra.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, our capital expenditures of $330&nbsp;million for uranium and fuel services were $87&nbsp;million
lower than our planned expenditures for the year, due largely to curtailed activity at our Rabbit
Lake and fuel services operations. Projects at the Rabbit Lake mill were deferred due to the change
in the development schedule for Cigar Lake following the flooding in 2006. At Port Hope, capital
projects were delayed due to the discovery of the contaminated soil under the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant
that has resulted in plant shutdown and corrective actions since July&nbsp;2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, we expect total capital expenditures for uranium and fuel services to increase by 62% to
$534&nbsp;million. The increase is largely the result of higher sustaining capital expenditures for the
revitalization programs at Key Lake and well field expansions at the US ISR operations. Sustaining
capital expenditures will also increase at fuel services to improve production processes and meet
new regulatory requirements.
</DIV>

<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 $171
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This consolidated outlook for 2008 is forward-looking information and is based upon the key
assumptions and subject to the material risk factors that could cause results to differ materially
which are discussed under the heading &#147;Caution Regarding Forward-Looking Information and
Statements&#148;, and the particular assumptions and material risk factors relating to each of our
business segments that are discussed following the outlook for that segment presented below.</I>
</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: 12pt"><B>2005-2007 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" style="border-bottom: 1px solid #000000"><B>($ millions except per share amounts)</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">2006</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2005</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>2,310</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,832</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,313</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>475</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</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>416</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">215</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>1.18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.62</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>1.13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.02</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.60</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>603</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">274</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">208</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>801</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">418</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278</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>5,371</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,140</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,773</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>1,633</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,687</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">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.12</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>Net earnings for the years ended December&nbsp;31, 2005, 2006 and 2007 have been adjusted
to exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description
see &#147;Use of Non-GAAP Financial Measures&#148; in this document.</TD>
</TR>

</TABLE>



<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 2005 through 2007.
</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 76% over 2005 to a
record $2,310&nbsp;million in 2007. This increase was primarily the result of an increase in the
realized selling price for uranium, which averaged $41.68 per pound (Cdn) in 2007 compared
to $20.14 per pound (Cdn) in 2005. Revenue from the fuel services business has also risen
over the three-year period due to improved prices and the acquisition of our fuel
manufacturing subsidiary in 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 somewhat 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 as
well as higher royalty charges for uranium. 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, higher costs for regulatory
compliance and growth in the workforce.</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 trended with revenue but our results have been significantly
influenced by unusual items over the past three years. 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. In 2007, we recorded
charges of $153&nbsp;million after tax related to the restructuring of Centerra and $59&nbsp;million
after tax related to the amendment to the stock option plan to provide for a cash
settlement feature, as well as a $25&nbsp;million recovery of future income taxes due to tax
legislation changes.</TD>
</TR>

</TABLE>
</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 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 for 2007 have nearly tripled at $603
million compared to the $208&nbsp;million recorded in 2005. The 32% increase to $274&nbsp;million in
2006 from 2005 was attributable to improved results in the uranium business related to an
improved realized price, driven by a significant increase in the spot price for uranium.
Earnings were also bolstered by stronger results in the gold business. These improvements
were partially offset by reduced earnings from BPLP as well as higher charges for
administration and the recognition of remediation costs at Cigar Lake. Adjusted net
earnings rose to $603&nbsp;million in 2007 compared to $274&nbsp;million in 2006 due to continued
improvement in the realized price for uranium, due primarily to higher uranium spot prices.
Realized prices under fixed-price contracts were also stronger.</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 2007, Cameco generated record cash from operations of $801&nbsp;million compared to $418
million in 2006. This increase of $383&nbsp;million was mainly attributable to the higher
revenues in 2007. Cash from operations of $418&nbsp;million in 2006 represented an increase of
$140&nbsp;million compared to the $278&nbsp;million recorded in 2005. This increase was mainly due to
higher revenues in the uranium business and the proportionate consolidation of BPLP results
in 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>The major components of Cameco&#146;s long-term financial liabilities are long-term debt,
future income taxes and the provision for reclamation. In 2007, Cameco&#146;s total long-term
financial liabilities increased to $1,633&nbsp;million from $1,592&nbsp;million at the end of 2006
due to a $56&nbsp;million increase in our provision for reclamation and a $21&nbsp;million increase
in long-term debt, partially offset by a $54&nbsp;million reduction in future income taxes due
largely to changes in Canadian tax rates.</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 2007, Cameco&#146;s total assets amounted to $5,371&nbsp;million, an increase of
$231&nbsp;million over the previous year. Most of the change was due to the increased investment
in property, plant and equipment related to development expenditures for Cigar Lake and
Inkai as well as sustaining capital for the other uranium operations.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2007 URANIUM BUSINESS FINANCIAL RESULTS</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Business 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>&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>2006</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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,269</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">803</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>648</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173</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>51</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>572</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>37.47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</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>41.68</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.72</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>30.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.1</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">Production volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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: 12pt"><B>Revenue</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to 2006, revenue from our uranium business rose by 58% to $1,269&nbsp;million due to an 82%
increase in the realized selling price (in US dollars), partially offset by a 6% decline in
reported sales volumes. The timing of deliveries of uranium products within a calendar year is at
the discretion of customers. Therefore, our quarterly delivery patterns can vary significantly. The
average realized price in Canadian dollars increased by only 69% due to the strengthening of the
Canadian dollar relative to the US dollar. The increase in the average realized price in 2007 was
largely due to higher uranium spot prices, which averaged $99.29 (US)&nbsp;per pound compared to $49.60
(US)&nbsp;in 2006. Realized prices under fixed-price contracts were also stronger than in the prior
year. The average realized price in 2007 reflects the effect of some older, lower priced contracts
expiring and being replaced with newer, higher priced contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cost of Products and Services Sold</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, the cost of products and services sold was $516&nbsp;million ($17.09 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>) compared to $472&nbsp;million ($14.71 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>)
in 2006, due largely to higher charges for royalties. In 2007, Cameco recorded total royalty
expenses of $60&nbsp;million compared to $22&nbsp;million in 2006 due to the increase in realized selling
price, resulting in higher overall royalty payments and the recognition of $18&nbsp;million in tiered
royalty charges. The cost of products sold was also impacted by higher unit production costs, which
rose by 20% compared to 2006 due to increased labour costs and lower production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Depreciation, Depletion and Reclamation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, depreciation, depletion and reclamation (DD&#038;R) charges were $105&nbsp;million compared to $94
million in 2006 due to a higher proportion of sales commitments being met with produced uranium
rather than purchased material. On a per unit basis, DD&#038;R costs were about 15% higher than in 2006.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, our gross profit from the uranium business amounted to $648&nbsp;million compared to $237
million in 2006, an increase of 173%. This was attributable to the 69% increase in the realized
price for uranium and was partially offset by the higher charges for royalties. Our earnings before
taxes from the uranium business improved to $572&nbsp;million from $181&nbsp;million last year, while the
profit margin rose to 51% from 30% in 2006 again due to the higher realized selling price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2008 Outlook for Uranium</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, reported uranium sales quantities are expected to total 31&nbsp;million to 33&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>. We expect our reported revenue to be about 5% to 15% greater than in
2007 due to the expected increase in both reported sales volume and realized price, based on an
estimated spot price of $74.00 (US)&nbsp;per pound, reflecting the UxC spot price as of March&nbsp;3, 2008.
Changes in the uranium spot price will impact the prices we realize under our contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s share of uranium production for 2008 is projected to total about 20.6&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>, up slightly compared to 2007 due to the anticipated start of commercial
production at Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unit cost of product sold is projected to increase by 5% to 10% as a result of higher royalty
costs and increased production costs expected in 2008.
</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 align="left" style="font-size: 10pt; margin-top: 6pt">We currently estimate that tiered royalties will reduce net earnings between $40&nbsp;million and $45
million in 2008. We will be eligible for additional capital allowances once Cigar Lake commences
production, at which time we do not expect to pay tiered royalties until the additional allowances
are fully exhausted. The following is an example of how tiered royalties are estimated.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(2007 rates; index value to determine rates for 2008 not available until April, 2008)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 is 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="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"><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"><B>Total Tiered</B></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>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">50,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51,620</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">110,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">40,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">9,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">161,270</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">170,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">80,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">59,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">311,270</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">230,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">120,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">109,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">461,270</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">290,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">160,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">159,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">611,270</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">350,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">200,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">209,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">761,270</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">410,820</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">240,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">259,650</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">911,270</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; $16.53) 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; $24.80) 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">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>5% x (Sales Price &#151; $33.07) 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: 12pt"><FONT style="font-variant: SMALL-CAPS">Uranium Price Sensitivity (2008)</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, a $10.00 (US)&nbsp;per pound change in the uranium spot price from $74.00 (US)&nbsp;per pound
(reflecting the UxC spot price at March&nbsp;3, 2008) would change revenue by $67&nbsp;million (Cdn) and net
earnings by $48&nbsp;million (Cdn). This sensitivity is based on an expected effective exchange rate of
$1.00 (US)&nbsp;being equivalent to about $1.04 (Cdn) as a result of our currency hedge program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This uranium business outlook for 2008 is forward-looking information and is based upon the key
assumptions and subject to the material risk factors that could cause results to differ materially
which are discussed under the heading &#147;Caution Regarding Forward-Looking Information and
Statements&#148;. In particular, we have assumed that there will be no significant changes in sales
volumes, purchases and prices, and that there will be no disruption or reduction of supply from our
facilities or third-party sources other than as disclosed. We have also assumed a uranium spot
price of $74.00 (US)&nbsp;per pound reflecting the UxC spot price as of March&nbsp;3, 2008. Material risk
factors that could cause actual results to differ materially include significant adverse changes in
sales volumes, purchases and prices, and the actual occurrence of additional supply disruptions or
reductions.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Uranium Price Sensitivity (2008 to 2012)</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below shows an indicative range of average prices that Cameco would expect to realize
under its sales portfolio at this time. The prices shown in the table are intended to provide the
reader with a general indication of how Cameco&#146;s expected realized prices for uranium may tend to
vary with changes in spot market prices. This information will change as Cameco enters into new
contracts. Due to the number of variables affecting Cameco&#146;s realized prices, we have made a
simplifying assumption regarding spot prices. We set the spot price at the levels noted and
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /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">calculated our expected realized prices accordingly. For example, under the $80.00 (US)&nbsp;spot price
scenario, the calculation of realized prices assumes the spot price reaches $80.00 (US)&nbsp;at January
1, 2008 and remains at that level through 2012. Each column in the table should be read assuming
the column header spot price remains constant for the entire five-year period. Actual realized
prices in any given year will differ from what is shown in the table due to the fact that we are
continually signing new contracts, with first deliveries beginning as far out as five years after
contract signing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We presented a similar table in our 2007 third quarter MD&#038;A that contained an indicative range of
average prices for the years 2013 through 2017. However, as expected, price estimates become
increasingly more uncertain as they extend further into the future. We believe that it is
appropriate to limit the information contained in this table to a five-year period. As such, we
have decided to withdraw the information contained in the table for the years 2013 through 2017.
Accordingly, information previously presented for those years should no longer be relied upon as
that information was based upon a number of assumptions that may not be valid and will not be
updated, including the composition of Cameco&#146;s uranium contract portfolio, which changes as Cameco
enters into new contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As shown in the table, in the $20.00 (US)&nbsp;scenario, Cameco would expect the average realized price
to exceed the spot price over the next five years, reaching almost double the spot price by 2012.
In the $140.00 (US)&nbsp;scenario, Cameco would achieve average realized prices of more than 60% of the
spot price by 2012. These prices are in current dollars, which are dollars in the year they are
actually received or paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is useful to provide an overview of the changes in expected realized prices in 2008 compared to
the information published in the third quarter of 2007. The general trend is an increase in the
expected realized prices at a spot price of $100.00 (US)&nbsp;or less. This is largely due to recent
changes in scheduled deliveries for 2008, including some deliveries rescheduled into 2008 from
2007.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Expected Average Realized Uranium Price (Rounded to the nearest $1.00)<BR>
Current US $/lb 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>
</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" style="border-bottom: 1px solid #000000"><B>$20</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>$40</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>$60</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>$80</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>$100</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>$120</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>$140</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>2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2012</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This price table is forward-looking information and is based upon the material assumptions, and
subject to the material risks, discussed under the heading &#147;Caution Regarding Forward-Looking
Information and Statements&#148;, as well as the following key assumptions, and material risks which
could cause actual prices to vary:</I>
</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><I>sales volume of 33&nbsp;million pounds for 2008 (which has been adjusted for the accounting
requirements of the loan agreements) and a sales volume of about 30&nbsp;million pounds for each
year thereafter. Variations in our actual sales volume could lead to materially different
results;</I></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><I>utilities take the maximum quantities allowed under their contracts, which is subject to
the risk that they take lower quantities resulting in materially different realized prices;</I></TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Cameco defers a portion of deliveries under contract for 2009 through 2011 as a result of
exercising its rights under supply interruption provisions;</I></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><I>all volumes for which there are no existing sales commitments are assumed to be delivered
at the spot price assumed for each scenario, which is subject to the risk that sales are at
prices other than spot prices which could result in materially different realized prices;</I></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><I>the average long-term price indicator in a given year is assumed to be equal to the average
spot price for that entire year. Fluctuations in the spot price or the long-term price, during
the course of a year could lead to materially different results; and</I></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><I>an inflation rate of 2.5%, but variations in the inflation rate could have a material
impact on actual results.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The assumptions stated above, including our annual sales volumes and the price realized from them,
are made solely for the purpose of the foregoing price table and do not necessarily reflect our
views of anticipated results.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2007 FUEL SERVICES BUSINESS FINANCIAL RESULTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Fuel Services 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>&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>2006</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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>239</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(23</B></TD>
    <TD nowrap><B>)</B></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">(192</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 nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(10</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(191</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 nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(27</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(223</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</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>17.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.5</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">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>12.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(16</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>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>Production volume includes UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>, UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, fuel fabrication and
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> supply from SFL.</TD>
</TR>

</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, revenue from our fuel services business rose by 7% to $239&nbsp;million compared to 2006 as the
impact of a decline in reported sales volumes was offset by an increase in the realized price.
Compared to 2006, sales volumes were 8% lower due to reduced customer requirements and
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production constraints in 2007. The average realized selling price for our fuel
services products was 15% higher than in 2006. Most conversion sales are at fixed prices and have
not yet fully benefited from the increase in UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> spot prices, but the trend has been
positive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cost of Products and Services Sold</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, the cost of products and services sold was $238&nbsp;million compared to $180&nbsp;million in 2006,
an increase of 32% due primarily to the shutdown of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant following
the discovery of contaminated soil in July&nbsp;2007. All costs incurred during the shutdown ($27
million) have been expensed as incurred (including $2&nbsp;million for the cleanup of contaminated soil)
and an additional $15&nbsp;million was accrued as a provision for the cleanup.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Depreciation, Depletion and Reclamation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, DD&#038;R charges were $24&nbsp;million compared to $19&nbsp;million in 2006 due largely to increased
estimates for asset retirement obligations. Late in 2007, Cameco updated its decommissioning plans
for its fuel services facilities. These plans included revised cost estimates, which were more than
double the previous amounts. The higher estimated costs are charged to earnings over the remaining
expected lives of the facilities and, as a result, DD&#038;R charges rose in 2007.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco recorded a loss before taxes from the fuel services business of $27&nbsp;million
compared to a profit of $22&nbsp;million in 2006. The lower profitability was due primarily to the
higher costs associated with the shutdown of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel Services Outlook for 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco expects 2008 revenue from the fuel services business to be 5% to 10% less than that reported
in 2007. The average realized selling price for our fuel services products is expected to increase
modestly, while the reported sales volumes are expected to be 5% to 10% lower than those reported
in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fuel services production at Port Hope and SFL supply are expected to total between 9 and 12&nbsp;million
kgU in 2008 compared to 12.9&nbsp;million kgU in 2007. Cameco expects the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion plant will restart production in the third quarter of 2008 at the earliest. We<BR>
anticipate annual production for 2008 at Blind River to be about 10&nbsp;million kgU.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Fuel Services Price Sensitivity Analysis</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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"><I>This fuel services business outlook for 2008 is forward-looking information and is based upon the
key assumptions and subject to the material risk factors that could cause results to differ
materially, which are discussed under the heading &#147;Caution Regarding Forward-Looking Information
and Statements&#148;. In particular, we have assumed that there will be no significant changes in sales
volumes, purchases and prices, and that there will be no disruption or reduction of supply from our
facilities or third-party sources other than as disclosed. We have also assumed the successful
restart and rampup of the Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> plant in the third quarter of 2008 at the
earliest. Material risk factors that could cause actual results to differ materially include
significant adverse changes in sales volumes, purchases and prices, the actual occurrence of
additional supply disruptions and the unsuccessful restart and/or rampup of the Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I>
</SUB><I>plant.</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /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>2007 NUCLEAR ELECTRICITY GENERATION BUSINESS RESULTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Bruce Power Limited Partnership (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="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>2007</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>% 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)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.8</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">Capacity factor (%) <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>89</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">(2</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</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>1,319</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</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">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>881</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</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>759</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">701</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</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>578</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">523</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:30px; text-indent:-15px">- fuel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>68</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</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">3</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">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</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>122</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106</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">Income before interest
and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>438</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435</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">Interest and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>438</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</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"><B>506</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">514</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" 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>98</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>455</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>35</B></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">13</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>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">2</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">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Supplemental rent is about $28.3&nbsp;million per operating reactor for 2007.</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>2007</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>% 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%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>438</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</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>138</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</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 nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(1</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(117</TD>
    <TD nowrap>)</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>137</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</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: 12pt"><B>Earnings Before Taxes</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2007, BPLP earnings before taxes were $438&nbsp;million compared to $388
million in 2006. The higher earnings are a result of higher realized prices and gains recorded on
fair value changes of sales contracts, offset by lower electricity generation and higher operating
costs. For the year, Cameco&#146;s earnings before tax from BPLP amounted to $137&nbsp;million compared to
$128&nbsp;million in 2006.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, the BPLP units achieved a capacity factor of 89% compared with 91% last year. These units
produced 25.3 TWh in 2007, a decrease of 0.5 TWh over 2006 due primarily to higher planned outage
days.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, BPLP&#146;s electricity revenue totalled $1,319&nbsp;million compared to $1,242&nbsp;million in 2006.
During the year, BPLP&#146;s realized price averaged $52 per MWh from a mix of contract and spot sales
compared with $48 per MWh in 2006. The Ontario electricity spot price averaged about $48 per MWh in
2007, up $2 per MWh from 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2007, about 38% of BPLP&#146;s output was sold under fixed-price contracts compared to 51% in
2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco provides guarantees to customers under these contracts of up to $47&nbsp;million. At December&nbsp;31,
2007, Cameco&#146;s actual exposure under these guarantees was nil. In addition, Cameco has agreed to
provide up to $133&nbsp;million in guarantees to CNSC and $58&nbsp;million to OPG to support other Bruce
Power commitments. Of these amounts, corporate guarantees have been issued for $24&nbsp;million to CNSC
and $58&nbsp;million to OPG at December&nbsp;31, 2007.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, operating costs were $881&nbsp;million compared with $807&nbsp;million in 2006. This increase
primarily reflects the additional costs associated with the unit B6 planned outage, additional
overtime to maintain the base work programs, winter storm coverage during the first quarter and
higher post-employment benefits and other employee-related costs.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2007, BPLP generated $506&nbsp;million in cash from operations compared to $514&nbsp;million in 2006. The
benefit of the higher revenues was offset by an increase in working capital requirements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, capital expenditures were $98&nbsp;million, down slightly from $103&nbsp;million in 2006. The amount
for 2007 represented sustaining capital expenditures.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also distributed $455&nbsp;million to the partners in 2007. Cameco&#146;s share was $144&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: 12pt"><B>BPLP&#146;s Outlook for 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, we anticipate BPLP revenue to be 5% to 10% higher than in 2007 due to higher generation
and higher expected realized prices, which are made up of fixed contract prices and Ontario spot
market electricity prices. In 2007, the average realized price was $52 per MWh.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, capacity factors for the B units are expected to average about 91%.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /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">For 2008, the average unit cost (net of cost recoveries) is expected to remain at about $35 per
MWh. Total operating costs are expected to rise by 3% in 2008 over 2007, due primarily to a rise in
fuel costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">2008 BPLP Capital Expenditures (100% Basis)</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s sustaining capital is expected to total $124&nbsp;million in 2008. Cameco expects that funding of
these capital expenditures will come entirely from BPLP cash flows. However, available funds will
depend on electricity market prices and the operational performance of the BPLP reactors.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, BPLP has about 10 TWh under contract, which would represent about 40% of Bruce B
generation at its planned capacity factor. For 2008, 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 $3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This 2008 outlook for BPLP is forward-looking information and is based upon the key assumptions and
subject to the material risk factors that could cause results to differ materially, which are
discussed under the heading &#147;Caution Regarding Forward-Looking Information and Statements&#148;. In
particular, we have assumed that the B units will achieve their targeted capacity factor and that
there will be no significant changes in costs, contract levels and prices. Material risk factors
that could cause actual results to differ materially include the failure of the B units to achieve
their targeted capacity factor, and the occurrence of significant adverse changes in costs and
prices.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2007 GOLD BUSINESS RESULTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns almost 53% of Centerra, a publicly traded gold company with two operating mines. After
the completion of a pending transaction with the Kyrgyz government, Cameco&#146;s share would fall to
about 41%. Centerra owns 100% of the Kumtor mine in the Kyrgyz Republic and a 100% 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 63% joint-venture interest in the REN property in Nevada. The
geographic focus of Centerra&#146;s exploration, development and acquisition efforts is in Central Asia,
the former Soviet Union and other emerging markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s growth strategy is to increase its reserve base and expand its current portfolio of gold
mining operations 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>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="2%" 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="2%" 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 worldwide.</TD>
</TR>

</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, 578,000 ounces of reserves were added before accounting for mining of 421,000 contained
ounces in 2007. The reserve grade decreased from 4.7 g/t to 4.0 g/t due to lowering the cutoff
grade from 1.3 g/t gold to 1.0 g/t gold, reflecting a higher gold price used in estimating the
reserves ($550 (US)&nbsp;per ounce compared to $475 (US)&nbsp;per ounce in 2006). Measured and indicated
resources increased by approximately 170,000 ounces and inferred resources slightly decreased by
27,000 ounces.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /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">The current pit design at Kumtor assumes the glacial till and bedrock will be hydrologically
depressurized to achieve the pitwall slope angles. Geotechnical work to date has indicated the till
is amenable to depressurization. A program to hydrologically depressurize the till and bedrock has
been designed and will be implemented in 2008. This methodology has not previously been tested at
Kumtor. To reflect the geotechnical risks and the technical risks associated with implementing the
depressurization program , 6.4&nbsp;million tonnes containing 0.9&nbsp;million ounces of gold, previously
classified as proven reserves, have been reclassified as probable reserves. A total of 18&nbsp;million
tonnes containing 2.5&nbsp;million ounces of gold affected by these risks are now classified as probable
reserves, representing 57% of the contained ounces of the central pit proven and probable reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Boroo, 111,000 contained ounces of reserves were added, before accounting for 297,000 contained
ounces of reserves mined in 2007. The change in reserves is a result of a slight increase in the
size of the pit design.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2007, Centerra&#146;s proven and probable reserves totalled 7.0&nbsp;million ounces of
contained gold. For more information see &#147;Our Reserves and Resources&#148; section of this MD&#038;A.
</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: 12pt"><B>Gold Operating Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco fully consolidates the results of Centerra&#146;s operations. Cameco adjusts for a 47.3% 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 (100%)</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>2006</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 valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revenue ($&nbsp;millions)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>405</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">414</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(2</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gross profit ($&nbsp;millions)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>108</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">101</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gross profit %
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>27</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Realized price ($US/ounce)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>691</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">597</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sales volume (ounces)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>541,000</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">610,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(11</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Production (ounces)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>555,000</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">586,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">(5</TD>
    <TD nowrap valign="top">)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2007 Gold Financial Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2007, revenue from our gold business decreased by $9&nbsp;million to
$405&nbsp;million compared to 2006. The decline in revenue was due to lower sales, which more than
offset the benefit of a higher realized price. The realized price for gold rose to $691 (US)&nbsp;per
ounce in 2007 compared to $597 (US)&nbsp;per ounce in 2006, due to higher spot prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kumtor&#146;s production was 301,000 ounces compared to 303,000 ounces in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra is extending the Kumtor pit to access high-grade ore as discussed in Cameco&#146;s first
quarter report. In a news release issued on July&nbsp;19, 2007, Cameco announced that, after
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /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">preliminary analysis, Centerra&#146;s independent geotechnical experts recommended using flatter angles
on the pitwall to provide greater stabilization. The lower slope angles require the removal of more
waste than previously planned, delaying access to the high-grade ore until the second half of 2008.
A till depressurizing and till dewatering program has been initiated with guidance from a
third-party consulting firm and will be undertaken in 2008. If successful, this program will allow
the steepening of the pitwall slope angle to near its original design and the removal of much less
waste than originally expected, which may have the impact of lowering costs in future years and
maximizing the extraction of the open pit SB zone ores. For more information, see the &#147;Operational
Risks&#148; section of this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at Boroo in 2007 was 254,000 ounces compared to 283,000 ounces in 2006. The average head
grade of ore fed to the mill was 3.6 g/t compared to 4.3 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 increased to 27% in 2007 compared to 24% in 2006 due to the higher
realized price, partially offset by higher operating costs at Kumtor related to the reconfiguration
of the pitwall.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has recorded a charge of $113&nbsp;million ($153&nbsp;million after a net tax expense of $40&nbsp;million)
as a result of its agreement to transfer 22.3&nbsp;million Centerra shares to the Kyrgyz Republic. Refer
to note 24 of the financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the third quarter of 2007, Cameco and Centerra entered into preliminary agreements with the
Kyrgyz government, which are expected to provide additional business certainty for mining
operations at Kumtor, further align the parties&#146; business interests and support Centerra&#146;s growth
plans.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the terms of the agreements, the Kyrgyz government and Kyrgyzaltyn JSC, a joint stock company
owned by the Kyrgyz government, agree to support Centerra&#146;s continuing long-term development of the
Kumtor project and agree to facilitate eventual divestiture of Cameco&#146;s interest in Centerra. In
return, the Kyrgyz government will receive 32.3&nbsp;million shares (22.3&nbsp;million net from Cameco and 10
million treasury shares from Centerra) upon closing of the definitive legal agreements. Of these,
15&nbsp;million shares will be received immediately and 17.3&nbsp;million shares will be held in escrow until
the earliest 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>Cameco&#146;s holdings of Centerra&#146;s issued and outstanding shares fall below 17.3&nbsp;million
shares,</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 volume-weighted average closing price of Centerra&#146;s shares on the TSX being no less
than $13.30 for at least seven business days, or</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 fourth anniversary of the closing.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After the transfer of all the shares is completed, Cameco will own about 41% of Centerra, the
Kyrgyz Republic will own about 29% and the public shareholders will own the remaining 30%. When
Cameco&#146;s ownership interest falls below 50%, we will no longer consolidate Centerra&#146;s financial
results and will instead account for Centerra using the equity method.
</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 align="left" style="font-size: 10pt; margin-top: 6pt">These agreements are subject to a number of conditions, including the approval by Parliament of the
Kyrgyz Republic. There can be no assurance that parliamentary approval will be received or that the
other conditions will be satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kyrgyz government submitted the preliminary agreements for parliamentary approval in early
September&nbsp;2007. The Parliament began to deliberate the issue during the first half of October and
scheduled its final voting on the issue for October&nbsp;22, 2007. On October&nbsp;21, 2007, the citizens of
the Kyrgyz Republic voted in a referendum on drafts of a new constitution and new electoral law
proposed by the president of the Kyrgyz Republic. On October&nbsp;22, 2007, the president dismissed the
Parliament effective that day. The president signed the new constitution and electoral law in to
law on October&nbsp;23, 2007. On October&nbsp;31, 2007, the parties agreed to extend the deadline for closing
the transaction contemplated by the agreements from October&nbsp;31, 2007 to February&nbsp;15, 2008.
Subsequently, the deadline was extended to April&nbsp;30, 2008 at the request of the Kyrgyz government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gold Outlook for 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Overall, 2008 production is expected to total between 770,000 to 830,000 ounces of gold. At Kumtor,
production for 2008 is expected to be about 580,000 to 620,000 ounces of gold. At Boroo, we expect
production in the range of 190,000 to 210,000 ounces of gold in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;26, 2008, Centerra experienced an equipment failure on the ball mill at the Kumtor
mine, requiring the mill to be shut down for seven days. On March&nbsp;4, 2008, after considering
various alternatives, Centerra implemented a bypass of the ball mill using the existing SAG mill
and regrind mill circuits. The mine continues to process material, but at a reduced mill throughput
rate. Centerra has retained an experienced contractor to repair the equipment. The repairs are
expected to be complete and the ball mill returned to operation by mid-April&nbsp;2008. This temporary
shutdown of the ball mill and the operation of the reconfigured grinding circuits are not expected
to affect gold production guidance for 2008. While Centerrra believes the repair will be
successful, if the equipment cannot be repaired, Centerra plans to operate the Kumtor mill without
the ball mill until the equipment can be replaced, which it anticipates would occur by year end.
While operating in this manner would result in significantly reduced mill throughput, Centerra
expects to it would be able to achieve its 2008 gold production guidance by processing higher grade
ore and stockpiling lower grade ore that was scheduled to have been processed in 2008.
</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: 12pt"><FONT style="font-variant: SMALL-CAPS">Gold Price Sensitivity Analysis </FONT><BR>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, a $25.00 (US)&nbsp;per ounce change in the gold spot price would change Cameco&#146;s net earnings
by about $8&nbsp;million (Cdn).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This outlook for the gold segment of our business is forward-looking information and is based upon
the key assumptions, and subject to the material risk factors that could cause results to differ
materially, which are discussed under the heading &#147;Caution Regarding Forward-Looking Information
and Statements&#148;. In particular, we have assumed Centerra&#146;s plans to repair the failed equipment,
replace the Kumtor ball mill shell and to operate the Kumtor mill as described above proceeds as
anticipated, but that is subject to a number of risks including the risk of delay, that Centerra&#146;s
plans cannot be implemented as anticipated, the equipment cannot be repaired requiring it to be
replaced, or unforeseen difficulty which could result in disruption or reduction in planned gold
production, and</I>
</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"><I>we have assumed there is no disruption or reduction in planned gold production due to natural
phenomena, labour disputes, or other development and operation risks, but that is subject to risk
that there is a disruption or reduction due to the occurrence of one or more these risks which
could cause results to vary materially.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2007 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>&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>ended</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>Financial Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</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="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>2006</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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>494</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4</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>68</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89</TD>
    <TD>&nbsp;</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">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>57</B></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">338</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"><B>61</B></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">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share (EPS) &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.17</B></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">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; adjusted and diluted ($)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.18</B></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">64</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">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>64</B></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">60</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>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">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Net earnings for the quarters ended December&nbsp;31, 2006 and 2007 have been adjusted to
exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description see
&#147;Use of Non-GAAP Financial Measures&#148; in this document.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended December&nbsp;31, 2007, our net earnings were $61&nbsp;million ($0.17 per share
diluted), $21&nbsp;million higher than the net earnings of $40&nbsp;million ($0.11 per share diluted)
recorded in the fourth quarter of 2006. The increase was due to higher earnings in the uranium,
electricity and gold businesses driven by increases in the realized selling prices, partially
offset by higher costs in the fuel services business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2007, our total costs for administration, exploration, interest and other
were $30&nbsp;million, a decrease of $31&nbsp;million compared to the same period in 2006. Administration
costs were $28&nbsp;million lower due primarily to reduced stock-based compensation expenses. The
decline in stock compensation expense reflects a decrease of $6.31 in our share price during the
quarter. Exploration expenditures were $2&nbsp;million higher, at $17&nbsp;million, with uranium exploration
expenditures up $4&nbsp;million to $11&nbsp;million (focused in Saskatchewan, Australia and Nunavut). Gold
exploration expenditures at Centerra were $2&nbsp;million lower compared to the fourth quarter of 2006.
Interest and other charges were $5&nbsp;million lower than in the fourth quarter of 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2007, we recorded a $3&nbsp;million net recovery of income taxes due to the
change in Canadian federal income tax rates. In 2006, we recorded a $9&nbsp;million net recovery of
income taxes related mainly to losses at Centerra&#146;s Kumtor operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Earnings from operations increased to $68&nbsp;million in fourth quarter of 2007 from $36&nbsp;million in the
fourth quarter of 2006. In the fourth quarter of 2007, the aggregate gross profit margin was 23%,
unchanged compared to 2006.
</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>2006-2007 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="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</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"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>2006</B></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="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">494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410</TD>
    <TD>&nbsp;</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>
</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">61</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">205</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">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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.17</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">0.55</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">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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205</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">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151;
adjusted &#038; diluted ($)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.55</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">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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</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">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>
</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>Net earnings for the quarters ended December&nbsp;31, 2006 and 2007 have been adjusted to
exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description see
&#147;Use of Non-GAAP Financial Measures&#148; in this document.</TD>
</TR>

</TABLE>


<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 quarterly
financial highlights for 2007:
</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>Cameco&#146;s financial results are strongly influenced by the performance of our uranium
business, which, in 2007 accounted for 55% of annual consolidated revenues.</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>Revenue of $494&nbsp;million in the fourth quarter of 2007 was 27% lower than in the third
quarter due to lower sales volumes and lower realized prices in the uranium business. Timing
of customer requirements, which tend to vary from year to year, drives revenue in the uranium
and fuel services businesses. In 2007, sales volumes for uranium were most heavily weighted to
the second quarter of the year and the highest realized price was recorded in the third
quarter.</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>Net earnings do not trend directly with revenue because of unusual items and transactions
that occur from time to time. The company uses a non-GAAP measure, adjusted net earnings, to
provide a more meaningful basis for period-to-period comparison of financial results.</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>On an adjusted basis, our net earnings were highest in the third quarter of 2007 at $275
million when our realized price for uranium reached an all-time high of $56.78/lb (Cdn).
Adjusted net earnings were also strong in the second quarter of 2007 due to high reported
sales volumes for uranium. Nearly 40% of uranium sales for 2007 were recorded in the second
quarter.</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>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 -->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 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>2007 FOURTH QUARTER BUSINESS SEGMENT FINANCIAL RESULTS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2007 Fourth Quarter Uranium Business Financial Results</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">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="7"><B>Three months ended</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 nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</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 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>2006</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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>219</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</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>37</B></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">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($&nbsp;millions)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>63</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>38.92</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</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>39.64</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.62</TD>
    <TD>&nbsp;</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">Sales volume (million lbs)<SUP style="font-size: 85%; vertical-align: text-top"> 1</SUP></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">9.0</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">Production volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</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>Revenue on 2.6&nbsp;million pounds, previously deferred due to standby product loans, was
recognized in 2007 as a result of the cancellation of two of the product loan agreements.</TD>
</TR>

</TABLE>



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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to the fourth quarter of 2006, revenue from our uranium business decreased by $23&nbsp;million
to $219&nbsp;million due to a 39% decrease in reported sales volumes. The timing of deliveries of
uranium products within a calendar year is at the discretion of customers. Therefore, our quarterly
delivery patterns can vary significantly. The impact of the lower sales volumes was largely offset
by a 49% increase in the average realized price due primarily to higher uranium spot prices, which
averaged $90.00 (US)&nbsp;per pound compared to $65.21 (US)&nbsp;in the same quarter of 2006. Realized prices
under fixed-price contracts were also stronger.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our total cost of products and services sold, including DD&#038;R, decreased to $138&nbsp;million in the
fourth quarter of 2007 from $165&nbsp;million in the fourth quarter of 2006 due to the decline in
reported sales volumes, partially offset by an increase in the unit cost of product sold. The unit
cost of product sold increased as a result of higher royalty charges, which increase with the
realized price and higher production costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our earnings before taxes from the uranium business increased to $63&nbsp;million from $49&nbsp;million in
the fourth quarter of last year. The gross profit margin increased to 37% compared to 32% in the
fourth quarter of 2006.
</DIV>


<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>2007 Fourth Quarter Fuel Services Business Financial Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">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="7"><B>Three months ended</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 nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</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 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>2006</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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>77</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(36</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(400</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 nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(47</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(436</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 nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(36</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(427</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</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4</TD>
    <TD nowrap>)</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>1.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(67</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>Kilograms of uranium (kgU)</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>Production volume includes UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>, UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, fuel fabrication, and
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>supply from SFL.</TD>
</TR>

</TABLE>



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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2007, revenue from our fuel services business was $77&nbsp;million, a decrease
of $6&nbsp;million compared to the same period in 2006 due to a 4% decrease in reported sales volumes
and a 6% decline in the average realized price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Total cost of products and services sold, including DD&#038;R, increased by 58% to $112&nbsp;million from $71
million in 2006. The cost of products sold was impacted by the shutdown of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>conversion plant. All costs associated with the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion plant ($18&nbsp;million)
were expensed as incurred in the fourth quarter. In addition, the estimate for the cleanup of the
contaminated soil at Port Hope has been increased by $14&nbsp;million compared to the previous estimate
of $3&nbsp;million, due to an increase in the scope of work required to remediate the contaminated
areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2007, the company recorded a loss before taxes in fuel services of $36
million compared to earnings of $11&nbsp;million in 2006.
</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>2007 Fourth Quarter Nuclear Electricity Generation Business Financial Results</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Bruce Power Limited Partnership (100% basis) </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="7"><B>Three months ended</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 nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</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 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>2006</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"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</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">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>93</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>54</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</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>359</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">29</TD>
    <TD>&nbsp;</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">2</SUP></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">230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(10</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>177</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202</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:30px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">  - </FONT>operating &#038; maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>130</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">157</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:30px; text-indent:-15px"> - fuel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></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">12</TD>
    <TD>&nbsp;</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">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28</B></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">0</TD>
    <TD>&nbsp;</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>30</B></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">7</TD>
    <TD>&nbsp;</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>152</B></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">217</TD>
    <TD>&nbsp;</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>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(100</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>152</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</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"><B>165</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</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>41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>185</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18</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>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">2</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">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Supplemental rent is about $28.3&nbsp;million per operating reactor for 2007.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2007, BPLP generated cash from operations of $162&nbsp;million compared to $81
million in the fourth quarter of 2006. The increase reflects a higher realized price and changes to
working capital requirements. Capital expenditures for the fourth quarter of 2007 totalled $41
million compared to $38&nbsp;million during the same period in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also distributed $185&nbsp;million to the partners in the fourth quarter, with Cameco&#146;s share being
$58&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>


<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="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Cameco&#146;s Earnings from BPLP </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="7"><B>Three months ended</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 nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</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)</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>2006</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%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>152</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</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>48</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">336</TD>
    <TD>&nbsp;</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 nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(2</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(200</TD>
    <TD nowrap>)</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>46</B></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">254</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s pre-tax earnings from BPLP amounted to $46&nbsp;million during the fourth quarter compared to
$13&nbsp;million in 2006. This increase in 2007 was due to improved generation, slightly higher realized
prices and lower operating costs in the quarter.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP achieved a capacity factor of 93% in the fourth quarter of 2007 compared to 85% in the same
period of 2006. During the fourth quarter of 2007, the BPLP units generated 6.7 TWh of electricity
compared to 6.0 TWh in 2006.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the fourth quarter of 2007, BPLP&#146;s electricity revenue increased to $359&nbsp;million from $278
million over the same period in 2006 due to a higher output and a slightly stronger realized price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The realized price achieved from a mix of contract and spot sales averaged $54 per MWh in the
quarter, which was 17% higher than the realized price last year. During the quarter, the Ontario
electricity spot price averaged $48 per MWh compared to $43 per MWh in the fourth quarter of 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To reduce its exposure to spot market prices, BPLP has a portfolio of fixed-price sales contracts.
During the fourth quarter of 2007, about 40% of BPLP output was sold under fixed-price contracts,
down from the 54% level during the same period in 2006.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating costs (including amortization) were $207&nbsp;million in the fourth quarter of 2007, down from
$230&nbsp;million during the same period of 2006. About 95% of BPLP&#146;s operating costs are fixed. As
such, most of the costs are incurred whether the plant is operating or not. On a per MWh basis, the
operating cost in the fourth quarter of 2007 was $31 compared to $38 in the fourth quarter of 2006.
</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="left" style="font-size: 10pt; margin-top: 12pt"><B>2007 Fourth Quarter Gold Results</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">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="7"><B>Three months ended</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 nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</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 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>2006</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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>88</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(12</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>21</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">91</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>24</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">118</TD>
    <TD>&nbsp;</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>789</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</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>113,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(23</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gold production (ounces)<SUP style="font-size: 85%; vertical-align: text-top"> 1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>133,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">142,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6</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>Represents 100% of production from the Kumtor and Boroo mines.</TD>
</TR>

</TABLE>



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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended December&nbsp;31, 2007, revenue from our gold business decreased by $12
million to $88&nbsp;million compared to the fourth quarter of 2006. The decline in revenue was due to
lower sales, partially offset by an improved realized gold price. The realized price for gold rose
to $789 (US)&nbsp;per ounce in the quarter compared to $604 (US)&nbsp;per ounce in the fourth quarter of
2006, due to higher spot prices. Centerra produced 133,000 ounces of gold in the fourth quarter of
2007, which was less than the 142,000 ounces of gold reported in the fourth quarter of 2006. The
lower gold production was mainly due to reduced gold production at the Boroo mine, partially offset
by higher production at the Kumtor mine. Lower gold production at Boroo was primarily attributable
to milling of lower ore grades, averaging 3.2 g/t in the fourth quarter of 2007 compared to the 4.8
g/t milled in the same quarter of 2006.
</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>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 2007, Cameco initiated a share repurchase program for up to 5% of its issued and outstanding
common shares. Cameco also expanded its letter of credit facilities, terminated two of its standby
product loan facilities, and extended its revolving credit facility by one year to be available
until November&nbsp;30, 2012.
</DIV>


<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="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>&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>2006</B></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>801</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>418</B></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>135</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>113</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net debt<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/total capitalization (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</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="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>Total debt less cash and cash equivalents based on consolidated amounts.</TD>
</TR>

</TABLE>



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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On September&nbsp;6, 2007, the company announced an open market share repurchase program on the TSE.
Under the program, Cameco has the ability to purchase, for cancellation, up to approximately 17.7
million of its common shares, representing 5% of the approximately 353.9&nbsp;million issued and
outstanding common shares as of September&nbsp;5, 2007. The program will continue until September&nbsp;10,
2008 unless the company purchases the maximum allowable number of common shares sooner or
terminates the program. Through December&nbsp;31, 2007, Cameco had repurchased 9.6&nbsp;million shares at a
total cost of $429&nbsp;million.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;20, 2007, Cameco provided information on its short-term investment portfolio in light of
disruptions in global credit markets. As at December&nbsp;31, 2007, all of Cameco&#146;s investments in
asset-backed commercial paper have been repaid to Cameco except for $13&nbsp;million invested in two
Canadian market trusts: $7.5&nbsp;million in Apsley Trust, managed by Metcalf &#038; Mansfield, and $5.5
million in Planet Trust, managed under Coventree Capital. Cameco has assessed the recoverability
of these investments and determined that it is unlikely the full value will be recovered. As a
result, we have reduced the carrying value of these investments by $5&nbsp;million.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table provides Cameco&#146;s third-party ratings for our commercial paper, senior debt and
convertible debentures, as of December&nbsp;31, 2007:
</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="35%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B><I>Security</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B><I>DBRS</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B><I>S&#038;P</I></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">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">BBB (high)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Not Rated</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>A-1 (low)&nbsp;is the Canadian National Scale Rating while the Global Scale Rating is A-2.</TD>
</TR>

</TABLE>


<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: 12pt"><B>Debt</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 $875&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, 2012. Upon mutual agreement, the facility can be extended for an
additional year on each anniversary. 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, 2007,
there were no amounts outstanding under this credit facility.
</DIV>

<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, 2007, there was $33&nbsp;million issued 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
$375&nbsp;million in short-term borrowing and letters of credit facilities. These arrangements are
predominantly used to fulfil regulatory requirements to provide financial assurance for future
decommissioning and reclamation of our operating sites. At December&nbsp;31, 2007, outstanding letters
of credit amounted to $303&nbsp;million under these facilities. Cameco had 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 2007.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco had arranged for standby product loan facilities with two of its customers. The
arrangements, which were finalized in June and July of 2006, allowed 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. Under the loan facilities, standby fees of 0.5% to 2.25% were payable based on the
market value of the facilities, and interest was payable on the market value of any amounts drawn
at rates ranging from 4.0% to 5.0%. Any borrowings were to be secured by letters of credit and were
repayable in kind. Two of the facilities were terminated in mid-2007 and, early in 2008, notice of
termination was given on the remaining agreement. Refer to note 8 in the financial statements.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: 12pt"><B>Convertible Debentures</B>
</DIV>

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


<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /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">1, 2008 at a redemption price of par plus accrued interest. Refer to note 8 in the financial
statements.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, 2007, Cameco met these financial covenants and does not expect its
operating and investment activities in 2008 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 nowrap align="left"><B>As at December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Due in Less Than 1</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>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Year</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Due in 1 &#151; 3 Years</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Due in 4 &#151; 5 Years</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Due After 5 Yrs</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>746</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">22</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">687</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>175</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">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>440</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">25</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">390</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>368</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">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">355</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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>840</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">240</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">193</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: 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>
</TR>
<TR valign="bottom">
    <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>2,569</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">212</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,672</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: 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>
</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>Includes the amortized value of the conversion option associated with the convertible
debentures. Refer to note 8 in the 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, 2007 rate
of $0.99.</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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>Commercial Commitments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial commitments at December&nbsp;31, 2007 increased to $385&nbsp;million from $297&nbsp;million at December
31, 2006. Our obligations for standby letters of credit increased by $90&nbsp;million to $303&nbsp;million
while financial guarantees supporting BPLP decreased by $2&nbsp;million to $82&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, 2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&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="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Total amounts committed</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">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>303</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>82</B></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>
</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>385</B></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>
</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>The standby letters of credit maturing in 2008 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, 2007, Cameco&#146;s total commitment for financial assurances given on
behalf of BPLP was estimated to be $82&nbsp;million. Refer to note 25 in the financial statements.</TD>
</TR>

</TABLE>



<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 February&nbsp;29, 2008, there were 344,430,498 common shares and one Class&nbsp;B share outstanding. In
addition, there were 6,309,792 stock options outstanding with exercise prices ranging from $3.13 to
$55.43 per share. Cameco also has convertible debentures in the amount of $230&nbsp;million outstanding.
This issue may be converted into a total of 21,208,707 common shares at a conversion price of
$10.83 per share. The debentures are redeemable by Cameco
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /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">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"><FONT style="font-variant: SMALL-CAPS"><B>5. our reserves and resources</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><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 mineral reserves and mineral resources using the subcategories of proven reserves,
probable reserves, measured resources, indicated resources and inferred resources. Cameco reports
mineral 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The technical and scientific information discussed in this MD&#038;A, including the reserve and resource
estimates for Cameco&#146;s material properties (McArthur River/Key Lake, Cigar and Kumtor) were
prepared by, or under the supervision of, individuals who are qualified persons for the purposes of
National Instrument 43-101, named in the section titled &#147;Qualified Persons&#148; in this MD&#038;A.
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /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 mineral reserves as at December&nbsp;31, 2007 on a
property basis and Cameco&#146;s share.
</DIV>

<DIV align="center">


<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>&nbsp;</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px 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 nowrap align="center" colspan="3">&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 nowrap align="center" colspan="3">&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<BR> Share</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>(lbs</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 nowrap align="left" style="border-bottom: 0px solid #000000"><B>RESERVES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Recovery %</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="39">(tonnes in thousands; pounds in millions)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table 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"><B>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">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" 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">1,467.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</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">1,467.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.9</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">ISR</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">&#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">ISR</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">328.5</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">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600.1</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">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">928.6</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">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</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">ISR</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">7,463.0</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">13.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,428.0</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">128.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,891.0</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">142.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.5</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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">486.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">186.6</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">766.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">349.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">243.7</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">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">&#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">ISR</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">24.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.94</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">619.9</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">15.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">644.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.2</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" 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">&#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">ISR</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">&#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">ISR</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">542.0</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">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,075.7</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">8.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,617.7</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">9.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</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">ISR</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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,871.3</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">436.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105,415.2</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">351.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,286.5</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">788.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512.6</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>
<!-- End Table Body -->
</TABLE>
</DIV>




</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Notes:
</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">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral 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>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">3.</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">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining Method: OP &#151; Open Pit; UG &#151; Underground; ISR &#151; In situ recovery.</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 are estimated using current geological models and current and/or projected operating costs and mine plans. Cameco&#146;s data verification procedures have been employed in connection with the mineral reserve estimations for each property.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, a uranium price of $49 (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 $59 (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">7.</TD>
    <TD>&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include an exchange rate of $1.00 US=$0.99 Cdn (reflecting the exchange rate at December&nbsp;31, 2007).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">8.</TD>
    <TD>&nbsp;</TD>
    <TD>Except as otherwise set out in the annual information form, environmental, permitting, legal, title, taxation, socio-economic, 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">9.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">10.</TD>
    <TD>&nbsp;</TD>
    <TD>Inkai reserves assume production at an annual rate of 5.2&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>. Joint Venture Inkai currently has regulatory approval to produce at an annual rate of 2.6&nbsp;million pounds and an application for regulatory approval to increase annual production to 5.2&nbsp;million
pounds was made in 2005. Through its experience in constructing and operating the test mine at Inkai, Cameco is familiar with the statutory, regulatory and procedural framework governing new mining projects in Kazakhstan and, based upon its experience to date, Cameco has reasonable expectations that all
permits and approvals required for the construction and operation of the new ISR mine at Inkai &#151; including approvals for increased annual production to 5.2&nbsp;million pounds &#151; will be obtained in a timely fashion. However, there can be no certainty that permits or approvals will be forthcoming in a timely
fashion. Failure to obtain approval for increased annual production at Inkai will require Cameco to recategorize half of the mineral reserves at Inkai as mineral resources.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /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,
2007 on a property basis and Cameco&#146;s share.
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" 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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>INDICATED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED AND INDICATED</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: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px 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>
</TR>
<TR style="font-size: 7pt" 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">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" 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>Cameco&#146;s Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>RESOURCES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="35">(tonnes in thousands; pounds in millions)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table 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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">&#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" 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">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">1,603.1</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">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,667.6</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">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 colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <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" 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">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">ISR</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">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">ISR</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">&#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">10,904.0</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">17.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,904.0</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">17.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <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">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.6</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">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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">ISR</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">140.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.72</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">340.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.81</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">8.3</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">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">ISR</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">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">ISR</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">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">ISR</TD>
</TR>
<TR valign="bottom">
    <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">ISR</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">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">ISR</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,533.3</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">29.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,409.3</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">133.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,942.6</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">162.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112.8</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Notes:
</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">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral 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>Mining Method: OP &#151; Open Pit; UG &#151; Underground; ISR &#151; In situ recovery.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are estimated using current geological models. Cameco&#146;s normal data verification procedures have been employed in connection with the mineral resource estimations for each property.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</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 resources that are not mineral reserves do not have demonstrated economic viability.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /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. 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, 2007 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="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="15"><B>INFERRED RESOURCES</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><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>
</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>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s Share</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: 0px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px 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 nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">(tonnes in thousands; pounds in millions)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</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">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" 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">2,765.2</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">8.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:0px; text-indent:0px">Gas Hills&#151;<br>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">ISR</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">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">ISR</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">254,696.0</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">255.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.06</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">
    <TD><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">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <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">ISR</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">309.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.1</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">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">ISR</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">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">ISR</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">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">ISR</TD>
</TR>
<TR valign="bottom">
    <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">ISR</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">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">ISR</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: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">268,084.0</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">504.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">309.0</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>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Notes:
</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">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral 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>Mining Method: OP &#151; Open Pit; UG &#151; Underground; ISR &#151; In situ recovery.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are estimated using current geological models. Cameco&#146;s normal data verification procedures have been employed in connection with the mineral
resource estimations for each property.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</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 resources that are not mineral reserves do not have demonstrated economic viability</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>Inferred resources have a great amount of uncertainty as to their existence and 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.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /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 reconciliation of Cameco&#146;s share of uranium mineral reserves reflects the changes in mineral
reserves during 2007. The additions to mineral reserves were almost equivalent to the amount
extracted as a result of production. There were only modest changes in mineral reserves in 2007.
The more noteworthy of these changes is at Inkai, where 16.9&nbsp;million pounds of reserves were added
as a result of new reserves at block 2, the review of block 1 reserves leading to their alignment
with the Kazakh estimates and categorizations, and updated production plans.
</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">There were only modest changes in Cameco&#146;s share of uranium mineral resources in 2007. 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 Inkai, 2.2&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> were added to the indicated
resources due to the new production plan, which displaces a fraction of the planned
production from block 1 to block 2. The new estimate at block 2 resulted in the upgrading
of 7.7&nbsp;million pounds of inferred resources to the indicated category, which were further
converted to probable 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 Rabbit Lake, following successful underground drilling, all three resource categories
show increases. Measured are up by 2.2&nbsp;million pounds, indicated by 3.9&nbsp;million pounds and
inferred by 2.1&nbsp;million pounds.</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, additional drilling in the 2006 winter and a new structural
interpretation led to an increase in indicated resources of 3.9&nbsp;million pounds.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /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>Gold Reserves and Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following tables show Centerra&#146;s estimated gold reserves and resources as at December&nbsp;31, 2007
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="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Reserves</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="47" style="border-bottom: 1px solid #000000">(Tonnes and Ounces in Thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)</SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Proven (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Probable (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>Total Proven and Probable Reserves</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Estimated</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">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Metallurgical</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Recovery %</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,888</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,546</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">3,679</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,434</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">4,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,582</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">82</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,405</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,048</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">552</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">80</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">Gatsuurt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">90</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">OP</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>&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>
    <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>
    <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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(12)</B></SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13,572</B></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"><B>1,514</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>58,052</B></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"><B>5,441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>71,624</B></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"><B>6,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,663</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>
</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>
<!-- 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="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000"><B>Measured and Indicated Resources</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="43" style="border-bottom: 1px solid #000000">(Tonnes and Ounces in Thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)</SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Measured (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Indicated (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Total Measured and Indicated Resources</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Cameco</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">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(oz) <SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Method <SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">
(5)(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,770</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,741</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,672</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,934</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(5)(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452</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">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,016</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,468</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">134</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></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">6,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></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">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</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>&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>
    <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>
    <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>
</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>19,222</B></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"><B>1,960</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>33,568</B></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"><B>3,793</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>52,790</B></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"><B>5,753</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,792</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>
</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="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="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" style="border-bottom: 0px solid #000000"><B>Inferred Resources</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">(Tonnes and Ounces in Thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)</SUP></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 nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Inferred (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>
</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">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Equity (oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778</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">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor SB Underground<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,796</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,797</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">947</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">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(5)(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,723</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">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437</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">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</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>&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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14,569</B></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"><B>2,770</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,375</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</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>
</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">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with National Instrument 43-101
of the Canadian securities regulatory authorities and in accordance with US Securities and
Exchange Commission Industry Guide 7, reserves have been estimated with cut-off grades based
on a gold price of $550 (US)&nbsp;per ounce.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are in addition to mineral reserves. Mineral resources that are not
mineral reserves do not have demonstrated economic viability when calculated using mineral
reserve assumptions.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco&#146;s equity interest amounts to 52.7% of Centerra&#146;s equity interest of gold reserves and
resources for the properties. Centerra&#146;s equity interests for the properties are: Kumtor
100%, Gatsuurt 100%, Boroo 100% and REN 63%. Upon the completion of the August&nbsp;2007 agreements
with the Kyrgyz government, the issuance of 10&nbsp;million treasury shares of Centerra to Cameco
and Cameco transferring 32.3&nbsp;million shares to the Krygyz government, Cameco would own
approximately 41% of Centerra.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;OP&#148; means open pit and &#147;UG&#148; means underground.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Open pit mineral resources occur outside the current pits, which have been designed using a
gold price of $550 (US)&nbsp;per ounce.</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 open pit mineral reserves and resources at Kumtor are estimated based on a cut-off grade
of 1.0 grams of gold per tonne and include the Central Pit and the Southwest and Sarytor
deposits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Underground mineral resources occur below the Central Pit shell and are estimated based on a
cut-off grade of 7.0 grams of gold per tonne.</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 mineral reserves and resources at Boroo are estimated based on a variable cut-off grade
depending on the type of material and the associated recovery. The cut-off grades range from
0.2 to 0.8 gram of gold per tonne.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves and resources at Gatsuurt are estimated using either a 1.2 or 1.9 grams
of gold per tonne cut-off grade depending on the type of material and the associated 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>The mineral resources at REN are estimated based on a cut-off grade of 8.0 grams of gold per
tonne.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>A conversion factor of 31.10348 grams of gold per ounce is used in the mineral reserve and
resource estimates.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Numbers may not add up due to rounding.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /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>6. OUR RISKS AND RISK MANAGEMENT, PLUS CONTROLS AND PROCEDURES AND CRITICAL ACCOUNTING
ESTIMATES</B>
</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 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"><I>The following discusses our approach to managing our most significant risks that may affect our
future performance. It contains statements and information which are neither about the present nor
historical facts, and are therefore forward-looking. This forward-looking information is based upon
a number of assumptions which may prove to be incorrect, and there are material risk factors that
could cause actual results to differ materially. See &#147;Caution Regarding Forward-Looking Information
and Statements&#148;. Also, see the discussion of the company&#146;s risk factors contained in Cameco&#146;s
annual information form 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.</I>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: 12pt"><I>McArthur River/Key Lake/Rabbit Lake</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to increase the annual production licence capacity at the McArthur River/Key Lake
operation to 22&nbsp;million pounds from 18.7&nbsp;million pounds. As the first step, we submitted an
environmental assessment for an increase in the annual licensed capacity in November&nbsp;2004. The
environmental assessment was delayed due to the discussions with the regulator regarding how
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->76<!-- /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">to deal with the local accumulation of trace amounts of selenium and molybdenum in the downstream
discharge environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The environmental assessment for the increased licence capacity is pending the demonstration of the
effectiveness of our plan to reduce concentration of selenium and molybdenum in the downstream
environment. We expect that reducing the current level of these metals will help advance the
environmental assessment. Refer to the section titled &#147;Uranium Operations &#151; McArthur River/Key
Lake&#148; in this MD&#038;A for more information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further delay in achieving this increase in production negatively affects the company&#146;s potential
revenue due to a delay in the sale of these additional pounds.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 six years, assuming only minor storage capacity losses due to sloughing
from the pitwalls.
</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 environmental
assessment 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. There is a risk that an environmental assessment may be required, which would lengthen
the process.
</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 until the end of 2010, depending on milling rates and ore grades. A higher tailings
elevation has been assessed as part of the environmental assessment to process uranium solution
from Cigar Lake phase 1 mining. The higher tailings elevation will be achieved by expanding the
Rabbit Lake TMF pit crest. The environmental assessment will be undergoing public review and
regulatory decision processes in 2008. Approval of this environmental assessment and subsequent
licence approval is required prior to expanding the tailings facility.
</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 50% 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.
</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: 12pt"><I>Port Hope</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was shut down due to the discovery of contamination beneath the
plant in July&nbsp;2007. Cameco has received regulatory approval to begin installing the structures and
new equipment required for safely restarting and operating the plant. We have started the
replacement of the concrete floors. Additionally, a groundwater management system is coming into
operation
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->77<!-- /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">outside the plant. The Ontario Ministry of Environment has given approval to take groundwater for
treatment. Ultimately acceptance by the CNSC will be required that the system being established
does adequately address risks associated with the contaminated groundwater. Cameco must also
complete and receive CNSC approval for a comprehensive risk assessment that will identify
contaminants that could pose a potential risk to the environment and verify that the selected
treatment methods and technology will effectively mitigate potential risks. Cameco has set a target
of resuming UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at its Port Hope plant in the third quarter of 2008 at the
earliest. Resuming production in the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant will require CNSC approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information, refer to the section titled &#147;Fuel Services Business &#151; Key Performance
Drivers &#151; Production Volume&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to achieve regulatory approvals in a timely fashion could delay the restart of the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant and adversely affect our production and sales.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The environmental assessment study report for the proposed increase in licensed capacity of the
Blind River refinery from 18 to 24&nbsp;million kgU per year is expected to be issued mid-2008 and
licence amendment approval by the fall of 2008. After this approval is received, construction of
modifications to meet the new licensed capacity can be completed. If we do not receive approval for
the licence capacity expansion at Blind River, it would result in reduced UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production
either at our Port Hope conversion facility or the SFL facility. The combined production of
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> 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: 12pt"><I>Cigar Lake</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco received a CNSC licence renewal for a two-year term. The existing licence expires on
December&nbsp;31, 2009. Cameco will be applying to amend the licence to allow for completion of the
mine remediation work prior to the end of the existing licence term. For more information on the
remediation work, see the section titled &#147;Uranium Projects &#151; Cigar Lake&#148; in this MD&#038;A.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Inkai project, there are two production areas currently in development (blocks 1 and 2). In
2005, the regulatory authorities approved the environmental assessment and design plan for a
commercial processing facility in block 1 and we began construction. Cameco expects commercial
production from block 1 in 2008 and will start commercial development of block 2 in 2008. During
the third quarter of 2007, an issue emerged that could affect startup dates and production
estimates for Inkai. A fire at one acid plant in Kazakhstan and a delay in the startup of a new
plant has limited the availability of acid required for mining. Inkai and other ISR operations in
Kazakhstan are receiving acid allotments through Kazatomprom, Cameco&#146;s state-owned joint-venture
partner in the project. These allotments could continue through the second quarter of 2008, or
longer. Inkai is making progress on alternative supply options.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 ISR mine will be obtained in a timely fashion.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->78<!-- /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">Environmental Regulations</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. Following
a public hearing in January&nbsp;2007, the CNSC included a licence condition for the Key Lake mill to
implement this plan. We expect the first phase of the plan to be in place in the first part of
2008. The capital expenditure for implementing this first phase of the action plan is expected to
be $14&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Another example is, due to a change in our licence, we installed a $5&nbsp;million water treatment
circuit to reduce uranium in our discharges in 2006 at Rabbit Lake, despite meeting regulatory
release limits for uranium in water. This project was very successful in reducing uranium
concentrations in 2007 (the first year of operating the modified water treatment circuit). Uranium
loadings were reduced by a factor of 10 in 2007 compared to pre-2004 levels.
</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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For example, learning from our experience at Key Lake, we initiated plans to decrease selenium and
molybdenum at our other northern Saskatchewan operations. At Rabbit Lake, a $29&nbsp;million project is
currently under construction to reduce discharges of these elements.
</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.
In addition, we have decided to add more resources to help the company become an environmental
leader and created a department to focus on accomplishing that objective.
</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>


<P align="center" style="font-size: 10pt"><!-- Folio -->79<!-- /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">Limited Number of Customers</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 limited number of major customers for its sales, and our
fuel manufacturing subsidiary has a significant portion of its sales committed to BPLP and BALP.
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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Uranium and Fuel Services</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the period 2008 through 2010, our five largest customers are anticipated to account for about
43% 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 2008 through 2010, our
five largest UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion customers are anticipated to account for approximately 33%
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, OPG, accounting for approximately 37% of the company&#146;s UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> sales
in 2007. For 2007, one customer of Cameco&#146;s uranium and fuel services amounted to $179&nbsp;million or
12% of our combined revenue from those businesses. As well, sales for BPLP and BALP represented a
substantial portion of its fuel manufacturing business.
</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 eight 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. There are two suppliers of Candu fuel bundles and Cameco&#146;s fuel
manufacturing subsidiary is 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">In 2007, we estimate world production was 109&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>. Eight
producers, including Cameco, provided 86% of this production. Cameco accounted for about 19% of
world production in 2007. World production for 2006 totalled 103&nbsp;million pounds. The 6% increase in
production in 2007 from 2006 was due to higher output from existing mines and new production
centres that are ramping up to full production.
</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 about 35% of the nameplate capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Bruce Power (BPLP)</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also relies on some major customers for its electricity sales. During 2007, electricity
revenue from one customer of BPLP represented about 8% of BPLP&#146;s total revenue.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /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 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: 12pt"><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 than estimated 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 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 has about 19&nbsp;years of reserves at the current production level. At
Rabbit Lake, the current reserves will sustain mill production until 2012. 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. At Rabbit Lake, addition of further reserves will also be dependent on
identifying additional tailings capacity beyond the currently planned expansion. We have been
conducting a tailings option study to identify future tailings capacity at Rabbit Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates Cigar Lake mine production startup in 2011, at the earliest, ramping up to the
company&#146;s share of anticipated 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 following commencement of production. After the mine has been dewatered and
the condition of the underground development has been assessed, the findings will be incorporated
in the new mine development and production plans. As of December&nbsp;31, 2007, Cameco&#146;s share of proven
reserves at Cigar Lake was 113.2&nbsp;million pounds. At the planned production rate, the mine life at
Cigar Lake is expected to total almost 15&nbsp;years.
</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 2007,
Inkai had 142.5&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>

<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /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">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 to a certain extent upon, among other things, geological and statistical inferences, which
may ultimately prove inaccurate.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has unionized employees at its McArthur River mine, Key Lake mill and Port Hope conversion
and fuel manufacturing facilities. In 2007, unionized employees at the conversion and fuel
manufacturing facilities each ratified new collective agreements that Cameco and United
Steelworkers (USW)&nbsp;had negotiated. These new collective agreements will expire on June&nbsp;1, 2009 at
our fuel manufacturing facility, and June&nbsp;30, 2010 at the conversion facility in Port Hope. The
collective agreement covering unionized employees at McArthur River and Key Lake will expire
December&nbsp;31, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has approximately 3,700 employees and most of them are unionized. The Power Workers&#146; Unions,
representing about 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&nbsp;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). A new collective agreement was agreed to for a two-year period ending December&nbsp;31,
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Boroo, Centerra has negotiated a collective agreement, effective December&nbsp;10, 2007, with the
newly formed union representing Boroo employees. The collective agreement expires February&nbsp;1, 2010.
</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: 12pt"><FONT style="font-variant: SMALL-CAPS">Counterparty Risk</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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
our 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, 2007, about 3% of Cameco&#146;s forecast revenue
under contract for the period 2008 to 2010 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 fulfil its delivery
commitment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As previously reported, in October&nbsp;2007, Tenex requested discussions regarding the pricing
structure for the last few years of the remaining term of the HEU commercial agreement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->82<!-- /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">Cameco and its two partners in the commercial agreement continue to maintain a dialogue with Tenex
and initiated discussions in the first quarter of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Aboriginal Title and Consultation Issues</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First Nations and M&#233;tis title claims, as well as related consultation issues, may affect the
ability of Cameco to pursue exploration, development and mining at its Saskatchewan uranium
producing properties (McArthur River and Rabbit Lake) and developmental property (Cigar Lake), as
well as milling ore at Key Lake. Cameco has received formal demands from the English River First
Nation (ERFN)&nbsp;and the M&#233;tis Nation of Saskatchewan to be consulted and accommodated with respect to
development on aboriginal traditional lands, which is an expectation of all aboriginal groups in
Northern Saskatchewan. Pursuant to historical treaties, First Nation bands in northern Saskatchewan
ceded title to most traditional lands in northern Saskatchewan in exchange for treaty lands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the ERFN has selected claims for Treaty Land Entitlement (TLE)&nbsp;designation that
include the Millennium uranium deposit. Similarly, the Peter Ballantyne Cree Nation has selected
lands under the TLE process that cover portions of the mineral claims held by the Dawn Lake joint
venture. The TLE process does not affect the rights of our mining joint ventures, however, it may
have an impact on the surface rights and benefits ultimately negotiated as part of the development
of our two uranium deposits. Cameco, as operator of both affected joint ventures, is investigating
the potential implications of the TLE land issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Managing these issues is an integral part of exploration, development and mining in Canada, and
Cameco is committed to managing these issues effectively. However, in view of the legal and factual
uncertainties, no assurance can be given that these issues will not impact our operations and
future development activities.
</DIV>

<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>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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: 12pt"><I>Uranium</I>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->83<!-- /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: 6pt"><IMG src="o39572o3957106.gif" alt="(PERFORMANCE 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, see &#147;Uranium Price Sensitivity (2008)&#148; and
Uranium Price Sensitivity (2008 to 2012)&#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 retention of 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">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: 12pt"><I>Fuel Services</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of our fuel services 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
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services. The newer fixed-price contracts generally reflect market 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>

<P align="center" style="font-size: 10pt"><!-- Folio -->84<!-- /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"><I>Bruce Power</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly, BPLP reduces price volatility by committing sales under fixed-price contracts. BPLP has
10 TWh sold under fixed-price contracts for 2008. This would represent about 40% 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 $3&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 in 2005
(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, as any
payments received are subject to a recapture payment dependent on the annual spot 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: 12pt"><I>Gold</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 $696 (US)&nbsp;per ounce in 2007 compared to $602 (US)&nbsp;per
ounce in 2006. For 2008, a $25.00 (US)&nbsp;per ounce change in the gold spot price would change Cameco
net earnings by about $7&nbsp;million (Cdn).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign Exchange Risk</B>
</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 a discussion of Cameco&#146;s currency hedging
program, see information under the heading &#147;Foreign Exchange&#148; in this MD&#038;A.
</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>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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. The Kyrgyz Republic and Mongolia 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, publishes the Index of Economic
Freedom. The report is an in-depth analysis of 10 specific factors of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->85<!-- /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">economic freedom that contribute most directly to a country&#146;s degree of economic freedom and
prosperity. The index measures factors such as corruption, trade and investment barriers, fiscal
burden of governments, rule of law, and health, safety, environment and labour regulations in 162
countries. Cameco believes this analysis helps to quantify political risk in developing countries.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 Index of Economic Freedom categorizes the Kyrgyz Republic as &#147;Moderately Free,&#148; with a
rank of 70 out of 162 surveyed countries. Its overall score is about one percentage point higher
than last year, mainly reflecting an improved investment climate. The Kyrgyz Republic is ranked
12th out of 30 countries in the Asia&#151;Pacific region, and its overall score is slightly higher than
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 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 Kyrgyz president 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">The political situation in the Kyrgyz Republic continues to evolve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the first quarter of 2007, the Kyrgyz Parliament began to consider draft legislation that,
among other things, challenges the legal validity of Kumtor agreements with the Kyrgyz Republic,
proposes recovery of additional taxes on amounts relating to past activities, and provides for the
transfer of gold deposits (including Kumtor) to a state-owned entity. If enacted, there would be a
substantial risk of harm to the value of Cameco&#146;s investment in Centerra.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the third quarter of 2007, Cameco and Centerra entered into preliminary agreements with the
Kyrgyz government, which are expected to provide additional business certainty for mining
operations at Kumtor, further align the parties&#146; business interests and support Centerra&#146;s growth
plans. The agreements contemplate a transfer of shares such that Cameco will own about 41% of
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->86<!-- /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">Centerra, the Kyrgyz Republic will own about 29% and the public shareholders will own the remaining
30%. These agreements are subject to a number of conditions, including the approval by Parliament
of the Kyrgyz Republic. There can be no assurance that parliamentary approval will be received or
that the other conditions will be satisfied.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information, see the section titled &#147;Gold &#151; Political Update&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;5, 2008, Centerra issued a press release responding to media reports of a criminal tax
evasion investigation by Kyrgyz authorities against it and its subsidiary Kumtor Gold Company
(KGC). KGC is co-operating with the Kyrgyz financial police with respect to their investigation.
The Kyrgyz financial police have requested information and documents with respect to the Kumtor
project and have interviewed Kumtor personnel. The Kyrgyz Republic State Tax Inspectorate recently
completed audits on KGC for 2003 and 2004 and no material disagreement regarding payable taxes by
KGC were identified. KGC continues to pay all taxes in accordance with local laws and its
investment agreement and believes there is no basis for the investigation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to an agreement dated December&nbsp;7, 2006 between the Kyrgyz government, KGC, Centerra and
Kyrgyzaltyn relating to payments in connection with the 1998 Barskoon cyanide spill, KGC has
advanced to the government a total of $3.7&nbsp;million of the total agreed amount of $4.4&nbsp;million and
accrued the balance of $0.7&nbsp;million. These funds have been distributed to members of the local
communities by a government committee created for such purpose. As part of the new Kumtor
Agreement, Centerra has agreed to reconsider the terms of the agreement with a view to forgiving
the government&#146;s debt.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 Index of Economic Freedom categorizes Mongolia as &#147;Moderately Free,&#148; with a rank of 62 out
of 162 surveyed countries. Its overall score is three percentage points higher than last year,
reflecting improvements in several economic freedoms. Mongolia is ranked 10th 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">The Mongolian Parliament continues to debate recent changes to mining legislation and the
applicability of the windfall profit tax, as well as state participation in various mining
projects. The windfall tax applies at the rate of 68% on sales of gold above $500 (US)&nbsp;per ounce.
Under the new minerals law, a deposit may be deemed to be a mineral deposit of strategic
importance. If a deposit is deemed strategic, the state may take up to a 34% interest in those
strategic deposits in respect of which exploration was funded privately, or a 50% interest in those
strategic deposits in respect of which exploration was funded by Mongolia. On February&nbsp;6, 2007,
Parliament designated the Boroo deposit as strategic but resolved that Mongolia would take no
interest, as the deposit would continue to be subject to the terms of the existing stability
agreement. While the Mongolian government has acknowledged that neither the windfall profit tax nor
the strategic deposit provisions will apply to the Boroo mine, it has not yet agreed to provide
similar protection to Centerra&#146;s Gatsuurt project and may yet determine Gatsuurt to be of strategic
importance.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->87<!-- /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">Centerra received approvals for Gatsuurt in situ reserves and resources from the Government of
Mongolia on December&nbsp;27, 2007. This paves the way for commencement of negotiations of a definitive
agreement with the government. However, the political situation in the country continues to be
unsettled, which may affect the negotiation process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;13, 2007, Centerra suspended its development operations at Gatsuurt, other than those
necessary to maintain the property in good standing and comply with permits, pending finalization
of the terms of an investment agreement with the Mongolian government and resolution of the
Gatsuurt LLC claim. Material increases in potential production costs at Gatsuurt could impact the
economic recovery of ore from the deposit and, ultimately, a decision to develop the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The country is preparing for parliamentary elections in June of 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To partially mitigate the risk of losses, Centerra continues to purchase political risk insurance.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 Index of Economic Freedom categorizes Kazakhstan as &#147;Moderately Free,&#148; with a rank of 76
out of 162 surveyed countries. Its overall score is 1.4&nbsp;percentage points higher than last year,
mainly reflecting an improvement in trade freedom. Kazakhstan is ranked 13th out of 30 countries in
the Asia-Pacific region, and its overall score is slightly higher than the regional average.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 government. Cameco has agreed to provide
funding of up to $200&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">A new Kazakh law took effect in 2007 allowing the government to renegotiate previously signed
subsoil use agreements. Cameco does not have any reason to believe the new law will be applied to
uranium projects. However, it is a concern going forward and we continue to monitor how the
government uses this new legislation.
</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: 12pt"><FONT style="font-variant: SMALL-CAPS">Restructuring of Ontario&#146;s Electricity Industry</FONT>
</DIV>


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

<P align="center" style="font-size: 10pt"><!-- Folio -->88<!-- /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">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, but the
government continues to have an influence on the market in part through: (1)&nbsp;minister directives
to the Ontario Power Authority (OPA)&nbsp;for procurement of generation, (2)&nbsp;entering into long-term
supply agreements with developers via the OPA and (3)&nbsp;its interest as an owner of OPG in the future
of coal and nuclear generation<B>.</B>
</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>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s businesses are subject to a number of operational risks and hazards, which, if one or more
of them occur, could impact us significantly. These risks and hazards include environmental
pollution, accidents or spills; industrial accidents; social or political activism, including
blockades; regulatory changes; non-compliance with laws; fire; natural phenomena, including
underground floods, cave-ins and pitwall failures; encountering unusual or unexpected geological
conditions; adverse ground 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 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.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the unique geological conditions of the deposits at McArthur River, Cigar Lake and Rabbit
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 River mine suspended
mining for nearly three months and was a major setback to development of new mining zones as
revised mining plans were subsequently prepared and improved controls were put in place to access
the zone where the inflow occurred. 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. The company is currently in the process of mine remediation. For more information, see
the section titled &#147;Uranium Projects &#151; Cigar Lake&#148; under &#147;Uranium Business&#148; in this MD&#038;A.
</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">The baseload contracts put in place to support the development of Cigar Lake contain supply
interruption language that allows Cameco to reduce, defer or cancel deliveries in the event of any
delay or shortfall in Cigar Lake production. Cameco has held discussions with its customers
concerning the possible effects of the uranium production delay at Cigar Lake and, as a result,
deferred 2007 and 2008 deliveries to the end of the various contracts. For deliveries scheduled
beyond 2008 discussions will occur closer to the delivery date.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the remainder of Cameco&#146;s contracts that are impacted by supply interruption language, in 2007
almost 4&nbsp;million pounds of deliveries were deferred five to seven years. Of this volume,
approximately 3&nbsp;million pounds were committed for delivery in 2007 or 2008 at market-related prices
and the remainder has been placed into contracts with deliveries in 2008 and beyond. No deferrals
of deliveries as a result of the supply interruption provisions in these contracts are planned for
2008 as the impact of those provisions is expected to be minimal. Supply interruption provisions
for 2009 and beyond are being evaluated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2007, Cameco announced it had temporarily reduced underground activities at Rabbit
Lake, as a precautionary measure, due to an increase of water inflow from a mining area at the same
time the capacity of the surface water-handling system was reduced while equipment was being
upgraded. In early January&nbsp;2008, Rabbit Lake operations resumed normal mining activities after site
crews located and plugged the source of the water inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has operational controls in place that are intended to reduce risk of water inflow,
including detailed procedural training for employees, equipment inspections and testing, ground
control inspections by our site engineers, and a program of rock mechanics reviews. In addition,
there is a renewed focus on safety culture, with systems that imbed risk assessments and job hazard
analysis into daily activities, and increased accountability at all levels of our organization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Jet Boring Mining Method at Cigar Lake</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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
technical challenges exists. We are confident we 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 problems and solutions might be, we cannot
predict the costs at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Transition to New Mining Areas at McArthur River</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are currently mining in zone 2 (panels 1, 2, and 3) at the McArthur River mine and will continue
to mine exclusively in these areas through 2008. In 2009, we expect to transition to panel 5 of
zone 2 and bring lower zone 4 into operation. Zone 1 is also expected to begin production in late
2009. All production from these zones will continue to come from our mining
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->90<!-- /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">method of raiseboring. For more information on this transition, see the section under &#147;Uranium
Business&#148; titled &#147;Uranium &#151; Capability to Deliver Results &#151; Transition to New Mining Areas&#148; in
this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to successfully transition to new zones could delay production and could result in a loss
of sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Boxhole Boring Mining Method at McArthur River</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 some
experience with boxhole boring as we have previously 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 risks mitigated.
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 was ordered late in 2006. Design of specialized components was completed
in 2007, along with mine planning of the test area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Delivery of the boxhole boring machine is anticipated for the first half of 2008 and the initial
test boring is planned for the second half of the year. We have confidence we 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: 12pt"><I>Kumtor Highwall Ground Movement</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;8, 2002, a highwall ground movement at the northern end of the Kumtor pit resulted in the
death of one of Centerra&#146;s employees and the temporary suspension of mining operations. The
movement led to a considerable shortfall in 2002 gold production because the high-grade zone was
rendered temporarily inaccessible. Consequently, Centerra milled lower grade ore and achieved lower
recovery rates. In February&nbsp;2004, there was also movement detected in the southeast wall of the
open pit and, in February&nbsp;2006, there was further movement detected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2006, a pitwall ground movement occurred involving a significant portion of the northeast
wall. 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 where mining had been
planned for 2007. While the stockwork area was not covered, safety concerns identified in an
engineering analysis undertaken after the event required a new mining sequence, which deferred
production from the area. Although Centerra employs extensive efforts to prevent further ground
movement, there is no guarantee against further ground movements. A future ground movement could
result in a significant interruption of operations. Centerra may
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->91<!-- /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">also experience a loss of reserves or material increase in costs if it is necessary to redesign the
open pit as a result of a future ground movement. The consequences of a future ground movement will
depend upon the magnitude, location and timing of any such movement. If mining operations are
interrupted to a significant magnitude or the mine experiences a significant loss of reserves or
materially higher costs of operation, this would have an adverse impact on Centerra&#146;s future cash
flows, earnings, results of operations and financial condition, and a resulting negative impact on
Cameco&#146;s financial results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As disclosed in the first quarter of 2007, minor slope movement was detected in the waste dump
above the SB zone highwall in the central pit. At that time, the waste dump slopes were designed at
a 33-degree angle. An initial geotechnical drilling and analysis program was undertaken in the
second quarter to determine whether a lower design slope angle would be required to stabilize the
waste dump and, if so, to determine the effect on future production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In a press release issued on July&nbsp;19, 2007, Centerra reported that independent geotechnical experts
had completed their preliminary analysis of the previously reported highwall waste dump movement
and the preliminary findings of the glacial till characterization. They subsequently recommended
stabilizing the area by using lower slope angles through the underlying till layer and overlying
waste dump. The lower slope angles required the removal of more waste than previously planned and
delayed access to the SB zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further technical assessment since July of 2007, including additional geotechnical drilling, till
analysis, dewatering tests and geophysical surveys now indicates that till layers are approximately
40% thinner than originally thought and that the till appears to be amenable to dewatering and,
therefore, the designed pitwall angle may be able to be steepened to near the original design. A
series of geotechnical drill holes converted to pumping wells allowed for two pumping tests to be
performed that provided the necessary hydrological information within the warmer and unfrozen tills
to conclude that a depressurizing and dewatering program may be beneficial to the till
consolidation and the slope stability. A till depressurizing and till dewatering program has been
initiated with guidance from a third-party consulting firm and will be undertaken in 2008. If
successful, this program will allow the steepening of the pitwall slope angle to near its original
design and the removal of much less waste than originally expected in July, which may have the
impact of lowering costs in future years and maximizing the extraction of the open pit SB zone
ores.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The establishment of the depressurization and dewatering programs does not impact Centerra&#146;s gold
production guidance for 2008. But, as the warmer unfrozen tills are exposed by mining activities in
2009, the depressurization and dewatering programs will need to be fully functional to allow the
geotechnical consolidation of the tills and to mine at the planned pitwall angles in 2009 and
thereafter. The inability to establish fully effective and efficient depressurization and
dewatering programs may have an adverse impact on Centerra&#146;s future cash flows, earnings, results
of operations and financial condition, and a resulting negative impact on Cameco&#146;s financial
results.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 and labour market conditions.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->92<!-- /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">Periodically, Cameco re-estimates its total decommissioning and reclamation costs, based on current
operations to date, for its operating assets. At the end of 2007, the total estimate was $440
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 small percentage of total estimated decommissioning and reclamation costs are
expected to be incurred over the next five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2007, Cameco&#146;s accounting provision for future reclamation costs totalled $285
million, which represents the present value of the $440&nbsp;million mentioned above. At the end of
2006, the accounting provision for reclamation costs was $228&nbsp;million. The provision increased by
$57&nbsp;million in 2007 due to higher estimates for decommissioning of the Saskatchewan minesites. The
revised estimates for these operations were approximately double prior amounts, which were based on
studies completed about five years earlier. The increase is largely due to higher expected costs
for labour and equipment. See note 9 in the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco typically provides letters of credit (LC)&nbsp;to provide financial assurances, where required,
for decommissioning and reclamation costs. Cameco&#146;s LCs issued in support of reclamation
liabilities totalled $300&nbsp;million at the end of 2007 (2006 &#151; $213&nbsp;million). Since 2001, all
Cameco&#146;s North American operations have had in place LCs 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: 12pt"><FONT style="font-variant: SMALL-CAPS">Safety, Health, Environment And Quality</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 quality system 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 environmental and regulatory standards are met. For 2007, we
invested about $85&nbsp;million for environmental monitoring, protection and assessment programs; and
$10&nbsp;million for safety and health programs. The increased expenditures year-over-year are due
primarily to an upgrade in the reverse osmosis plant and additional costs for bulk neutralization
at Key Lake, the addition of a mill clarifier at Rabbit Lake, the remediation project at the Port
Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion facility, and the inclusion of Cigar Lake expenditures (which were
not included in 2006).
</DIV>

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

<P align="center" style="font-size: 10pt"><!-- Folio -->93<!-- /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">Electricity Business</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 2007, estimated capacity factors for the four B units were expected to average in the low 90%
range. The actual capacity factor for 2007 was 89%. 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 2008, BPLP plans to invest $90&nbsp;million in sustaining capital.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2007, 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, 2007 that have materially affected, or are reasonably likely to materially affect, our internal
control over financial reporting.
</DIV>

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


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

<P align="center" style="font-size: 10pt"><!-- Folio -->94<!-- /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">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 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 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 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: 12pt"><B>NEW ACCOUNTING PRONOUNCEMENTS</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2008, Cameco will adopt the new Canadian standard, Handbook Section&nbsp;3031,
<I>Inventories</I>, which supersedes Handbook Section&nbsp;3030 and converges with the International Accounting
Standard Board&#146;s recently amended standard IAS 2, Inventories.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The standard introduces significant changes to the measurement and disclosure of inventory. The
measurement changes include the elimination of the last in first out method (LIFO), the requirement
to measure inventories at the lower of cost and net realizable value, the allocation of overhead
based on normal capacity, the use of the specific cost method for inventories that are not
ordinarily interchangeable or goods and services produced for specific purposes, the requirement
for an entity to use a consistent cost formula for inventory of a similar nature and use, and the
reversal of previous writedowns to net realizable value when there is a subsequent increase in the
value of inventories. Disclosures of inventories have also been enhanced. Inventory policies,
carrying amounts, amounts recognized as an expense, writedowns and the reversals of writedowns are
required to be disclosed.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->95<!-- /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">The adoption of this new standard is not expected to have a material impact on Cameco&#146;s financial
statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Financial Instruments &#151; Disclosure and Presentation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2008, Cameco will adopt two new Canadian standards: Handbook Section&nbsp;3862,
<I>Financial Instruments &#151; Disclosures </I>and Handbook Section&nbsp;3863, <I>Financial Instruments &#151;
Presentation</I>. These sections replace Handbook Section&nbsp;3861, <I>Financial Instruments &#151; Disclosures
and Presentation</I>, and enhance the users&#146; ability to evaluate the significance of financial
instruments to an entity, related exposures and the management of these risks.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2008, Cameco will adopt the new Canadian standard, Handbook Section&nbsp;1535,
<I>Capital Disclosures</I>. This section establishes standards for disclosure of both qualitative and
quantitative information that enable users to evaluate the company&#146;s objectives, policies and
processes for managing capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>USE OF NON-GAAP FINANCIAL MEASURES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Adjusted net earnings, a non-GAAP measure, should be considered as supplemental in nature and not a
substitute for related financial information prepared in accordance with GAAP. Consolidated net
earnings are adjusted in order to provide a more meaningful basis for period-to-period comparisons
of the financial results. The following table outlines the adjustment to net earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Adjusted Net Earnings</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="6"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6"><B>Year ended</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&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="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>2006</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>2006</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings (per GAAP)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>61</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>40</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>416</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>376</B></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>Adjustments</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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Agreement with Kyrgyzstan</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">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</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">Stock option plan amendment</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">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in income tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of interest in Fort &#224; la Corne</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 nowrap align="left">&nbsp;</TD>
    <TD align="right">(29</TD>
    <TD nowrap>)</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>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjusted net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>64</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>40</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>603</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>274</B></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>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->96<!-- /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>QUALIFIED PERSONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The technical and scientific information discussed in this MD&#038;A was prepared by or under the
supervision of the following individuals, who are qualified persons for the purposes of National
Instrument 43-101, with respect to the following material properties:
</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>McArthur River/Key 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Doug Beattie (Key Lake), mine manager, Rabbit Lake operations, 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>David Bronkhorst, general manager, McArthur River operations, 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, principal metallurgist, 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, 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>Greg Murdock, technical superintendent, McArthur River operations, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Les Yesnik, general manager, Key Lake operations, Cameco.</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>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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Scott Bishop, chief mine engineer, Cigar Lake project, 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, principal metallurgist, 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>Doug McIlveen, chief geologist, Cigar Lake project, 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="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, Cameco.</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>Kumtor:</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, vice-president, exploration, Centerra.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Statements contained in this MD &#038; A which are not current statements or historical facts are
&#147;forward-looking information&#148; (as defined under Canadian securities laws) and &#147;forward-looking
statements&#148; (as defined in the U.S. Securities Exchange Act of 1934, as amended) which may be
material and that involve risks, uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by them. Sentences and phrases containing words
such as &#147;believe&#148;, &#147;estimate&#148;, &#147;anticipate&#148;, &#147;plan&#148;, &#147;predict&#148;, &#147;goals&#148;, &#147;targets&#148;, &#147;projects&#148;,
&#147;may&#148;, &#147;hope&#148;, &#147;can&#148;, &#147;will&#148;, &#147;shall&#148;, &#147;should&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;is designed to&#148;, &#147;continues&#148;,
&#147;with the intent&#148;, &#147;potential&#148;, &#147;strategy&#148; and the negative of these words, or variations of them,
or comparable terminology that does not relate strictly to current or historical facts, are all
indicative of forward-looking information and statements. Examples of forward-looking information
and statements include, but are not limited to: our expectations regarding future worldwide
uranium supply and demand; our expectations regarding long-term uranium contracting levels in 2008;
the volume of uranium production in 2008 at our various operations; our ability to achieve full
sustainable annual production at our McArthur River and Key Lake operations and the timeframe for
doing so; the date that the new SR-2 facility at Smith Ranch-Highland will become operational, and
its operating life; the expected dates for completion of dewatering and resumption of production at
Cigar Lake; our estimates regarding future annual production levels at Inkai; our uranium
production outlook for 2008 through 2012; our 2008 outlook for uranium, including the calculation
of tiered royalties, uranium price sensitivity for 2008 and the price sensitivity table for 2008
through 2012 and related discussion; the target date for resuming UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> production at Port
Hope; the 2008 fuel services outlook; the BPLP outlook for 2008; the gold outlook for 2008; and our
consolidated outlook for 2008.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>There are material risk factors that could cause actual results to differ materially from the
forward-looking information and statements contained in this MD &#038; A. Factors that could cause such
differences include, without limitation: 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 financial results and operations of BPLP and Centerra Gold Inc.; the impact of change in
foreign currency exchange rates (such as Canadian/US rates) and interest rates; imprecision in
production, decommissioning, reclamation, reserve and tax estimates; litigation or arbitration
proceedings (including as the result of disputes with joint venture partners); inability to enforce
legal rights; defects in title; environmental, safety and regulatory risks including increased
regulatory burdens and long-term waste disposal (such as the risk of uranium and production-associated chemicals affecting the soil at the Port
Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->97<!-- /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"><I>conversion plant); unexpected or challenging geological or hydrological
conditions (including at the McArthur River, Cigar Lake and Rabbit Lake deposits); adverse mining
conditions; political risks arising from operating in certain developing countries (including the
Kyrgyz Republic, Kazakhstan and Mongolia); terrorism; sabotage; a possible deterioration in
political support for nuclear energy; changes in government regulations and policies, including tax
and trade laws and policies (including new legislation in Kazakhstan allowing the government to
renegotiate previously signed agreements); demand for nuclear power; replacement of production
(including through placing Inkai and Cigar Lake into production and transitioning to new mining
zones at McArthur River); the risk of uranium and conversion service providers failure to fulfill
delivery commitments or to require material amendments to agreements relating thereto (including
the Russian HEU Agreement); 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 (including further highwall ground movement at the Kumtor mine) and
cave-ins; ability to maintain and further 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; availability of reagents, equipment, operating parts and supplies critical to
production (including the availability at the company&#146;s operations in Kazakhstan); decrease in
electrical production due to planned outages extending beyond their scheduled periods or unplanned
outages; success and timely completion of planned development and remediation projects (including
the remediation of and return to pre-flood construction and development at Cigar Lake and the
remediation of, and resumption of production at, the Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> conversion plant);
failure of our radiation protection plans and other development and operating risks. There may be
other factors that cause actions, events or results not to be as anticipated, estimated or
intended. These factors are not intended to represent a complete list of the material risk factors
that could affect Cameco. Additional risk factors are noted elsewhere in this MD &#038; A and in
Cameco&#146;s current annual information form.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Forward-looking information and statements are based on a number of assumptions which may prove to
be incorrect, including, but not limited to, assumptions about: the absence of material adverse
changes in the ability of Cameco&#146;s business units to supply product and services, other than as
disclosed; there being no disruption of supply from third party sources; there being no significant
changes in current estimates for sales volume, purchases and prices for uranium, conversion
services, electricity in Ontario, and gold; the expected spot prices and realized prices for
uranium (including an assumed uranium spot price of $74.00 (US)&nbsp;per pound, which was the UxC spot
price as of March&nbsp;3, 2008, for the purposes of certain uranium price sensitivity information); the
assumptions discussed under the heading &#147;Uranium Price Sensitivity (2008 to 2012)&#148;; the average
gold spot price; Cameco&#146;s effective tax rate; there being no significant adverse change in foreign
currency exchange rates or interest rates; there being no significant changes in production,
decommissioning, reclamation and reserve estimates; the HEU supplier&#146;s compliance with its delivery
commitments; there being no significant changes in Cameco&#146;s ability to comply with current
environmental, safety and other regulatory requirements, and the absence of any material increase
in regulatory compliance requirements; Cameco&#146;s ability to obtain regulatory approvals in a timely
manner; the success and timely completion of our Cigar Lake dewatering and remediation efforts
without further disruptions (including favourable results of geotechnical assessments); the status
of geological, hydrological and other conditions at Cameco&#146;s and Centerra&#146;s mines, including the
accuracy of our expectations regarding the condition of existing underground workings; the absence
of any material adverse effects arising as a result of political instability, terrorism, sabotage,
natural disasters, adverse changes in government legislation, regulations or policies, or
litigation or arbitration proceedings; continuing positive labour relations, and that no
significant strikes or lockouts will occur; and the success and timely completion of planned
development and remediation projects and the replacement of production. Forward-looking information
and statements are also based upon the assumption that none of the identified material risk factors
that could cause actual results to differ materially from the forward-looking information and
statements will occur.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The forward-looking information and statements included in this MD &#038; A represent Cameco&#146;s views as
of the date of this MD &#038; A and should not be relied upon as representing Cameco&#146;s views as of any
subsequent date. While Cameco anticipates that subsequent events and developments may cause its
views to change, Cameco specifically disclaims any intention or obligation to update
forward-looking information and statements, whether as a result of new information, future events
or otherwise, except to the extent required by applicable securities laws. Forward-looking
information and statements contained in this MD &#038; A about prospective results of operations,
financial position or cash flows that is based upon assumptions about future economic conditions
and courses of action is
presented for the purpose of assisting Cameco&#146;s shareholders in understanding management&#146;s current
views regarding those future outcomes, and may not be appropriate for other purposes.</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->98<!-- /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"><I>There can be no assurance that forward-looking information and statements will prove to be
accurate, as actual results and future events could vary, or differ materially, from those
anticipated in them. Accordingly, readers of this MD &#038; A should not place undue reliance on
forward-looking information and statements. Forward-looking information and statements for time
periods subsequent to 2008 involve greater risks and require longer-term assumptions and estimates
than those for 2008, and are consequently subject to greater uncertainty. Therefore, the reader is
especially cautioned not to place undue reliance on such long-term forward-looking information and
statements.</I>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 -->99<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>o39572exv99w4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.4</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For fiscal years ended December&nbsp;31, 2007 and December&nbsp;31, 2006, KPMG LLP and its affiliates
were paid by Cameco Corporation and its subsidiaries the following fees:
</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</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>Total</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>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Cameco and Canadian joint ventures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">890,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">834,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra and other subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">661,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">895,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; 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:30px; text-indent:-15px">Total Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,551,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">78.3</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,729,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">82.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit-Related Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Sarbanes-Oxley 404 scoping project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">90,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco consultative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</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:30px; text-indent:-15px">Centerra consultative</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Zircatec &#151;  specified procedures</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"><B>&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; 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:30px; text-indent:-15px">Total Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">239,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">148,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Tax Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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:30px; text-indent:-15px">Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">130,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">167,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Planning and advice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,700</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; 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:30px; text-indent:-15px">Total Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">189,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">219,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>All Other Fees:</B></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>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; 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 Fees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,980,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,096,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; 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 align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U> Pre-Approval Policies and Procedures</U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Cameco&#146;s corporate governance practices, under Cameco&#146;s audit committee charter, the
audit committee is required to pre-approve the audit and non-audit services performed by the
external auditors. Unless a type of service which is to be provided by the external auditors
receives general pre-approval, it requires specific pre-approval by Cameco&#146;s audit committee or
audit committee chair, or in the absence of the audit committee chair, a member of the audit
committee as designated by the audit committee. All pre-approvals granted pursuant to the
delegated authority must be presented by the member(s) who granted the pre-approvals to the full
audit committee at its next meeting. The audit committee has adopted a written policy to provide
procedures to implement the foregoing principles.
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>o39572exv99w5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.5</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">To the Board of Directors of Cameco Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We consent to the inclusion in this annual report on Form 40-F 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our auditors&#146; report dated February&nbsp;28, 2008 on the consolidated balance sheets of Cameco
Corporation as at December&nbsp;31, 2007 and 2006 and the consolidated statements of earnings,
shareholders&#146; equity, comprehensive income and cash flows for the years then ended,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>our Comments by Auditors for US Readers on Canada-US Reporting Differences, dated February&nbsp;27, 2008,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><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>our auditors&#146; report on reconciliation to United States GAAP dated February&nbsp;27, 2008, 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our Report of Independent Registered Public Accounting Firm dated February&nbsp;27, 2008 on the
Company&#146;s internal control over financial reporting as of December&nbsp;31, 2007,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each of which is contained in this annual report on Form 40-F of the Company for the fiscal year
ended December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also consent to the incorporation by reference of such reports in the registration statements
(Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco Corporation Stock Option Plan,
and registration statement (No.&nbsp;333-139324) on Form S-8 for the Cameco Corporation Employee Share
Ownership Plan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 50%">/s/ KPMG LLP

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 50%">Chartered Accountants

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saskatoon, Canada<BR>
March&nbsp;31, 2008

</DIV>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>o39572exv99w6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.6</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Gerald W. Grandey, certify that:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this report on Form 40-F of Cameco Corporation;</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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</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">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the issuer as of, and for, the periods presented in this report;</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">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the issuer and have:</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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which
this annual report is being prepared;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</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">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on
such evaluation; 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">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that
has materially affected, or is reasonably likely to materially affect, the issuer&#146;s
internal control over financial reporting; 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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the
audit committee of the issuer&#146;s board of directors (or persons performing the equivalent
function):</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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the issuer&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other employees
who have a significant role in the issuer&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</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">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">       <I>/s/ Gerald W. Grandey</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Gerald W. Grandey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">President &#038; Chief Executive Officer<BR>
(Principal Executive Officer)&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>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>o39572exv99w7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.7</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, O. Kim Goheen, certify that:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this report on Form 40-F of Cameco Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the issuer as of, and for, the periods presented in this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the issuer and have:</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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which
this report is being prepared;</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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such internal
control over financial reporting to be designed under our supervision, to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</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">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on
such evaluation; 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">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that
has materially affected, or is reasonably likely to materially affect, the issuer&#146;s
internal control over financial reporting.</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">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the
audit committee of issuer&#146;s board of directors (or persons performing the equivalent
function):</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">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the issuer&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any fraud, whether or not material, that involves management or other employees
who have a significant role in the issuer&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</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">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">                                                    <I>/s/ O. Kim Goheen</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">O. Kim Goheen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD colspan="3" align="left">Senior Vice-President &#038; Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>o39572exv99w8.htm
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


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

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Cameco Corporation (the &#147;Company&#148;) on Form 40-F for
the year ended December&nbsp;31, 2007, as filed with the Securities and Exchange Commission on the date
hereof (the &#147;Report&#148;), I, Gerald W. Grandey, President &#038; Chief Executive Officer of the Company,
certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; 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="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">   <I>/s/ Gerald W. Grandey</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gerald W. Grandey&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">President &#038; Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">March&nbsp;31, 2008
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>o39572exv99w9.htm
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.9</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350,<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Cameco Corporation (the &#147;Company&#148;) on Form 40-F for
the year ended December&nbsp;31, 2007, as filed with the Securities and Exchange Commission on the date
hereof (the &#147;Report&#148;), I, O. Kim Goheen, Senior Vice-President &#038; Chief Financial Officer of the
Company, certify, pursuant to 18 U.S.C. section 1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</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">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
Exchange Act of 1934; 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="1%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">   <I>/s/ O. Kim Goheen</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">O. Kim Goheen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice-President &#038; Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">March&nbsp;31, 2008
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>o39572exv99w10.htm
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.10</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;The Nuclear
Business &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;), under the heading &#147;Qualified Persons&#148; in
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation for the year
ended December&nbsp;31, 2007 (the &#147;MD&#038;A&#148;) and in the 40-F, and to disclosure of a scientific and
technical nature pursuant to which I have acted in a supervisory capacity under the heading &#147;The
Nuclear Business &#151; Reserves and Resources&#148; of the AIF and under the heading &#147;Qualified Persons&#148; in
the MD&#038;A.
</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">     <I>/s/         Alain Mainville</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Alain Mainville&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Director, Mineral Resources Management, Cameco Corporation&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>12
<FILENAME>o39572exv99w11.htm
<DESCRIPTION>EXHIHIT 99.11
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w11</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.11</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I
hereby consent to the use of and reference to my name under the
heading &#147;Centerra Gold Inc.&nbsp;&#151; Reserves and
Resources&#148; in the Company&#146;s Annual Information Form for the
year ended December&nbsp;31, 2006, dated March&nbsp;28, 2007 (the
&#147;AIF&#148;), under the heading &#147;Gold&nbsp;&#151; Qualified
Person&#148; in Management&#146;s Discussion and Analysis of
Financial Condition and Results of Operation for the year ended
December&nbsp;31, 2006 (the &#147;MD&#38;A&#148;) and in the 40-F,
and to disclosure of a scientific and technical nature pursuant to
which I have acted in a supervisory capacity under the heading
&#147;Centerra Gold Inc.&nbsp;&#151; Reserves and Resources&#148; of
the AIF and under the heading &#147;Gold&nbsp;&#151; Qualified
Person&#148; in the MD&#38;A.
</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">          <I>/s/ Ian Atkinson</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Ian Atkinson&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Vice President, Exploration, Centerra Gold Inc.&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>13
<FILENAME>o39572exv99w12.htm
<DESCRIPTION>EXHIBIT 99.12
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w12</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.12</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;The Nuclear
Business &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;), under the heading &#147;Qualified Persons&#148; in
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation for the year
ended December&nbsp;31, 2007 (the &#147;MD&#038;A&#148;) and in the 40-F, and to disclosure of a scientific and
technical nature pursuant to which I have acted in a supervisory capacity under the heading &#147;The
Nuclear Business &#151; Reserves and Resources&#148; of the AIF and under the heading &#147;Qualified Persons&#148; in
the MD&#038;A.
</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">      <I>/s/         Doug Beattie</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Doug Beattie&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Mine Manager, Rabbit Lake operations, Cameco Corporation&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13
<SEQUENCE>14
<FILENAME>o39572exv99w13.htm
<DESCRIPTION>EXHIBIT 99.13
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w13</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.13</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;The Nuclear
Business &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;), under the heading &#147;Qualified Persons&#148; in
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation for the year
ended December&nbsp;31, 2007 (the &#147;MD&#038;A&#148;) and in the 40-F, and to disclosure of a scientific and
technical nature pursuant to which I have acted in a supervisory capacity under the heading &#147;The
Nuclear Business &#151; Reserves and Resources&#148; of the AIF and under the heading &#147;Qualified Persons&#148; in
the MD&#038;A.
</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">         <I>/s/ Chuck Edwards</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Chuck Edwards&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Principal Metallurgist, Mining, Cameco Corporation&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.14
<SEQUENCE>15
<FILENAME>o39572exv99w14.htm
<DESCRIPTION>EXHIBIT 99.14
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w14</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.14</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;The Nuclear
Business &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;), under the heading &#147;Qualified Persons&#148; in
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation for the year
ended December&nbsp;31, 2007 (the &#147;MD&#038;A&#148;) and in the 40-F, and to disclosure of a scientific and
technical nature pursuant to which I have acted in a supervisory capacity under the heading &#147;The
Nuclear Business &#151; Reserves and Resources&#148; of the AIF and under the heading &#147;Qualified Persons&#148; in
the MD&#038;A.
</DIV>

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">    <I>/s/ Greg Murdock</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Greg Murdock&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Technical Superintendent, McArthur River, Cameco Corporation&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.15
<SEQUENCE>16
<FILENAME>o39572exv99w15.htm
<DESCRIPTION>EXHIBIT 99.15
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w15</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.15</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;The Nuclear
Business &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007 dated March&nbsp;28, 2008 (the &#147;AIF&#148;), under the heading &#147;Qualified Persons&#148; in
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation for the year
ended December&nbsp;31, 2007(the &#147;MD&#038;A&#148;) and in the 40-F, and to disclosure of a scientific and
technical nature pursuant to which I have acted in a supervisory capacity under the heading &#147;The
Nuclear Business &#151; Reserves and Resources&#148; of the AIF and under the heading &#147;Qualified Persons&#148; in
the MD&#038;A.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
     <TD width="48%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
     <TD valign="top" align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/         David Bronkhorst</I>
&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">David Bronkhorst&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">General Manager, McArthur River, Cameco Corporation&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: March&nbsp;31, 2008

</DIV>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.16
<SEQUENCE>17
<FILENAME>o39572exv99w16.htm
<DESCRIPTION>EXHIBIT 99.16
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w16</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.16</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;The Nuclear
Business &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28 2008 (the &#147;AIF&#148;), under the heading &#147;Qualified Persons&#148; in
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation for the year
ended December&nbsp;31, 2007 (the &#147;MD&#038;A&#148;) and in the 40-F, and to disclosure of a scientific and
technical nature pursuant to which I have acted in a supervisory capacity under the heading &#147;The
Nuclear Business &#151; Reserves and Resources&#148; of the AIF and under the heading &#147;Qualified Persons&#148; in
the MD&#038;A.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
      <TD width="48%">&nbsp;</TD>
  <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
     <TD valign="top" align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/         Doug McIlveen</I>
&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Doug McIlveen&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Chief Geologist, Cigar Lake project, Cameco Corporation&nbsp;</TD>
      <TD align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: March&nbsp;31, 2008

</DIV>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.17
<SEQUENCE>18
<FILENAME>o39572exv99w17.htm
<DESCRIPTION>EXHIBIT 99.17
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w17</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.17</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;The Nuclear
Business &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;), under the heading &#147;Qualified Persons&#148; in
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation for the year
ended December&nbsp;31, 2007 (the &#147;MD&#038;A&#148;) and in the 40-F, and to disclosure of a scientific and
technical nature pursuant to which I have acted in a supervisory capacity under the heading &#147;The
Nuclear Business &#151; Reserves and Resources&#148; of the AIF and under the heading &#147;Qualified Persons&#148; in
the MD&#038;A.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
     <TD width="48%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
     <TD valign="top" align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/         Scott Bishop</I>
&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Scott Bishop&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Chief Mine Engineer, Cigar Lake project, Cameco Corporation&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: March&nbsp;31, 2008

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.18
<SEQUENCE>19
<FILENAME>o39572exv99w18.htm
<DESCRIPTION>EXHIBIT 99.18
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w18</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.18</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;The Nuclear
Business &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;), under the heading &#147;Qualified Persons&#148; in
Management&#146;s Discussion and Analysis of Financial Condition and Results of Operation for the year
ended December&nbsp;31, 2008 (the &#147;MD&#038;A&#148;) and in the 40-F, and to disclosure of a scientific and
technical nature pursuant to which I have acted in a supervisory capacity under the heading &#147;The
Nuclear Business &#151; Reserves and Resources&#148; of the AIF and under the heading &#147;Qualified Persons&#148; in
the MD&#038;A.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
     <TD width="48%">&nbsp;</TD>
   <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
      <TD valign="top" align="left">&nbsp;</TD>
  <TD>&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/         Les Yesnik</I>
&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Les Yesnik&nbsp;</TD>
     <TD align="left">&nbsp;</TD>
   <TD>&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">General Manager, Key Lake operations.&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Date: March&nbsp;31, 2008

</DIV>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.19
<SEQUENCE>20
<FILENAME>o39572exv99w19.htm
<DESCRIPTION>EXHIBIT 99.19
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w19</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.19</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors of Cameco Corporation

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have audited Cameco Corporation&#146;s internal control over financial reporting as of December&nbsp;31,
2007, based on the criteria established in Internal Control&#151;Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). The corporation&#146;s
management is responsible for maintaining effective internal control over financial reporting and
for its assessment of the effectiveness of internal control over financial reporting, included in
the accompanying management&#146;s discussion and analysis<B>. </B>Our responsibility is to express an opinion
on the corporation&#146;s internal control over financial reporting based on our audit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed
risk. Our audit also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A corporation&#146;s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. A corporation&#146;s internal control over financial reporting includes those policies and
procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the corporation; (2)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the corporation are being made only in accordance with authorizations of management
and directors of the corporation; and (3)&nbsp;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the corporation&#146;s assets that
could have a material effect on the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, the corporation maintained, in all material respects, effective internal control
over financial reporting as of December&nbsp;31, 2007, based on the criteria established in Internal
Control&#151;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also have conducted our audits on the consolidated financial statements in accordance with
Canadian generally accepted auditing standards. We also have conducted our audit in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Our report dated
February&nbsp;27, 2008 expressed an unqualified opinion on those consolidated financial statements.
</DIV>



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

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saskatoon, Canada

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;27,
2008

</DIV>


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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.20
<SEQUENCE>21
<FILENAME>o39572exv99w20.htm
<DESCRIPTION>EXHIBIT 99.20
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w20</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.20</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>RECONCILIATION TO UNITED STATES GAAP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reconciliation to United States GAAP &#151; Cameco Corporation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The consolidated financial statements of Cameco are expressed in Canadian dollars in accordance
with Canadian generally accepted accounting principles (Canadian GAAP). The following
adjustments and disclosures would be required in order to present these consolidated financial
statements in accordance with accounting principles generally accepted in the United States (US
GAAP).
</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>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reconciliation of earnings in accordance with Canadian GAAP to earnings determined in
accordance with US GAAP:</B></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="76%">&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" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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>Net earnings under Canadian GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>416,112</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>375,715</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add (deduct)&nbsp;adjustments for (d):</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:30px; text-indent:-15px">Pre-operating costs (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stripping costs (ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52,773</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,020</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Hedges and derivative instruments (iii) (iv)</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">5,668</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Earnings from BPLP (iii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,003</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Tax uncertainties and business combinations (viii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,727</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation (ix)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,998</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uncertain tax positions &#091;g (i)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,226</TD>
    <TD nowrap>)</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">Income tax effect of adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(25,033</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(14,258</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest effect of adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,719</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,326</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><TD>&nbsp;</TD></TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>434,490</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>358,215</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedges and derivative instruments (iii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,076</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized actuarial gain (x)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized actuarial gain transferred to net earnings (x)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,900</TD>
    <TD nowrap>)</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">Foreign currency translation adjustments (v)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(111,169</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,631</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized loss on available-for-sale securities (vi)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(107</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additional pension obligation (vii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(31,568</TD>
    <TD nowrap>)</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>Comprehensive income under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>466,285</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>380,247</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>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic net earnings per share under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.02</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>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings per share under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>1.18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>0.97</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>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comparison of balance sheet items determined in accordance with Canadian GAAP to balance
sheet items determined in accordance with US GAAP:</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>(i)</B>&nbsp;<B>Balance Sheets</B></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" colspan="17" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>2006</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Canadian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>US</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Canadian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>US</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GAAP</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- 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">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,291,144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,108,165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,354,424</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,235,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment &#091;e&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,437,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,786,850</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,198,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,589,873</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets and goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">290,431</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables, investments and other &#091;e&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425,478</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348,528</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,371,382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4,572,250</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,140,429</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4,464,645</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" 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>
    <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">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">684,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">490,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">501,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">393,803</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt &#091;e&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,295</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">696,691</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">228,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities &#091;e&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,959</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232,641</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160,761</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,674</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">339,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">257,508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" 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>
    <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">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,191,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,664,961</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,998,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,570,358</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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">400,071</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">395,745</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">Shareholders&#146; equity</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:30px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">819,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">819,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812,769</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contributed surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,563</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">507,753</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,779,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,428,206</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,344,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</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:45px; text-indent:-15px">&#151; net actuarial loss &#091;d(x)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(178,708</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(180,630</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&#151; transitional obligation</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 nowrap align="right">&nbsp;</TD>
    <TD align="right">(165</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&#151; prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,438</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,041</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&#151; cumulative translation account &#091;d&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(150,935</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(129,713</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39,766</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(18,545</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&#151; hedges and derivative instruments &#091;d(iii)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,734</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">37,070</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">&#151; available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" 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 accumulated other comprehensive income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(134,491</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(39,766</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(166,311</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,743,861</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,499,239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,741,382</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,498,542</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,371,382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4,572,250</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,140,429</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4,464,645</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<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="100%" style="background: transparent"><B>(ii)</B>&nbsp;<B>Components of accounts payable and accrued liabilities are as follows:</B></TD>
    <TD width="0%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="0%"><B>&nbsp;</B></TD>
    <TD></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>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">265,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">204,087</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">273,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">188,733</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taxes and royalties payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,061</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total accounts payable and accrued liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>541,283</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>382,626</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>392,679</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>307,628</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The effects of these adjustments would result in the consolidated statements of cash
flows reporting the following under US GAAP:</B></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="76%">&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" colspan="9" style="border-bottom: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">713,996</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">398,100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in investing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(446,184</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(495,378</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(429,129</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(175,602</TD>
    <TD nowrap>)</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: 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>(d)</B></TD>
 <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3"><B>A description of certain significant differences between Canadian GAAP and US GAAP follows:</B></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>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pre-Operating Costs</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, pre-operating costs incurred during the commissioning phase of a
new project are deferred until commercial production levels are achieved, subject to
time limitations. Under US GAAP, such costs are expensed as incurred as required by
AICPA Statement of Position 98-5, Reporting on the Cost of Start-Up Activities.
McArthur River commercial production commenced March&nbsp;1, 2000 for US GAAP and November
1, 2000 for Canadian GAAP. Differences in capitalized costs are amortized over the
estimated lives of the assets to which they relate.</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>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stripping Costs</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, stripping costs incurred during the production phase by mining
companies to remove overburden and other mine waste materials in order to access
mineral deposits, can be either expensed or capitalized given the specifics of the
situation. Under US GAAP, stripping costs are deemed to be variable production costs
that should be included in the costs of the inventory produced during the period that
the stripping costs are incurred. Stripping costs of $53,740,000 were incurred in 2007
(2006 &#151; $6,020,000) and capitalized at Centerra&#146;s mines under Canadian GAAP. Under US
GAAP, adjustments were made to expense these amounts. Differences in capitalized costs
are amortized over the estimated lives of the assets to which they relate. In 2007, an
adjustment was made to reduce the amount of depreciation charged to earnings by
$967,000 (2006 &#151; nil).</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>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Hedges and Derivative Instruments</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under US GAAP, all derivative instruments are recognized on the balance sheet as either
assets or liabilities measured at fair value. Changes in the fair value of derivatives
are recognized in earnings unless specific hedge criteria are met to qualify as a cash
flow hedge. Changes in the fair value of derivatives that qualify as fair value hedges,
are recognized in earnings in the same period as the hedged items. Changes in the fair
value of the effective portion of a cash flow hedge are deferred in other comprehensive
income with any ineffectiveness of the hedge recognized immediately on the statement of
earnings. Canadian GAAP related to this matter was amended to be consistent with US
GAAP on a prospective basis effective January&nbsp;1, 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to 2004, forward points were included in the assessment of hedge effectiveness
for Canadian GAAP purposes and excluded for US GAAP purposes. The cumulative impact of
this difference was $16,042,000 at December&nbsp;31, 2003, of which $2,173,000 was
recognized in 2006. At the end of 2006, all differences had been recognized.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For amounts included in the balance sheet as accumulated other comprehensive income as
at
December&nbsp;31, 2006, a loss of $615,000 (after tax) related to the hedging of foreign
exchange risk. The impact on other comprehensive income for 2006 was a loss of
$22,497,000.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BPLP also has certain derivative instruments that qualify for hedge accounting. For
amounts included in the balance sheet as accumulated other comprehensive income as at
December&nbsp;31, 2006, a gain of $37,685,000 (after tax) related to the hedging of
electricity price risk. The impact</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>on other comprehensive income for hedge accounting for 2006 was a gain of $62,573,000.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to August&nbsp;2003, certain BPLP energy contracts did not qualify for hedge
accounting under US GAAP as the documentation required for hedge accounting was not
contemplated at the time of entering into the contracts. Accordingly, changes in the
fair value of these contracts were charged to US GAAP earnings. Under Canadian GAAP,
hedge accounting was applied prior to August&nbsp;2003, resulting in differences to be
recognized in future periods. As a result of this past difference in hedge accounting
treatment, a loss of $1,003,000 was recognized in 2006. At the end of 2006, all
differences had been recognized.</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>(iv)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Embedded Derivative Instruments</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under US GAAP, all derivative instruments are recognized on the balance sheet as either
assets or liabilities measured at fair value. Prior to 2007, under Canadian GAAP,
derivatives embedded within hybrid instruments were not separately accounted for. In
2006, certain of Cameco&#146;s sales contracts contained embedded foreign currency
derivatives. As a result they were separately accounted for under US GAAP and
$7,841,000 was recognized in earnings in 2006. Canadian GAAP related to this matter
was amended to be consistent with US GAAP on a prospective basis effective January&nbsp;1,
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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(v)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cumulative Translation Account</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under US GAAP, exchange gains and losses arising from the translation of our net
investments in foreign operations are included in comprehensive income. In addition,
exchange gains and losses of any foreign currency debt designated as hedges of those
net investments are included in comprehensive income. Cumulative amounts are included
in accumulated other comprehensive income on the balance sheet. Canadian GAAP related
to this matter was amended to be consistent with US GAAP on a prospective basis
effective January&nbsp;1, 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(vi)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Available-for-Sale Securities</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prior to January&nbsp;1, 2007, under Canadian GAAP, portfolio investments were accounted for
using the cost method. Under US GAAP, portfolio investments classified as
available-for-sale securities are carried at market values with unrealized gains or
losses reflected as a separate component of shareholders&#146; equity and included in
comprehensive income. Canadian GAAP related to accounting for these investments was
amended to be consistent with US GAAP on a prospective basis effective January&nbsp;1, 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(vii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Additional Pension Obligation</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under US GAAP, for defined benefit pension plans, an unfunded accumulated benefit
obligation should be recorded as an additional minimum pension liability. Under
Canadian GAAP there is no requirement to recognize an additional minimum pension
liability. In 2006 for the BPLP benefit plans, the impact on other comprehensive
income is a loss of $31,568,000. The amount in accumulated other comprehensive income
at December&nbsp;31, 2006, was a net actuarial loss of $31,568,000. As a result of the
implementation of Statement No.&nbsp;158, Employers&#146; Accounting for Defined Benefit Pension
and Other Post-retirement Plans (&#147;FAS 158&#148;) &#091;note (d)&nbsp;x&#093;, there is no requirement to
determine an additional minimum liability for years after 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>(viii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Tax Uncertainties and Business Combinations</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uncertainties related to income taxes may exist at the time of a business combination,
which affect the recognition of future income tax assets. These uncertainties may
result because the realizability of the future income tax asset is uncertain, or
because the existence of the asset is uncertain.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under US GAAP, when a future income tax asset acquired in a business combination that
was not recognized as an identifiable asset by the acquirer at the date of the
acquisition (for realizability or
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>existence issues) is subsequently recognized by the acquirer, the benefit should be
applied as follows: 1) first to reduce to zero any goodwill related to the acquisition;
2) second to reduce to zero other non-current intangible assets related to the
acquisition; 3) third to reduce income tax expense.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, this approach only applies to tax uncertainties related to
realizability. If the tax uncertainty is related to existence, then subsequent
adjustments related to the tax uncertainties would be treated as a change in
management&#146;s estimates and directly recorded to earnings. In 2006, a tax uncertainty
due to existence was removed related to assets acquired by Centerra from Kyrgyzaltyn in
2004 when Centerra acquired an additional 66.7% interest in Kumtor Gold Company. As a
result, a gain of $6,098,000 was recorded to income tax for Canadian GAAP purposes. An
adjustment of $3,727,000 was made to reallocate part of the gain to goodwill for US
GAAP purposes.</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>(ix)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock-Based Compensation</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, in accordance with EIC 162 &#091;note 3(b)&#093;, Cameco recognizes
stock-based compensation expense over the shorter of the period to eligible retirement
or the vesting period for stock-based awards granted on or after January&nbsp;1, 2003.
Under US GAAP, this accounting treatment is applied to stock-based awards granted on or
after January&nbsp;1, 2006. Stock-based awards granted prior to January&nbsp;1, 2006, are
recognized over the full vesting period of the award. As a result, an adjustment was
made to increase stock compensation expense by $1,947,000 in 2007 (2006 &#151; $3,998,000).</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2007, the company amended its stock option program, introducing a cash settlement
feature for the exercise of employee stock options. Under Canadian GAAP, options that
include a cash settlement feature are classified as liabilities and carried at their
intrinsic value. The intrinsic value is marked to market each period with an
offsetting adjustment to expense. Under US GAAP, the liabilities are required to be
remeasured to their fair value as of the date of the financial statements. For US GAAP
purposes, the fair value of the options was determined using the Black-Scholes
option-pricing model. As a result, compensation expense for 2007 has been reduced by
$76,126,000 (2006 &#151; nil).</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>(x)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2006, the FASB issued Statement No.&nbsp;158, Employers&#146; Accounting for Defined
Benefit Pension and Other Post-Retirement Plans, an amendment of FASB Statements No.
87, 88, 106 and 132(R). FAS 158 requires an entity to recognize the funded status of a
benefit plan in the balance sheet and to recognize the existing unrecognized net gains
and losses, unrecognized prior service costs, and unrecognized net transition assets in
other comprehensive income. There is no similar requirement under Canadian GAAP.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the Cameco benefit plan, the cumulative effect of the change in policy on the
balance sheet at December&nbsp;31, 2006 was to decrease shareholders&#146; equity by $4,646,000
(net actuarial loss of $4,481,000 and transitional obligation of $165,000), decrease
long-term receivables, investments and other by $6,749,000 and decrease future income
taxes by $2,103,000. For 2007, a loss of $2,696,000 was included in other
comprehensive income.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the BPLP benefit plan, the cumulative effect of the change in policy on the balance
sheet at December&nbsp;31, 2006 was to decrease shareholders&#146; equity by $148,622,000 (net
actuarial loss of $144,581,000 and prior service cost of $4,041,000), decrease
long-term receivables, investments and other by $215,393,000 and decrease future income
taxes by $66,771,000. For 2007, a gain of $17,101,000 was included in other
comprehensive income.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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 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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2007, the Canadian government enacted amendments to the Canadian Income Tax Act that
provide for a reduction in the general corporate income tax rate. The cumulative
effect on the income tax
liability related to the aforementioned adjustments for pension and other
post-retirement benefits was an increase of $10,715,000.</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>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment in BPLP</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, Cameco accounts for its interest in BPLP by the proportionate
consolidation method. Under US GAAP, Cameco is required to equity account for its
investment and record in earnings its proportionate share of their net earnings measured in
accordance with US GAAP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Convertible Debentures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under US GAAP, convertible debentures are to be classified entirely as debt rather than
equity. Due to the difference, accretion related to the equity component of convertible
debentures for Canadian GAAP should be reversed for US GAAP purposes. Since all interest
related to the debentures is being capitalized under both US and Canadian GAAP, the
adjustment only affects the balance sheet. The cumulative effect is to decrease
shareholders&#146; equity by $30,473,000, increase long-term debt by $19,948,000 and decrease
property, plant and equipment by $10,525,000 at December&nbsp;31, 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="1%" nowrap align="left"><B>(g)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes in Accounting Policy</B></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>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accounting for Uncertainty in Income Taxes</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2006, the FASB issued Financial Interpretation No.&nbsp;48, Accounting for
Uncertainty in Income Taxes &#151; an interpretation of FASB Statement No.&nbsp;109 (&#147;FIN 48&#148;).
FIN 48 provides additional guidance on how a company is to recognize, measure and
disclose uncertain tax positions that it has taken in its tax filings. Canadian GAAP
has no similar requirements related to uncertain tax positions.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2007, Cameco adopted the provisions of FIN 48 and upon adoption,
reclassified $16,757,000 from deferred income tax liabilities to current liabilities
for income taxes. In addition the company recorded an increase in the liability for
unrecognized income tax benefits of $1,604,000 at January&nbsp;1, 2007. The increase in the
liability was offset by corresponding decreases of $892,000 in retained earnings and
$712,000 in minority interest.</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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For 2007 an expense of $2,226,000 has been recognized for changes in uncertain tax
positions with a corresponding $864,000 adjustment to minority interest.</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>(h)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Future Changes in Accounting Policy</B></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>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Framework on Fair Value Measurement</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2006, the FASB issued Statement No.&nbsp;157, Fair Value Measurements (&#147;FAS
157&#148;). FAS 157 defines fair value, establishes a framework for measuring fair value in
GAAP and expands disclosures about fair value measurements. FAS 157 will be effective
for financial statements issued for fiscal years beginning after November&nbsp;15, 2007.
However, certain elements of the standard related to non-financial assets and
liabilities have been deferred to fiscal years beginning on or after November&nbsp;15, 2008.
Cameco does not expect the adoption of this statement will have a material impact on
its consolidated financial statements.</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>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fair Value Option for Financial Assets and Liabilities</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In February&nbsp;2007, the FASB issued Statement No.&nbsp;159, The Fair Value Option for
Financial Assets and Liabilities (&#147;FAS 159&#148;). FAS 159 provides an entity the option to
measure many financial instruments and certain other items at fair value that are not
otherwise currently required. FAS 159 also establishes presentation and disclosure
requirements for assets and liabilities measured at fair value in an effort to allow
comparisons between entities that choose alternative </TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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>methods. Cameco does not expect
the adoption of this statement will have a material impact on its consolidated
financials 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>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Noncontrolling Interests in Consolidated Financial Statements</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December&nbsp;2007, the FASB issued Statement No.&nbsp;160, Noncontrolling Interests in
Consolidated Financial Statements (&#147;FAS 160&#148;). FAS 160 specifies that noncontrolling
interests be treated as a separate component of equity, not as a liability or other
item outside of equity. FAS 160 is effective for periods beginning on or after December
15, 2008 and will be applied prospectively to all noncontrolling interests, including
any that arose before the effective date. Cameco does not expect the adoption of this
statement will have a material impact on its consolidated financial statements.</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>(iv)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Business Combinations</B></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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December&nbsp;2007, the FASB issued a revised standard on accounting for business
combinations, Statement No.&nbsp;141(R), Business Combinations (&#147;FAS 141(R)&#148;). FAS 141(R)
specifies a number of changes including: an expanded definition of a business, a
requirement to measure all business acquisitions at fair value, a requirement to
measure noncontrolling interests at fair value and a requirement to recognize
acquisition-related costs as expenses. FAS 141R is applicable to business combinations
occurring after December&nbsp;15, 2008.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>AUDITORS&#146; REPORT ON RECONCILIATION TO UNITED STATES GAAP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors of Cameco Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;27, 2008, we reported on the consolidated balance sheets of Cameco Corporation as at
December&nbsp;31, 2007 and 2006 and the consolidated statements of earnings, shareholders&#146; equity,
comprehensive income and cash flows for the years then ended which are included in the annual
report on Form 40-F. In connection with our audits of the aforementioned consolidated financial
statements, we also have audited the related supplemental note entitled &#147;Reconciliation to United
States GAAP &#147; included in the Form 40-F. This supplemental note is the responsibility of the
corporation&#146;s management. Our responsibility is to express an opinion on this supplemental note
based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, such supplemental note, when considered in relation to the basic consolidated
financial statements taken as a whole, presents fairly, in all material respects, the information
set forth therein.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;27, 2008
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /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>COMMENTS BY AUDITORS FOR US READERS ON CANADA &#151; US REPORTING DIFFERENCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors of Cameco Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the United States, reporting standards for auditors require the addition of an explanatory
paragraph (following the opinion paragraph):
</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>that refers to the audit report on the corporation&#146;s internal control over financial
reporting. Our report to the shareholders dated February&nbsp;27, 2008 is expressed in
accordance with Canadian reporting standards, which do not require a reference to the
auditors&#146; report on the corporation&#146;s internal control over financial reporting in the
auditors&#146; report on the consolidated financial statements.</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>when there is a change in accounting principles that has a material effect on the
comparability of the corporation&#146;s financial statements such as the changes described in
note 3 to the consolidated financial statements. Our report to the shareholders dated
February&nbsp;27, 2008 is expressed in accordance with Canadian reporting standards, which do
not require a reference to changes in accounting principles in the auditors&#146; report when
the change is properly accounted for and adequately disclosed in the financial statements.</TD>
</TR>

</TABLE>
</DIV>

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;27, 2008
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.21
<SEQUENCE>22
<FILENAME>o39572exv99w21.htm
<DESCRIPTION>EXHIBTI 99.21
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w21</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.21</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;Centerra Gold
Inc. &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;) and in the 40-F, and to disclosure of a
scientific and technical nature pursuant to which I have acted in a supervisory capacity under the
heading &#147;Centerra Gold Inc. &#151; Reserves and Resources&#148; of the AIF.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Henrik Thalenhorst</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Henrik Thalenhorst&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Strathcona Mineral Services Limited, Professional Geoscientist&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.22
<SEQUENCE>23
<FILENAME>o39572exv99w22.htm
<DESCRIPTION>EXHIBTI 99.22
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w22</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.22</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;Centerra Gold
Inc. &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;) and in the 40-F, and to disclosure of a
scientific and technical nature pursuant to which I have acted in a supervisory capacity under the
heading &#147;Centerra Gold Inc. &#151; Reserves and Resources&#148; of the AIF.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Dan Redmond</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Dan Redmond&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Centerra Gold Inc., Professional Geoscientist&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</DIV>


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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.23
<SEQUENCE>24
<FILENAME>o39572exv99w23.htm
<DESCRIPTION>EXHIBIT 99.23
<TEXT>
<HTML>
<HEAD>
<TITLE>exv99w23</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.23</B>
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;40-F&#148;) of Cameco Corporation (the
&#147;Company&#148;) to be filed with the United States Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I hereby consent to the use of and reference to my name under the heading &#147;Centerra Gold
Inc. &#151; Reserves and Resources&#148; in the Company&#146;s Annual Information Form for the year ended
December&nbsp;31, 2007, dated March&nbsp;28, 2008 (the &#147;AIF&#148;) and in the 40-F, and to disclosure of a
scientific and technical nature pursuant to which I have acted in a supervisory capacity under the
heading &#147;Centerra Gold Inc. &#151; Reserves and Resources&#148; of the AIF.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Sincerely,<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR><TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left"><I>/s/ Iain Bruce</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">Iain Bruce&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR><TR>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">BGC Engineering Inc., Professional Engineer&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
</TABLE>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;31, 2008
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>25
<FILENAME>o39572o3957200.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o39572o3957200.gif
M1TE&.#EAC`!>`.8``,7!OOKZ^EM65>SKZ::AG&IE8HF"?)..C'ES;DI$0CHU
M,V->7**=F:NGH[>RK8%[=\C'QT,\.7MV<N7CXN+AW@L("3$L*W)N:VEB7D=`
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M]^OJYW=O:FA>6?W]_<[,R\S'PT]'1%]64A(/#VQI9P<%!O___R'Y!```````
M+`````",`%X```?_@'^"@X2%AH>(B8J+A@,A"T84C).4E9:7F)F*%`0",6X[
MDIJCI*6FHP,$<!5^%7`[+*>RL[2G3U:L?KH==;6^O\"'6P16+KK'7QTB$\'-
MSJ8?.PFYQ\=(0"'/VMN3+!(9U>&M$6K<YN>$=1WBX3%@(NCQVAS@[+I\8D7R
M^\X]1#'V*H@!HJ4*OX.^*'@HPZY"#"0(9AABH06"ESEW$&JT-.6,/3X;\JPX
M5"="F1(HYFQ<J6C`$X_L5.PPA`)!A"_''*89R;+GH"MMQ!@3I\*&P4'#-BP9
MFE.!F1<^?7Y8@S-<LAU'!>$Q,RV@E1]#HJX<D`.+N`I+G`RZ,\>+!(;V_W15
M4'$#HUB$#H2PHR&`T!P4)?C$K>8PY=V#%Y:<!<+FYXP2-*A9+:-'@@T9;.P>
MEJ<A0]5J$;I<&33#"1_)QUQDN!"$!YX!FQ$^4&QUV2`*/VBP^\)W1]C8&U4(
MKO:E3*&.]FC8`<YO!9U!*_+$U#<HCP)["!P<6L&AB'?OS'\=N`%B$!,U9S=D
M_0-&MS@,76`/FB#"20D%*O+GWR#@1I3PIJR`AP\7_"=("T2($\,8@P2P@G#A
M.$3`%@TR880`6`P7#@UPW(#&``$`J`D>"K@``R%HJ"#.&5-`)YV"4!1"AP=,
MQ<6'"F3P)&(E,QI#PP&$R/#9,05(,0@]XGSA1O\A*&R`VF`N>/#<CI/0L88*
MK.APPB`OB)"D!Z,)`@%MU5A@0(-TE`#08!%:\`.5BSCH`9:Z6$'`("$\H""0
M@EP1@H9R+?#!(%6<<!J;26:@`9R(D,""$BY0DP`.@S3@A#A8;"D("PPD"00A
M2"+*SA(/,'I(%%,,Z0<&``PRA1[B1-#`(`X@(,Z/A+"QIJCAW&AJ(5%@*$X=
M@PKB03V@S2I(K>+8&>23O%;`QZ^"U##$`AT\B<"B@CP0@3A[9",(`PO$JNP?
M%-C`:US4_C$,M'YL.XBWXL@KR!$)F#L("`:L:T^[+-01E[U_T!L.P08G2ZNM
M_HK3KB#JL(/PM^'HP</_("((H.\@,C3L\,,L[%``:A.+DX$1@QC1A#A+C$#(
M#*JN6]S#@KQ`3#@%M'IOON$H8`.>>K:3`R$0P.6Q"Q'0+(A+0\HZ"`$8B%-&
M$(-(,<)BA+0`A<>[]**T((`-YZP@41SAZ<LUZI+`G8+\%3.B?/CP]2!SS""'
M8%,/0D(/9UT0QB`DWBK'6G-,@06\[/`A`!ES_Y1"`1W$\"EI:?OA!J6"4&!V
MA&><^\<0/^"":`4NR)'&E(W_<04:3NCP@WQ_H`%3-5B4TZ<4D8:#=!4JU6P&
M$C2\W8H+%@C`1IBI$^)$`=H)8H(=XL1=2(GL%+'>"@#8H</;7V0`3_*'#,%!
M_RQ+XW"6%<T+0H`%[%C``%2"!$"%"1#8\``&$420``8CA,`!,^`[Q!R0-X<)
MQ``U-$@"(28`AEWE)`$7N%@A!O`"`#2@`3@`P`1Z%T!*),"!K:`![P;!`">Q
M(P9Z@``3=-1!4Q1!1>*P'B$.X!YVE$$-W&KA*7P`*%VX@`>H6T$:#A@7%UBA
M#E%@H0XQ<0**$28!)XI?%=*`!.%)JP,*V(`/%D"'$"W1$E%80,QHX(86H&D-
M%A!>3CK@ABY^\1)!,%HU8A`C0M`!"')LB!6>\$9,3.`$PJL#^0;Q/"LNP$!]
MM,0<.``Y=G2@`&T@Q!5,H`0PG($:%?B"$T)`@D1B@O\*`'`#"'51A@4H805>
M_,,*0K`#"0"/#[4#`>P\"<<,]-"'">"!"5@8`#J(0`X^D(`;::F)'<#P+"Z0
M0`Z)68LJV."8$5I"`CQ@)&8V<P<=$-Z-"K"##XC"FK)P0H8&HP()8`Z<LEB#
M%=BD`K6@<Q8!BXL=3/!.6M2`!0*HH2[X8@+DU5,6(OA@:B+PO7_6P@$^R`42
M"FK06@QA"BZ8PF]^]0(&(&`!`A#`&)PP!3)\LPT&8.@Y:D"!&5"@!HRB`P!V
M`(0"9$`',7"!"V+0@3/$80TY"$(0%B"&Y324$E500@$.ETD:J&`#2$4"3/G@
M@C*48:9U_"DCBF"!7%1`!WO_H,Y?#*"'=1R#CE)=!'T@5`$:`*$-63@*6RC@
MA1Y(('=\L$!8$\$!`B!!%U\XPP&&P,%"K.`#<\JD<>9JB#G<0"^Z<!,C>GF!
M[0V6L(1HDE6%20DI]($/CX6L(*"PJ[%18@=GR*QF@W<,8EGB`T=0("&HP`,G
MN`&I2'7#!4:`ND$,@0!KD"T#_B`%#_@`MCZ`P92&(8`2`)<`5$`$!::P`.,B
M-0%<<((4_$D(&ZCAM[`MP0)&`+]"4,`("_"!<S<`72=,B%"2"<(W)T&!%#!T
M`&VXP!FP@(0-`"^O8.C!3SC`AAU@P`I?B$`=6C""".3.#RY(0`_FT`(>8("T
M/BR`_T0*08(A-$`/6*!!#`Y(.A6<P`0H)1P;G!"!)>1G"0=<@@`8L)X_3"`-
M32A#!TRL@@XP5048Z,%1BA`.&9CB%A7@12R>A]?'TB,RQX@`%+;FAR]\IC@H
M\(%N9/H9Z0$+`\9000:6?.`O2-0O*#A@##+@G0?`2A<JH`[&[NH'*S3!.W70
M02YD(@CH':,,$#!%[C90B#)4Y0FP<0D`U`"73+I`D'^HP@M3$X,(\/$/&GAK
MELXT"!0D(!F(!EL)AN*"H0GBCSC10XL`1[TFIV,=RJ'G(.C`@Z%T0"T).H88
MM$`*$D0A%WPFA)]U@8!8!&``5-C!=9JL`!ZP`*5SJ((/AO\2`_+(9Y742R`A
MY-`!%W#AV'0S`,\J(`!QV4`,3;;!>L-@`#+=;GL50`(`DMN@%ER*V`1@LBXR
MP`%26.N`+NB+KJNRARP0H@$4L[82+P`7*\C`GU[0`T"0%K\5^#D&<+B@Q!O0
M!)[Y00Q`^D`!!#-KOVH`##J09N:.P`H:+`"5A0#EH6BP!WE?G-:E:*X`^#0_
M-"#9#U`P8Z4HQA=#/`"&.2^$U@#R!2P(PM:LB($%$L#TID<@C4ZV0*ENL$X_
M-&&0U45`'=@6.#^HH%2(6`).BN-R//LB!7:`9M!WOD]]$^+GNEC[((;>Y,'&
MTP]\H(%3]\YWIXJA5$[PJ@P9,8/_H7P]$1G8E02(X^-3T"$$3N""&,Z0@`/+
M_0\`;[O/@:[SN7.V[H*0PAYT$8$<0.#TJ$\]!+3`A#^,84V#7X0,Y@SV0^RA
MAF0(APUFJ8D0P,`''<#"&`[0``A?/O-^Z'DAX([SSA_H\S/[@Q;`[8<,['82
M`AA*[!71,5WH0`*)F,TQZ'!@/UR@6*/`0WOX<`8G1/(/NV[^OWGN]GEQ7NC0
M'RP:V.?UVB\B^[I@`'_#"-WG!Z^6"(NF"W]0:EXW$Z1`/6<`:(,0?\='?YL7
M=\[W!W07?5KC0_6G"`!8??5&@%5A98>0@'[P!R^1$WU039A`9'X0`PO09U51
M@9JW?/>7_S7YESG]H@L1R'NKY@$A@0&T\05*4%N$0"+SE"+'D&N'8``Z`'H#
M(`=FX7T7,$R+\`$&4`+3)3O>AP`TB('S=X-OEX.>1W2#M0(:,%`@0%U_8"56
MX`,KP``6AP1K@(1_,`--$`,X,``LL#*Z@`6V80@*EWRJ%00"4!5?@`1I0`%]
M50@.T@('\$'3533>MP9V\6O&YWS(IWQE*(8ZB(;Q0P=$1#HW\`$4\@?R0TE(
M8`%K\`=AE`M\P(@L,`%5,`$4@`=`D`%8,%W#L')[P`&I]`=L(1P58`$%98ER
M$0,[`$#;D0?_X`(*("9PX0(^8!@N87F<:($X"(IG"'J#D'BI(?\$;*-2=N!D
MAR0(-)03,5`'!U`$(F``5L`'.D!I@@`A379*8(83^68(XG@,':`'!F`8?Y`'
M(I`$*E(!!.5Y[)@!)A&#N1!@9[`D?V!,<E$"AK``:^("$_:-#A%9@3$87Y`S
M\P%(Y.1_?Q`V/G0!U10%-[!P4F((''`#E8=7,:`#]854"H`%'=`!5G``7>",
M5``"!T8Z-'`&"*`&9!(#5I`$(F`3&L(7#\`$'\!<2V!5<%``I1(%(O!Z5K4`
M"+!;=5,`E8-W'L8![/8'<\`")W!S.>$"<;`#K><77@`#9_`%018!`N`&.\D'
M$6`#3#",ML4#9E``;B`&^I&8"=`'.4#3`&_05PZ2`POP=#:U!CN@`1IP`0F@
M`DC@!$'0``=0!TD@!*0I!#Z0!`CP!GE@`')`!*4I!$E0`&#8!0=0`*\I!')0
M!RZC.C)0F(>9'PG@!![0C(]80`>P!@NPF6>0`0N0`QZ%""W``"T5!QD@!D0`
M!@4`!`V`AX50`U+P!`?P`.(YG@]@`Q.%"%$P`A[04=\4!?8C`EE0`[:6`@Y0
MG_99GP-``2!PG_R)+E'`G_:)2'_@G>`IG@0P!&FI7!]```]P!`P@H(KP`@Y0
,!`_@`"#078,0"``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>26
<FILENAME>o39572o3957201.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o39572o3957201.gif
M1TE&.#EA7@+_`.8``"4B(JFGIXF&AYF6EK2RL_3S\[VZNGEV=\7"PVEF9_KZ
M^>SKZUE75_S\_.3CX\S*RDE&1]S;V]33T\"\O;BTM<C$Q?KY]OS]^:ZKK)Z;
MFXZ+B\_,S&YK;/OZ^GY[>]_=W?;U]/W^_M?5U,3`P//Q[UY;7/[^_;RXN.;E
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M?LG)R;>WMV%A8>'AX("`@$].3K^_OY*2DC\]/I&/CO[^_O___R'Y!```````
M+`````!>`O\```?_@'^"@X2%AH>(B81^C'];#7Z.D8J4E9:7F)F:FYR=GI^@
MH:*7C(Q;?WY;IZ.LK9NI6ZF1#:NNMH20I9&RD[>^OXFE@@UGNL#'R,G*R\S'
MQJBJS=*:NHVQTY_5JHQGM=C?F=75X.3EYN?HP['<M*GIY(V"O>^6O*K;]/F/
MLK1_D/D``PH<F*@!+56T#,XCB,R/P5C[HC$4U,WA-C]GM$P$!^+.!C42'*SQ
MUV"CR9,HDXUQ(`<!'"BP4O[:,F8-I#,*'I7<N.6,DS)44"CPT\&;S%^P[NQA
M`H!#A@+"CDJ=2K52@0PE`!R0<*9?55%^%-Q1H,4/&`=1)_JYRH!/@&+N_[[:
M@N5@`(,;'+)`C2>WKU^3:['>."#BX%]/8<>6/9N6X18P6)N\-75X%"P4`TK@
MU=NXLN?/Y!YG>#/83#O0X<22?7PGYL;`)23#-8HZG"H4&>XZW;NPMN_?M[A`
M)GV@BE?@BA*OAM+:(&#(#&131HX)EA/!>7E3W\[=DW#!Q1MH[&Y(N98M89KO
MG-C`BUWI<<E7NC+@#8`$&<"@XBN_OW]YD&EV`!SB]=:='U-\T,T?"SCP"&T"
M^9&"71"P,8469?VGR!6C-36`?IUI*")R9H%'8(;_(:C@*2DX>,UK"U#(!EDH
MCEB("ADD<=\`,(5HXX^?E2C@B09RI^*"7J#`'_]#?L3(!`1?P`7DC5G8<4,"
M`WBQ3I%3=OF5D(,1J>&1+#IP'I?Y-+D4!$9(Z26#6>B(90JYO&FG7V`.6."8
M"2[8X#V`+;!''&R>]F8*<=Z70PH.'7?GHT?Y`45F@T7P8HIC?/#('RF@<!Z$
M`4G811X0U$'+>%ZFT$,"BBZ@$YJ0QAKAI'=Y8"FL)&:Z::>?!CKJ"U*H@FJ7
M7O0@YQZN&BKKLFI-*N"M(OJA:TF\2J36`K\&NT59N,KG!0ZL)K&'"O@P:RY!
MDMIU@ZV7^B>MIM1Z:BV3"VB01QX&P-+NCU#@(&<?Y.Y[[L#II/NLP.2]NZN\
MH`+DAPKVDC$!+/^,6$W_OQP`8,<>S2U)\,?PT'K#'">.N,8=7`BR``J2T!/"
MRS#'O`4*7;Q`QA..6JP+&.!JS+%#'H,LM#0&KUNRB">GS"#+"),3\],AS%QS
M'%8H!&0U8`20L1T[=-SMT&#?DNY=)(MG,LHJ,_TU,U#+[(`&+S!AQ19<-"P?
MUEIKW(?78??-3-$>'*UATFFW_(X+B">N>`AOQXT`1A7K7$K6&;_1!=]^9^Z,
MR&4/ZQ_A2QNNUML0,*#&'PH4\V8!&&1<@@9H[+>VYK13XQ[9$:2R7G]^G/R/
M&"HLF<L6)IB"$#];C-13(PZEGA!&C9ZB>S&O$M+3MO=`U,`=&C3!`!5_<.&C
M_XBL9\P`[++7KGXK?MP^<NZ;INA[),`O";T)#2B@`"2;7J231+IS3BQ,<`HM
M<$$A!A&?0[KB"/W=)"=;"($+'H&&[GTO?./3$`C8X#K8R<)NZPLA*=PW!_CM
M[F[S^T/]%M*`-9RA*QT@1E<,4@#]K4$G9SB@02!1DRFL(2<-F$).$'2&,;10
M`6,H132F4$2;C`$G+N@*&@30A!+0`8-!0UH4W`"`\VD*4"(,(R?:IZX2ZFY,
M*5QA(;*&`QQ8(05#,8A//("%)PC`AZGKB1"W,`4P#.`M$!R#`JJ0`0UD0`)E
MF`,:\C>%'2I@"A+P@`<D\``O3&&"#?@`%:V(Q=EM9_\-7^#BZ[[H'#&:LCHD
M-"$:[_"[X"WD#@"X`1]N$(`Q@``.0H$#``RPAQN`8`TJB``8'N$%.#A@`4QP
M@P(<D`)!WH$)?$@`!'9@A!M8`0X%.(,8S/"!-2S@!S?0P`!>`(,;JB("F[RB
M`CU)'5#RH(L:@(/T3DG/>BP@!W?!PP?^H(43RF<-:%B'&@GA``!D0`9*X(`(
ME'"#&]#@"`"8P`YN0`(<-)0/53@!0V_P``;P``,`&`$0@"`#``3!!BM000T`
MH(0NIH`!$`"`!RP*@!*\()8U:,`!T<F'$I1A%UG4T!A""4]YHJ*>2`W&/?.Y
MSWXB+:",&.@@4`"`)2P!`#C_F,,-/D"#&Y34`#FXP0*4X($-.#0V#I@!"TH`
M@1OD``@M`$(*,A9+"A@```'0P%9/,``(*`$!"5C"!P:@!!A`888\?<-/T]>E
M*1CA`$6=9U(GNXBEWD"?_/0G>0`J4%<6HJ!#R,$(2,`!)10@"P#8``!B,%$'
MN-4)2PC"$DK0@C"PH"T.#<-(4;`"$5@T"12X01G8<(,*A/,`?-C``1A0@``H
MH0)U>T0$:,`'.RPV@_]1@!'>R0`!&)6=E-5<D_!YV:9JMCN<C:IG"4'5+(PA
MA@18%Q-*L((;\/4&!?#`$CQP`QAH@`\_2,`#2L"##-P``4"X``*8P`,.W*`'
MP7U`_WQ'```:)$`)#_``<V$030GTI`%P2$-UY0!4\`)'`76`;'>_&][PCI>I
MF7UJ9Y=TV@T4I0%@((`'!E"%!62`"`_`@058D`,:U"`%3L#``?K``@J<8`%9
MJ``(++"``/R`!A@H@&]9L((,5%D``0B``]10RP7T8)),/$.(^9`$$C-V2E.H
MPSN9(``2*ZO%]513/EL35.JL)7:G$,,"9$&(-NR0%B9(M`E\<(%&._K1D'YT
M"_2G/Q\HV@0ML("F+=`"27?@TT51W!G,D(8K>?BH;YJ"%"`;ASI;Q,1X'IJ>
M;Y`&/L/Z+W]VA`H'W2Y#[Y!XBF9TI(<=:1\8V]B7)G:C??^0/0DF[@P2*'4"
MS"!9+RG``)"ELYV;%NL0SKK6V"51`0"]:T(/P@^73K>PE4UL$RA.W<=>=Z/=
MK3A12P`/5ZI")$#XGS-@^P:MWO:MNTVP;]MZ3./6M:#-+0]Q*)'=RC;!(G01
M;WE?0.*(@+96.0`'1BC-2PUXP@%ND`=7WYG@831XN(&3ZT#SFDO5J+C,9XYL
MAS.BV,<NWC,H@H6-Y\X/'^]2`_3@`0#D@08;6`?*Z6EPI?]G"PF/:@KBMQ$N
M]/P&;NCX*?C=GZ$7G0PT>`!$EG[*IO<9.5"/G=2I/A&K:S7K[N"Z?!I@A3D`
MX`5I>(!AR"Y&LP^\+VG?CQBF?M[_@)Q!#EKE`?QT[:4M6*'H>4@#'7;(][X+
MZBZU=KI_`K_VP@/D#&7@K^+C_B8_(,#N>)]\*2OO[<O3^@Z:[P_G_3!XMC,$
M]*)?O-Q)I(LMJ(&_+Q```NK$^A!N005]8`*M'60C,-@:!5[`T$FF0(>1'X"5
M7=*&&E!/`P2XJ?CJ.W[R'<K\$3F_%-"7ODFH;WWL3TG[6H5`&JQ0$?"O3_S*
M3T/Y171^1J3?<P3!?NOB?E?3>[]W`Q"`!WI0?_97._A'?KOW&_WG!_\W?50P
M<G-`@#^B?:76!'.@!T7`;0TH-`^H?Q'H&Q-8@>MW@2/C`)['.]7P`/B6@'HP
M%"-8.P_3_P7*)P`N`FR*5@CC<&ZD$#.'MGKH8!9\]@<JN!%K@``CEP9*PG#1
M4@T;T(%X\`0V>(/BI0(Z"(&JD&[7P`O"8`HO>&Y$6(3T("G/%WT`.!!K8`4C
MAP=.8`I_=QCB4(4WX(%86(=:^'Y<N(,]F&XAX`<NX`<AD&Z)Y@*(N(B*!C79
M<X+)L`5>`%44R(8G\89N<`,",(=2.";54`8"D(=S8`!#Q(=]:#%_Z(4^F&@A
MH%,1A(C'U@`55X2'M@6*8X@QDX;,@7Z6:!)OR`.T)@9TN(&?&(I-X`&D&'NG
M"#(Y"(CWD&X-8$MCL(J)Y@,6L`8%,(NT2'GG%H0%TW]*V(M,:/\%F:@!PMB)
M0%(&7>6!4C`%_K",?2,&XT<#**`*7'`&0G``27!]&,`$4/`0/7$&%@`$#]`$
M$#`#!H`"+3!I=R``&>`%&Z`!*7"/.Y0*"B`'!Y``>T,,(L@,O'(>#@`3D<,0
M:_`$P"@`Y-)P;R('QN@!=9!$90B/LB*/.UB/=$,$-\`$69``.C``'#4!*@`"
M(E`#-J`"*.`&34`!?2`9"KD%#W`#NQ0`-^``!2`$%$`$9^!#8S``"9`Q'G`]
MD.@+'[D%(0DTOO@$Y9B2^_$F6!"*9&4$2126,MDE-.E0-LD%$@``3*`!(S`I
M>GD?RG4`33`$4@D`/#`$=T<!%[`%9M7_!$PP42S``8-Y`SH@0VL`24IP`'MG
M#F/I`/HAE]^P!A.0B5W@*BKI)6UY`YE)`'$YET-3EP)PEUZ0`2_04'P%`"+`
M`R\P`P.@7WPP`ASP`A^0`845!A;0`3-P`P/0!$K`!Q\``!J``@GU0@:1`CRP
M!&I@CS&9#)WYF9=H``Y6FJMP=OXA`7K%!P?P!:WIFB!3E_1HCW>`!7=``-`9
M5@6@`4S0`\K9539P`"]``AC0!!4`!!;`!4\Y`3\02Q$``#NP!B^0``K0`6>P
M``>@!`$`$]1S#F.)`B!R$B!@`)G8!Z:YEEX"!__%!QX0!6M`GNR9??<@!DNA
MB4ZP0PB0APSU_P!A!0(Y$`<6Q01+P`=TH&$DH`=\H`3!T@!/:04?$`=\X`#(
MI7P&($@-\$X-10;F9(K98)0DX9GQ,1$@(`4.E@->$"LF*DL'P`8KBJ4M2B+;
M`)LS:A`@4`52(`4?L$P/L`8H(`$I(`$&$`%8``55(`%K``)E\`5HX$)@0`7-
MY!%CX`4/8`1PT$@&\0$;4`8;L`$SM)W.H*6/P*6@B0U?ZF![,*:04J;HB0%I
MNJ;,`@L4V`5Q(*,[=$,&H3]38$1C4!-&M`4.!$$Y-`4]\40V(:%I1@R^*D/_
M@S]&^`U-PC1D"09=RA`%8`0.QB-DV@5\<*HWI*JKN@THH`&ONHF'%O]'?(03
M?%04]Q@"78$1-]8-.D0,K(H1=6,1L9`0=*-3F@H,3>($T."I)Q&M#I8?U3I+
M/!``V:JMLL*J;T,&L&H0YK0INU`2"P0T$0$)L]H.J7`&_A"QQQ,++]2NY[``
M^NH(_&H2.98`-Y`%^@$I'V"MZ$FP@I`]L#`%1.$-#O$'<$&O\PH181%[NS"O
M2J2F!IL,#N"JFKA>&K)P/2$26;@18&`$)IL!4!`K*SM+!Q``(#`(T<`-C;([
MNN-"0\$(D,"K"?%$"\$\^R`Z03L10_NM1CL(]59OM8&T9Z"T0'L,)7NR40LI
M:+`'##6P(*`-[GH0N<`(0P$1NIH+<?1$''G_$0[G"-+#HFF+#FM;M![3-C`3
MM[PVMS]4M\``!E^0!`^6LH]R!SG0!#?``SCPMZEPCZJ0$PI0``>1/4&4/&!P
M$-W0%:DSC47@#X_X*ABQ/",9N0,QN2A9N98;`IA[L71[$F#`!E:"`Z)[)W>P
MG*>;NA=[?$80``2@`F;0!S9Y#PHQO7/@`!\`NX^0`GJP`05P!U3@!?LCNUMP
M!W40``A0NR<GO`%!O&TK",>+O*@AM\MK$E#@O+14`)#B!PZP!VV%NGNQ/;4Y
M!'PP`#5P`S'P`<:)`A'P`0O0`B,W`#E06`7P:10&`#.0`4VP`46`!!&@`@I0
M!"[0`'IU4VFP/)R+_[_LTZW?.J/STA\+UQ4B<:_G``488"59=L`.D`,+C`,-
M7`$RM0$?<`=LP%*&B01#T+</````D`0W=0,$X*M,W$49``%80`!*X)@(X,)G
MH`).(`?!QPLV/!`4Z*VPNL/RT<,-\,.0>PY>,,0W4,2/@L!]A770:PI>`%FQ
M=`(Z```8T`<WP`(]B9@BP`%+<,1*0`!0L`4=8%PY<'<0(`2GZP`,4`)=H:M2
MT`1\$`5`5,-O#!8X/,>?^A<]K+G?QQ`I$`!$;,!_C!EMY0;0.Z\J8`,3H`%-
M`0,W(`08<`,ST`1!4'2YR00DX%P50`L=8`,`4`$)FES0"0+!.40H\`%J`/\!
M24`]&+?*:=+*X$K'Y!'+=P`"&;H1M6PE;(#+=T*!@>P&/3!,C#`!+Z`!_-4%
M\24'B4QA/`!9N?D":W#,`_(("!!2*"!+99`$2I`#`*8*:R``20",'N`:Y%S.
M<GS.K^P7/2P6(`!!)O'.-\`&5PLI3A#(>>&LC+``;'``:5`':P`'8B8!`8`"
M&"``;)`%3O`$;#`&*8`#/%`&.'$'/8`&?A`#&.``.'(`.N`%+Z,`="``Z>D%
MY*K*&XT8;_.J7:`"]YO.4_="(L%X&U%E)<`'*!TK*]U6>7')?M`&$U0$@E1#
M4]`!:Q!7!'H!%@`"(``$"@`"1M05W9`ZPT1I:P#_!4+4`*UXCZD3%BNWU423
ML#?PU6'=';5'ULIS$FA]RBG]*"J0!;69%UI"B%S`1%&C`"Y0K)TVD!:@`!>P
MD&?@`B'0`0[A`OKC$$41`A#$V,R#$PQ4+I)]A`X@``IKV1V)')FMN68]$2J`
M`VU!`",!*:$]V@])KV<"OG[@`PO9W=[-/SJ[/\3P:Q'TA5&3/S";W,/-#%K0
MD,<-UNK]&\M=UA_=#,_=%C0=*V9FW2G0#72C0`CAWXXV:=ZM.OO!+1;1#:VH
M/;';*/ZMU>N="?$K`'E0V?`-X28QWYMM$O?-!U(P!@<,917N%%Z`X1%^$ENP
MLL>]`"<',R[`N^1]$-4@_VF:UMVG0-+LPZHFD&"=YMTM,+CBL`60A@(IT&@M
M<`<X84#[I@6=9N3=;8T^4`UPJPQ(`-U&"N)_+.)X\9`F?N(\H>*5S>+[XN*H
M\PBUK3U&$6]._N.G<-F(\;!;T.,^P.,+.<Z&L&CQ1N2-M@8N>`8WU$B.P&@]
MSM<]7H2VJ#C+@`0]P`!7?L"JHK!84N)>+B(IW@4KWN(O\^)YA!/Y@]N$J#AJ
MSFF-ECH*8+-JJD1;P-V3!E>9MFQOFSAX?FQZ?@%B40`T03VZLY"<MI`7P&A1
MK@M3G@R*SN@&X(Z0,M2O.B?U/>E?4>F7/N:9SB`1``=W(`(H$(*%FSW#MI"=
M(O^KRWYN#\)''_`$5B`"7_H`C1:[O6MQLVX!3OT`!;`&\LG8#=!H0/`$3_!H
M/O`TP8X,3I`%3*`$3V#LC_(MD#X`4\?L3P?FI8GI$O0'7X"Z-%`A@MT!J?-"
M+^3CC68!(D`#>/!"J-8*VZ``$H!;+^`$<>`!"WGQ&-_R&C_K0.``!,`'V`0!
M--!(4P!786`'"3"0F=8"H!9#_7X,_Q[P-7C`WZ)\23``^ZOPV[$%%53A7VU[
M?T#F!"`!8-"<=)(DS90"*6"4+0`"*T,"%G`!<9H')0`T0"NS#6`"7&0#+/`$
M++`$/U`&0\`"!I``]T0#/X`#!]`%/*`!0X`":Z4#8=#_:!UP!P&P6G=P`T&0
M`CF0!PS`!B0P!`D``CTP7TIL%PR0`0D4WZ*`&V0``6JPNW^<]#=@!P,@!J#O
M])4!]?9BX51/YF!0`)N,`0J0CSC``2@@`"_P`WP@`S(0!!F0`0EV`6%0`FG_
MOK<00U.0`;'T`@-0`$M``S$``%6@GT@`C$E@44W@%'T\`'Q``07`:6M`!"#5
M4%K1`WS@]P!`!$G``=1,`2-WQ31``10PC;3PXLH`"`X9>1`("G^(B8J+C(V.
MCY"1DI.4C7Y0`0PW=@-.6WZ5H:*CI*6FIZBIJJNLIEMH&GDW72I;#8PAN2Y_
M"E8W'`4@/WQ(-P$:-T0W&,@8_R4L%Q9A)25^6ZV)UEMG8R@(`TL`%7DT,0!'
M.`!(00D+(#<Y)F$\34H[+&$^%T`H&``4(FX<\``!Q0,`,Y(D&`"``P\.50[<
MN"&@0X<&9T!A>^1@P(LF"(IL'$FR%"9-;W*@^%2RI<N7,&/*G(GH5:Q9M6XM
MRA5B5PHW-\I,F9``@@HE&;KP0;',PXT*",)<:$&BQ!L_#;9<:V6M00,%-#1@
M&')#Q)(?-@#02*".0Q(5)"@VL&`````9#J2V`($B```1!6YXP(&4QXT("LV)
MU5!%@P8E3$"<P;@K9D=":L[0W+P1#`:4>U9JY$RZM.G3J$G9E$7+%BY=?W#\
M^F#`P_]C91-H)+N!(PL`&"-4Z$.RA,F4*7Y&L_JT14&&)4M*]"#AH0<+#DO<
M(MFQ8T&!!!BXM%@`X(4%!P5:7`#AP,"0"%,2Y$"B@0F3`"0$]$F1PWX0$4,P
MD`0%"FP1`DN6#4`(%9JEYN`D8$2!T@`.)/?@A1AFJ"$V?GP@P`LW[)&"A9!@
MT$<&`V@@A1AU[%&'"ACDH,<`!/3#P08-^#&&%`/DD)E7&?JA`!T`?#'%'6!T
ML$4WURBWX2)W#``!!`\T^&2&$6I2PAX5.GGEEV"&^6"''X8XHI>+K#'%&2!L
M,86:4RBP!C>29:6``LE94\`9S66EH2TJZ`'&D4DNN=(?:%[_&>6458KY8)8W
M;-FEHY16:NE+9((H(HF/Y(F55LU-5N`V7GVE0`IE.)`"%&,HD&.BIF6EV39(
M*LDDHI6B(>4+.%Y:FA]@?%'"#0SL<0>GOB:K[+*39&HFLHWP"6IRGTR1(Q=?
M>;7-%@YD@0,;!%@QQAJN86C-'UDU4*NA3>:Z:QDZ,1L3L,(2V\>QL,JK[[Z.
M.KMIONANH0476GWZ"5:OVE(@$2@.(``'\'9@Y9BNV;+NK0!G^$$.$+P`+[\P
M%6#$L,5&@&C&(*>L\FD->/@"'WMX80W*B'35[A\':T%M1P,,D$8>=GS@ZI=^
MW+%&`UP44"&"CD:P1Q-Y2/!JGBNW_R+R&\3N83*T57?M]68M?PBSS$Q+PBDH
MU%HSF1\HY)#B`7DT(8#,1!N-M-(S5^HTU%)[2O/7D!10AQU9;_TWX(@G7DK8
MFI+]-\(:^9%1"D04T)P"=W3111H\3-D$&P74?7322Q^>&AP[-$&&&5-SK3@E
M($A!>+%P://Z[;BCPOC8>5.2IQ8":^$J%CU($0$("E0A@`=N)*!$$WS,H8+H
M=Y=>*1Q]J,ZZW[F'$GL2]M:N5??DEQ\)XR$Z7HD?4P3CZC93&-%%'P-8L<`&
M:;CA!@=\--%$$A^@'NEZYRCL:>]@5#-?)`H@NQO$H0L22*`")V@^/T1`;#$C
M8",^@1')(?]@!SG(@`XJ@`0OX*`/.Q#`'#*``Q7V@0,W:$+'U+`%%YC`!5S`
M2E=2TP`TC$%/UJ.4\IK``#AH@8*4*(`!P/?`"+H.B5`$G`4QJ+Y',*<!:QC!
M#GC`CB`<``-$&``-/$"#,=J&!N`#`/2,8:`&N&`+!.-%O$QSA@^L`2MX*UN8
MS"``(L)A*U%\!`B>P$0-2(`Y@4PDXJ;XL@SJ<1',T<("-/"#!#B$BP*(0!8T
M0(,?_*",:;3+1"C2)BZ<X0P=P-/04%-'<G4@CZ9#C1D>PX`(`%*1BP"!'A)P
M`S(8$E2X#.;*&,F[1RHB.3E:P`Y^,(0@\(`'`S%`%@10QA]PX`7_=LGF#?@0
MJ1C80`@.@((")C,^5MK1#P,TYI4DH`$^E,"6PDR3%7CI2RR4*I[XU!<Q'9FO
MY!P""COP0!*@>8`?D-$#7CS`$++)4"5,A`D>B*@&<""']\5R)#W\X19@62DL
MM/.=MXSG&.;9RRZ4X8GY5)97IO`'S>3H$Q.#)+:HA;.,7%1#Q!P`%%"*"#[E
MR`$:4"@//""`'SPS"`%ZV2@9ZK\7,,`M!^BD!YZ@!@.H`0XIL):V"C1'ERB`
M".\#@1A.UE%DE(`(-^W>&!``PSQH8`,\3>FEML6^D\WJ?*YJ@+4*IL\+ODRG
M<?6#%KQ2!AH\1``JA"8/DC"$(;R!"4V8_X@V.P:!-P1A#H@5P`&:9P<[)(`'
M.$C!2W4HDZ^^KP!CC6N&L""`2*$UI3IBZPU>H($'J%:NE9+<-2:CA3,4J%/4
M6AM6CMA7L0$68#EJ60!22(,<!-6+'B@H#1`[W2$\CP_/(\00:+`##01!"1"P
M3QSL(XL21,%Q(6V):;-2`!1H,$QR:.T;[B!7':D!AB\0`!UNBULQD>H3"C"E
M'SH`*ZV8:@Q+DE9Q_[I3@)T!"F8(0(_ZD(,<%/4`0;"-8S20V1(X-(8O6`(#
M#J"!',"P/&2(PWA?9I<F2.]5I05K5L`01$>50;[TA>T8[GL#".B7O_T%4P'H
M(`4U/,%^OBVG)?^FL(4UT`$##BA86LWE5SX<-Q(+0``.>@1"YWK`J$GX@0:X
MTP4."T`6/7Y#"1@0A+`$(9L0&"\W&7J#(I$KO259[Q9HS%=*W?@&\\7MD&`(
M`0VH`6=3#O*OT-:`"/"@!C4`0!"0T((6**`%%JAT-#"-:5<5@0*/>8$7M%(9
MF'R%&S/CH-^4XX-6MWHJFEXU'`0``2LW^`_(P<H90N`5+PBA!P/(0`Y`F**(
MSN$`;Y@##>8P!P]@=@X!2D(2K#+03M;9+L]CJ#8!,`<H9$0F:W#`K+S@7@F^
MY&!-RI,Z&;&!UB;!`8*F`Z$U@`!$*]I2%L(*$39@`;:(@!\GB('2GK#_`2-\
MH`4H^((,+%V$%*0`PP5P5:)#D2,F>T5R!5JU(ES=ZDQ7N@6RIK6M\YU#4(1`
M`0[`@0>&ZLD2:V#E`^$!`Q(0A"!P(,,&Y0`'$B!MM_#@!R5@*#>OK6T`N*$6
M$Z]$N,==;B"GPEHGTYFY(]'N&R0`WG(]PP:`XN-ZK_O>&\KW5X"@`P!DH`41
M&`(.E"T%>.0A`1_@`P$2H`<^K4$'-QC"`FPJDQJ6Z@PNZ(E63$#XPA?^`HA/
M?*:G$O):7QE4"AC#!W;@6`X<X``/L7S-#\#L`Y1@"%R\^1Q^<`"=\SQ`R<:F
M-NM,=&U#``XQ=<G2<49N3]&$6EEQ.OZLCO64_YZA#$"1FQ7L#?9^,;H!$LC#
M$AQ`@AK<8`,<@P$?9A`$!AP$!P>@`*\;(`@`""$$WXZ)+;SB!#$@004I4)+A
M2U6JQ$?#`@M0`1`:/W*T">D,*1C`FH?*`28HX05,,`0TYVPK1PTZYQ`YQP!+
M,"7AY7G:Q@=S5G399`4$!F[B1GM-EW2^4S#CAT"4L'L)@`*X]7O!)P##IX'%
M-R^,!@(:\!L7<`(Y<!<<0P$W(`35MP$`<`(JX`5<``)"H`(JP`<1('$R<2!C
ML`!N,``!P`E,MG[LUP#N9P$2H',&0']7EAQG,!1>I%D"Q0``6`))D&&7QT6,
M=8`UEP!,P`<0\#POX/\!'%!T/=9Z1:<!>&*!3&=[*F@-8.`$*L`J_/4`>/`+
M(BA7"H`%AB%\YY*"N=4+3?`"!I`!+_`$'I`%;H`#)W`#%-!_'Z"`;W4&"Z`$
M21``.D`N!R(3*R4$.N`%.P``(]`!()`"!0`&(!`,7O`FKP@"F48"&5`#X845
M)^,'?.1XMX8S#5``:1!5'/!4/)<`0Y`$.E=S-F=)-K=S"5`"(`(`V_0"C"6!
M,L0'$IA-+P`?::,-!P,)3(9["+1J>5(`=P!3*>``Z<(GOX@HMH!G&T2/H((@
MZ#13&+$`=*`&:K`!"Y`<'8`S(14Y9U`!@<@!5Z!QP52(AVB"B:B(_=(!*5#_
M!7"P`G`@`BG@CS)0`$@@`RBP`B)@`4XP`C*@`EX!!S$0`04`?CEBBJFD`F!0
M`0#``\&``SE``T2``1P@`$M0`V"0`1.U`!;PBA9``R4P/GD2C/6'+LDQ!@$@
M7@G`C-0`AI9T<]-X<P?(`4,0!TV03?\GAZ*$C=[XC7R``RV57.-T!MABCSWU
M!PL@!BD`!@5@+0YI#>S!0>\(8[^(-O58">.7;W"$;AFQ!6)0!FJ``%9`!4[@
M*:>D'`A9`7-P`V[0D-P33&<@`8:A!#3P!!-)D5<B=I9F`=$`!!['::9I:<@3
M!@:`0AEP!T4P!E_A`F[4=P'6`2HP+$AP!ABP!$)0_P)!H`-\H`,EP`%L``$!
MH`0C@&E`\`$>4`%C<$1HXY17EGM^@`;6V`1O4)5#\'D*(8W36'/4F`0,``%$
M)T-AJ6V-J$8,\(W86`((<$<6A8>.T!P;8`#Z:05J0`=E(`%P0`0H@'ZRN`9>
M\`%K\F!BD(YJTSI_DR,*8)<@,`;24H]^4``10`=T@`!0L0$H``8IH`(HD`*,
M@)`(4)E'IRT=)$P-8`82P0=I\`1*)II/,C-JHQX?9P%`4&D6D)J5I@`LD`'.
M4P*IR"<6AX*2`$>HE`/P,`5"0&LVN`0$T`0C<)P9P`?>\@&9%@:["!CE"(PB
M=X4E-P8"4`),<`-*4!P"$O^>6@E-;L@$#,``9AI9</81K6=U/!<$S"2`#C$0
MF^4&/-`%=+`&8[!7MG!*D"`D&R`%=="HC6H$1B`%!J`'"."?6(`%:O`%6&`&
M9E`&=/`!=X`"WK$F62%E-*-K#D`%_FD&=W`%*0`";Z("9K`!F3H'.!``;&`$
M!!`%;!``=!!^-5,S9X``3L$#M5"/7S=!#1`1$)@&!I"L-(H:?(45.#H5%G!I
M+>`#/)JMEJ8':>"-02``A]0GT,H*#=`!4Z`,#.``1)``/?`"#V!).L"<8$B<
M.."A0``".K`$09`$4)".UGEK%;,%3WH`WAA#`<BG-4=0/Q`$+S!>#)`'#B5*
M$`#_/6=9'B,V`!A``1,``Q1``!1``3`@!;K*!AC@+7KP!`90!71YEUVU"%EQ
M!UCPCU9@`'4@!1-P9%:PLS5K!)L4!5(@!5^``4\@J0BP`6:@*D=3KMF@(Q+P
M!000J4=&!YLZJ_\H!6F@%CVSM3T"FHM@HL6J`G(2#$PF3&=0!3S0K%(0>^7#
M:1\W%3X`!%_K*8:G%0HP!:68+.KF%5#0`_S3!`^A$BZ02MLP*D!2$I_0`5^0
M`&FP17B0`FQ09BB``SP0!1&E`I"H`P6@+CQ0E0*@`$IRKEQP!#_P`DB!!`5`
MH7#D%1(3`5M49WP0'0)(<UST99I5L?81@>Q9'C2@`S$P_P$30`$Z4`,$`&D$
M4+PZH`/':[+`QA8ED`$&@``/(`+HH2:N\I88D85K``8+<`=R0`6,.0$&P*C'
M6P,8,`!=0`#BJP,84`>0>K-ZT)\;H*%84`6@Z@"C.AE(HRUY@JX1H)_%*[(G
M4`$V4`$&W+$TH`0:X"TX<*NB>`=O)&5^L@4=,`(2P0,;L`%0,0$5X`7I0HY,
MB2@VE2?J,14F7,(?IVGJ89JGU,(_>B>#=T,UY`)(>@IGF[8PNK90A'@*D&GZ
M@'@M,+=Y4K<4;"`U?'L`-@9C4`8:H`D0T%@,P`/MV`!@``<2@`+:TA+6L`8%
ML`9>_,4%X`Y>_(JQ."Y>,`:OA/\`,2`&=]D!;ZD5$D`#:\A='I`#!B`!"V`+
M<;(&,8`==J&-`F))#-`$"6`;0;!F);">$L@$!T``&1P#R9N\%'`")Q"RQ0MI
MO=H#*+(#;`$!65#)(LO!&R`"1""@2(`$*/`!1R`$-L"81>N^NAJU!A`#!AP#
M;%`#(G`$,E`!5B`'=#"^$\"?:O``Z"L%KRP%\5L&<'`'L+@FZ68@$2H&$:#!
MWC0#-F`#(Q`#,?#()00&4/#-($`N[(=[O@4&)U"90="QR8L!$Y`"Z293Z):/
MB==J0.!^+;"C/+J:L);"EA8-;TS#+D###G(&<&"P.<QW$V2MVFJ:0!S0#FUX
M$'VH;\3_MF*"%1;W!V70`T`1*0M89R6``3JP`T'`!&20!KU2$@T`/*>$$2J*
M$2:P#9*3A7?2`%X0`%7)`P*``S'P`'=P!P_0&[0F-VXX;1"0!',0`"B@`$KD
M?TF`;-)6C=?(!)_%6(UUL=IV`TF@`S/P`#80O`3`OCJI6=%8E=+F6%59`A#`
M`%DP`2<P`3&0S<![`B"$`2?PU<K;UN/[ON-K`%:@QG'-!II\R$G@`1H;J7RM
M!JJ:!0.@G_H9M([-U_RY`5@`!Q_@`"K@#F,`!.>Z`$)@S2,P`2.P`2K`9`<"
M*I,Q!6-0`%ZP`.]X!U50!@A@`%^@V,4ZRS%@`"=@`RG@4UV%_ZP,"K<,K<)`
MT,.H.<\<UVHXFFFE>D,T?,2FT``%#8%X4`<91T$7T-HL@`\,#='<77C;@!X*
M$`+)8F!BH`9E<$+8U&/U4&M*\%E6R0!O8`04O0H'L])K0TZ'.2I"8F!"P`-O
M(&UF^M]?MEA$]1$<)E!2C6%!H`$10+JFRP,:D``OX%CHR7HO``'\*H;FV8B1
M56<0D``ZP*$(,`$ZT`,[,`?L8*9Y\+!RVHQ5Z4QDE`,#/.)L3<D4@`$1A0,P
M@`$-'``4H`=6D+)/,`$D^P0(,.(?JP,XT%V)_`()0`,9@*L$4`?ZJ;*3NK,I
M.[Z.S:B2:@!/\`2T7`$;(`0B\`$?(/\"U@P5%2`"J`L%*>`%2.``JHP%&S`"
M-]X%`<"S>F"S7P#8`U"L%,#8$X``96`&'S"B8)#HBGZ.J^8#'K<`$1`!)'"1
M=P`"84#*#.U^BH=I\@<J2,,%,NP@C6:P-S#=U3U!+1``/,`&'O`&5H"CW=W=
M6^`%"5`!<90L7R&)&I`&&G#A%AZG0]"5TN8&>N#<B7`+MX`P%T$J%H>LZ3(%
M!-!8LWN5<NJ,TU6QFM58'/`#F44#&-`#Y\D'7R;A:U9K=N%.22```0"R)Q#2
M##``Q'N^`[`#,.#6;GT"&$"40]V,VWXB6=`#/0[2H7P"!G"\PQNR.B``.4``
M!O"Q@>[6-<O_J'7`JT]`!510`=IL`("-`S2@<QZP!P$0!>\+RY(JJ3J;LGH@
MY#DKOHP*`[A=[X.NQMH<`!F0`<"&`02``2:+`SV@V`[C3!`P!U'@J)*:Y=@G
M$(&.V\$KJ<'\`&7P]$^_`6@`!FK2PJ=DFD>)`<VU`B.PZW)``)JE`CR*FCW:
MH\$``ED@6ED(`A-Z0UR0&E@1`:2.!U_@)Q1$`AA0!1'`!T/``M*0`J@9!F&P
M`"2@HV&0`FL`NOC7`[\AC[ZB-OF3!GC@>2M.1%4IC<^T/P,50:8Q/M."+@V`
M``?``$QPG%STX@>P/&54L93D19Y41AQFGM-V`QF&AC"N`2P$\Y1,_P`PP+Y.
M(0`U,,D!=^0;#`,$;P`C8,`C8`#V;N,>&_S(R_#`J\W:7`$2\`$2H,%N;0`P
M<+R0&@4B+P6[2E5JC``VP-42``)%L`7O.*%0(`9W``<;@`!%N^7V[^5]S;,[
M^]90`0@4.@$X/1D#?`"*`$P'/`)=.Y(Y.3\'00P:!@A6!D8$4E)U.`<W!R<&
M(S&K3WI6"&H&75U1=5(&KFH(=!MT:BP7%B`#$U4@%@X")S066087+0$''#\)
M-A4_`C9-`A@_.SH"&FL-9W_GZ.GJZ^SM[NE^#1$'?#=S7PU;[_O\_?[_`-T!
M"=,B"(`*0%9X.+2B&H\$*U8<$``#1`,7"/\"`-"CP$3`CR`!^E'@P<X;.TR:
MW,B3@`</#DDX<`@2A(-)#Q$:A-P);XN?/WZV^-PR)1F/FDD>=3DTH,>.!!IH
M-($@0("'.5AI:*@*X<40)@`\Y,!`8,2$LV<)J%4+0Y"W&P(HG*!``4;;$Q-B
M(!@QHH*-:P@,4*A!@$+A&CH&8\`0`$,-`WD15*@0X^Q<`HD%L:EAI,Z3!V;N
M.+@3@8Z>&'P#PY#P(04*)W[B!6TP90V8!7<D/$"@YXF4SJ%"V;*B1\\(&P\J
M,#8T8$"&&XL`E/!P8&F/``0FV)@A),('%04*@$F!QDP9*Z-*>=@T`H%D3IX(
ML.%Q(("1SG7R$^C_?%\$D`L@;)"%!S8`@0`/!`A@@6,66*!!!==5H$$"._"`
M@P<L9(`!$DQ,N,`6:_`D8D\?>%#/'%&<H=.(++8XHC`CA&5!"AXD@<0-`7BP
MA`@`2,-`!@PX($\-,P"`0VPN)NF/'V<HX`8#;Y3`1ST,#)%$3264,$0")<01
MQQM=+*`D0$+%-ML6#:SA0`4&Q$`!!H;@0-@$)P"YD%3<6.6!!S]DH\$!BD#`
M1`DZ!(;!7C$8<!==,!``IP!!E*`$#UG@I1<"<M&)REFH[766`9#%<$(`.0B@
M55,8G*#*"6L5-EAA,$!F@P@?B`'&&F>@F:L)("`1P0-YL3K9!FI@,<8?_PT$
M]=,?:,XV!A@JW`$'%G0$=E\=G]2!6@7)G0##"9?]^8,&.Q@`+*@GZ#"!"$?<
M@0(2MRHPAE`--`!&!`BP(<`+&DA6P0@84%#'%VQ\@>T>`QCQ"G%/@"K*+1^T
M`.`*3I1+A`I=8"#`"@)LT((/`E01P`DB:!#$"3)$P,,*&9P`PA`VE*%``PJ,
M"5)0:)AH#QLJ+FOSST#_H<`'0R@1P0(3#!%$"@!D0`,#+!B9``,UP)#"%!.4
MP```"9`3]-=!><%!"78DT40]2B@!P1!:,Z#E"WF4D$0/7NCS=3MFTORL$Z4Y
MC0D/.NB``PYLL1'$$,[1``$W-!S@^`%]"C`$O_\XX&7#!!IXL"E:G)_0@\D\
M:)!#%AA`1F>./Z!F%KBQ3J#*IW3A90!B%$16&:@30-:6=D*TZT`*(,R<SSFS
M*9!K`V,L$,$&)["A2@52/'$'KK&5N047^?@43Y-C@."%$])2JXM?,\P00V,4
M@`IJ#!5L\,`&&='`P5<'Z`"#ZQ7,((<9'SB`@@,?()84`I`!`3@G`&?!3F>L
MP!H5O"8%!8""%U*P``<ZX((H*,`%+E```V0@`RA`P"$^8(/FD,`"+2``"RH@
M`Q;4H`(#P('(>D`!(73@!`/`0`&:=+=^".4.<S@1&V;FLQX:<2=`&```!A"&
M`/1!<BBX00T.P(`5]$C_*C/8@!?.@`(IX```.UA#!XXX)A`A0&Y)2(`2$G&#
M%Y0@`4/(`P3>.$>;U`$$=B,C/,ZPAMP0RPBE4L(-&+`8'`2@!G31P!`6,@`!
M+,Y4CSO`'/C$@1UP:S(VB$$&-.`JNWP+7!.8S"INUY:U4``'6XK5*'/7IKT8
M0`<T2(`'*I<7O]C`+*KC%L`H@(`'1`!>90J*4(AGIF8)Q04-*``<>LD^/1A@
M`W"HV_62I2R@E"-[:*I7/I"7`CALX%]F20SKZ+(6'1"&#0'H00XTI"I%N=,*
M:E`#%:SPFU$\40-;&0`%N"4$+$3`"PH8IA:PIR+MF2DV&VQ0`4``@A:T``0%
M_W#H"15@`04`H:(.C2@0"B",`JQA##0#P1JNET<]JB,>=_"`2N;`ABGXQ*0P
M]0<*]N"&6;CA"POHPQ[J0(0N:.`)"$*!&^RP@3&<(5<H\(#,5A33CW2`9K$!
M`088D("8\*`>-U@"EY9P@QN40``'*`$/>F`%+]3KH#[37C"5Y`(_(/,(#\BB
MFS+0@\6H:P)T$40&IM.<`2B.&S^@#WT.X`$!$*`"DD$-JPP#&;[DA5/Y8].;
M"A,X'12R"TP80NTHH!=5J(X".4B`(H9`N/MQ:SOE0\`$8%`##$#%`*B(`AR2
M!1(O+``$=Z##%XR@!BML(`)@H&8^?H(D=P24"@7+`O\'$K!<K<4A#R]8W-GX
M``$RB%4`65#8$T;A!D=H(`J<V(T5V$"``.S!*AKHP1<D8)'B!L0%0E%`$<XP
MKRDT`!H.;4&#%`"-IHHH*`Y0Z<Y<6D3_&O@<6RB"\<:@@-I,88=3"&BN'`S2
M#M2,>UM00($/O(^#3B$`;I,)3>K1!"9PM8T<$%U8\:"">IT!K;$YZFR(NV$1
MA0!-*-C`#(!%BA<$X3#VJX&0!_`2T8GCKZ:BSYX.,!;)0B8PAM$!`1*EEA-P
M*ZX/$)5:"/BGY28A"4Q@@@=XR9=5",8P&*#!$+IZ@,4$@+-7OL:W(&,``ECJ
M"5^H0KU`L@`4;.$,=Z@#`?3_``L$R,$!'4#K/H:"@3XT,@[5[2H`H`,`/C#`
M#6D@'7Y^\X7=&B$#S.4`'C"@!REP`@%4*(,9,'``;H@!!%Q`UHM!@DP_%.`$
M.S1J`_*;7P=\00$MX/#-_."`.:C$`VR8E["%+3SK,0E-&19*SX[:,Z'\^<4U
M7O8Z@J*B.U@I)@D(P@&8T$8&F/MQ/YC#_#0`U>'FS0E@R&8PL[V3V*A`Q\F!
M009XT(0$8(`-AB$,##!0Y`'L@$^.;$+C9K)<"X6R`MZ2B_H:>[MM(;8"H,U<
ME3C`@SETH:ZLE<P#[O)81>%@#@E8PA*NM-P@:`(!VT%`9=+WK6_)QPH+<"]`
M%N"$_WJ-(0)4H,(F.*$&.!1`"V>E-[-`](7FG-PE#(@#$]S&`PS4P0#8ZG2G
MH[!;6^CATUD@G2OVT(4]!$`%?BA"'=QP@R[,:[@[R4<(O-`'+PA!!W1X0`I8
M(`06E$X&!^BOMO\1FV(?&P/*'KQ_AS(\:Y=#5P:%MEH=7U+%KT/:#\#!U)CP
M`I4S(+J#,O>76^*!EV1`-CTS$QCH2H<"%(%>+TU2"-8@`N10A@`Y\``#@K"#
M2?Y@3QY(P`N20(/BOQ%/`G@)#7905[2XA2RPK8L10K4*][@G!HI;0A!X\&;#
M?(LN.)C`CD=0@Q.P[R\(P`$$%%'N-*:Q!^Z)*V(I4->`Z?\@!D_XP!2``A(5
M.($H9P`^*B`!NH!J5``'8$!$.J<.`(@"$0`'3N`_#@`'%/@!TH)U1O`%:F$$
M4F`%=*!J=[``7@`&4``&(U@`#O!$`A``8&!K7\`!;0<"!Q5[`;$%(6`O.X`$
M!X`#&I`!,5`#I)(!'I!F0!!LEB=3QF8*`3`&2G>$0:,L4,@%?U8.4Q`/0-$L
M*I)HQI0K3L@.:.($'@`!4])59'@#;_!E)C8$5D(-CH`!,WA0$M!P;.``&C9,
M2L)%&[`=E-$#-"`YXL8`@O(":O,"E48?/^!&>+(#&8`#<!8#CI).@\.(X"(7
MZ8,:JW!Q$U`#$-!5*4:)A#$8<V'_2SHPA!?W/C"P""\@=6_$`4N`..(W`XB5
M`:T8!)`B!`LP!2_&5#LG!M+F!"C0`+BU&[I0+&B0`@%%;R,QA=`6#]A$&[W5
M@51@!FC@`%!@5+$Q7-<V,POP:6F`#VEB!##8!06@5@OH#V<@A6#0!Q'``#K0
M`T>@`7T@`R70`_HD``[5A8OF!&FPB;.$1TV(CT&3+,VB34'A4C.C80=E/,\V
M3"[&+-B&5DA'34CB7FBU?Q_1+$A"&\GT`1B0!EL3'5U5#VLS!.:F-6_D.#R`
M`-I$,UJ@``I0``/@!E5E!QQ@!&+@DO.")B(QA<04&R@@!#8`/S,P`A-Q`$/`
M`0>0!#Y&_P,#$``ZL`,I1CKI]%<#@!>O<@*,$8F#$RN*(G'N,70R5P$>,&D`
M``&<E#N;@EAY@1H[(!WZY!</<`*+P`=N5`(PL01IHUGD<P)BF``'L`0;\%+E
MV`\5I#T5I!-;D`)8P#"M@``;\!W5:&U72%P!!12*A@Y<T`&:V0%:X`\Z^0=E
MP`,&\`=<4`!?P'9]<"PCDCU>L`,+X`$!8``%X')`T(,O9(\U`Y#ML`7ZR(\X
MX(^Z"5,/.1LT(P9/4`86H5;#<X49Y@=0X`0N95_S9B8*T)FTA6#7>9DA$1M3
MD`(.8`9&(`!OP`1Y`!UER`=*\`)=Q01)D"59P@0<4"-!$)AH<O\'O^6`5"``
M7#)U4-)F*9!A27<S0P$"(N`7JG`$-A"?)3!\1LD$J=(F,9!)F"0$%*`X$+`#
M>957A-`#A3`X&9`%AU07)P!EL6-E!,`#4O("Y3(!,L<JA($7"$``'*`(#!``
ML`AQ;"0H)3`5)`D!2L`$.P!SY=,8<(`!2S`"RQ(4?*8"VJ,"+<8L"J`"YX%U
MP6$`3X``97`'*3!2U:,]DWE0Z6!M9>*9*Q*:3X`L!1`%,+@'JBDB])5A'U``
M2#`K8_`!'T`"*<`M3D`$&Q2<[.`'*J`XIO";-.BG0`-CVI1A"R`'/.@&/#``
M51!0-,,L*Z(K=\"#1G`'1#&=95(O\S;_%)(W%/_HA6M`!_K9)=$U75AU`Q#0
MJEWQ`DS`!TV@AEK#`3FP`6(0`4<``BA@!`24!GC0!561`%-28FW#!`D0`.U&
M>&B"/4+1G6;P3?]R!`604D:I-#^0!(34%N2T.8Y(E>P3&'S1%HPQ`)F3`.%V
M`%J!`S`P`@2`&`1P/Y)!)^A22N3T)ADP;E!1`Y+!*@/W`@P*CTHY$Q/1!300
M`'\1E+LZ`82D#S]1>?Y0F/;&I-?(1RH`!U30,,$1"A.@!]&(`NT%8V`J(I]9
M!@=@!4%1`&RPIA9I8S:H3=)Y!BCD4/]A`=!@`89Z4BK@2*;0`T>7LU\CIE.H
M`%!P!PB0!6FP_V1NP'$9@`2XF#<I6P49D`:2E`-4D`+8@U9E`@8?8`81X`0I
M`$$B!0*W@I$W`P8!D!*N*H;GF9YQH')+$&9BZ$9!,``V<(L=,`8%X`5/($D>
M0`9Y,`<'\"0AV01-H`1G<P-Q8(PC,:I+QVT@<+%RH`::L@$%H``IX%>3M"?H
M:C^N<F9TX8C&!@$YX)1L@`$9D$X<B@,#$'PQ41.A1@.U8SJJI2EU\:Z(00A9
M4"K3$`0YP$N)\HDZ,`#1-0=OQBJ-T1@X<'`]L&/7,`,@8`,E,`!5Z+!+JCUB
MP*0^@8U3``:Y*@=44&KY<0M/8`58<`<J0$%BL``(:28C4K('@``^H?^R"7`#
MU,LB1!0"QU,O4]`@P>!0T-"G0$L\.[N)8_6S`_PS0IL"'T`%.`!6COHX/$"X
M!V`&RY@L84`%N2>X+L$#&9`"$LEM?@`"1RL`W24`?9"ZZ(0#5'`]2OH1#0`%
M./`&+V"X4]&J4S(E$!"W8<8`4\<$.SP'-E"-4P`"1(``&,"#=G``]6N&-6R>
M;51=SZ42<C`S=L@/VH."9D`'5N`;B&0`1)`K!1``IL(G09`4Y==)J'`_>/4#
MK4HNA9`%/_`T:E,"X<<8AQ`5*-P#IA-QKM):Y94!?1)8<%1);(``Y@-;,&!9
M`S`'"PH!-!"O!(`[;4(9M:1:[5$`0I`$&C#_CK$6$A+K!TX@!E"85N6P!E#@
M`!+`)K?P"O%$!0_P`%1`!RTXLCWIOCY4I@>@!O/K6O:K8>^[!<@D%#<64`YE
MLP"<7PD<%`O`LP>0!04PF`D\;&9R!@5P!`;0`U91$S/1P8+%S3?0!#CP+D[Z
M`4X#?"B9E$%0`2/U5-[S`3#0!]4`Q6NT1GR0!ERJBX27`EF`$C<,L-*UPSUL
M;DP@=29&DW.0P@.0`''@-F_0JM`E2(M@GE,!74L`:7S0R<FB!2)[A=:4)@PL
M!&KI?5:&`F-P8U.0(#0PSTS0!8TQR:HS`EA9"$B6`]?!AS^P!).F!,10&3,@
M<XGBKY^X%JA;"33`_U4_&A,'T`,3D&6-4CL$X!16P24^[`$]P`:P!:,SD$F*
M@@IR80,%\`$N$5R?^1%..A0HD'/,HG3E8`8&$#T<J"_]H@OLNP5:`*H\`84/
MP`-4D+*^/`#F,,TPQ<P"4)Z4$LV.*]CO@%8-(`$']Q+;=Q3>?!0TP<U-```,
MX">-LR=]2!VPRUPX(`$VP`:;-`>QQ`!+\`)L%%U0;`96+!+QL`5>T,\I@;A3
MT7EA%F9Q4,-I8[BIS9\^3(C1`9(@&9)3Q\.JS0!H<#R,K1/7"`9.\`&BC5="
M1A@Q(`1(@$<N(#P5T'LZS0@Y@`,Z`*%G802(!`,!\`-3H0%-04`K_7E#T/\%
M[$$GAF$8Y)4N<+(#C9-R2D,=<T`N[!08CH(8-3`A#)`#98%73I,-8Z$=0[E:
M]=V5""`"4R`&P><%U0/*VKL%:?VPR)@L<.`)4K!;`<`!#$``K_``5?`[55@]
MTMQAVK/7?>T'8/#7@:W89"04*:`!>0``A_WB.-X/:!4"#[`#\NP(E4T3,^'9
M'$?927`#?*`T!*L5.[`5ZN:7VAHE;X#:$R&X8:55Q`J2:;``LR;D-.8'*9`!
M*%$/U,7#<J02-Z`VJ9T(Z1E=/BIIPSUIE*;G<=X5[SEUJGT#^&!06EL`*+#%
M""`%>?6N,%`!$0`%#7!C'2"%6U``.9`Y,:$!X4?_)YB1&8F1'=XP%0A.%ZU%
M`3'$/O\2U*5D9Q@P`);`7.,2%30P!T'P`Y?.WC=-.()#`V*E(=]G?D%IR6?1
M*.]J9Q.P`8WA`&!P!BZP`%U0`F)@F8F=#@NP`&?E!&I=J">%)@Y0!KVE![&`
M!R40!5;JRG0`!RWVP@(:&P]P``_@$VC[Y!F@ST$>M'[@!3P.``>0`8A=[]LY
M@S80"?HMV;"+E![0."X1V3PP!(:;6>H*CY*P%98P/UK2-H]0%49Y%,(='739
MPA"+-UV:F&K.`&<SB`#[Q'&^!`[->5,G1]$ET7F^YWP.L''CPV&V!)O(IBU>
M3!U0`&(0K8EN!%$@95=G_P.MT0$W1H5K0`(+<`2,*$YGAAG_AD@$L(BQ$NI-
MD`,R=Q;IPW&<I1>3@5B5$:X&\,"?E]IWOIXHR92&D`6N'BD,@`.Z>DN<8AF+
MOA8Q\`!'D$%-:50!Y06R&`$3>;U"T>%K[0YFHK=00$$%$`9P(`58$$^N3`5J
M(`%K`(7K[@?MO@$OUD1V<`-9<)W^;N]0H`%Q``!NP.]`/OH@;R8=@#D[<.DH
M:25*?@`:,#9IQ'`H2EU)(``[$`G"2@,>0!-P9"4MH17X--60(O.*4`_C\/%X
M@SP0A009L%SJJ39=H7*;2)90WJHF5M`UC%5Y3I83#>6=EP?\V<,+R@-"@E:\
MZO]-G2`%!!`%1G#L(9C/W9,"O@*49@$(%`8$)P@C,1,4,!1L`0,_0P(P"#H_
M34TY,#44!#4U)4$$!A.'"#8V%14S-AL(`PP`L3>SLP!,!T$\-#L:'D$'!S\Y
M`08C$XLUA`8PG3H4.A@!-0X%"B$A`CIG#1TA(`$O6%M;?^7FY^CI*BI;?ELH
M"WY_[>GF?O?NXQT-]VMK*0[*J%'SX`&=`O?&U5MXSMV]!P<V*/#C)8"=&UFX
MR&/(L:/'CR!#BO3HIX"&/`!X9("R<:3+ES`;^FG`1:'#B5O.C&NP10&8"3MV
MY1#@X4"<(3^"<(B4@-8L/DWB,.$S:TF"H@F"*,W*06O_5QH"PFKHI>3%U2`0
M8JF%P(3.E&TS.VXIL($.`BH:>'#@`T#)DA=_7T"@JK8OA"5,_D)P6KAQ8:>S
MFD`8K.02'R/MMHQ1`4>.&CT&ZA@Q8J!,BBD-&DPIX`6%!!L(#)Q8U"D9`0K/
M<!LP58%"`!P8*$PXAH'&I1RX<6/HP<&#CAB&*B`Z@6/`">@(8&#HI;?$$`X)
MAB1)X/V7,&((8I^`AD$'FQHG3@B/44'(AQP,1$`ID$)%BC5S3-#--6.<\((!
M4X#1WP(I+""&?REX44`!:RAP!C[DO)."/%PX(`8Y/#DT$X9G_.'0%@V<H:)J
M[IRA0AET4&&%&@C]P<]+#OV!_P`/&\Q3D1U\](#/D#$5:>21+I6D01P`N+%2
M2TA&&>5,&99S#S\I9N8'&`]@(,`/--"@`5$)).%+>,WQQ0=5LRC!0!!ASG$`
M`WR\,$0"'"3!0%:Y\'!`6(!^R>8-?I7PPEI-[)%:/ARAF,(34DQ@0!9L9)&`
M$C=``%@>B#5Q@UJ9OL#$J&0L1HMCCP'P*:@W\*$$IK-`D($#*"X`QP9JQ#::
M$5)(`,84('B!1`1"5"#I(IS<Q@D,\A&@B;,G3(!`!:@88HQ\OAD'01?%Q`8-
M`</%,`AN->B@P1R"<!+M!#$@(EPJ!E"`P0`[!!"M`;(EARP&!(R@@P`8I``"
M&!6",/]`'A_0%<,(J7!0`Q%(H*`""A3$D85G".CQA!X$9!'`$S-204<99K!C
M8H8H;/@'%Q*'N$5-^)Q\CSWN=.`.%RJ&<8=`>DAA1!E3R$-/DO3LN($[*>``
M)`Y#QBSETU`;J223*D%!3M18)[G-%FLX`(<9'SBP@!=3)`B'%1FD,<<//WP9
M%G@TS)'$$-ZEI:HL$)3``YAC$E6"JK3DS0$/N;0-Z%@",/`"IJQ^.MD;:-"D
M$$/M%&#%:%)(8<43"`1`0Q),<)K8XDZQQ0`#3+S`%ZJ`*T%5$XRS"CC@#$1P
MA@(J8"&R&G5$08`5<(!1`&</&$M!,HJ0VXFSHW@^AP<9&%#_`0'$3`=#N`Q/
MKP$#)>`PPPP/3"!`!HC05FZYVPG`_`3RP8#L,=U.6T%LR"(#308:X/`!%`I0
M4$(`:P#!&'12@`$L`0DI&,$)ED$`'NB@`JW8@`TPP(`Y&($`!/C"!34XFCJ(
MA@!UD$($^.&.>:2,0V)(P4[&,8Z9-&`,4&B0`^X@!B@,#`P@2,$=)(``*42!
M@Z5!@1:JA*.B'4`.]U@`#M[`AP`T;699BZ(4%S*7+C"A21GPPHVFR,5Z^$$!
M7I#`%P;0!;'L(0,!"$`6RIB&-GJ`!SP@#Q.N,H<$D"<))5C3J^HTA%\$XTL>
MH,$!KM@FP?W"3V+I`N*24H(F-(86_TT8E1LBD)-Y,.0>"HB`!*S@L\RU*Q$Y
M",(;$K,$3X$**A!H`F%010O7-4$PM7AD+`4`AKF8@0IJH,/FRG`'!CG@EIL3
MUVV&0TQ$3*`^$3B"`7H0`!U<CP(:.$``G)4<1;AO.#4`3@PD6+P,X&`VG0@`
M_L82A#V-+P""&,4(C-$NZ]$&@[;I05[(0P,$K`%%.BA!!C8@A"I\``D.V`$3
M(":=0V#@``2(`0X0.@$=#.$`$P"-SS)HA"]8U**\JD,5=%)"#7$('CQ1D0+6
ML(`/E,$`.!#`'/"@-F#,X7EQ9$`3[#"``>#`"$^0PP+6$)>K$4T>"#@`%K2@
MA07T((].;/\'D;K(U*Q5D0DW<,,`M`BEIG*Q`%4(@`"`@8<YZ`5/'."`&^!X
M`!Z`#@*PX@,HBA*$JR3A!J\L`0/ZB`L.@(EM-,AC)+_S"T"%J6]O#,)9!?/*
MR5S"=1`@SPT\D`(27K(=%N+,$[X`J04:@@(9&.0J'W,JU@'N$II:C&,B8\HG
M*&`,('@`%59+ASM`80$1>,!G#/"$)RPC&0O$%W14L8$-S$!<[V2##N;``7[5
M``,8V$1\F"$??$E*6JE(#R+8H(%REH`#B^$#!#@@@`!`YQ#'8`8!=*"#\6(0
M@_/IP0]`]X(LU'(<&"C!`$1Q/5/0@`FJ0`0BBD->`4`@"^,=SQ/_!B(C2&7N
M@P3@E13,P%&4J8P+3E@`")!P*RNPH0L'2``#R/"I57D6`GL80!0><`<0Y(,+
M-H))CH(J@7&HX*A-%)'3K$IC))7$B@#@P`#8X=,:@R0N\\A'0L[@@A#D!#4I
MV$!F"6>>EQX@K$G`8QZHLJ:G/,5,<0LD#8*@*@8D(1:@P!-6-,P$NI+U!^?R
M@`>>IR<F=*4$KFM5'H:@N#@PX`WC"<(0/D4#)$Q$'D+CB`+H8(<T8.!ZND7`
M!`+@`=$^4BV;?8QV-94Z4VGJ!9PJ`9[>,(0%A(`+!9A!!1ZP@0<(P;<V:-<H
MAF,%*I0!4KO10P6DAXI$>*)<.JB!.`^P_P0&%(6L0ND!&RC0+$$@+[?#N58C
M,)`%#>P``XJ.`3S)ZPQ.;$*YN3W!"+(#X`D0P`9$B-`:<"!?*8!,#WI``!Z8
M(`7:UC9S7XB"$;:'`RE\P0UO($U$4YJYC6U.#U8(.!7D8(8J1.!K=S$#',0X
M@#2X(0%V*$'H\I`',I"!,!X>K0=B0`00``$(!0"!R(%``B"TX`*I`4$+"C`%
M!4RA!4"P@`5*+G.9GQP((!C!`21P@0LX`<8!D#G(+]""'OOXZ".Y\15US&.D
M_QC0,]'(D-J1FC$((0N"!,_@#J#F-^)1KMR;*U1;564E'(`&75_;`3XUJE@D
M(4]=T9/B5,F6)/_\@@8_P`4/U`R,F+Y`E=K5M*%$-:I1F>H&7;`:U#G2@#4@
MX`4W>,$!<+#J4:0'!CC@05IB"2H(:+XQVF7"7/$X=CZ6X/02S\,.@H6"#XCZ
M6NQBF*BA$X,C2.P.5$!`K@S0BT,7\Y,3V(Z&9\&]T+W@!=S[`3I/D($<-$(9
M\9D-#)P[G/JT`@$Q6,^P.P$#-F``!^DR0`Q@8\Q%9(`#.\"7^-/S@.UE83=/
MZ$$:&,T$`DA!-!<4C1[HT%L5B`$.'L`$46``/I,%!S`:7R`%>C`0=*!+=9!@
M1A!"/A0->W``<B45IW,ZHL(!:8`#=4"`1L`&&7!&6=`#&&`%6.``C17_`'TP
M`"S@!+L`!",`,!9P<D37`C88<BW@!!L`<S$7!C5H`4"@`AD@`%6`<TKT!C<0
M`#@H!U9P<B;@=%+X="#0!["0``-P!5`TA1V!#V?@!55@!!A@`PX``JHA`CA0
M%$_V=:ES?(-Q`VYV*6["`8UD&;$P!'BGAFOF`52A.)_R=L!`'@Q02D\A&0S0
M''ZR=QG&`&@%`7D@&)6Q)PGP!FBU)FP".[0P!P6P*%65#F=0!HX4*SPP`#7@
M/LP2+14P`IGE2(W!`1'3`W;3%TR0B&5")T]A5QX@`#G0`SJ``"*0:L=P/+FF
M#-)2/`]``09A!7>!`$_P@'C``=-D3<PR"NV$_T'?EP$[T`4[`!S30@$"L!22
MX0%R50(Y0$S))C\V("D8!$X!T`-$(0!H-R<:``,+0RT(P(O;AE(',`""("UJ
M$'!I\`8`YD,81G\*UFY/D`-E,`8HH@`HL@8:\`($T#-6@%+,*!H&,",(L#FC
M,($X,!1OE">BQP!VX`9TR`00X`8X$`!L(`4(L`%PH()K<"$ND!I9`@1](`0J
MP`(T,`(L$`$:(`,>\`$M0`(UD`4>,RM*EGT,@"\!4`$U,``/8`$^UUW>Y``P
MT(Y/@`$YL`%&@`-4V8E<.)96X@<@L`=7.`!BL(5DF0XCL@96(`!VE!4T8%,!
MD&8\,`39M3I.$0>#T_\4L@`XL10,7,=U:L8#8O>&O^`+#)`':/4JD_$"U\4V
MP%`44*4J5*$$(ZEIX,$$JM1*AZ$Z3S$`C14BE]0`#I!'AI4W!Z`!/8!;\D%,
M4>D!#%`+.U``7+`&$9`!2:`$25`#<$`!'J!A0^`I-R!?UY0>(Q`OM^8)Z+5^
MTZ)H.,`!&2`*^%);&A,%/3!]LA%]IG@][+(*V/<O%)`>-D`=.[!5'$!<<J4!
MJ?">UT(;[I$,/>`!H`,[=N0+9>8!;+!`)T``'$`#!)`>"$!LT](NL.8!;W!3
M]X<#&6`%<\`$RJB,5``1<G`A%C(."G`P6.`%*B`\*0`&*N``'U`%,A)PD%+_
M4>U8A![@!FZ0!B$6``<6`&F0`"_@)$B)`9BS?U@`!T@``MN0&EPP!EDP``%@
M`PEPEQ.0!1:@`2+@<S\0`\6%'$'`:)GW`33P?@>`/V%P`2JPB[J(`7U0`SL0
M`P?0`WT@+R!P`5'8EFYZ,F>9EFLIEF[J!Q>2`GNPEX=!-YJ&"R6P!++0864Q
M9W#$`4Q0&94!.WN$.GA7F1Z0)UZ6!(YX"<`0!'_ZAH6U)QXP%C]0%,3589(Q
M"V_7%4I1`JGT.DN0JG'P=[301!=B=.F0(E)P<96!:8+Q`MP5`-/'+/VH0/6Y
M!`9@,V>`&G>``2<`I$?``XZD!(O1!!DP`J=@`ZN0_PC"E6O$QB[T42W6U@40
MD`-1<'_X=YU/L$[D:BWMLFTV<`CX@EEQT`,+)"D+<TSL(R_&.C_'T@S)``V.
M0`-#L`1L(1YY*0"HQP0[D"P8@'Z%,#^I.'VX$8)&<`!O@`$/(`$2TQ\TP``H
M$$->``9.<`!F0`XC@B(8T`0/$")^H`5_H``\H0!>LW!RH$N3%0T#<$9U``<+
MH()^,`8%``9B(`'?%V\!(&\7Q"L;4P$2<`?_P1,-``4JX`$8\`,FD0$98`$"
M(`(M@`("``0"$`'9]`+'-0$T8`$_L`(&P`.$4')(,`!A$0!EP`8",*8'`!^Z
M!@1L^J9OZ@=K@)8`D`![X/\$=NN6Y;`%$3`'AS<+E<86L,0J=0(*P-";K7()
MD.LZ?,`!AID42R%7=\*(@E%F0S`$3!(+R'<4:(8X8<5U0<`$%PAY`#`>>!(>
M?\<F>B09D\$XD8<%7)`B3<-"%](!PVH`!_`\7?<#":`6DM<#HC`;BK`;]5&&
M9Q`"+E03<\$&?'$#!Y`$!X`!U"@MJ!!=X(-]F"4`)T`MT@$#.K`#)8`!_*=+
MF6,$$Q"!=1!>^%(#7;"I&1`<S[".!E2=H[`N\J-HRXF\YP5/A%`#<BD+FGF(
M7C4$`<@];[`#I,`PQ[0!QK(\SG!>=1!4'"`!4[<`:6`'8'`B*,`!)N,0VV``
M$&#_!0EQ24.B&F<P0&B@>'[@`%ZP$R24$*JQ`&B`!5800LL`738@`KBI1"D5
M`63D!O>1`P?@!2W@``(0!AK``D\P;]L8`S]P`@*P`@X0!*]9@RE@I-(4`RIP
M=C^@$C4P`3C0`$!`IW][='B+'WO;MVQIMPGA!SO"89`D>DLQB(Y&*,AGO6,\
M%:U:9:TT.&$E6)V+)[DPB(*1!QJX*IY2)Z.')W1#..`AB*E#%7,994,@FAUV
M-YP'`'&0!QH@!AQ%(CT!`A72`5LP!?L!`B&W!F,`!D(@`*#B:\8J".M2#!L0
M`8U%P^/@`$L`AR*P`"@P`I.0;*F0?;J&O:+64,>$4@.0_P-D&`'5<%H%4%)8
M(*-2X)_B9P`'M9\`AAN54EU*\%!S,``3\#TSH&C,D"_RR0;*HFW2$0`[P`%_
M]TH)\&1!4!2NJ0/B!THTH`/A,J_D59YRH()IP`%5L,$=C!#X\`%N,,-#<@9<
M@`!D0``,R1%/I`4CXEI*A;29H51S?#(^@0)FT$/%4"T14"$?P,M```9P@`(-
MX`0RL`!$!P0L<`$H8`%AH`(+8'!A0`024P!`@`(1X`!4V0(&L`,R(`,-$@-H
M,0$KP`(D8--UN\9CF;.OL+=]@`)Q?+<.,9UV?`-6P0.Z^(WBX1T)X"<OU:E)
MH$J0BWRG8WB?LB:FH]9;][M/1O\>I.-AD61GQE>)>Q($23$J@C$9F4QGCXR)
MM=!A4`$84A$`8S`&4]<`!:`'O((`#R`'$7`'2&!##ID3*H("\5482J!C\&&.
M#&-[FX@B#1`"`]`$`J""#A`^T+8*QH,#NIT!.B"MK3`",V`N87('J>&\)I(B
M#:``7>`&5C!#"$`][3@G9I(!/3"_0\`FQ#L`T0H;B<"KOY$%:.0^W3D!I68#
M;'`]\R(`8Y$`&4`!Y7->.N`Y2?JNG!`#$O`!*E``[7`&+?H!+70/*B`W#MT.
M=)`&)D9"X\`%6,``6:#?&OU$*>;1]P#23[3"/,%"4^`%L64#I"8$K6T"JHPB
M8^"0JJ'_`#A(=!<0A"V@`"K+XJB!(B'@`Q=@<A1P`!_0<PXP`*ES`B:7U%>-
MU5.HU6^PNET].6OLA5U@J(:[U@*P`W64JJ)7`F]`N7V7)R4P'H4<5D.`DJO$
M!WG@'5T!#)6+=H9Z>JE3UZD4!V"'DK/0I\/I%)5Q>HJ,*:%EG)416J%5%MME
M!2)-)5[0`P.0`26XDEF``P,J`Q&``F``!@,$`A_`'*>3SQD`0>JA?N-G'RJP
ML5[0?LAH`[*!`PF``:IV/#C0`SW`VP^P"B/P`!%@`&34![22$\Z[0EM@!`Q0
M!U#PA1^P`=XL`'Y2J7GB:`#0!`?0V\T\+0:@:SOP`]PU%LZ&_T:$,!P&H`,J
M$:V(D.3V0AO',UY/FP"4)QN=L`$@H+*IH04=``RQ/C-.,)P\10]C-!$-4`Y*
M&P%)H`%@$.\JO,)_<"$2'L->4.$S<P\<K04:T7A(\(NI,`,SF1H],:P(?@8^
M@(-4>8,XV`!%,-E%4`0KU'-T6^-$H``7P`(#$`=-8``U:(,*T*9`[G3W,`4#
M\#<)T`4H8.1_*P\-X`49!E5N=@#:R`,HR:RRRP=S9$=VIQ5Z`1Y1-G:-T01S
M=2=^).9N+1AR94JT<TCEQ!<O\`97KB>9&=>/B-UPY2J3,?:3P2F#@4H'8&(8
M<O/5D0,U55-NHP$Y0"D3\,,R7#;"DO_?B]YR*7`$LQ8?U#AJI;;.M^%]R#4`
M+]`#PT&OPT$`YUT0J'`$:Z`"1Q`!1*#?-<E"";$%'\```T#<6Q`"R0T%NUZ^
MCYHG'L8$.,`*\X,(4-GDB)G/ZBU(+I4_X*D=M!<O!)`+U=8)N5$,7"D]PD0`
M(H`B.,,/"C`X,Q_O\H`"[#XB?N`Q_'`U2AO"<]!8#]XT$0[##@`&)B)C(N+:
M_+`9Q#(#DG("#T#9SLOP4X`B*.('/N#C+2!S/5<$"I#Q&6_Q&8^#+0`(/C4>
M'R`7'P,O>5(MC8XF?Y&2DY25EI>8F9J;G)V16PT*&78`25T.?IZJJYP-?G!N
M"0P,"6E=-$S_34H034U\-P``-PPE0TE)0T,EQ25QP,'0P3<E2<3$20E!!QQQ
MNGPO+Q`0+PP\/S0_02_/`+Y\2C<W3`Q,]4PE3/'0\3>]_N+@Q$'X=F\#J!`A
MN&R9`J?"B!,Z`O38@>X<.AH">DQ`((2("A)3&H#:@K`!B#LS)HRH8*/"!!@4
M*-3`$*!F#0(X@L!P:(!"'0=KP-S!HL:*%3-KMBC=DNH2J`(\#CP(Y:=JJBT*
M).3@$"0),`8#$&P8@6!"C`D/<ASXEH<)#XP"M`F@H2$'AA@5RIZ`88!`S``E
M^A"8B2.'ASXJ%(@,$2J%@SMBUBC8$LD5B`0>Q%3VLP7%MJ0-0FNP_\+Y#^=4
M?E+\2'!'Z6(N5I4VE429Z1TP3+?<\5)URYG:5DUK40#&B1DZ:IY\^5*GSIW)
M"JO^$3F),F>FIIG._H-5.VH_;`ZTYD)D0)X73["S6L^^O7M-G!5D>0,@P2G*
M[_-SXKQ@3@(F`#"`1P)D^*,$'PCJ,TT"''"`3#+X\!'-A,$D($L)L\R2P`$)
MO$'/"TL,P<$<`F@@P`\<*C'A#?!`L\0R#`RQ0P!9T%""/L*PJ,LXX(`8ASW8
M)%"#%QTH`%MHH2DPQAH%J'`$`A@,8.*)/PS@UPD;/2""1V!,,44!"]PA@@TC
MC-`3`03H@,&:`;!!`0(B(%$`$B"`@<0'1__((<$#5M3QA1%26"&&2$MM1PE3
M#6"0A!%KN!)<)%[D=``/)?P@U@P(N#1!!3IPH,0!7KTPA`<:X(!##SC4=$(%
M,]@PP0EHQA1K!O9IX`$'0S`0S@A;<.$"%V<H<,:P148WG1]@)#"'"I]PYL`!
M;DQ1%1<->$!':7Z(5!48&@P!1P,AD!2N5:<=RIT?M^6V6V_6:9MM<7"4H88!
M1A`0!08$T'%'HWZ<X6B_^$6"6F[:_3;)&7YT4*X66H2'`@@+;+`'&8M0I]_%
M&&=,27Q9)`&`'5VTIO'(M&V!@QNDW)``,#<@V(N$T<21!`<)/+@.A13R$00'
MRS#QQH8>>+#S$!#_]-,S!QQ"V,2*-P=3SPM-0##'#CED<*H'-)`Z0`:H!L!F
M36NNB28;$-TE@4<@3"$L%QV`ZP)G!:`@P00!9)"%#A28A4!+")1YE@$PP82F
M#FQ@4(,!%0CQ`0I=?JG"!R)LX!),=40111U22&&$$6H40*YTF4R!`EA.*`3*
M56.(D$4&&,"```(Q8#G!1CH<$,P2!S#0SUL!Q*!#%@.L-D`,K<[@T*L$9''`
M`4%T-<X\L_#!@0.]$BJP=ZZE]@8-*7Q^!P]N**#`=&NX`4>YIG$&0@9,&+``
MD:$<*;XKYMJ&&V?K<C8L9U\N\(&\>C"`YMC`!BF4(05C4,RP&N"O@[C@_X$/
M-,%2)"@2"%KP#-0R@09=H!0,'``+6*""&@@P@#ZH`70D2Z$*.U$5^9#"%'>`
MS0KU\YT->"`!%5+1/G#&!V74+`XZQ%DT^%""('0(&5'QP*2&\()?`$`)2V``
M!WX@M)J]`0(46L(^8.0SN&A``QP`P`$TT(<,N"E6,:&`7V2E1L(-P`,#P!=:
M).``*(!`,>+:@@M"<(8U>`$%1[`!7F`W`<"ID29@TX$B*6"`&#P@`@N`0@'J
M="<)S&`$A6RC#FKP!39L[@MHDH(9I/4Y3.3F#,HR`Z*"!8+';:"1L^L)!;!4
M%@%H,1C+X`4?#B``',0@`#G0P`&&D(.-]*T">?\YRP"&Y@$F[&()2_B1.`8P
MA1!TP#6.2E]57*&"$@C@?J>Y@QMX$"PM;&$!;D#!:=;IAS4$X`4XD$`$0'.&
M*2QI"@:KSKG2A3_>7*<!4PB#`ZKP`#T8H3F;,P`"Y/`P)+7`!_-KP$-]X`,-
M6I2B)E#`1!M@48NVH%$7P"A%,>"&-36R#D;X`A5D.,.6NG02_>K8QS1P!X6]
MM#T#2\$>.""A$BQ-B-!H@C$2X%-V"'$:'A!`7):!CQ<HX05(:Q[1I,A+&BRO
M*V]X@32"T81;"@,;0V`"!))P@!]\,8P\,%$.=(`FO[3UK3<A0.$&<(`N]"`+
MJ4+<`R3P`21X80P=\)?_`N:$@CM(8`,/>$#L9'(31)H*7XA;`1(:!P441$`"
M@@3<3=(X.,*Q@0!&>((:JK`;^NWG.F"4@@+\B((/8($.L#-D&F-B@``$P:A$
M$\<-DD"#`8P@`#O0`*5R4*81Q(`L?8,=`@B0`QP(@`,,$,@+<E&"*H0&$I]0
MSV;$P``-W.]<'QCG*B/@AA3(1C8-6$,*=)"'`;#D`V#PPIW,4`8X@*$2P.&G
M;OR)E12@H0P(H!<!HT"`)Y3!`2D``1'TH`850.$)#P"""IZ`!@LTH*(=[6@K
MQX#1##>`#A:8J`E&ZH8`X,``!EW."0UUTQ:/[`PX(,4;NO`!+;AX/9^30H<`
M_T!$G!D5`L9P$#WBL`1=&K4$!\@:A_(Q1`_\8`[^B0<?@#P'%/&`!TE8@E%S
M)`QA1)<?SU`"$[1:@CGPDFM2$H"9KWP`#U19`%T(`@UL8+4>],!N%(#!"0RP
MD1EL0`9'$($0!`F##!C`!HD=04ST/`$;;&`#0I"G"M;0@360``5C>LELU8C&
M6)U`+&;8S12\$YO0+,4ULNE7:,[PA#00@+Y4L((40+FY-,*$`FS(P@^VS&,$
M[:*'"<A!#BAR0P_TX`1X<4A98FF`$<```\[5A3=^X0'<-"`3G'$"$_90`-.D
M[P,<\`"[Z$"#`@QK#&/P`AK,L`$$X&`)/$@J`<AB`_\12L$`=YADG;R0@@7X
M&P5F<,(:O@2'@@=X<SC```'79`0ZH*$`OO%7E6`@@AW`0``CB.,!JM`"(&!Z
M!42P`0A2($\6<(`%3H@`"Q8@`P>TP`(6^`$0(B`"QU@@#!/H@0'Z,H`O",`#
M#PC8C8>.,1A[K`0:^(#0B;Z)ST5@#BDC!87`W+)Y#.$-RTC&U:FA*R`CXQKX
MB,8+#E!E#PR!9?Q8PIA[T2(>:W7JNL#15O?1U2:R@Q]1TT6N`K2``D`A`A7`
M]94:R1+C34!6:>H"!10+DQ,<`05>N*.ISS!R!P0RDS6(*P$$%ZL);"`"D`?!
M&+2ES<]9)32<0?UTQ@"F.U3_80-60(#F/DGKF)R``CK(P&J<*?<N2V,(WV!`
M$LYACC=`DP,\V`$.*.`0XY8E!@8PU1RH'HP#>&[I&_.#`Y@P@#7XP71^(.\<
M$+:%,4A!`TVZ@QGDH(8`&H$-.&""A0X0`!AL9`1J4`,"J$`%.OA?_U:@!WH@
M!5'P!`&6!7C``PD@#@*R!UZ#+W2@`J.7"ER@-DI$`2F``UFS`1D0!@,P`1<`
M!&,4;QZP`<VE`1-0`G1V`#U``\`D`@IP`3]0!0)@-0/@`#U`0C5``R:8"'GP
M`"C$=$+("E5Q!@%P=$FG74.("9]3`(JR-&3P=BL"9GF@=<>@#/3`!-"D=M`C
M?-6@_SO"4`(5X0%@"&9\T`3\H`1JB(;1Y6/C\(9QMV6^,'5#0`-]($PS@T4,
M``:_X0>#Y0"2DRD5<!9[(2N9AP$9@"4TD`!#T`7FU0"LEP)B\@!F`@.=9HA^
M,0(/<`0(UBA*$0+?YRZFYRZJMQ`@X`6N)R]6\`28DU(H16LIQ082$4QSP$30
M%`X0<"!/A$5.DP2^D`1*Y4/T$$6_,&5#D``:,!.S`P,U82-*\#(JXP#UA'W5
M$7YQD`724AL-4`4CTA@JH`92\`!/D#GU$HLU40P;@@.KDEE^<B\XL#5WE0$9
M,`![H%1*U2%VP`!G*(9]$`!2@`4+@"2IMTT+L`(_D'L&0/\#-9`#)+`#(P`$
M(,`!3N"/&X`!P98#,W``+1``-1`!)1`E'P`$+:`!&2```Z`#%6`K-1`$&)`#
M%3``YL$`6!"$2UB3\-$O1S@-&A`!2FB3V7=Z9>`&'C-F4\=E1I.%]4!D6Y@'
M490A)8`K2Z!5-P`!%I(`/!`$N8"&9\@+_%",:RB%TA`/$%!D!P)F%%(TT1`/
M2K`'A10#;20`0R``*(`$*N``$B`$,T"(,,!Y:()L-B`!1Q`!#O``<W`,`T"7
M'[`G92$XG/56,.!(I-5W^(1JXP**[$)JN0%08+``*(`&<'!85K!SFA,%Y9A2
MRQ$%`3``79`&'L!F/)!5XK`+>3?_#&]W`SR0*SVT`T$`9$'P!GD@9D6#=DU`
M`TF@#7,@-,;0(U$S``W0-M0H":X@`7&``Z34+V<@`>&&`G!`!0$VCJ6Y.6AB
M!"=@(3V``9GR.@)$`#22!5U`(GVP!WO0!5T@`&F@5(N(=<X$`7:@`0,0!0@0
M`2K0);\!"@K0`1;P.C1``1HP`SV0>R<@`#)@`05P`!-Y`@]``3^``S"P`@<@
M`\OG!#R0-PL`<P(0`P)@`#/@!!PP``]``R=P`C,P`#D``0Q0!J;EDSAJ"448
M`#C471%@,3D*4^2B!0Z0*O+8!4`E#4J@#+A(9"`237E`#TZ9`$OPC%P5!R5@
ME4;$%4PT_V5H*&6^%C4"(0Z_T'N]-W=1LR)\,``]<7LH^@`M(00NL1>66`.X
MITA^@3AQ$GG4(BQWD`%V10!G`1,U@#>6.#AVRA<V(`(.X`5K,*#A0B@2!(H0
ME#ZI5H1C``4.(`+)@5+-@5*;DU*BBB88$`59\%P,\`9V<`Q(0REB]:5>"@$8
M$@S%6410<P!00U8E``]/I2#`<`"WU#(M,P1QP`L'<@!CL!29X`IE0`8!H`#9
M,@8IX`1/L"%60'M1\">E:05T8`8.X`!!P`-(L%I$$%M24`=UPYY)U0?R*9]J
M!F<:X`8E\#,\,`=[P`91(`4&2`5R`*!K$`G"<@$GT`,PH`(KT/\#`5"0&3`!
M*=`"!3`")"`"*^``*R`"J.($=CH#(@`$,5H#"]!Q"+``-<"B)#`"*S`!\@@#
M*#`!,\H`<M"301JD56&1PZ`!9I!/,6L)#>``JV@%+&$$`@`S:8D@?."%3,4`
M<7`>:H>E3ED"4/,C8E8BK<DA6A94:,EC2M`6'Q('Q)`,4+,BPM`$3+`S3BL-
MO)B6/\!(B%,!#Z`IL))YA;I)LR06C)HV"--'38(&<A!@F`.J!Q6JRX$Y5K`!
M:#!II20)?J`%TH%JV@0*D-@D9D`%?;$<L(A0H%4'!+`<4D`'%9`U.:"`3'2,
MK'J5Q1`.73D.YP$`>;"(";`#'A"K2;#_JRHR#%MF1,+0(B%2K+T``7'P`.(3
M,(M+/]_W`'$0`(]C!@]0%&Q@!SS029E;.7]B!734)=I1`'C``1%0%0OP`"*4
M?WT2!3TP`#A`8/JJ!AL@!55P!6%B`%^0KZ%Z4"AE`$_P!-SZ`0DV!=3B`WND
M%%S0`J'1`ES0O]2")")!4:<V019%P*:F0;H6!J$A`AI`HQ*@$!W%8CDKA#.[
M,DP@`#?[G#G;`-0Z`4^P<R-@`PB@`5+8,@<R9<>0#9-",T2%#QB2(5V7A7;E
M-6S0`QJ`#E^D9EU!#\;05.$P7<4`AFG)#P*0-V6A`UW`/$,01,*P!`+`!N>Y
M6&E4.(D:`QVQ_P"2AQ5^AP($E1RS%YYM93F@)`4((`%WD`(#]R_D,@GN\@?#
M,L<%`P)B$`'L)T";<Z[+L3F60V`*508?(`8%L`98`%TY8$1,)"H64IQ!4`Q+
M@(;/N+O@T`1RE@0\D`,"T$3U8$0,\*4,T"+/4`(>$+;!('P\`@YQ(``J0*"D
MQAUC4"=W4`=YD`$(,,*>B@.8D:VEB@,;\`%<7*#:T2L*(`!)8`8*H`4-4`#,
MO`;HM@9K``*%["7B\QOYEAM.4`"Q[`"1*T`"E#E24$BBA041,%D*L$=&$B[A
M<FH*3"@'C,`:U,Y;P,`_X`4/',$,(`$B4<$7[),9+`\"(`$(T\^5`/_"*/8$
MA<1HL#,`"=!$1/L.;X`-5QD5+YPKN4+#<4`.]?`#]O@#4@D!7!$T'+W#O20E
M',(`:C<+33.T-Z`!LY1G"H4I!J`#4E(U&*`2L[-&>UD#G_;+?J7-2;(&4(`$
M$2`$:C`!YTI[H&6:":4&9O`!*E``TH*XON'&V^$=I#<=4P`&VJF*!O"IIODG
M[5L'5D`%6-"HDG$L"S``NA(7#+*`+Y"E(M(A'B(A75F6+W!E"?!SD7P#2S`S
M0["%,:*&;?<"`L`RPO`&SC1=&7T>-""-A!(48I"*='"M6=!>[[LY`6`''B"]
M/)L&8U`NZY0^`U`":N`*UH$:IC8PO0$L:`#_`MKA`&"0+2T4-Q(0:^=Z;RBE
MKR.@L7)RSBY001:4829@>E9!W!W%%";0`!E``UZ@$%@@`$U0`B*@%/Q,T$M8
M%6S``3=`!@$]T-A-&VL0`53P!2]Z>[(3`S"0!4$0RBW#!TS`%9/"`S2#A??0
MM#&"#TP`%W/!B],PK\I`#2\0!R32`[B'`[:"E6@XA;^*`7NF-Z]S%H>G1IG'
M:6Q%`>\X`"L`!6M0!,$2RPM`!*^7%T@=JIE+>X`RN*$F!@+J+H5BW-L1&_5T
MBDAP!W#`?MX)GDN=4-SJK0L`!LF:>ECA!U"P`]$U*=:@"^1PC!9",_YMEE,Y
M!,T3R56J!.':(%6Y_ZOO\`L#@:O2L`1YX`MCJ87@L,%6<`5B,%``-H`(]049
M$`<]%ZID30`@`^1;8`5IL$XCL=I^`!A&,)"?H[C9H13F!`H?X#GX,]O##`IC
MP-550`?N=U#W%@/$(P0`"G$A8$%O`^/&C1`(8=S+W=Q$8@)"(-TE<`1^D&$6
M'-XMIMTKL\H"O>HYNP771(,DN9>S9``G@%P8(``+.&51L3-?R%3%,%0,PC._
M$`=8HU0_\%,W`"'+\`9$D]=!L`-L<#AET>LE(+3[\!4.V1*#>'L63D"9IP-[
MB0$:\`,\<P"P/06517,;L%AIXA>@^HJ``F%P`'G):JF$LDV7:GK5<0:-GO]R
MBCF.KTAK]K(Y5E!?=<0OI><=<OQN2H#)O1`.MZMV2>!D<\``<S>T=@=%SA`$
M2G25-!/*:A@/`.(@**^/O[`+]U"<4\,&=,"]>N"W[SL`UXC&&P`'C:H&29`#
MTZ$`!-`%DR$=5Z$=?V`$)8`#ZT1^`X,=IQ,?A^X:Z3*@H*!-9R`492!KF?/@
M*S$#6@(%X.+I"*'IF$#V9:_IH4X#4-`!+B`'I@X'+J#JK([!X,'=9$`#6'`&
M=?\)KE```G`C0Y`!!#`!F\=HFQ)XPM7>LLJD4<X,(A+*0KL$-=,@'.#?/H.%
MN937F1P1.J#K"H4`&7";,1)=2Y`#5)P7LL19A#'_CSG0`T+@``L0`3W``[0P
M`)@V.3%1J(CJ%WLL%CPO]DK!A*:7:J[A+Y`(!BI@6,@Q@("+4B=.FJ+UVAU@
M+)V``+JS!#2@*TF[#[+:9C\`(#S&#]W.,DH@?%W%/$9D(4YU=P%R`"OO5&ZA
M`3U0`[-S`C7QGAI0+YD+"%]&=4]J.4Q6:V-G?HUJ=AE^#0TX/5M_F)F:?H][
MFI^@6Z)^?W<@?EM^'V"-HIN-C0T@8E545A,3"!4V&S82:U.BDPU<9U-3#<@-
M9PVB"F=;R(S,DG[&6PT#-%X-(64"30E'(<T=RPK!V*#K[.WN[_#Q\O*-;!PW
M<6E89_/]_OY:.D##D.#%_XT707"<@`'CA`$##A'8F*!#0X($)9B\4**D1)(D
M##S>`$"2)`0&3!@L88`2`I\E0Q)`N$$3P`TF'+I@($"``@R>$VS8J&"`0@`<
M!$;$&'&"PHF%%'34R')@"00(33@049!LR@()-2C@BAJ6)\\:.J0:J"`$#@HP
MR$AAN\0.5BM1>%--*;#``9P-"*P8D&+D"P%!A8T<-F)`S0<O8[!-2D4J7H1[
M36@49#*SI!(('`YXB&.S24V2-$]#*'$@`9\A0U"F;%(2-1\F/_C<2.)A``X8
MN!A&#:#AGDT<A9\\B.`@18$>#.@PN]0(`:0_#10,8.,.59D$`BK#PTL*S:E&
M1/]8P7H%:]F9,R!4B*B@JT*O!UY<!`O68$TS48HT,(8?"FS!3#,%CC&&"R%(
M$H(+V&1`0PHAG/$`.$-\H,`8(8@2`CFH-/#/B"26:&(FL$3AQ@UYI"&'`N*=
M**,\!C;B@`9)I/;:`#H8,,%33XD50P43],"#:7PHL=(2-RAA6FT`K,;2E"TQ
M`=)(4-[`!P,>9,`3!3Z.4,&8,4Q@``Q1,70"`0'L(,`<0QAD4PD8+("$"A\(
M,5&0!*#5)QLZ\'1"##.(\,$"(##RAS4'-A`C*%K\-PIV8_!UAP1T(/"$%&89
MX>EA440AB!Y42.``&#`N8]=Z\:B@P48<\.!D9R0IP4?_$CP<``$`NIV&6FHW
M0+!2CGPTT016NT*)$`\YO-"%`3&4V=27:+7)@4TWJ!%!"HG.-48&)6#QBA5O
M]/#'&6#T@4!W?ES&@XCQK+K*,&@4L`47S;!GEZ-X@7"'GC,X)0$(':PA'[<?
M$+'&&G`X,$4C[PG(Q1H*<*%`!U"<L48'SX#0@)M0W%'`-WQP$,$9"@`!#0D.
M.-K(C##'/",L7ZQ(1AIEP"CSSNM@(\D4!!PY$DT0,!%$!A@T]-"/$RQ%`([(
MFM:D2UF68/4;#"01A`<'!)&$;C;Q(38?)=TP1`#1*A4<!7W6@%8-:.(@0!!#
M?,3$W3@%((0$]#4%0PT]??GE_P3VP8&$%P4L\F$JHXSR:"C#&%-`"G?`@84M
M4F2NV!>B>CI((1N8T1P(R#3N*":M/,Y.`1@PH00#NC:QT=`<E9"K$@>1C26V
MJ95VMVXN%9O1"PQP0,,.`51;@@!H!FY6#4!B,$>2>6SE,EYK#/`&%B\OZH<>
M;^`@"0I=F*&Z)@ZTML8\=WU@[WOUSA7CJGY8C`T("[``V`04T)`!`F!8@Q!R
M$``43"`'&I#!$[JP!SHXJ@`JN$,*/@"%`B#!`04(`!%(D`)NH6`!`Q``&#3@
M`"%D(`$:$,,8P%``(BR`"#A8PZ1X1L,:M@,606,1'G)V/AN>B!3\(H(`&%`3
M7S%!`/\!@`%$?.*C7,"@!P=@`.Z(ACLHA00V0]A!#9H&@PP$829Y>,$+5H(2
M'B"M3/SCB0[8P`:S4`!N/:`!!Z;$`QIH8``!T(%/&L+$GTBE>823`!%44`!S
MB`)?#<J+,/[3/79P(3X.B``6Z'`+PBBF,%$@0&&^4`<]+,<)`:2&)"Y!&5:A
MHH>?4$`%2H"5UMQM)C3YS!)RQ0<(R"E+181`$H90@EXUB0$9T$$N'O``!#3E
M!!C@`0?::!8=!"`'.[#!`CIHAERHH0!<\%XLQK`'.YAA4HV80/@:$0$-W*&'
MC5`!#4J0`O:%*`)0J%0!)*`"$(SA="BRB\;`@*<RC(!-&`C_*`=V,`$H@&``
M.Q!"`78PIAS,P0Q&R`(CI""`-.S!`R?8`$)%,`0<3$`#"AE`#C*@@0)X``X]
MR,$`#""""!@!`2(]P@#2`2\?VM2&V##"BB!`@PT$XZ8V7(,5.+"KH4&)IUX"
M$IJ@-20*"(!)-.E5;9PD-B7L`"(GF,`(AA(#`F`@``3(Q0@F`(.T](EM@'-;
M#3"`@QP<@`F\XH``LJ`#ARRQ!LQ$$T.^=`(;B``%,MS"A^:7"M2U0E(0@@9E
MMM"!%3KA`W*@0F`,4(?#:+(PEQT$`K#@`"@H`#M:X%DK%*"`"(!$"0F@04B6
M(#8(A)$/RKP*;:#$.P!X``.#@E9N_W2@BQ$$(`@80`!@8M"4BC"@!P'H@0:(
M:),$H$$8=%E'(PJ@F0_``B\&*$$`EH$`#2Q@"FM(@0,^@`4)1``-3KC#`N"@
M`3+`80$+``,44N`%,'@A!2ST`GR10(0("&$#)Q#3"`R`@X"RL0[+^6`*(E@!
M"N"@"P?0@`;2((`!9*#``7##'A```A#\((0Z$(`$1'"``R#AH[+(0%]W`(0=
M:(`&!.R#!=;Z@010@`=]R(&'*\`!*,H@!SWH01!J$`0#9.`8A97'AY;,Y`>Y
MX,E0CK*4H]QD)@,U'CGE0;#2\("?7IEG6W`"#THPM-V5)`D)8!8&BO*0A93)
M!C7(C9:,BO^M)O1J`$HSDPUF\``;(,!,?TN+6@/5DS<&0``\8(+8XI"`/N`6
MT$Y9(^`(\!-*PV`$A>KL%,[`,2:;LC+W:L:3R?$@$SAC#1!$@P348(4G#$8*
ME?V"80K#!D[J@0X16,`8BN`R[X%90`X@P@0X$`0&#$$#)4!)$ZS&!-,LVU9@
MHVU-D(@#'<!@!ABX@0:8@H$<,``'0Q**GPTP@#PD@`%9>H,5''=#/Q0@#1Q`
M0_?\8((3#`$#'4C!!G0@@0>H00]?R$`45V/1X':!#$9X@`8$T`4\DHH.#Y"L
M%?3PHX<8(&E-.T$`9(V!'F0A`P,(>1<6_H+:#(%K`MB#;Z1`!RG_F"$%/CAH
M,95+E!S00`8ZP($%+I`#&#R@"RD8@`8RX$(:D`!N+#B`#%80@#Z`X``S^($,
M1`"#7"'@`"N8^AX6`8UY5)G)4PY[V+_^H2^_`QMUT#($TD"'R)A]9Z+`00*D
M9F:2O"8CX,$!1)3XE*:-``8T(%N4J@@`XKV!`SBH@%*BY:,S4>"-@C:KH7=P
M@!*\0'8<&#H&S&0`-0;JC9-."PQBL`$BI,`_DSD#%QID`C\\>3TARLX80%"`
M^:H`!43X@`B$X&\]>'4G7V`C&T7%.39^00I6V,![0<"X5"R#"]&5&8#,D`8>
M!"$T27@!#8:0DB'0P'6I>1)M;4.\'C#U_\\4*$@P:Y"#$N``TS8HYJ!TX`$)
MLW9HM10`-!H)BD:`P0,\<`>+=2\$,`0]X%\V,&!KA`,A9`>TP0<)X`'(D09,
MX`:'P`16<P`!H`<(0`=J$!AZ$`,/40,!D`$]`'(Y\`,`F`1O@#5,D&8\D"MF
ME@!S<``Z004B<R\$T@(7L`%WQ`)5D`,YX`15T`<#0`0\^`2"-`(M,`$_I@$/
M<`(9,`%E4``5<$<9T`=`P`9.D`5#YR430`((8(01D`C-X'I1Y@YD]R%BUX90
MMH9O5Q?8(`4'$"QX0`4#$H<QTP@2,`?,Y2LVL1H@<3<E0`,]0`!G8E<&@``(
MP`8>`#L'$"MFA/\#8,40>`4HDZ9&9_%5R9,!'G`107`\2*,T1:%'?>(\B$@!
M&3`'.;`*I'-(T!=JH88RLP<&*9!>$6`&D84`I7@4'R=2(2=27<!`&"!\S*1)
M!F`%=%`%S4$QA^0RJ7-*.R,@:C``/+!+N\1*UY<',&$<J4$K6?("O9%'9K(0
M:M0'?.`!SO1]`5`!?%8!&N<C664`*35;-Q`.'V`@T?<)C0`%N>(`!K(&MN@`
M`5`"`X`+CK=6#"@`2;`K$#@'1S%')<,$9&`'K!$`3V`%"*`'KG8F7S4`72``
M-%!B!\""=D`EC'8`,7@`@D<3O8$#5B`RC8(*+=`"0*`"*F`!%C!-('#_`=.T
M<Q<``D``!"!@`04`!+=(`@7@!`7@,3>I`GN@`0(Y!1IE!SS``D5YDTX``F#0
M#9,@9>[@AF(YEE.FA_TWAW4(`7.`AZADEO,@"F#`!FX@5:5A-2?!`4L@-2\`
M`0FP4@NA1$O!"Q,Q)'R&?EX5`(@9`#OA1@3`!EE``SP`D;R(`6&A-)6V1X##
M-GUR:0\@`1<4`SF@`UQ!6M#'!=!7,+27`DC``D<@`38@&$80!0&0!3DP<@+P
M`W/`-21Y`#^@`<,XC'M0C+7&!D;P!,N(`E"`>LTP&7:13_PW(PI@!EW@`1R0
M`!_Q!G$R!+$#CE&E!"7!!WG``0,05G^V)B<0_RAN\T:M@QN6=P`P(&[&%`"#
M4B8Z@%PEIR7$0P!<L8^@X`5N,`<8I`(14`8).``ED`-A\7A_(YN*J5RY0D!/
M@`-)T$L<4*$J*0!L8`4:VI%G<A1N0@,_$(/76`)8PQ)O8`<'()(_(``<D`01
MIF(3\`!E8`9O<4__T0(ZR8,UJ9-`J:,U^:,_VI,7<`$U>0'905H,-P8%H@;3
MPP%W0*0Z:@'9@0U.!F4D0I9AYY;RX"A/H&5-D`9JX!]:FD\NPYQGV)R90%I;
M4``&E`5IT!H3:IT)P$OC!P`)P%MBXF==-0!SH!"XD`L2P8AE@B:*49\"D``T
MP0$!\(YFTB<8H$=NT_\3?Z.0$U`%2%!(S$!:Z(!J4*!?%Q0!N\>+PX$#&5"J
M(%>J(B<`JDH#'L`UK2H:O"EALKH=3X``<O`!*C`&BU)*S^E#9;H%#H`#-(!H
MV`D;$_H"`D!X4%)+A:@#6Q4#S2.IF:F9.+`#"3!%``"%0@&H,(`#0A(#.1<`
M;U`"U8D2;N``TW$7A[47-0:F=*`'@Z$8WM8%:$$!,2`$#A!?#Q,*".`&)9`'
M`]!A>P$"X74I95!,\*H#&)`%0A>2$N8!>]`#7V`%9?`!H%0`7D`$0C`"40$F
MC6<%:J`&RW$*!5*D1#JD0#"D+>`#0VH!/YJR*ONC%\"C[W$NOBFF".`!?.#_
M!DX`!#7I`S6),L)@#`W0`?RI"8XR!<_0"%P1#`*QG)-Q2!W0(?_1(7AQ3V@Z
MIMCA!T]0AU\:IC6EI3/D."^3.INP!4OK!%3P;W50K3S`?1E1&Q!(`W@4`W]6
M5FP04(C6`WP'%6VF52,0N'\6`"#9<P@P5D7!=P!%`<5(GC80`.JH`@$)!2H0
M2;NW/U'Q5:0:C#NP`[:I`2H%<A8&<@NGJGBPFR4V!W:4`0$0!:2"!36Z?Z1P
M2ED+5*B@!6`0`!36!X\X!"V8;#Q5`C9Q5#\07`\`CVBBF6Z$`21U;O:H)7D0
M`#XR)@B``1K@-694`VU587"@`G!@`%D@`%6`"D8K_PD*L`9>@`*Y*`<34`)S
M@!B>8AC>-@!BD@,1H``=TJOG4@!#Q0,J(`G0*`DH`UX%8%\+A@3XJ@)@0`(B
MD`(5(Q"8(!G+8#`1L`'0VC2%X(%J@`:,,`DQ2Z0*`)0L2Z1`H),=!J47D+(6
M``(XV@(FL!<:L`=K``U6X`$WP`,]VP(*<++H,!>F:9HFX`[]<09`X`50`+0^
MVP$X*2`3[!]<P#$6<P:1`023<`S+8`)8',1:N[5ZX+5S@``RM,7.V0I<4!G2
MF`DB,DH1@(AZ8`6[P+A"=P!S4&$+BP/"M0$;0!1Y:V`:P`,]8%=*U;>*Z!!*
MH0NZ$"WER#])8Q^&@@)(@/\",L`6#Z#(E8""G=L'PRBKFKS)OKD#P6AA61!D
M!?8%BV@?YG4'**`"7D`Q[Q$QT-@XO-J6,D,*6K`%5=`%>)`&>.`!KN6"K!2!
MQ_*"$2:]C!@<N$!I;$)2;UMWMG$0QIH#!A``UY@`BO8"S382/0`,DW$,S[`7
M`MIOFH)9;,``:1`%FZ1)H#D$!@`"2'```EC&M;LH9W`'D8@J6QLB288)4+L%
M'\`AHA`!:S"[\O,'#,(,^'(&!>``_::1(;L!="`!4*"T0QJS.ID"SJ0",C``
M=1(!.%`#!8"C.NFS1.JR0;D"0GB4+5`!/W`#!X`",*`""L"#0[D%%),=*C`!
M]^3_#@K@`T0@4BL``BB0!E4P`JIJ`#,+!"2``B#@!"2PDRK0`CH0`PJ@E""@
MFF.0Q5JLM2)B!5Z<"$<;A](XP#7-2/PWNXT`!W4@!4_P!)A&)AP;:#A0`@GP
M$YZ,/&L54'&4>1>FF'!#BG^Y1WM$`$&2MP0P)(I'.'W&B[]7"2+EN1*FJJHJ
M82,GJYBLR2/7!3LP4M66C*7R`:F,7P4`#%Q!M7BQ#%$K/V5+MOI;0[0K!@/@
M`;DY!\F6*[S)<,Q+B08&.'K49B?`!@/0&IW!S&5C9ZMA-0*P`SQ@G;$A.W8V
M$@*0,=9`6F#0%U4069OB.9<5`$=4:T]`!55P!UZ``T,0_P-<$`$_(`;=L"JO
MH``.,$0JP`@A<EVE)%A+UL]4JC"G+0D'C0ZT5P`%G`)?L;9JL+9T(`=P\`$?
ML`(B(`,R\`%A<`$E*$W^]`,5P(#1-+,?\'<V0`%.P`)#P@**6@-C\@$Z<`@\
M@`0T4`42<`(KL`(JH&]'<`(B0`09L`;9U`X[%P`T0`$;A`,_(`(#0`$V(``Z
M.0,PEF,8\`$A-P(@*@,"@!0@)P)8+<9;K;--X`%>O<75T`!B$`%P\-VGMVG\
MF0Q<^14:.EE+E!:)60D,8&,9@&8)D`4=EP$YP`$:08A6XZ+'TP,8YR-Z)1QY
M2[A(@VEYC`#$I;T(99N0'=F<W/\'FXS9H<OG]MJ9=Z`")+`(E3$)]3,=#R(9
MT#5OAD4_ZGUED8(*!4``?:"8;(5<1Y%<<HZ8E8`#!08XC?<TB%JGN-0DIA$2
M)1`$3!`3(+$$>7DL(\$!*"`+Z3N@K/8$E:5)A\$YF10`<=`%:F`&8@`&\"W>
M%;`%%;`#7K!ZE+$HGQ`,*9`#>0`'!8`*$GS:<S$,=S`@HN```2T,^#(%()#L
M0H``1M$#N$VJ::`!;(``#T`'=!`#;>(!01`$!V``%B!7&;`"2/T#&O4!%1["
M&.`!*J@!JJ@-!L``-3``00"Y<@.`*4`#)R"!A@@#%9`!.]`#'B`"1Q:VH#"D
M"Z<-;)#_8R>@`1O``CS@,0:@\Q[``JSKQP/`MQ$0!"K0!<.*`U.NY7Y`!3K+
M!VF0Y3N#"HR@!0",'6>HVGAA`E$X*+JP`3/.+?^-!'=P!/OS$X^JL`'5]IJ+
MF%GPZR>0!4E0G=4YH9R1)!#@)("(&L4#8PHAJ79EG)JB!["6UG7P!1:>R8O.
MZ#%L@JV+?)T9`94.!@,2SV+\#@!\765ZI@:R(1"DL8;.N-5:NC0PK#N0!94P
MFY2X1@&5`W:0!W:&ZV5S&DT2+$L0!QH!&TP@['G@6DP"`7T@!"*P/YWW>&[T
M>-:V`<PA!$R``_;2`!#R(6].!0V@`UE0`%PAZ@+-!6"``Q`0_P!4(`>5KOT"
MK-_842#`T,^2L`9H8/D6=`=R\`0!L`=SP`,G29%A)$9B!`A\-TU[5AMT=$\#
M'G9,#`QL(&Y7.#@%&1A0`Q\3`2Y3&!4V!!(!"3\:(P<8`A@L3#FQ!PL"&24[
M`T([.Q$).1H266-;?\7&QRT6.`&](SU!&0,Z(WTM+1,#$0)0/1@#=V+=9C0*
M`P$.*<?JZ^SM[N_J?GY4'GQ\:7IKQ/#\Z_);\N3]$?@O8,`M6TQL@$$!AH$8
M"$0]V#"C0@P8-71@"!"@TC(,&-CHT,$F(QL,.'K0@`!!PX`$')*P?$'S!80F
M2IHTN0$``,^>0'OR"4*@`H(1,6),D/]"P(B4.D;J/#6"(<N>+ETT:.BR9P".
M*$_H2/B`8D$!$&,4G`%XS*#`?G#CRGWG!^`_NWX4K%G@((*$#0@,G*C1$>4.
M`0(T($;<HW&/`0.P'BB1A(F@)B_X!-W<\V=GS#<@T(0PA,F2)0R2>!`PH,>)
M"3$,$*#0D#:!V[,)U(!10001)#:6!"BP)80+A"$R#)G10%K:$`:WG+F[I<&:
M+TT&Z)F`:(,9!PO`=*B[1>]>%`_@P-F@9F.?.6X2,+B),T\<)DSBQ"'S(@\9
M)A```,$>>E!A(!T!>,``?F1$,84`/7B@0P]#X`!'!AK04($?'6"`P`P!'!&`
M`#M@L`$'-?3_4,,"!_2@0PX'($$#`3Q0@$$!`O"0`@UL&"%$!E,T\(XU*_3A
M0046M%!!!"+T\8,(%URP`0$H8+"``2@(X`$"$QP9P!AF")!&&7.5::8??]`Q
MASUS/*&/F?"@V0`(8(!1P!1_X-4`0`B1Y\(90B2%0$1'36``#!M5TEA*'BU3
M4@`;99`##0<,L5-0-]R0$V8LB?:"3CMEZA-.33#!@0:8P##!!"<P1`%N3=4!
M55-/J$$'%71L@`4<=Z@`QAH-!"MLL`@-5!>Q;@4$Y[+,#F0LLO(T,$4!*J#Q
MEQIZ2$';MAUQU,,.BLU!PQP>E#L`#0DDP<`+0$&PA!(^0:`99T")_^J3/3=<
MID1H#!RP`PX$&+!JJ[/5<!MM.A"0L,(;<<012#H$\`(.8R%AUAI3###$!F/,
M\4`(>"%4';%\KO$$!%T@H`<"4AAQ4L,!9($#2AETA0<>'AQP@!LE=):O/?:\
M0`89#+P!4P)()U!"OVS<J@:N3QCQ1;<2G%%`!644$`$="*#@Q0,/%+$G"F!`
MH4(!"RP@"@DKX&``$BVP0$$621S@Q0=>B!##!E.@\($"'^CQP!IWJ/5.DD!<
M8('B25K@N`5`.)Z,-6IQ`?(89P"[YQEJH=GLY_ZDN28?<TRPAN>@&U-7"AML
M4`86$7@-@@(D5Z>7%R@0L8$-%;#ZJDDHI?_4@T?#0ZK#"3I@2(,'',SG&6>9
MUI3'$G$PL(0CJM$@0`X8).S0"12`SY!NL!IAOA1/&/*!&%ZLD=899^QY4'1]
MUI7LR&ZEKG^<Q?C1P!G32H$3(F"&,JCA"0:0PE0HD)';Q"P:`I@##Y*PA"&4
MP!$0T)E-!%&O2^6K"?2JE\\TU00(,.$&2=!`%@(0/L'8)C>TV8T!1C`#"0C&
M=S4XB<-`@@,(]"`B%:C`"1`0`0T,`0$JX`$6S@`RZF@!(0`$@1?0$`4R>*!F
M.5+:TA:4']64*V=N<`,'."!&!OQD$$W(0PG<H,(O/($*</@`'*J@G@C<P0DI
M4`$6K&`K*F!!!6O_*`#&@D6[((5`6E-0`.V.!9W-G8%R%D"5!4#0@A'\X`8_
M\,(9.A"D3<:O"/&#8OS>H8!)2FYQBHN2-4S9@BA-(4@BXUP'I+,%+OQO?Z"K
MRQ\>D`8E\,$#!C@=+@>R!10XQ0!/0``5'C`6%(AA`2E8``HB((36V8!W$ZA!
M2$;"S8X,;QG'0X`0[H`.3NS@!P<(0@DXV),F+$$0$$A""3AP``^(*S&0Z<9K
MDN*[5\&*`!CY)P&B$(`Z2.`.*3A=L:ICE_[]KP$!V1->5(>79`WSHNJP3@KZ
M(@$Z6.$)+3.?2,W'0-I\*P@).``'8#($/G0*`C=(P!PRLQE[=2:$(\Q7_[]V
MD`$<-"$(%=B=`6RC@XR\BC8PB($(9#>&!ZPJ!B,(HE(,)3")!<`&2(E!:V)`
M@Q*$(@@;*$`'U@`"$!2@`&!(00I04`4Z$&``&2I!"=X@5P:0X:6=*L$7P1A&
M-_"`!W;@0ZG<T`4,J`$.@`R2__IDK.IT8)8J>,#3;@4'8''.+O`#R!ELJ0#[
MR4.Q"I!.,AQWQ1;XH`52X`$F4["G#H1`D?\+K1]<H$C+#<D":EC!!2:7#`6T
M('$6B,$*)B=1@$!K3UJ`*$:9)0\U-8%T4@`!ZHQE$+WPQ0E0&,/F("J/)\;O
M("J`BE2>4`$UF%<-@\J6%`;0!P,\8`8SL`$"QO]7`X/=YB0UF,`,A'"$#T0`
M#M6LR`B0]S"0-*Q161A`#G;Q"\30X`>UP,!L7CCA@U$@83IH2`P>((((=($'
M=-C3<D<\EV21QR#(DM8:O'"':UDAI%^(L8R-$"L$3N`(1_"`NFY0@B&\80A)
MR)1@G_N"`\"K7D"V3*8&@5.?#(()&JA!1$:`@1+X<`)&&912+K*;&B1E`V-!
M!Q1L(#"(!!$I%`C``6HQ,=A,%2(_&$(`8``I`O`P#3M;:0+B4U<&<*`1;Z`K
M`^)@D_[<QU0"Z$,.,)$%(R"@#!&@`CJFP):V,-8=`G$`UW!%A0]@[HG[*%,#
M=@N&`V2@!0KP01U42P/_,+@@!,8Y#JQAW0`N'*<X\7A+DK)`@0(\A`4L`,(*
MU#:!,/3!!JDD\8@!0@<\/-<#4BC`=).U!C@,BH\'!4/\8AO*^C4`!5`Q@!4,
M!#8J(.#%+3/`26)S@L$\!C+PSD`/LA"-',!5`#_PP`_(I3,>Z.S?__YK$%8Z
M1J2-<>!!2'@0/,`]"S?D4#``7PVR<!@D"I)V8C@`#<R@2V5[G"[Y.Q9CQP`&
M%1#!#!N@@AX2*+4H?($`7Z!Q%`@@!0/0H0HJL$(?EE<I"X8F"4!/PKYRLN0@
M@+`GE$D"TABP+S[DH<D^24`0,.`0C.R`!TU(@&!@$/$)C&!0,-C!`=K-D*_;
M_^`!1U$*Q'^'@R"X9&*M<E5#XJS@G/F;!VX(%3P9(-<MPH0)*2UL4\1-A3*8
MH0H(K1-:4$#I/=UA#`:)QZ4Q[8<U1,"\#Z##`QP`4;NXX/.@#[WH0Z_*`I@Z
M&:IVPPT$``;_R<\%?ICU(6FWA5D.2UE_N``(,D#G`*@P`T@00`!RP(9O;2!*
M%QA]Z#^^+(#P\MEUD'9;W#*&#1@!F7Q4PP.J@(ZSK"&07E#!-".P`7$;0&H8
MZ(&D%,,:>._@%UJ)\PN64!-W#2%IZ3J:U!7._[_ZW_]ZAG\P$00"1X`_,`!4
M%T,8D`%=\`,\,`29D2DYT`"'5'L-``=V\`V5QGP<:/\,U1$M^R`=8Z`"=_`!
M6&!N$R`KYM,442$UM$(%W^$%Q#$=";)2.$$9\,)W;R`32P840W``F9('?"=7
M]Y<`<0`T3:8I?)`!X),P`S`'+>4V9#<^#=$%"=`J,P15ZJ8P1>5P%)`!0?!^
M><!"@M$JKS('):!H/)!P?Y5W2\8O)9``/,`:`<`#3%`%(!`DW"4L?,(%7'`&
M?Z``A5,>"A`!!=!9T]4_D\<.:((F!8`%"&`K:K`!*B`DL2=[F)B)LJ=*)'!Z
MIF4$JL=Z\A!ZL5<<=0$R6^`"#F6)Q[);*O(#'2$"/:`!:@!7&$`%76`#IN4#
MFCAK'5@F`+$!-+`3!Q!]T^;_%F<@`5%1!Q-@!7J@!U;`1\PD`7+`-4]0!]&@
M%1K@`6*4+G80:$:3&-HXCEWU`G%P&GDP?THG@'K&`0KGCFSX?_XW<`)H<`G7
M;QZ@0CB08'.0`._2@S[1!PM`,A1(!0P0`"JP@;_(?!_H/].".Q]@!AZE7C0F
M8S#W!5)A!0_P'2EP)_\#$$$B!30P<&;T`D.P!`!@DDH'4YOQ`@(P!!"@!([P
M"(&V=)<"=0"P`[.!$@(P<'S``QA0`RU$,`2@`270`Y"2$1H1`&P@$O;U*JH2
M&!+0`R\P`54@`[N#`$GA`4,@*:LA`#2`%?'A!CHC`#A@!'0`!^R3`G@0!V+0
M`..A_P6@AA#<Y7I^,`9W,!WP@P;Z8#^2IY#^<!!BL`'E=2M8P%K%T8N*26N[
MU8D9L%L70`"A"`8,%2T`-`92)$WDY`#.E`)VHDCPTP"MA`,GP`;<LP(QD``J
M0`$T0`%E,``/H$J+N9!Q83]E(``P=0!&4`"Y9A!G``<)9``K8P61N$R9IP=U
M\`4;$2$[HS-:M$5#F`2+(8Z($5>BX2FB483X=W`Z8T\_H#U=$&\9,)[T!D$\
M((<T@`LRHTWWAACY=@`3M`3/HP$J$%I[<I\ZP`2[62RTR9``5'(G!Q@@%5)2
M$W,560>U8@8(M0:AY`=:<`;#,!U^X`0U:$8W\`@WH)+^:/]3`/!+'*`$2O`"
MCS"$E($T9%!33H8I0T`#&9)_F4%/J-!30FDC.P`IW6-@("$2L\%U0S0"0A`!
M*D"51Q`L#[D`*J!C!H`J'["D*"!`3A`>8)"'TQ%:6S`%70`!:"!1?%@7:T%=
M>>$`@!@_?+D6(F9I@+D.$NH_:.!1?60&TD:!B]F+/K!;IO>8K229JP<&P2(/
MYQ$!1U!^&,)[$Q")#_`Z56!'3PH"0$`$3A`&#(%',A`&*3`#;/`!(J`"UG`!
ML\D/%M4/_X`L?5)I;]$_GE4`?6$``D",!.`%GV<"\@,RG#,&*1`!,S`H7"(P
M%0`V-C`!K\(&D!(`<]!O!Z!%C[#_17&8&%QA;QF0!?/6!6D00>5R`'C0!_*&
M`0A*!1M0!1_@`"JP`%`@2"+#GQX(46!0!0&``%#0;2*C:6Q`;P-P%>%R`';0
M!#D0KGIB"PB@7:'6GX&YBIX3>9Y3';"6BL>B``6P5E4@62LW%2,E->93!WI`
M!Q&P`)`W,GO*!6!P!#+P`$<`'E"P!@Z@''F@$TP@$TQ0HB40*D'Q@\]E0C^F
MG4@S!-!C+WQP9#$%CSS``1=*C\YY`!1@`V`6`[31/4EQ`@]A%*LB,`GS$!K`
M!!,@`43P&T3`)`>0!#7``S%0B@K0`:_*!<51:[.F`%D``1(@'6V@2Y'W!Q)U
MEWGI/W_@_P"09RS%0#O$5%'W(S+#<@=&H7UT8`:P1!Z=!1"(:&+1T@`IP`-9
MH!9;0`!!L'I>,`8D@`34A`#MAA(<T!-)T`,!8P`"\U1`A"M8\`%.8"<8,P;?
MAQ;:!5&`V"SD(3(EQ@5K\"O3<6G'PCEUN04K\!H8L!(W<``Z@`*SPP6<!`)0
M@`262IB\JAL29@!!]0"]`Y5V%@`1XF_.F03TY`%IT`4]]05T`#L.\$S?BC$@
MX#Z!-+ZHFT@-.C\!&Z[QL$@-H`!XPB?LJV(%``5>($T.($<2$`'Z8*\B*``)
M4`82RJ_MX#]>>RQ[ZA9:.ELN,"=@($W4)%\@!14B!7,NYQ16`/]I*@`":S$_
M]1,"*C!@1HME^R4".I``^6$:;[`$-U%!2?`"'/H"<P!3(7H?<O5C2A=D.46S
MI]%.0W!_07``[[2&/+`#K:(#AR(P^S0!-B`"$O!>S@L#.!`-N\`&@D$#2U`#
M41411:EF"4``'%`!8^"U7!LLPCLM1HI6:]`!"D`!$&`%#=F(\CL_8^``M+<%
M?%D=7*"VK'ABO9D_S@("EX<`=&!>*-!Y]_F^_N,6=FM+4'``.-`!0.`%&*"S
M&G`$$H!5`T,`E1``0=`3%3)A/,JYI"R<YD7(KB,'$D"-!N0`H;K'S`7(G(HF
M"U`&FK>15_`F>;&ZQ5!I'5`%$;>[,,7_`S^T`3+@Q,@+`PR3HR!1%&?7.\I,
M&P^!`!PV$1U&3A8C2&E!.UKP!U/:P<I2$*HS7<C26'$\JL6PAXA(JHP<@L-B
MQGFBP-6A`@<P!Q]@7`3,#HR%S@S5/]YLNBD@N2(`&.P&`Q3<L'5@`%0`M0DU
M':MH2W69)R&``A/`$&:(5!3P`Q>T!/;!!#[S*=`C`"7P0;Z$&8Y`A)[QAC^!
M'_AQ$_/'T4P`PW7S5S0@9;Q3`2/`*A'W$%%U315``)+R"SM@Q1-``PQ``4KQ
M*@,`91.$`0E``?S%K8<X!2GPI\ZK=JOR5BX9`!,`!]BU!HLT$!U<'2`[U@XP
M!2=V$%K@QY:F_\``%+MKH`)48%Z%7`8+P`7R$#].``<18,<H%A`0O05>P`,#
M<`0V,`,4H`$)@`-)\2HCX4`I`81-(``44!&W*G>OH4#)--<'A`,#(`4K\P02
M$!Z'F(AETJF<2@PHD"W0.(G<EP)3,-:Q.@5C8+I58+2L`,.0_"'R92,&5A*S
ML4\C0)H58-E4)00.$+YG`$I%$+LD^`%W@`3Q<P;)M4GDL=9R+#\&',XB<Q?:
MC=J]C&**?#]RS%!;>L`&\41^8`8<T`=.0)?Y')BMVXC_PSET(G[_M0%2$`/%
M;1$531L/*Q5ZH`9E\`$;/`5>:Q<,I2=^J0`J(`'^;2C[-"@9(!_Z`?\!3%<O
MSP,4'A`$EQ&32Z8$HL$$1Z;AHJ(TUL/"[B)/IB%8/49/.Y!?7A=$_KUU(ZR5
MK,)--%0!&IUA!O.%#-`%*%7A`8-E#R`$(K`"0H``/OV\A#$I%P0!'N`5:(EX
M8O`K=]P`!8!8:9,"B"4&*/"][4,0]1.NT:(74"`&=U`%6%`&!A`%46``@Z)Y
M,`A(BE1MN&(&IQ-1_\`Y4P`&1.!V,U#1%*<!5'<P[68HTFPH0J`"4&!67H`$
M=\`D0N#?Q'ENT?@$.,`#;]`#/6(`=3!N92`!Z<!<\!.:M?FV`RJ<Q0EI92%^
M4UL%9B`!9F`&3C4!K)";.#`"#["KA/$10X3_TSI=`TP@`$\554$$M=EL5@NP
MYD)@`U-E!=HVNPH^JL>RR&4>:M]=7*9]#*-$3'D2[M/WJ=^]6$(RS@BA!W;0
M`ZV'SO$=B`]L,>%+)VH>`=5X;E*!`WB``ZM"*$/5%%*0P1$@!@4`B*%ZSJZG
MW2)6?4DUJ,[[(13Q``3P`UR$&F8D0IR14DTW&O;RAB(D9``@`,US&GZV`SJ`
M`Y.BL_:`X4&0!9SK=6861%H)/A0@,$P^`P_`W[SC`240,#2/`Y`\1CUP`$F%
M%#*/ZSG0`T\5`T9+`3A@1$S0!-(Z!QK0`U$@!0C@'0X@5L'B!=IGRW(05+ER
M*PC@MQ\8JJ<.H6`@_P9^@78@16,9H#,!@/6#DGD2H!YW@`:VW+U[;IEK``5.
M,.D;,`)N-]P>`"\WP`/1X!4U<`+(WNOO=01>$$UB@`0H$.:66JM?-\%28009
M\&<X$&,C!14.<";$!`)FT.9EH*V.3FD,9;!0D`)>``9>``5A8&TUESZV^@0(
MQ`:5()Q/`(W.:``YE`4_P"[$O&$YGR@XH`.Y.E\9QA`:P-BLTFX/@65`Q#M`
M&RB'TA!ZT'J5Z9?O_CD213<$0&GNCDL.:NUDSJ6T=`9FP/O2F'+FQG)PKIQ2
M`_2N$1L3``AL`0$(8F`-?WY^?XR-CH]^6UMG4V!@"PX/%14(,1,P&A@3H_\&
M&0D,#`D);R\`KJ^O-S<O/PQ\-WQ-$!`O2C>Q?+&XOC@Z`@D>&:,V,\TS3$U!
M3;([,083UZ,G$YLQ%383&P@C,0%S/104!TDGW@\/&_$8)YN:UND4`1I,'CB#
M&`$P8-"!(4@"#`0`!F`3)8J1)WH04#&3`DJ$!W2L$$B3H8X4*WJL&*`BID"!
M-5/.;&DPQHL#.'+44'DBA4`4`E]N9CC`(PN;D6H0T`DJ!<,7`U:L;*@BP4P$
M.!',/"B#`($!&`0X>.BQ\Q<`#ADT:,A`P4"%$39*:>BAPT"-#$N6!.'`(4FO
M)DD&9&"#P4B=*%D.'+AIQ,B7.@3J?''PJ+'C1(G_MD#18\#`$RM"Y9B!\R%"
MU`=/_$JIX]'P%P*H4_/M(8!,DP%(U<BT6@,##@$O;O!@6X<O`3;T9E00[FWX
M!AM"/!DX`0/&"0HGGN-(L.,$6ALV.DVPXF71'RV*&C3P_KB\^?/HTY>/M$4#
MAR<-)&U13Q_2%D6)XDM2Y'T^2S!88*9&!2*-9EIA7WS!QF\]')#!<C`80$!M
M$HRWB'CJ%2"&`VC`(<$#5%CQ!#,53(!:%@D,0$%M..!P0`D,U`6C+%[!`@`N
M/'D@@$$P,O`"!,'<0)T``M#@@6!!''`"`A/44)8!T!D0`P(5"`#!#A1HP,,$
M#APA0@767/,-)P1450$%_SH0@,,/`33'00+<5!#/)A-L4U4,V#$YP8H[Q-'/
M((.TB$,//"2A@PXM!O"%849(`5%5,@456@`<[-%H97I(\9$5:I1AQAU.."#'
M!D;XA,`#21F0$U]?W":`/S]A-A05,TF14P!A!4"%&D_TH($`&F0QSU4<"$`!
M!AHL`0`$`M1```P36/5)#0%`<$,2`M@F@"LPPCC-#0P,X%,4=0CE5`H@@"$&
M3`A(\9`3]36R2"10A#;:IAK)1L=0>ABA4*""^A/0P+BF8:T`7^Q*!1U6Z1#`
M;4O<<,`/7G&`A`HHH'!1)VR$E8$H(XS))%8)Z<#&`#<$T18VT7*"0!5H.+!`
M`?]C*/#'>/'FK+/.D23"P0%E^&'ASNI%TD`'"IS!B"(%H/#!!W<X<`<<6&2D
M!TV%H99@%`PU1,!#01DQ@P@;@)E0#1&P1UYZ'XAH&%\`&>$-=B.,0$`.`5S3
MB0TX!%%"`D/TR,<M-<8RA(YZCU`G#A@,,``&-I"#3737S+T))]I$UQP&/A+`
MG)3Q''=Y##'`$(`'!,Q@PUDQX$`#!I4E$824!JC8L8K6L![#"`B0:$P6%/SV
M<`]9%'\``X(6#W"B_C1J!$X"N;''HIHV6D>CFEH6D1YJ$)!!`%*,\@1->F#A
M@!=K%.!%&`N@<(<9^T;*!AYY$'Z#&[?F\4H</`P04`+_`K!.=JX!G=Z!8T+!
MZ\$TDD"#`&3!`ZY`!8Q\<8,29"`*6+@#^BS4@?XTH!(+`(/2<C8OR=#D>A^1
MPAY*D(4GR$8V5K#5OP@&J!IF@`:Y$0`;("4;[-C@!`)@``!X0`,(-&$(&3C"
M!NR&JQS\(`E#>`,-<H`0O6VB$S%`3>/X$(1YI"-"U[@,I^BP`?/=AVAH3.-C
MA/:'`I1``!'0`B+6IL;&*&(EXI'$&=;P`01$Y!UJ<)MAHG":G"2(`(Y2BAG0
M@`)TK0$$(!A#`5+PD@B@H`#LV8]Z/J`I#/!E8`2H'.EX-XY18F<"&AC"$IC`
M@#@P`!JX"`8L;L`$&LS!+)CK_P$'`C"!*<T``<(9!RF<XPDJC6-UI=R3!VZ@
M@31=`SN<L`8,H$.``/!`!Y>CDC4B@(0/)(`'$0H``W;@L6*,HI>[,^`W'D"$
M!2"AFR(0PB\-L(]#.3`+@B*>/UKT!0,I*`!XV`,&HH`#1&J*-)HZJ!0LDY07
M)H5A,JE"`1IP!@585`%K0`$==F65`?#`?O=C@R#TYPHF]"\@/X`-Z9:#`2+E
M;13:/`$!@K"$`^3`21@XP)]T@*9!P``-"YB"A<03"?+X027W000)(P.",JC!
M`)?Z@@#XL(=-(2!2@;05H`05$#:<QEW3818;.$4%H40`#`I8P0Z8D+(,%#0Z
M&,A"%_^,)!@.+($!)?C!#MA`@5'P[ANK2P<&,I`R#$QSFA1PC@%(8X":&`$+
M\:%C'2>;L_O<(0X#<((6SL!&RC9F"VL`0PI4X`0Q;.@BCQ)18XW@U:\-T@A6
M>(`99`:%,8@GCXJ80@C.$`))A""R)93L8^XP&H(Q1`K*N4;($$"!#/Q@#@28
MP`Q@<``E-*$)=TV"+.)R"^M>%P(_\``%2O2<'+P@`\TIBR?6^8#(02DZS$F'
M`>IFIA'@X`5),(`Q2[0<RDU`<10PEC;')(3S+0`9U\!!"7(P@!U0Z@<2J,(#
M%!>R*X;L`2(@@@K0=X8&*``*`5C"!MZW@:P*+U"*NMX7!!+_@`'D@#5YZ$)E
M2%.8T2`TD6I@F!X&D*T4(@`.=T##'>[P`31\P*F<",U.0.J&A6"@!#1ZPP]\
MDH\`$`!--:@!#HY$EFUL8`8G>)P&DB"*&0A!`O(\@@HLZ@(%Q&<\9YR$T99V
MQRUL5KCUB80"P.``,X1FJGNH@QZNEI2KT@$C22D#'(YPA`_(C&;Q"<$4O(`"
M"8RI'ANXR#YT\S@VX"`#.<B!``135U8FH`LXH``P*Y"1RB3%`8UT@%]RG*F$
M'C1K?BE#ASW+ZWCE%@$,"$`*(#.)^]Q1:&?@[(64S1]CJVTE9P"!&-!0A0W0
M80)1R$$:\#"'(_$`#SYA0QU6FY/$_UA!`@Y`:R+PW.L_K,$!$O!4!!R0`B^H
MH`I93:@@/-"+5S4J`&D0P`!P,(`TW*@$3+B%*VYPW03,00"1RTX-!!``^&:#
M=%/:!#D\L2<T3>C*+:N`!F[0`]Y-CA3;Z&55J'2Y*QHP!B78RL-F[LD$_``*
M'@8#"HX@A!`E)7LAH=(&)!"!.Q@@""(80X=#X((M=&`,8&@:-J`D"$'\`P-S
MN,$/0KDB:L$N6M#<$VHR,`0ET$!8`?%DE#8Q@_8*LYH9`!:#`Q`#"7Q@`6+(
MF`HJXLX'M`@A77<1FZ:D"1MD:0!L%0@,8O``!,```U4X6M/QZ`?P_$$!<U;;
MNF_&[J)YQ_\/(#"#%#3P`@TD$C,(`(F`<EP%%'@!!+P-`=-=X(<0*"($()!`
M\&RP`;?70`-"/.G#,M!@`1SI!V+9`0Y@0(YX$.=>3T``"!:QDI6L`0H:PX(:
M)E"8&BMH`\GN?+O'KP@%8,`.=9@^%Q*A!6=;J*CSX@][Z"R>2FA,#E;Y"Z[Z
M\*(2V$$5">`@?+%0X3,1YS,&4Z``9X0AX_=9E.!FSG8S!:`"$M!8O1$`!_`"
M32``/C%NL+4P&X`!/&!\#'!=-7(#2Z`!U0%?Q0$F=4([E5$9Q;1<G!`AO71%
M)Z`#*%,"HL0R5\$<SJ%R+'=%=5)-,?(&"<`!/$!J'C`$-%``4\#_!;TU!2"@
M`@^@!]B04*217M#")#.0:1_02&```N-Q!BCP#G0R`A(@'&FA`\OT`S4`+5-"
M>.XU31_7,0G`+#U00W\7A]N`%M%$"CHP30_@!1;5`1[6`;ZU!2YP!BN``34P
M=2-P`M2B`_\E'"V##32P!`$Q(<_15P7F`'NW!LIF>?"'>7&&'^)''T9#45``
M;RC@`!(6%$E1BX.&>KTC!"(`-4CP>F.0/@MP!T+0";1!$`$@`&P5!#FP3WK1
M`SU04#=8(@V".M%R59"R+Y=T1Q2%,T(S!6N@`N]#!WI`!66``IK4@.AH'V,@
M`&Z@!IS%!9$0;2A@9*ZW!O(1'KNV;GZ@_P`%$(Q54`8A4AG50U`#L`<'\`9)
MD)`)Z2`.H08BX``%H(!X)!]GE(Z0T`C&ED=OI@+M(FAT8`2CM@<!4!B+=4+6
ME#<T@`NZ4"-\T$SOA0]]M7(N5Q7D`"WZM0EYX@G/H45=P%8#P#+)!2'-H5BC
ML#N\`V`]P``'P`1)P`%!,!<_DU<%0)&]M04I@`9E<#6+]3Q.DEC3=`+7<'&\
M)P$B<`1?6'@E,@&X`BM91P,Q\(6]!PXP.2'.@B8]D`1,H`$"@V)IP@:'0@#I
M=$4PD`'?LP%>L``JX``?<`02T)AAV$A(@``!L(?8Q'LS,`(<H`'_E7&;8``"
MH0.U`8E\%5UC\O\`0F`^(G0?*Z$%C.!A-T-4*Y%&Q[8?=?8?*.`A/E<@V5`G
M?_@-0R<":.9\%6``AY)E#@-\`!`$CW-E<IA.UL`<&)`#"1`$;!`A8&D9XW,9
M<*"`0R-_0K,24U``EJ!TX6>1YJD(4.`&<X`%X%%G#C!H5[4!G^($8Y@2R891
M]C8U<J!C[D)C*B8(Q"<`2^@!`=<%/6`%<'!)0I5)M$F1JTA9DA!91`5_?C`&
MX'@'"_!(*>`$3J`Q$O"1[F($.$!F=:!+)9`&MU$"2I`*U\1?3N(L5Y9RZ)1Q
MJZ-Q(;,Z8I<:M=$%$<,!?>5+NCB,=>(<S]$<U_E?54$`3+`.2L@3/,#_`Q[P
M1H>P!5S`!<:V!?P8C'#@5"+Q15\$EE,W)57Q"1D`F+TS`YX):@.'+#P0`$1X
M%:@1/'$:)<$S"-F`%0H!$'YY**1@1>TP`OI%$%DP<(SC8CA@`$/7>&IY2Q70
M>`C@`3M@@S'X"5=6`\("FGYIIF?Q:7N!`5*@!N^`!9:D`N"X(3&3`CV#1M])
M><:F$I$5GBA0!1GQ!-@)(>F@.6#*F=DTA%G"!%_Q(!9V%7(Z(3!P,M/)4V!I
M:PB"!9RE246ECX[`'N5IGN:)`B70!V@P'_EQ!F@@&HVE7U0P=$7G`%*SI5GE
M$2'J%XKQ54E!!54`!YQQ!RB@`F"P!F4XH;7)_Q_02JU+LQ+>*32*D&RLF4F<
M-053<`<>\34!8`=]X2Y?0ZOY4`,#4`(8D#$1()>IX95E04S880\$1P$9)SE7
M\98Q,`#2$`!'0`0H``)`P`5CL``?@*81XI7I!1V]1`"EEP%=`"S`L@,#,`1S
M@&X+`'L16F=_L$>BU4T28#<P4`/+\;2.-YEQ!P$'`!S5Z`E-NR3D`*AVB`\9
MNPULU[&_)#F?J`-9P`,X`*/#1)2=8+8\X#<E$`1S0'P#8(ESDQ8#\`(X,(13
MYSDQ2(G120,)0$4#P0:1N!<G0`-)D@9VP`!OH*(OP`$-5!BW:`5F@#/G"6<@
MD`F5\02:`QV(!9;,<?^=85DY[T4H;\1+E)IEJ9&Q-9`#/S,/SG%K?F$$<D!1
M_)J[>68&3(`#8F!4#?`!HA&BT7=5'%4@'K&NM3N\!E`&=P`%-B,O#JJ[U'LS
M*2`"&U4&&R`%VHLUA8&K(98#=?<!7F!O$3`#I5,6YY0=.$F)/]"FH623Y%`!
M0F!)+K&!]BA[O565((!UH2`AB.4L4!(`>;`#$KL#H98!6=`#)7``C!,`;3$#
M$4"?94B;M=<!:Z![7T2D2Z(##)8#61<$;1(=<_,.Z!L\:2*G,$F48((!7=`R
M..H<05@9],"UB56DHJLWY8#`$$P/8&(`:T)WQO2WQ?06WU,9T.(P7<`##(#_
M:G4)EGE!`33PI'/@(WF@!+'``5TP`,\S;KJF>>AX5,K6`&LP;=H'J%WG)&!$
MPY_32T/JM-64`QJ@(L'#NJAAQ])U'!M`!!\@3YXP&C91!UB0--5;R(X1"4\0
M!T9@B'"V$BHP$T9@`!$1*911/5ES&L]3;D_P`'#@!`6@$JG:K_=HR/P:'AAE
M6Y@G22H0(%+PE5"2!`=@6!/`>T<@,_!&)<)A7P>P`S.*`3U`I%X))>J%)S;`
M`2]@`$B0`FN@B/R+`="P`T2PM%C!'%F6!4O@8`/0!V*A`5M<`F"1`<^(`X,Z
M`-+78<PF";\HC%=1LQWLLP-P`+J!`3>,I,S`)!2P_R`R50/1<;6[<PTZ(+BP
MTU?1\@"JPPR\]YQ-Z\MD41DQF@UUXT-64<<9@+9`Z18!41QOX3^`>P(M1@,<
MT,0!L,$GD"($H`$>P&T^8BVQX`9S_#R%\0#1^ZSI6&=%M0542&D?(`''$29L
M#*8HEP[4D@5S/*<J'`X1H`*DR`4JT5LYUSX?`!6&X*^D/-5^T`%9P`!6@$G@
M"0+VMJ4K%T/=ER#.XUJ-@@!8<'?V.@E_4'UK\Z]3?9Z3,$?R9R%K0$D2X'@P
M0`,ED+;/,E_(\656D1#1N:3/`;;DP"3"'"5(7!8]``$)L#OBB@(A5``Z``T#
M8*]KL``;$!!HL@,OT`,5D/^#+=(#`Q$$QF(;+M8'1&(`:X"*#5"%=\!S;3>D
M/>4/6J8!.>!6-%"F1"FF",!C<[`#'ERW\X63S"`<PO$6HX!8RYT%Z/5??F4-
M-=`#.<!\BC-U%S<!=CND,-`@=%>4$V`;$,Q\1CP/`-%70X=FDJT"2$`$$7`$
M.B0$0P<5:A`%-\0`$,`$>7``?9`%."$%"!`!W%B1Y#<?\"<?^N%A8P`"4)"8
M[AU/7X8Y_9586A86-X45^AP#F28&(*``B(ALBYC@"F"P-?V@;SU^6^`$77``
M/S9D'6(&)082C>6PB])])&D%='#6AJ!T$^ELG45G\G?BZ>CC\9$?<"8>9S`&
M4!#_VSK``#E`FG3"!M58DQ2`>`?@MT,IPQ30>XHCNH5-`1S`!R.L-V,)1#R`
M`;`G'A^02LV4!7K;#)$C4\O!./0U+;ZL!WLG6K=)%<RA`2']1;X\`!HP!WD(
M`1QP98GU18F#`(H;!*$`I6D+'3[M"<D%)C$PNBOR*\\BZ=LP)2:R3C],NB>`
M+`/Q,)`X6-PP#N.096518&9Y1;]A`#(``EPPXGA44=Y(;VO0V@J(45#01ZP%
M*XA4!T^P`0XP!7%M;`VHBL=F-%9Z-`W@`M)^>Q[V2%"P`!$@!&!"X>*,VROS
M`'='AG56?;?U6T@5H0H8?B8NY+RV!B$8!;2R,!M%%->#_QK=]S4/6P$9A#X2
M>8_^JIIWQ.[5"UQ%-1X4I:T%'P(*X`#*Z</6<(Q6IG)GX88:L`WP%2',"063
M)`8?(&'#61D[H`0_<,.V*H/1DF&]>`19QP&VD0<],`#H8!5>?JN5TSL2(0?:
M.Q0B4@>,DR+X<`)L\/("8,P1%%W-\1OXG'$[P@,:4`$$`)J>`X31<<\*G6JB
MI#AWTRS,R=PVH`DNLQP_?Q5!/%B_HH++R1<"[0T((*X.``500$D?H,SBD30-
M4.M)LW0AH-1*A1];T#02$$/7XQ=_!`=#BWFAW&O2GOB*O_B,'P(^\/@^<`&2
M+_D^4,9FT#A$,@!T(`:DN.X"?__B=X0"(M!X5(!05Y5C[2+61A`%FF(%5##!
M8V`!+3#[%]`"M6_[+5!L<&8TG`7*7+`&:ZT2R<;CD=7OGE]'0D-4%R#[+0`$
MLV\!%@`$[W<?QI\(8W!LR591]S'&W%E_"W`9BY4@7M4#<X`#-?X1\-`NM(@9
M3Y"%=0"]<@9M(+``<+`!<]`$%6>=7JDY$0((,145#S`#&00!!P,W`!`8$R<P
M!`04,!0$,!,C-C,5,08P-3J5B0$)&104)P0U63DT07D```P$)Z$8&0,[&@(>
M/S0T`CT3,<<3!@:XH35LN@,#.C64.B<QH@1/5E94:G16=&H/1E]&1@881E%L
M5@9&`0+_&+H:OG,\;K..;@==`3@8_CUYLF&-GS\($RI<R#"AGX</[VQX(J7B
M0`-Z'L!Q4J"!GRT@#S8<23*ABY,H4ZI4&<*'2Q\78L;TX:<!BBQO^"3HX>#,
M&2U_'I8<2K2HT:-(DS+T.`:!$2EUC&C`DV%"@#19OM2A5$>/!!8I2!1H<0%(
MB[$68H)0$+,%"!]G3*P9H^#,E`8-MC1HH5>!"1-`Z)HHL,6'"0L^0H14REBA
M@BT?%30`8;;LA1:8$^L-`6*+B;=P)>/=4E=!AS-^^S:@VZ##FC,+C*B10L`(
M@2]?>M`(P.:+%#U6U%#!X<%`12D&N%E!@&`#'#0H%A0`,88+_T@%=&YTB;#A
M6`SFX+U'TA&@1X!--H0,H$$`!8H(0BH8J''"V*`*(Y*=4-6J5(``/^"@"@4U
M4-!##@($\0(M#.@0"@$8#*"!!QPL"$`0&%`028$&'#/#$2ML8,,$$&:0PP!L
MZ*#B/.5E@(,!&VR@AE,3[M'#`'MD$,4Y")0101542!%%#U_0(\`O'+@!`2U\
M)&'''`-D@<,`7>"FQA@B-8801`]ML88891BGC`$4Z4&%!&AXD=<46RBUTIMP
MQMG22S+-U)H*6=@!0!)9?&""0UEJ*>B@A`KJQQCN2%&.`'-D(44.<:2!`QUR
MW)$"$!GTD<$*,4B(@@$:].!$6BU8`/]$6I=9T,("!A2@`&9N8::`!1F0!<2M
M%LQZJP\/&+!8H4@UH(`"'P0@`Q`@K"`#"#;TL*RI%TAFP;28-;"`"BW,.NT%
MVWY0A@53J#K3L"G$$$`%E<@&QQUWJ(`"'`C@(*\56?``51WX'H?<F!AU4X89
M5:#Q@1E)O-`A!1C@D,4`.>S013U'"D##$!#P21\%%2!@PP9"$'&'`R)T4D$R
MEU3"'P$I3D,-@1,,\L`("!A`@0XX[#`'E"?L1P$;K_R0P)(7UK`,#"I28,`F
M#T20`A@%@+&``Q\<(4$%)]2`@0XP2/+=$U%)@4-.3WJ0Q`%J2,`17EP4X``:
M5<`A@8P(U!'_P%2-`-!$$F\TZB*5MM%A$*%<UG30%`M(,-M33P#''!UH%/#'
M&6[&*;GD<[I4YP4^[.5$!F_LF0$1)G`)[.BDE[[00TV=LZ@'6=0Q`!ES8)#"
M:WL=$,`&*.2`@0`5#+"!``^4I4,6&00P@`,/`"0"`S%8=30.)Y`P+0T.)#S#
M!"!L((,!+XZ`P:^FD]2!'V>((4`-(I#`@@<[B+`#!7.D8`$),MCPP/U`B%#!
M!Q/TP4(5&_B`#!"`@FG-(`!.J,`&2%"%`D1@`1N8@`QH,((-K$`%8)#,1T@#
M!QQD(`L&Z,$<]&"<?.GK"1,XSE,,\`4<[($?-+C!`7(`,8D)PX;"_Z#!#RB&
M"JS!0&9'(\0,$'`"C>5'$@-*HB7&!(H))`-A7<#!=Q``L_PTKWDGT$$&;)8`
M"_'`0<L@Q2KXA8`'2.`#2/`""-8`@A1$8$2"B)EMOA`%W^"@!#K!@]AHL(`U
M0`8BI+'+&-8X!C:"P0%FP`$-YF"C`_#``P&@0H0(8(4J*"!0C0F<7B"C@#4L
M``UE0,`3CH8`X=#!#&-H4U(FQ\HW50XF=<I<`YR`$P"@X@XNJ`EDPL?+7C+F
M(`V(`!5&:87_&(`.`V""`.K0`"XTLP7KT<`*=!"$!,A@``48P`1:``0.4(`&
M`Y#B(GAP`@ZL0$+E),X*,'.^8/0A"QN@`?\&`L0!9X#/EPHAGP+*4(*JH,`\
M`SA!#RYP`")8@`5!R$`2!A"$%=``01C@P0P.T(<:T."=IDH>!FAH`PV(H'A]
MZ,/N5G`JCVS!F2?U`QRRP-)M6$$,4(.#&39`!2LH2E\5><I&><"'/'3A!<H4
M`,1T>*0<YC`)3>!`%FYQB?H8(Q)9T``&.@2>$7C'.QF+`2O((Z]=T(`)!W#0
M,31F@PK09P)4I$``<B`V)32!/3DS`"56@8L3K+4'%"CC!B1PA+Y*P`;-"V,`
M,,"&.DJ!#0=@P`$<MHA+_K%+&]S@XT`"F=:<80PJ&$`)(""%-IH!#F(@#"9_
MR:4&_.0/CP6!"N#_\`#F4($.KP7#+U&3%[PH8`S",HU=N(!2Q6SA#+:];2<;
M<)D+@``SW#HN9IS0@R$`8`@98($)SE`3C^#SNM@M2>"$-84[2.`.8(#<1^9G
M`0TH$@3ER0$2>#>M("`A`!380`TX@($8(!0(Q5A!$A2H`E4)P$054%80?G""
M'U1@!MZ[9'85TAH%6*$+%N!!!H+0AR1@8*`>6,$%/O`#(/Q@<S480A\T8(,:
M+"`')(BH`'!`@NP11Q@CB,8.:,"#/N#@!Q\@RT(\`IL(E.$!*#B#*AURAC6`
MP0MW@`,6J"!*Y+!A#P=H`A.@?(,@""`')\*R!SP0SG]0P`8Q%,`&YM8R_VQ<
M8F8#D$?.ZGHTF%6@$R.BV2X^F(4>!"0#D%`&PG"0`Q[<@`-LZ-";WVP,!(AG
M$D9SXC(RX`$-L*&,92TC*"Y!"F>P@0V4%$$*"EF`-0SKTT-&2I?`D$P^&``O
M$-'@'_-B':%L29>[#)RL(:*%R'X$!&)X`!W*`%LGA-HHTT4;%*#@JC$@82U`
M4`%O10.2`IS&M%-XC`_<DI93B<L!MRJ`#`(`R160H`4-\(*:1KO@<O=RUBC]
M[4%."H(<_.`',L@"C1\0`!X((`+&_0$2:I`Q`V3@`#0001`\.`(5:&`.??C`
MM'PW8`HL(`$G<(``?M`'&^A@?.9&;0.F$`%O_O]`!!&``0W*(``"<&`!+5C!
M#T@0A!0,(`8'T!`"?K""')0K")V0GKD85@$6V&`(-<B``#IQ@'4"82&MWB"K
M&W`Z+O5E#6L(@QC0\``I#(`'<Y`7!!@PU1C8H*P!B<$,A&!&$6C@!L?+`0,^
M,(8%"*$&$U!1F@-PBZ'5-:Z;&(%5DV$,F,6L10S#<@8&WP4":!5A_\@!!WZ@
M@[Y;]:I41``,IIK54&"-%)5P!@$FD+0^/G;6Y"9*EZ!0ZE.;E$O`?<CX-L[T
MH$!V2PNA;$BZA)?:,_TA#I"#.`CXZZ)L<`IK\("+0CZ`!*`@`QHX`!(P0X+H
MI(`%+69!&(BP@S``(0S_!7A:&(P+`@TX(04<"<-9LD^$`@1`"C[)N/K/[?3J
M@L3U-;%`&*#_*K!PRPEK494*@$"",,P/!"RP`-<G?22@``!H?=%B??.'?2``
M`O*'`B3`?];E:ME%75M0!A00`2#0?RM@`2)0`RO`%B2P`0VP`B!0!6$@7R-0
M`$\@!"*P@0_`!B(`!`J0`A^@`CG#`@4@`6&@`A7`!LKR;3YP.K_E$T)&@?GT
M$:WG$`@A+%X"!EA`<A"@`8(P`S:``(,6`_DQ"`K5`S8@`"40`9Z&!#,P1!LP
M`QI",G6E"EDS)CD#`YJP"6\&6**0(@1@`!HS`6KE0;L0#>OQ`DD`7Q#250,0
M_P`&<&!DA6`[TPH9XD/7@#L@$%F?-VND%6Y[P`1*\`1ZH81^P`6=Y`4+@`).
MH`)BL#1@X&FM5UV8M%VS)Q(UL08I(!%J,"-/$&1*X0<=P`6%%`0](`10D`(/
M$`0RL`,.L`,2<`$I(`!IEF81,"49\','U`<P,'@!8'U`P#OH%``D$``C<",!
M801YL7[B6#J:Y!&F)3J'01:SPDUIP1;(A1G38A;@9AV2T0%U47N8P046("QC
MD"UK8%K@U@)PT8JA%SZ_)2RH@2OL."W38@(-8`%GT`'"LA=[,2S15DB2(1KW
M.`4M8`)W@1K1%AB%L82``A$-4&LD^6I^4&OMUR7.M/\`I20`+[`$.,`)#W"%
M&*`!TJ`*.0,)$Q!5,U`%1(`"[G('1,`=^$$@/*DQ"*`?DI`UE]"&1]-FS#&'
M(S,\Q..'T4`#2Y`$>-4*.L"36JA567`"@S8"1X,P1V-!*#`[M662GR=[NW2+
M-9$">Q`'3?`$:_1I#5``=U`%9:`&+-0#/(`'&-`C5?`!WP<"1RB7@<.2E,4%
M:^`%JT4'R;`'`5`'5K``*5D4)\4%'0`"=G4`$K`&.L`#"#``V_@`%I`"'*`"
M.9`.,9`$BA=/+9`#-3`#7DD]F(%E!_`#/=`#,Q`@!Y`%'H`#4F!=X[B<@"-K
M?[08'Q$3J@(KU)DK9%%<F)'_2L_I3$*&%]%6>X^Q!:=QD'Z@`!IW$)*U8)Z(
M&J5"%O!(*B$@.'=A6I0U!>0C+`;Q$^\7GATP!7_P&'FQ!7<Q!=2UBIL4:W.9
MA`2I2P]A'5N``@A03`)@88\W`3"@`4TP!#2P`QQZ(E'2`P`1`*30=W)X#,Q@
MEG<0BA\@`O%Q>)8`ASR):,K@1/;1;P3B#/]P=9!4HTVY#)BP.Y`P`O=!1!3P
M`2D``FP"&2Z@&(`D691(EURP`'V`EU$@`64`!Q]P!RA0!0]`!?(1!5D@`'E@
M!ZVC!V9*!7OE`%!0%T;8ICXQ!8-T9"KP`3$H)0L3`!PP`%*`!8_!&)=49&9P
M!W.@_P;000-ZD`,2X`$1<`9>D``*D`%E4`,QX`$!%`'Q,P`V4`8\8)1UT6ZO
M<(,KP`0U4`,[\![G9UK,F:JJNJJLVJHE$0*P"JL-4`178`44H2CFL$)&T`=W
M\P.]<"3U$*Q"553#J@%=L`>'("6\H15/H`8;@`5M8Z4U-4K*D%-&D`-OP``E
M\`8E8`=VD`0)P`%)@G4X8`5=Z@TS\@[G0$=1L#L!8`5ZP!QZX$%94`!LHIS8
M]1%^H`)=D`<OT`._004UA0,!@#AZ,!#`L1QZ%QY5N0%E\+`;H&M=2@<(H"@$
ML`=XX`9VP`!Y$`<"L`>8R0$9H`<IP`4%.12HD0)=(`!1@/\&/:",8P`#`A``
M(,`%4-`#)#`"`O0!%"``79`"&8`U1(!>4N4%7B*#.=`'%?"H<+``."``7V`%
M9M"9KEJU5GNU6$LZL2JK10`&$J!"YD``R$$`7="KO>`+PZ`!.R!4$!,,-X1#
M:9`&PQ`Q]=`%)R(EA&4.4I`XRD$`.&*L:7``@HL/!Z`!>X"<P#%*4:$Z!,`.
M6B$%YR=*B;LP&6"OF[1@#T$L_?H(D)L#>-`Y;I`%ZE`'%G$<:W:Z;'@<BULD
MQO,P&A`'?-`$0$4&#."S>S`D5@`'_\@%M_@8P`42J/$X<Z$`EHL7N$46PE(J
MKY(M!&H0<Q$"J4079[`6D[%QMR7_H$>8M=J[O=S;O2.QM;%:!`6`!111#I2`
M#E*@`^9!6/]Q9VM[934D,6F`!W$KMW(;,?6+!_0;MS10OW,+K,&:?(+K`7-@
M!V20!ZB@,"#*!HO;P'I`!U7@!&`P!H4$!BA@!E1@`-&``V#@GTB(3YE;!5F0
M`"40`'.@K240![:D(XIB&S<E!6]X9C^T'Z1;$5'Q#!%BK#+)!WP``4Q@!P<@
M!7+@``4`7-WY2ZB&D,"%6Q0\!=\)7'?Q&*#93&<`!'IA':U!GTNG`"&`&KK%
MQ468H-X[QF1<QLRI$EL`JUN`9!$P4VI`0E!Q-+BP=TX457B&>"#*&^L:$#VP
M"TG[,$4U_[_U.\AI<#.&3+]S4`(,L,@E0`NTP$@?J@ZY*@5T8"G%RR:KYTD?
M\`UR,`4=H!=4RTM*6`48P`$,@`,\P,@,P`<:\`0/(`>Z)AS?H`>*]H;[<0T(
M(+`":ZM0X4$]D`6.1`,9L*=$#%SF>'IT^1'497NL=X]R&:"!1!J2\0=:@%)Y
MT9T^L4E&S":9&XYF_,W@',X+)F0"VB:_!8LJ@`9F,",6N@HE0P$[`$D^NGD2
M4,RDL08%``6AF&02T%I24"0>M`</,PSS:\B&G`8>L,@*[<@WD`9]$"4XP`9/
M849$/!IXH04@@27'G$I"UIV]=VYX80:E7,)NP`%SD`%U@``J\/\:=C&9<FJ9
M/CH@.A`#$>`%8'#38``%H!B**K``U[)IXJ6O]P@102'.1GW42)W4HN=TIJ7%
M?V"?QHL71[AQ*>``%GH)0C,`MN.C%4`84Y!T7;))^AHX!N@T?_D`-M6X`?$?
M0N=(/,`!?$`+$.`/E%0&:``&GQPX66N.=Y`!)<`$5A`!*F"?HJ,0>@$"='`R
ME3`"1Z`F6-M*D`W92CW9E$W99-T`+J`7Q@P23BA[?U!;8[`!_-$RB6`,N%`0
M#1`"&H1ZDSAKH`R>%DG!^)S3*;``=V`&'^``"X"D>?$0/J'76%M=1/!3+R`!
M05W8^50`$40)$[`!1*`F(1#*JNH'X%O_W=9]W=B]M2=;V=S=W=J[7<8,IZ9Q
M6Z@VGR>U24Z\TR1`H!ZQ!L06;2#!I(&3>@5*U`\Q&H]EV,R,:I]=%\H,G<"-
MM7EQ!P(``2^`!:,1X$%!62E`!!]`!"F`V1OTT:M*W=E]X1A>W=Z]X1R^O8&S
M!@Z`!?:*`A*PTFUCN0"Z&1_QU5"`6R'@`@BIV1&02OY=6GWY`9,(?Y#Y?I(8
M:KNT21X!2`NJO2"Q`(@U!V@@ULBMDEM0!'4!&7\$J\&=X52>X1U^Y5C.JH$C
M`5TP`"FJC+SV`WAP)0]A9&L,7"1`;#5P!_%]!A-\$B#0`RBP!6OJ=`N@`!'0
M!SD>UD%1>UF2_YY0;LXA\2MC3=19NXE@(`9B<!I'N.3X&MW`90(G0=T4GN66
M?NF8GG&!\U\C`+0#T'-](`(QT`.>/%\<X`$)@`$R(+@C<.J3:EY;]@%`D$TL
ML`,_4!7:([I'8@`TT`*9/HZ24Q+!_NO$7NS%'CBV8R(!D@5]D`,K@``9T`!K
M0+`C`$_(%PO&HS\#X`0`EP#;U&X;P`1]<``ST&5,L`->*0"^;NSF-NPCX>[L
M'N_RWMV!4U&@(B^\W@,$`*)^`5\V@`$;,'@XL`(L,`"<@+,T((.C0@(Y(`/"
M*`,DL&4+,`0G4#\T,(3SODJ1O?$<[P(9__$@;]2!$V\#L`+'EP$;4/_P&7`$
MN+4Q$3`##E`!1)`#&?`!)Y`!,E`!0&`#&=`#+&`!HID"6D0!81`*%N!O`$\!
M%Q#R1M'Q3H\2V<WT4C_U'LXE0"\]R+(MT^'$MS47&!F/!6`!8]&`65]ME"'V
MU38M(!#VMV*>5$\23__T4?_V=%_WK?H7>)_W>B_I*.$'>__W)O`2+P'X?V'W
M#`&\)\6/8S"]S!:@QMO%P@*]BF'1NPO-[8D9#KB\05Z>AM_YGH]=A+_W*>'W
MH8_W@N\2H?_Y"/%;"@"G1,P%*9`"7[V!2!H"'7#[0!"10.#$:P!\KC$LGYS:
M6Z`"#NB`9<%-\@@;YKG=JM_\SM_T*1'ZHU__^M3_]\TO[28@`2M&!!-`\X<I
M?!,@F>Z]V\0/!"E00#A@`PVX%CW=^ELP`"(P?P5@C=:'!`O@<G->Z<^___P/
M"'^"@X2"?H>(B82)C(V.CWZ%DI.4E9:7F)F:FY4-9UPX-!0J`1IL`P8""`Y<
M'14[.7TY`3(#&2<>`C(:&`0]70X=7#LB.`,]&Q,L-0@#&A$#*@U;G-76U]C9
MVMO<W=[?X.'BXY>0D8/FC8OFY.WNV,)<&AH[/1,>!P'0-#T='3H91"1`H6$`
M#V<Y$.P2\2/#@1A3IN38D"!#$!D_:F3@=T#*@!0*SKP;2;*DR9,H4ZI<R;*E
M2VL-N"CH$6`&C1P4_X@D0>+@A`!_&`(0\6`AQX`<+!SD.#$#AQ,!%5BD`-*B
MSX8#,E:0T,!AQH^L*/8LV$+MI=FS:-.J7<NVK=MN)K8T$*)!UP,-/VS$^*%A
M!ED;(U3@L(!APXX?,5)M,`"B`HT#*UI<P,`BP($^)#9D2.'5@X@Z"[B<>TNZ
MM.G3J%.K=BM708,Q(17('O-Z#)<S4Q1TR'U!<@L+5%L`Z7T!B`\%+1H0MW#!
M@F0+T"W@GM9@M?7KV+-KWWY]RYD09QJ$;%!D3(<MKLDV<-&@`7@3/I*?F7^F
M1?PQ<GWHWV)!?/L&^L'6WAE;C,;=@0@FJ.""#'+BAR=^%.A'!ZY-`9MKAR'\
B0986"FC1@!^N<=B`%AG*)=<9$;:'WGQ;<+&&>F01$@@`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
<FILENAME>o39572o3957101.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o39572o3957101.gif
M1TE&.#EA!@$``?<``/CX^+>WM_;V]EY>7MC8V$A(2.SL[(&!@9Z>GG%Q<</#
MP^+BXN_O[\[.SJNKJY"0D'Q\?,7%Q=O;VV-C8K&QL45%1<?'Q^3DY&QL;.WM
M[;R\O)B8F-'1T3T]/3HZ.C4U-:6EI5I:6HN+BR\O+RLK*SL[.RPL+$!`0#@X
M.#$Q,4-#0S0T-'IZ>D%!09F9F$Y.3I&1D&=G9]W=W3X^/D)"0N?GY[:VM;>W
MMI24E'U]?3(R,E)24C,S,]75U7EY>:JJJ:RLK%A86+V]O#<W-W9V=E=75_#P
M\$M+2SDY.9>7EV-C8X6%A6UM;38V-BXN+CP\/'=W=H*"@E-34UU=7'5U=:^O
MKXF)B*&AH<O+RS`P,$1$1("`?TI*2H^/C^[N[GAX>%5555)245965J.CHZ"@
MH*BHI]_?WTQ,3,'!P5U=7=#0T)^?G[JZNFIJ:LW-S4='1T-#0IR<G(.#@\3$
MQ)N;FX>'AWM[>RHJ*BTM+5!04%145%%149*2DF!@8-34U*^OKF]O;W!P<(J*
MBHR,C&MK:["PL*:FILS,S&9F9FAH:%Q<7$9&1BDI*</#PC\_/____P``````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"'Y!```````+``````&`0`!``C_`!\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&/*3&G@`"-&`0@2&,`HP0*""FX^$""PP<VC.($B#1`4J8%'"&XJ@,B3T52"
M41D-*&@`J5<"4&\BF.A`H=$'"A,P^ED4;,0`57$*R,FR@=NS&P7$3?JH:UD$
M!9X^"MK@T8`$`AUX9414*2.T?7D6:/PH@."'`J0:5+S5X(.;@@DD<*MV;$0'
M!\P^3KM6H($";ATNX(F@<8";+%_?7:TQ0.$%!;0*C`K6:%G#C!(S*NS@L@/(
M!6TR$MR4+M2)F@O>[EPPZV4";FV:_WX8-+5&`6IC,WS->^""Y"K1,U(/4C'B
M1\'!$NCYZ#W\V\<15,!5!1G%UP*?W4<`@0$$Q]<C1PGPV539+6#3`)]QAQ5H
MCQ1&D'BN?6;50*()-==2M^'40`$#-,6=`@[F5)4"!NR555)B=7<36P195^(`
M8#5U0(K6&2#B51%.V%]6!116(U(N"D3``<$=X%95`:B5P&4*W9939O,]LE]R
M!@ITFWDD3H90<)T18.!3#MC&R%A!F99B`P8D0.&(>LTGGX8#>4<`=`*!J%=@
MMX'5U58V%185FL$AL`!<CV0H4)T"!">`?U-U%>8C%X9HD(,*O8<8E42)N$!3
M1!UJ0**5W?^$IYZ9%A`K8WW=Y):EF4Z'W%/^H<53@&G=YZE^N#5E)B-H#D=H
M08J%65AP.8UG4UE@/M44CQ".:%1GVQUT([/1S1EK:ONA%95UPY$K$$^$1M49
M3^IYVJFN`O4Z%8T&':709SEY&1:Z')XIYFK;#M2GF_@>V^Y68Q*EV%@.@[C0
MBH*!B2R9N)U;4),)^8<``:GVU("'R-$EZV`W4=;M5(J9%ZY!@C8+JKGC"L<3
MNP,/-.R&6SD\D+VY?AK65N,1Y*^47^V%,[EC/I7S5JP:%(!TBN)[-,O_\5>Q
MN0KER6U^!R/FW[+$KKB06@70)21!.PNDF;)*CQC5?3/KZ*N';('_>'=!/V^(
M9MR!"N<IRD7?:[2GOATD';=5/15XX03[^K=C!1%0P`-C9OVIO%PO&S2^%B=D
MI4`+.+I<AXP<QY/$JP>:]$%$YIMCX65Y^A/=`VEVFZVWBLMAH(6:FZ++E@KN
M\X-;XP>V:YH)73SP!OE'K'3%WT?YP;X>C_G0LG9>M%N@>TI45&A]/7M!(D:8
MZU^!7;KZ81_39U"OE-E4KW!&`>\]]*U[1*\:()_G#415KD'`?7B"&/:DQ@!3
M&=-8W!26+8$E.,3ZC/]\9P#_Y.1P!-H/L3*'P<:PK2@WR0EX*L4?`_W$@7V9
MRO]8MYQHD0R$+`1>5*:BEISXIS!J>19!_Z)U%.[LI"?<:LI0"*(VAB"`4)3*
MG);X@I3EX6LVS'H.SSRUF*>E4$QJ>="*M,*WGZ6(+TUQ5XH.\).X@(4SD./2
M_1ITE`>P"T9DY!I.BBBE,*IL:0(,XA@A`\<TFL<^6I'<4<Y(H)DX\I$+61\D
M)TG)2H)D4I;,I"8W.1&_U(:3H`RE*!7&DT:.\I2H3*4J5\G*5KKRE;",I2QG
M2<M:VO*6N*Q>:A:@%C::<B3^>4S[T/*`S3$$3,0*CO9H&#\#"?$@!D*<11Q`
MO8P\`%`(N>9#$B#-F.RG,`/(W9!2TC^BW$9[(TR(<0B2F64*4)GYXIE"%---
MBI1R(]I$R%P$DO_/AJS(?B\)9W\"*,!?DJ2'`@E.81;DD'4JC#_LA`NY]ND0
M>F:D`3:Q64@.D$Z'1%$F0;E23]B5E;)X,(B/4,R`DB(DHE1'@/33CM=HDU+W
M,/`G*@V*;P)8DSE!5&&6H=8^4S0FNF1E+!;%HLR"`[*<,B\QGKJ,=,HR50':
M9$"HX\D`%A"M\]UD2S=C1`&ZRK4#$*67-J%+5^39DJ@TIJ<]><IM3I84Q03@
M/9`I0),0<-?6)<HH`=@/R6)*D*@R13CCH5\".J/7!O!UG9^9U$_CR;4&T$4M
MD@W8<HJ9TN5D"BUMPX^D(-I8OG(E)]="8>H<8)355FHRBFFC3Y*BJ?W_*`!`
MK#N.IMX3)V.^9P"OH9XQ9:(6EV&4/VKI('_LBM>$4L^BREFD0M):EIU=Q2AC
M^<RTJ+=.O0IPL@(TJE@ONQ:!%7<@]#303<RC@`0Y%R%G%$ZA6C3?J61F*P!R
M:$)Q59G4.E13BIG*;E>CJ82ZTR4V:95U.%M<4W6VKWE][H,"W)#M5$NL@H'L
MZKR+PK)XMYT%H>@C$#KB\B8E/>A=#G8)<DT'XZ>:6!F(0@?2(#L5H#;\R:^[
M]BL`]-@Q@/]EC$4'#%K^%N#`;<559BZ+EKD"-E8!N$V$!_(M`QB`80D0`'CT
M@N1>/<4HS5(L8[D;0,P:Q9TBU@M=]`>PSJ8&_T_TK-4"!*"`_0R)M#!.C'7L
MLZ24;A6I6RFF`&([P,$X[T0!^$Q9\')HWGYVH$5N3`$TVI*0AE>)C3FJ:W@B
MG09$*T`I.DZT[$O8Z$"*75C<:F<#"*:U/"DKUG$FB>AB(.D0Y:H*,)"M\#B6
M0RE@``7@ZDU&6+LS^N3735H5L`LC`.E<MTJ#%LI^$G#.'I<F6FAI:8FM(I1<
ML;4E">AH+L>]D8_*!#CU)+>Z*_)/2%IHW?#&"#?C3>]ZV_O>^,ZWOO?-[W[[
M^]\`#[C`!T[P@AO\X`A/N,(7SO"&._SA$(^XQ"=.\8I;_.(8S[C&-\[QCGO\
MXR`/N<A'3O*2F_SD*/]/N<I7SO*6N_SE,(^YS&=.\YK;_.8XS[G.=\[SGOO\
MYT`/NM"'3O2B&_WH2$^ZTI?.]*8[_>E0C[K4IZY*Z5A'NL=\`*4Q(H"H6"TX
M':3I0`X@1Z7OZ(#IWLR..2*BZ`Q@S2-K3672?G06#2#3`$7(`;:.D:!@)<L^
ML\R($!3UK?)F9%&;68H`OW=^YJB`#SS`8OF[$+^CKB=B!<L!.-<:LQ8>RE`!
MRVV>HDT8*;<PC;_:P7+-F$0ER&65AT]*88.>R0#'>'1'>F<B.S*626TKX38U
M<HXRGJYH7I()L7RES&,4]1"^*7DW>F?T@J$@66XK;Q?^4[M.M@.L[R@:5;[_
MUJ&'.+-FZK9YUKU[\!64WX_X68V?-$'>,]KC0T3YU"3*>WC$VEPMR%=+ERD]
M(BW+<7MW9E\YD0"((3!S@0!4$R8)\$P)<1MO-5;+YQZF<7X-PG1C`H`C!A;R
MX7UL%!9QI6DB8D$IU!/2@7Q6<Q2AH4R-@1Z4T10&M7$2(`$60`$Z2`%\L`8[
M2`$<(`$70'6.)`$:L`$0@!05``%,"`$54`(3$(5%@!0G0`1CH`%#2(0G(0`<
M``(8<!,A(`(48`$2`'N/``$3T`AJN(8V4`8N8`43\`0W0004(`%:"!(9H`$B
M<!,8`(1F:!!HN(:".(@VX`);P`6,<`(XP`%WF!$"_V`!>U@!&V`!?Y@0@3B(
MF"B(-@`#3)"(.&"'C2@1&;`!%<`(&\"($W&)F;B*:B@$+C"%>J`!E1B*!2$!
M21@"LF@1JLB*O&@#6_`$)Y`$&4"+"&&+C``!H'@1N\B+O.B*1\`(.#",Q"@0
MQHB,&[&,S,B,+H"(23"+42<`&W",R:@1V)B-VG@$)T`!C:@!%1`"J-@1Y6B.
MS6@%C"`&XPAU%Y"$%."-NIB&\OB/:F@#$\`(8\"/1L>.&)"%(!&/`,F++E`"
M8*"0`;B'ZC@2#-F0K"@$`UD%3'<!(5`!][B0_HB1#0D#C/`%!MES%K"$*9D1
M%TF2K/@'$"F10P<"C``"*/_QDC"YBD)0!"?PCD(7CA:0$CJYDZL(!8PPE$$'
MCA4`E"91E$:9B4@Y!T`G`!A0`33YE",9E0WI`HS`D3YWE5FIE5P)DU[)!CU'
MBF-)EF5)DEZIE#FGEBX!E6V)B6^9<Q20E"]!EW4YB$@9DC%G`7JYEUO9EP`)
M!2VPEBUW`9(8$WQIF&O8DS'0DB4G`"&``3+QF)`9D"50!S,G`A5`F199F)LI
MCV7`"!H0<QK`"(#)$II9FHU`CXII<AE0`3@Y$Z\)FT40`R\'`9CI2+E9FC;P
M!&"Y<JLYFRL1G*6Y!7C@!RLG`+8)2<H)F3'P52NW`2$@FFP)F_\(`T-P`D#0
M`XS_X)0D=P&#^4C3698WL`/'*(W8"4M&<A-`(H'W,WX/\5$OU1]B5RAE)Q!,
M2$GI&94^L`(J`)2U69&L]!H^(4#]M!`Q\Q"_Q30+\!['MQ]LT3@'(0&L":"D
MR9V#^`-O<)-F2`&AV4JH\B$/T7@.P5&[!QD/("R"-Q6$AQ#_R:$>RHK5V08]
M```1```^ZJ,18`1:@*"IU%RT\U7`@B6%PG?08EF,11<;N'D6"BJ5J*&MZ9@=
MZJ$PL`+@^:,]^J,\"@!`H`7:"4DZ=1`PL@`ULA4.@!B?L:3^5!:4DAE7X7>W
M-Q88>A`U:J,WNH8W$`:,H`0U`*9?ZJ4`8`3GB4IG:A`1_XA"*&-Y*JH0S68F
M6T&G\E,0SZ<U`I$!XVE)`2J/`UJ@#_&>JL1;!S$`IM$5,IH5<%HW.Y9&1Z$Y
M4`ICYC<@&S@0I%I)G\J,("JB$,&I5\I)P.8R`8`>G;%_<'%8K>I1+<I/A-)_
MQM=^^5(!J>FI6=J7U8D!P6J)&X`01/1)<A,D0,*LL2$?8&6NE-%_"V$JNY(3
M9XH:AC$67C=B2#:!;;(6@H6!^6*KU".894J4UUJ6WGD"@@"F84JH!ENH:$!Y
M^:*`/\%+=\=.FMHEFKIY%P@7F4(7!"!NNG036!5=8&5A<Z)IS$ICV1%(,WBR
M(M"MF;2K@_BGC.`#-5"H0)JP-O_[HT\`E\MR&5TQ._G:$,9W>0^[%@B0&JB*
MLK*4&3K+IX:Y!#Q``UA0LP@[M8;ZHSB0"!_C3L75($_QL^OQ*;<A8U$V&:'E
M`-&G2NRX22[;"#^P"(QP!490M7(KM7.+!8P@C;GR+%$150=SMH7U*0[`'6^'
MKAM+2R(@`FH;L!@9`Q^@K1U1`7#9%7H['?O1M4:S$$'K9X''3EEV>]^&2I";
MN&T)`RW0`D2Z$8<K(.Y$)0=CN>IQ1O21N;<*(23U$]XWI:VDH7AKK5QY`U,0
MLX-ZL',KO'1;O`"`!B>P(;'1LZW;MPZ1N?LW4#SB:>\2HZY$`;^I2=.Y!",`
MM51KO#3_2[SB6P.,H)#&^K`*2!1&41CK*QNQ`RIH$:F36BAQQRVJ!`&WJ;V*
MRXL_``?,$K??*[[A.\`&"P!'4*WY<B.?Q$4,S!`=>!5YTA.4\0`\@D4L.$J=
M*KHD.0$?H*/A*\`W.[P?_`6(JW&ZRTF:2;JFBQ(:$`(;MY*@Q)>^VYXIH:'_
M>G`@``$QO+]KN`0Z0`-T$,(B+,0@G+`;FG$0<+J\FXW]"XU&0,!$#,5#G+!!
M@,`7AXL[G(T<'`0[6L0!+,7@6\`1X`-*3'%'K,&K"`,GP`A`\,5B',5PG+!7
MH,,89Y[("9Q9.L,0L+LN00%T?'$:&DKEZ,,JL+0OP0&R9W&!_YS%@O@#*F"*
M-QP2BWQQ%.#"C*R&',P%71S&`>S%G#R\/"J>&>?'@NR/:LS&8.S)G[S*XLNC
MY'O'#$?*.SS#,JO*J6S+<8RP9UQQLHS"+:`#A;Q)NTQQO;Q)&#`"'D`%.3`(
M&J`!AU!)PSQQQ9Q)>7D'4<"$0>`5CB`%4H`(.9`#<=#,7M`2T2QQTUQ)&IH"
M)G`$!6$&-Z@!.B@'3+@8!;`#>:`$+,`"468!N.S&-EO.$7?.DY0!*D`#CN`!
MJ$D0#%`0"TT0;B`!'*"#($`$OND5*[`#.X#/2I`$468&_:S+V]IP`OU(5GD"
M'>`(CI`"6:#0#-W2+#T0&2`!;I"#%/\@`A!`!"W@%?6\`X#``DH090%@O&$*
MT!`'PYFT`4.``BCM"!U``CE@$C<H`1+-A%^(%"O`S8KPS>&L&'P\<9-,28*Y
M`DN-TA]``C(`$P)P@S2-A!"0TQT#R(D,2>99`F.]U";P`M1LR1>7&2'-$@(0
M!"U0UTN-T*G9T`-AV`*!V(^@V(OMTH?MV(EM$`PPTA)'U'O9`2<MV"BMTHW]
MTH_MV9\=VI$-VIVMT"NK<7TX23:IU)J-TDV=`XH=VY`]VJ)=VK1]VXF=Q!IW
MVH^$R#S0VF-=UF<]28EJ<=C[2!=``ZP-W':-UY`$K!J'R(YDE73-W&--V)`D
MW1H'W3(A`A__4-W6O=0I,`*D+=NS;=ZUS=B&D+T9A\4QL9I-$-YUW=0LD-ZS
M;=OXC=ZX_0A$P+(:MP$E_!(:&MCR7=?"C=OZC>#G?=_%?7%&[1($/0,%KMEW
MK>"DG=\+3MHGO''<W1(88-(3+MC8'1.5['&IW1(;@`++'>)C/=XR@0'YNW%>
MV!*"^=LL+MCTG>",K>,9OJD9S'&(W-4E<0$G`-XW;N`DH`8];M_E#=D:H`(@
M1ZWQ`=A'#MSKO.06SN2BC0%)`'(@H-<G`0$?D-E5+N()K>5HCN&>S:GDJ7'F
MV=<;D9<K7N9U[>(L4>(AAP'^31*^3>?`3=\L$0)E_,(,&Q(7H`)S_^[G2#[<
M":[F:=[0@BGD'%<!@\X1U$WFBD[ASMWH/-[D9]CE(T>BD>P02&WDF6[FA7W?
MG6[?5DIRT&G('+&:8GWJS.WBG([ELKVG(Y>K'F&>$D[KS`WH)='J)7>@'R$`
M*O#KP,[<!TX2NDYRHNX1&(#9RQ[>%3X2B`SG&@>=,9X1(*#BU1[>([[?JX[;
M8A#@)R>8VLX0-1[N\FWGY([K!$$!*B#I(P<!8&X1R6WJ[M[:PH[?CI[EM5D(
M+,>IE8X90<#O_=[:S0Z/^9YR>0G+"N'=F+[PS'WML6[9)8<!&!#)>1G?%B_?
MXYX1M=GM*U?R%)'.(3_AMB[9\L[Q!V$A7_]5N(XXKU8T%A;\(?V)2X@,ZPM!
MT(F^\G].`BRPX[@NEYG#+$^1)TP*$6U'9>QRNW*7I_"&]`Y1TA4O],R>Y"[O
MZ0/!!@W.9>RS$<I7*2[S=JK:'_0Y;AQ/F4@=]%IOY<Y=$>9I\BSS;5D!7"P3
M3CMO$,HG,H(AI9TWZJT$G7^\$&$=]R$^\A%1FX>OO`>1&0WP'CD!&Z#2]P51
M]H.1`/%SIW.7;XRYYPCAZXK/XO`>$5;9\0A!'&/G@IN[.:*I^0*1`+.3J9<+
M;X(I^B&F`@1>^A/^[P'?V%9)IA/(/(IA&PB%1\\"?GX?UV9B,[6*?O>6^Y9(
M[;X?XA_`",,=_`S_8)58&39Z11EAJQ<4G'UF$EH-(?N5D330.A_2:F_4;Q"K
M??TW;@)0GN4"40-BR1!!`1`)%#QZY(#1(P6,#"PH$.#1`0./$C@D6-&BQ0",
M!%Q<,"`BP04("`HHH"!`@8LI5:YDV=+E2Y@Q"5I@M.$B!T8\'.WDV=/G3Z!!
MA0X-ZH$1$((,+BJM*"!&A0LQ"1Q@5'6`@T<&!C!"D&#``@=4$VQ\F;%J1+,)
M%C0=6S$AHX$RY<ZE6_<EAPHB*EZ@@8+H7\"!!:<8X<5E!@Q0[2YFW-CQ8\@M
M+S`2(4``AA*"-6_FW($$"\D5,)"-7-KT:=20)50(`>%#9LZQ90O]P$@&_].*
M2FG:(9W:]V_@P4<&8J1C]G'D/$VHP)UT`R,0PJ5/I_YX":,5,Y)OYVSTBL4+
M3RU4)U_>O$L.'DS`YM[^+V'#CS14(!3U_'W\YC,DP*[=_7^@/&,A`P@8H2`_
M!!.D3@,DLD`"0`A[JHT1#.Q3\$(,41,@"D9&Z"!"`)$P@9$U,C3QQ-(DZ*.X
M#T%,SH,1&.DB`Q1KM)$Q"UY@T4798&2$"@EN%'+(N2S8@Y$4/.!1,!2<^#%(
M(J.4$CW^3&BBQ25_*F&%$;NP<$HPP[0H`QR,2@$%_Y;LH`DG7]"@-S'CC),#
M#CML@KW_D."2D3/(^%).0`'E`(<S&'%BA`\\P/\RMA)06"%&1M(`X<]`*PTT
M`PNZ2*.J#E/X(%$/0N5IAE`]0.+3$9RLB@D0.(#34EACE<`""J)@0D=.<\V5
M"2;(H(`#2F,5=EB5!)#@6"B)57999IMU]EEHHY5V6FJKM?9:;+/5=EMNN_76
M1$X'0(A3D5I"0-S'`AB`@(H(V"J!B`3@KRV"'&C@VVD3>*"B!1BAB*6,T&W,
M+'8?(6F@!!)X1%V2*"(`*WRE/:#<K.!ZR0&!&S.`D8)/(H@`CA$XX)$!1)+W
MU8B9G;BBC14`F1%Q,QK9K`=B+H`J!PS@SU^9-BX8XXK\/:GA@@I.&5JJ=!V(
M(7;E?01D`K3ZJJJX2E[BV&*8?"8H([+\E9>1L1X^6F**6R8(@7U->N2!?0L2
M%^2(&F!D+8D4SIKCCQG!*J%[V1*`(9['5KELK/LUX("-K%[X;87&_>A<BY(^
MZ"*MMZ[J@(P?06"MB4&F6W!B5R;(;((F'EFBMCV&^Q&YXV([ILHM2J!O@AJ`
M>(``2`=]6'WY#9QUK#-20(!WY:9[`(\,*,!HE_JE':&)+!+@](<0\'SW8<,=
MMRJ*!R"-JI(GXC2B!7;^UZ67+4Y(H(L>^+PCKK"G=H&VY;??-^OOU]^T`G[?
2_W\`!E"``R1@`0UXP(H$!``[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>28
<FILENAME>o39572o3957102.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o39572o3957102.gif
M1TE&.#EA<0$Q`<0``+>WM_;V]L[.SDA(2%Y>7G%Q<:NKJ^+BXL/#PX&!@9Z>
MGI"0D.SL[-C8V+&QL2DI*</#PC\_/____P``````````````````````````
M`````````````````````````"'Y!```````+`````!Q`3$!``7_H"2.9&F>
M:*JN;.N^<"S/=&W?>*[O?.__P*!P2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^UZ
MO^"P>$P*&`:G\R$I>`2P@L0"9RB0GP7#/15X^!\'!7]S$@M^A"V&:"4&?FLC
M!W\/A)%^BU2-D@0`-'V3-)P_#`E^""P'"G\&#*%8`&][+H8-(@`/>B,&"C$*
MER2VCR2IP2(+K54,#YP!I,<Q`X@P"+@^!`D2#6XJM@L,M;=:!;"QIP^F(@0$
M)`3>,&<GP":-XR(&`EA]H0$#OL_1+@P(4..1C!.#?B6R[2*!X!\F;>1:$$`T
M2T2#:R-L/2AP3T(<`XU,O1,1P-`F0/(@_^;JJ(:`'0$$_.!BH*!`('`2S*#1
MN$:0'0EJ2!5@@&``SA+Y1@@*\#&DA`.D'BP4@2`F`&@2C,YI\Z"CA%0/K@6(
MZ4?`@06(H/J9>F946!4#$C`[AT)0NU\9_7`4\;%H5Y*D%ESC*<%GO0%JA_K%
M!8#`Q8UK-&Z4@"!!*XU[/28PX-=KEZNP!"U40%<!1E(-/"4(Q&EDX6L!43)2
M6>]>)@!5L[9&*6B3!%NT2"V*)\'E[T,!#A(P!=Q$4G0#5+,^>*\-1@$#;&,M
M3@C!7PD)KD7"-8#\)PG4/;[-M"N;,Q*&NA4^5"*9NA2F1:#VM#?!(@6,??.(
M<1HMD-P`RQW70/^!Z!5PGRUO9*.,"/F!]T!J>MWC'QB1<")`8_?]]-2%),4E
MPG:'416=@"G1`U1'Q.U#2S8=)?!3)!TML$@;CRSP$W$36?1=&>>10AY%&`%%
MHD`C;%<`)7]ET^-"Y35)B&"YD`CAB0.18``I&!5D0B0BCDEB3B9FQ9@V:)7`
M8S$_RA8D-G\1YQUS$'4X(BUH8E3E<2YN89P"!P#7`"+$@;?(GRE^==]QQ-1#
MVXO?T*/3=SZ*@&,Q.\J6*:0B/*GID"-X\D<KC*+H7C)T.0GE/5N6D"HAJDX8
M*Z.E%L")(9P`\!YZ#SQJ0J(;JEDI90\P^F8A<3XBZHC5R29FK'H2N^C_FH%J
M`8P=X]F35S`Z<NGE(@L\FFA>=Q7#9ZR_E4<CG*/FV&F/S8;ZJG,3FC`K),I$
MTBHASVYJ2[KBGDAK6K9"A"NG)68WE0D$K`B/;(5<>ZQFP7JS[*?$!?S7LM/F
MF3"X%@/*85BXI%-F-G050.5`(PW#8@EWED``++%ZM\:FS,;+L'I\<BR;QYZ1
ME*^LU"3P:!L,)(.(DQAMVL9[^X*W]`/>W-IE5I=XA]`O4@U+9\LO7ZSI`!Z>
M*;2S]R[[)K43LJQ4V2:#$=.Z89-@H\8#>+//PX9X<]!0S#AB@H,=Q<$6UM_0
MTH@`WC@HY#G%NO=;3.HT5]QU1_/[WM\C6`[>_V@3^C6'TLD98DYA!#QRY`&F
MI"EZ`@LUTLX`#X>:=V-A91VH(:OQ9:!^0WG4-YH+#0P42;Y9SGOF9UK#UX1M
MS!'`L\#H,7OQV/F-^S<$<]%8Z&?"YT?PGFRG.DHPA05``G25D4FPK62"6$Z"
MK#;`4((DRY4R_=-&*@@@`+0<8'[8R="IO/0'7Z0/$>WKG.J*8H`W'"`F"[B@
M/J(R/"49Z`\_B6`HYB>A\XS`+1OA1%62%3^&1.46]%`=^@8QOT*=X2@#+&`&
M$6B4C?P/`&W(!"("@IC_X4*&:S#5`FH8D28Z\8E#6!84ITC%*DI!BE;,HA:W
M&`3-<?&+8`QC#!`HQO\RFO&,:$RC&M?(QC:Z\8UPC*,<YTC'.MK1"\R`U?D8
ML+4F]%`9Z_N+(+YV@A[2HX>>Z=_]YG,4%AB2!_OXU0T4HH(`A,(_X6L!=K(U
M`]7U,0YZ`<`!BF8$!2P$*I'J04!V<94UC,(A31C+>;RSNF*\H!(N,DK1N'*S
MVL``ESRPA;!T0$G\X`*3,\A#[FQ@B*TU(C-7(641!.`5[_#I!P7X20$DMKPI
M$&8^&%G0+?V02U)Y)!,_2J4*@+F#_DE3"-[I(PP`H`?'Z*"9);#%\49`S220
M12_UZ*4/O!,*DSCC)M23B49V599M!J`DYWO#"J_30TYD(TFE,LHE_>"-5:C_
M*%BFJ(0Q;@',F^C(G&;1""M[0DZC+`*B80E`287B#;4$2X_*(`4I%X1!O5FB
M0?114E@>85,#5,(.`0!+0O\0E7L4;A)OZ%\F.K*/-P"@3)J*"@&%JH"8X*)P
M!3"2S=X"CQY:SQ(+_<,Y)DH2&5JP?ZVH3`*\D@UYW@`U(HA-LO01,4M.")^\
MRLE:#A`=U#PN&P:JDO1\12>,CL`D3[G*7X5D![PV`C%+!&9?N;++-:C.5SLC
M9R068=BNX'(LZLAFQ6`7+-WQCY2[N"PLK#F*KZ!!`*R$83H>NEN'/O,X`$@&
MX_#I"0UUY:*"589W[K-$I3A#1ZP-4>\X6HBNQ&8@_Y7H8R3F$!-3<-9K`E@N
MG1*KA](*8"S1L85!E*&\$PU3!T9)U_RNX9V7M!:P$RIN7I,EC`DAR$)V)0%7
M%@31`HCS*^!H1&PG,RHW>,=/*'76(4+KAM$"RQ>X],X<`E<+1>A.GF8`5KZR
M89-OR`4=@C2'AADH(MP:CKAE$>Y#.>J)4?+W!0#P\'Q>X8ADD*N1V4T!'ZVB
MGMORERM)]2\[;DR5R;3AO22(KP^,@K.\7*@16R$G?I=AN"*3((#D!&LFQVI*
M9$VB'8+8C1VPS"\W<.-$$<XK62@LTR,S>41NF%]9F,&1&Z<9!9+QPZ-H&8I4
M9*?&\P$)627UDUX(U[/@*/]N&]!0W!I/V@5\OO2.:VSAZG;)*(X=@7<$\.=+
MFYJ<8.[*G=F,Y!0819TWB$D[%G#-5#3@P>I1QY:3^P@)7;,9)BA*J$U@Z'.`
M>@2IV,V"$>9@LNK23<&0$)TM[.LV^Q6CAD"`IO]\`D30\IJ%XU,@T'"W^2!`
MGRP^C@(0#6/K\M<3#+#TG560[6TKH\8^+D8CE<1-RM0YM0DULI'=`&PAE0_7
M3X8+XWJ`UXJ9XGI(W6TC>B65@^2WR^!\RKF3%9FO].0:R#U!-BX16"%=0Q".
M,^%I^<$`"17-`,?0&9QIXN>WP`Z7E5#A/I1AZ,AU[K''B(DX!*"'-BQ()#NY
M-X+_'FH4/8CRM_&AY3U201K]HL8ZO-:T(WF>+)_SF#?FD.76P-2._`B3L/<^
M]<#]>C].Y$_CJ#7#SV5%R!M,K18P[2!"OYJ_J,#T$B@,A49.[*N-:&S1$)N*
M=]+EEP&$=(%9`6@">W'G_D6#4-^XA4S0$Q5.]/`E1BEQ(^"G2\E$2G6T:J``
M&O!G(/*#)7IY1/L(6`EE/!D!@M##!<VA.DI'Y<3]VV905S#ZSLSWIPSH.\8S
MHLA0Q`8`J9`+4Z=/G\&_(?":DJH*Z@H$U=[Q^^`?%R=Q,)9EAO_\<+2F$$KR
M3O2['XVH?+_\YT__^MO__OC/O_[WS__^^___`!B``CB`_P18@`9X@`B8@`JX
M@`S8@`[X@%\`%N?P?`9W31!X@7!`<=ZP&6.1&ME!6..'@2((!7V``)'P!@9@
M#-HD22/8@DY`0-A!%0)!"&7F@C9(@NJ0&Y1!`#58@S?X@TO@+3!1"\I4#%TB
M"4"8A#]P;J."@BH8*I+T`$HXA<0D>.`17`/@@:/4;R0@A53XA31`2W[`";L7
M"EYC@27@A6"XADF@AB[8&&6'A$KEA7T0@FPH`VXX@I7@-PLQ%DG%/."A-')P
MASJ0AU'`>FLE"3,B:$K1?K&0#`0S#0R!"PI&B(5H!49Q#NL6*M[009?S)'6W
M!Y!8`K0&'[0@&&$%2^0`AQ2"A/]YM4]U:$:&&`4)0@+)1R<&QD^M146C6"K"
M,A:E,BE-M(<YT8>/PF'A80VJF$6S"`6UF!&MD`JPXA+A,D6]R!</@UM?=(U4
M@0L-D`KM4(EEU(Q/\(SZ00Q7U8A5Q(T*X!GMN(T+]UA\D@"CB(J#*$;D^(+Q
M`XRV"&76&(_%00\"M47<R(\`T`"]&(OC>`7F*(DD$`A<]`?M<"@D0)'PF"[:
M2!/`,F9AE(]-8(ZEJ#<M9(D``9#O*(9^@(9B8`"#IA<1DI(IX)%+$!7GP(^.
M,G<DV0+<.)`;&0O"U"2O@#;[8!9<.`(RF9-.))$6\0_<2`8ZF`S!`7,KB`)'
MB91?J(/_@1@0?$2#YB<!56F54XB5L;$&/=B57PF628B5E>$@?+00S=6%?X"6
M5OF4P_6$A1&%<HF4.N@OA9!86\A)9YF7+B@A#Z(7WG"&,=F"DK"8C-F8C2F8
M+!"8!/@`$5"9EGF9F)F9F2F92,F9/^"8H!F:<;D'E*F9IGF:E>F9)*F:/5":
MJ/F:F,F:4>":L`F;L@D%HIF;C_E%MUF(M?F;$=";3D";P&F:PMD$Q%F<FGF<
M7,"<-I"<RAF;L0"=T9F:TUF=I^F<6J"=-$"=V,F=2."=T0F>1R">XPE&Y!D#
MYJF<Z5D$ZPF<[4D$[PF?Z"D%\_F;\3D$]VF;UXF=RUF?L^F?__])F@(JG01:
MH)>9G_9IGPB:H/W9H`H:!/O)GU[`DB40?712/B80H2LPH:_)H9_9H-9YH"(*
MHC7PDTJ1BT,)@E3)H"(:G`^*H";:FB\*HUZ`E8V!,U-Y`C/*HS7:HSO@H=D9
MHS+Z!3JX#YBSE11BEBY:HD0JH$#JFR\:I3&@@]F0&A-1EBT:H%/ZI/Y)I3@@
MI$-ZH_>1#;4@$&YYA*.)FS_JI=_IIF]*IDU(&;JRHQO:I!`*I^=)HGDJI^A0
M7D'YEUO*IEW*IP4*IC<@IL;I!82I*3&!$8@YJ$^@J`-Z!Y1JH);:IKR)IT5J
MJ%"JIWL:D9QZJ*!:G(CZG)HJJESJI/^>^J6E:JH`2JBLFJFS2@:7BJE;=*JW
MZJ"M&J>T6JM:I*NI:JN%^JM]JJJR>JS$"JQBL*N6>:KN.:J?VJO5":W=.:S!
M*JVN2JVANJS,:D7"6JS>VJG&2JY<8*$"5J8P*:G#B:W-*JYCX*PC*CZ[R#SJ
ML*)%*0+A^JU@(*_6.@/R:J-=@)6_T56_8:=IJ*V^.JZDRJW=N@5B21KJD()+
MRJ[(Z:YAX*^O2I]^6@@!D!M:RJ,*6ZT;6YO_BH<8JP0M][$<J8,?LH-`D:9I
MN*:3FK)?H+$.RYXD*!@1(PXHH(-S"$!0:+%,$+`GJY[P^JY)J[(*H",+,F8$
M"[/[(*@BNZK_RAJO2]NO-HL$5\5Z\M2HHG8?D5JUR6JN6,NO-[NU1,``_12M
M5FNV2GNU<2NW1@!3>R6?(_NP<]NPY<JW26`(V>0@M22A>:NS.<NQ?3NM20`5
M&(E5/K"O=*NU:.L%1KL$;>LE=IBHA0NKAXN?)6NR2_"-2#%L/`"Y<)NQ69NV
MJ3L$#@(@*;@PC[NYB,NPBDN[M8L$"+46>/NV?GNVD:NZDTL$TV``*OF9LNNY
MG0NZ3H"(><$.^A$LP9`97JFV=?L4CABF.H"NZ$%D")8WX!$_E9N\%.I'M=0`
M??,^OW$-!ML8H*BOU$L$8^$?/)@"VBN!%9B8.("BX%%!CA$)!R`E_Y3Q/N,0
MOHF[L$Q0B\W5!X'P<.Q3KP0<2^VX"_(Q++OXL@.#KX"I`WNI#2GH'?IZ7N(Q
M%0_LNZ?K3^>@*^A0%:%P(>Q;C2-<MPCP4`_E`!:1KS!+).>&L%VHP?<1@SL8
M2:3F<?7`)R^,NL%;!+68Q`TA#@!<&%Y1Q/"[1"`QQ6\P?E%;'$3'E40[`SK8
MQ>HP<BH`Q<!;PDA0BP5@;)`C=(0DQD,0/@%VP[[X%:/!I#G@L@]B!Z8D/53Y
MOD'```LP%=6&8(NT#^F"L_IHA((5#`H0A7Q<!!6D`E'K+;J`R'#I!SP\IQU\
MK[[AHZM+!(;0AQ\8'>'5EQ120%W8R4A\#O\-<#-?DE?A$9.-#$DQ+,,RY;,I
M0+!,>+!#2[8W@)66<1`+@AACP<BH/`0UF(YWF1':XW1T8<A,0).M6#RDT)7N
M6\P^8"J2L(PR&#J"-[6;M,4Q`+9E^+R(EX:Q_`,U2+%R;!&G`0LG-KU'O`5L
M'`1C$;C9M(DIT*@HJ4+)4KSZ>KS*VP0A6V828E?.3,)D/`3^+`2FV[M*D,XR
M^[R`:<U9,,]/U-"W^]#)8Z<*N:$4C046G90`/;Y,4(/>S$TY!LOQO)WG3,^[
M6[8.S;6ZBRQ9*%3OS,F_2[DMS0,%Y!9OC+V\F]%&G--=$-)==$!=@<]`@-';
M6L`D*[XDK00Y)A7_S*"?(_VAGXO54*W53<!8N4RX0=W4MFO`1J";9NT'.VVK
M-7#69YW64W#090T!<CW7=%W7=FW71AT$N(?"5MV==_W7@$W7>0W2'QVD@7W8
M>.W6.=`&@4O-`75"W!O(O*R>B%W9<SW85P#7[FG9E8W9/<`9R#9^^LN!CH'!
MX!R9G-W9BAW63]V&J7W8GJT#U`1]U!0'*[#!3HC,?'VG?OW:@1W;5*#9\NG;
M@`W<-X#-@W#;/;P(5:'./IBPO4W<=VW<:\W6NEG8A2C=T[W:)UK;WJW<V[R#
M(<O;`*O=VXW=86K>B;W2K:G>@LW=-.#=M3V2--/#=SS)A:"FEAS=[@T!_]3-
MW^XMW/K9WW+]WYW0F(Y;WYALE[L-W>5-X/X-WY0-X0+.T!0NX3(`1/)-WPSQ
M*+^<A2>=P0"NW@:.AQ`>X>Q=NA>.WJ'+B$_!O6-+WB:^XBF>W32>T!)ZXSA^
MT6M]XB4^X01>X3D>Y!C>G#VNXS$]X$@NUN6YY$RN!*-$31P>I$=.Y"S^G#Y^
MY5ANY37>`RB9X*5;Y?W]XS#P`%G>Y3E@YEQ.U$-`3_/=UP^^YCO^N&?.YI_I
MY&2-NPOPY@PMY@%>Y"Z@YG(NU,,]Z(1N!/_#8&`=YV,.Z"T@Z(V.YNEMZ$^.
M!`W@W5-^B2-NWF3^`I#^YY*>J'C>VDOP5&@#Y_\S3NEYKN2JKK>;W>JN?@2^
M4MND2^6;KMV='NAU/N=T#NN&RP3V(,.>R`*TY+.2+>-`'NFA[N<DKN7,CNN.
M#@,6-],N()363I0BSNB@ONRW+MU"OM2C'NM'8$G>\@)0N;^ZC9?=3MRY_NB[
MGN2LONUV?@7AH97.3<?:WNS.GN^<ON_\[NW1KDDY@>G2'A-D.<>GW:'O#N]#
M[NNSV^0.__"(WA6)#N8_:R/L@-]O:90TF^SRSNLJ'NZ<Z]H1C[Q*<`^7SN<Z
M69?IGO!AO/"'WO#*#O(A/_,TS]/R/<HNP)=H$>(N'Y,P7^GQ_O$Q+_/ZSNT'
MSI@6/S&&1],+K9J??O3_\U[S-E_TX%[R`9T$&D[P?;[NOMWNJ"WR$O_J56_U
M0)#S.K_HJ5[V0F_A8F_RX?GV<#_N"([J'B_U-Y_F04_J$,_VJTX$6Z_R2_WL
MT.[O=]_O2/_O[![P+.!47*_VAU_XB1_Y`#_YE/_UC*\";4!-DK#T:4[XE6_Y
MGK[WXN[V?L_W1X#RCS_X7O_:8*_P<A_5<8WULK^X@F^\K9_:K__RL<_5<4_[
MOJ\$7V[W94[ZI7_UP#^F)'_ZQ]_F]B#EQ#_ZO1_\9,_\(__[UG_]2F`&MQ^[
MN<_9NP_TTZ_\V$_T9J_7G2\#&'KL#K[VYM_V1H_WY]_>R4_^4OW\:>\"V40+
M_Z8-`I(X2@]YHN@#L:W[PO$3T;5]X[F9\KV?KF+"86N6.R)INQ^S>0H2HRYC
MLGI;.K/.@T+@16@!A(`(4!`5`#RLMB1]%ZWR&KMM%T'A4>H\6;_;Y>D)\?4A
M_0'>"3PP/IPY!0P0/!`P&"R(*"BL)0H.RAA:(28V>7Z^%(9>D7:>#J6JVHRR
M.C5X?64U/#0$$"QH9FX"M;H2QA[2!A8;'^/,)J\MP\`V/T-?C^B6$1@(+Q@\
M-1)+3S7K8#N9+E/'6J/CD9>;K[[7GQP\D"&D/:9Q`JHKQJZ=/1\!70T,Y>[=
MP4\)%1:,*(&;A`0`(AT0,(#,,(#QY,VC(Q'(QS@AE?^,)%GRH:&%*=L<F)1`
M!(('`QKT<*FB)`N6?71":^CP),J7)(3J\3D'J-%Z3$<@34JT:-.H<)2*:@J5
M)]:L6K]"'?>Q:Y6GK*R^(8OL*]H]4R.8!4LK;ENW4^.*C:?V"-Z\TO;RE0N6
M+D\(@,]IK4OD,+W$7-_V%7R'\..[;`LSEC6X,M'(DMM07@GY,N>0GI6)MOS9
M:.BQHQV7GG<:=&S9JUG[_?NZ*F;5L%W[OBVQM=[=K'MWWIPZN?"1Q,EEUOP;
M^,G96A0S8]Z\C0`"(G3MRIE[G?&7V+.;5DZ]^O8VO;Q'$G!@X[_)R+4?KUU-
M??'@[9D`H(!W9J"A1D?VZ;?_WW3]L4?:>NG]UP0#"B#@W27!U(?:<@WREB!!
M#C+(880^+!!`A1(`@Z(P*HPG4'DIG0<*?OD]:-N(/@B@QHG=B/!-.(RTB-"+
MSMT'X8*Z^7?C"0HTP@B!$OASH(8UFF-=.D7:>"1Y22J)PHD8:<01BQYY^&&'
M&V9Y9HA&=LG#B1+4=)-X9**9IGE85LD?=$.V"5"0IT0GDI9;BDCCFG;VV<F?
M0W$Y')X*#BIDHXF"MN@@@5)EZ*&0JKGGI)1F\1R2,\+XZ#%67EEGGJ"2(BJA
MA99:)D0@>DHJJ]=9*M6G]L0XS:Z\RCKKK9/E>A6?$?6*RJ].!=O2L'[2226G
M=S:[_Y2>H\+Z;"G%IG5L0<F"Q*:FV(JK[;;1;CIMK*J>>NVKY2;*Y`-@2``>
M3AG25JVUD4J:+9'LMGMKCA(`\``#\<TGYA/<2H$I7+36"N^_T@;\;`#S/AGE
MF`@";.:XY*[*+Z.V@DJ``!>JB.]UIE;\\;LA=PHRS+?VDK+-&T^9;LO4=BQL
MS"_/S*H!`DC`HP0^'B4.NA%+C"S+JJ!:BKYR1/T2`@9F;"#.^?;L,\\40^VN
MB\M&V`#68-(G)==@ARWRR$T[W;6SM];4B(XVW:OVRE-[]3/0.W_--*+F_N#J
MV"3'+?>^;NN*..%ZA_ITVWX?#O>W?)?U>*@,V^4XL)BOQ?^XL61K;GB__B;.
M]MRB=TOZXZ8#ZNWGBE,M]NF6:Q[6TC*K.['J/]D>N^N$P_XV[@Q)OCKEPGN>
M.QZ<+R8[LZ`'!O'?@#N_]=ZTU\YZZZBG+GC0V2^\^_4>!RX^]KZKO_ZM]L[)
M\>_`>]_P\$%17SWA"*>M?>3Y(V9YS#L>\KC7-W-E367_,V#FZM<Y`J(#7#V1
M7I]0EB+_I8J!?K#>^;R6O@YZ<%@INF#YY*<S]*UK?MUSX"LHV":C(0TJ39HA
M#6MHPQOB,(<ZW"$/>^C#'P(QB$(<(A&+:$0=-B>!D",?KIBH*"="ZS9H4]A1
MH!A%*S81BUF\39SRAD$MQ@^,YQ+_XQC):,8SHC&-:EPC&]OHQC?",8YRG",=
MZVC'.^(QCWK<(Q_[Z,<_`C*0@C2*O.C%@$D8Z)`/,%`D&,$`)A;R.XRX%_Q$
MP(`$+))\`2B`30X@R?#4:Y(28$"3M#9(6@RL8(],@`%Z@1-6NI)@7LQ>*@W&
MOP#<<I0#2,`CR0>`5\)G`/+9R"T!X,FBT>N4U[@8`O!!ADLXLV@E&L``3,E$
M9F8M@0G`!!87P8!L]L.48U`F.DRF$9J8;`#H+,,`P&%%DUE0`?'4A4RL2,H`
MQ#.>(SC`3,BY3.^\J4(!]8XDJ>B\FHU0$\+0A!@8@`]K.D\`FTAH0D<``(CZ
M,Q%#DT!W_\I0@(X2[!$BJ`04-PI#`YP4`/W\!11Y631OH!2F(RA`+S/*BJN)
M()K0S(<T2="_[.$TI`4"9R;<23X%').H4$JD2&V:"+.5H2(`8("<+$+5O`7(
MB5`EV!2G2$H!''*6FOOE*'DQ@(P0\ZQA*@-&G9J%NCE)`C')I%P1"2=J<I-\
M<,UD%VF"-[_2-7OR$F5?X?17$23@F&Y=+&,;Z]C'0C:RDITL92MKV<MB-K.:
MW2QG.^O9SX(VM*(=+6E+:]K3HC:UJETM:UOKVM?"-K:RG2UM:VO;V^(VM[K=
M+6][Z]O?YO:&B"UE$W313R<D()F!J"$)*F23DWTEN<"]D2F68/\1@H'R!RIE
M0@#:"AIG6#23`4C`BD;BW>DVI[HCN&X)SFO1X_;``.Y-!W@E$`E3EM<'`5"L
M(N"+W@BI%[$S*5C!.(E43A+`DPS@9`$LLLB:S&2N'V5$`C")$P0,P!&-K,DX
MUU#?1?"7)ADN0``6L,@,>Q+!QB7E`_!!`"89@,.+*("!J4KA\!P`P0<P,0!0
M_%_K6;<1X%A`/_V1`.^P$DHS\8<!9D(`!,1'`0;:Q<4.<$@%Z`+*V55!?6M2
M4Q%4^<HEV$0:&H`)`S2@R1PU`89M,:]((,``E5A$`Q#0S_`8V3L/(/-\?QQ!
M&:P7OYNXIUP-9C""S>2Z*L4'":2,ASK_/Z*A.]CR$[K<XA/L8QL3>>54]^S)
M[6KC1*1\Y).WNU0[/YK0^`BK5/W\,^L*>I27)N6J$=WJ1?,T$U.NLSKA5(E)
MBQ4J]26E*0&`X742@-/V95*.9A)J[XQZ(E<K,@)078(&T%K6K&:OJU-8A$"3
M@*43&7`"(D'F1"M@DS,9P"9,)$_[SHO81_NE+1]`-`\WQ@!T30"V,[D`-<P+
M2FA6`TK%@"(3]+C0GJRF&`*@"P9DFIGCMG7`"V#4;@_'AL.E:\$"+N%'@L?$
M,78$DWZ9X4H43`&8-%C=9L((`DQB%!H/KTWHU?**W'@7!4OP?*K9I)4_8.5B
J8`08\-%@1WY\'N4K#S;&2VOJI@/7`$V%.F_KUF>J8SWK6M\ZUUD5`@`[
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>29
<FILENAME>o39572o3957103.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o39572o3957103.gif
M1TE&.#EA^P`J`?<``#\_/_O[^_GY^>3DY/W]_;>WM^+BXEY>7IZ>GO;V]NSL
M[-C8V(&!@</#PW%Q<4A(2)"0D*NKJ^;FYL[.SD='1^OJZWQ\?'U]?;&QL=O;
MVYB8F+R\O,?'Q^WM[?+R\FQL;$5%12\O+]'1T38V-EI:6CHZ.D1$1$-#0ST]
M/8F)B$%!08N+BZ6EI>[N[I>7ESL[.\S,S#,S,U=75S(R,D)"0F-C8JBHIRLK
M*];6UL3$Q'M[>WIZ>F-C8]W=W?3T]#4U->KJZIR<G'EY>:VMK6UM;;BXN%E9
M63DY.9&1D"PL++:VM=S<W-?7U_'Q\5-34S@X.'=W=D!`0("`?TU-3<7%Q9F9
MF+V]O#X^/IN;FS$Q,30T-#P\/%A86,+"PG9V=E965JJJJ:^OKF]O;TQ,3$M+
M2[>WMLK*RFIJ:KFYN;*RLJZNKHF)B=G9V>GIZ7!P<%)24I65E7Y^?HR,C')R
M<DI*2M34U*^OKV)B8M+2TMK:VI^?GRXN+I24E+N[NZ&AH%145&=G9ZRLK&MK
M:U=75M_?WUU=79:6EC<W-U5555!04&5E9:&AH7AX>.CHZ*"@H(J*BC`P,("`
M@*FIJ7=W=X>'ASX]/K2TM(Z.CM/3TZ2DI%%146=G9D-#0D]/3V9F9FEI::ZM
MKFAH:,;&QH&`@6YN;49&1DM+2DY.3J.CHYV=G%Q<7&1D9$`_0+V]O2HJ*I*2
MDJBHJ(V-C8:&A7]_?^/BX[JZNH^/C]O:VZ*BHI&1D71S=,_/SW-S<G5U=4E)
M2(*"@K"PKZJJJIV=G41#1+6UM8B(B)F8F86%A2TM+4Q,2X:&AIF9F6EI:%)2
M42DI*</#PO___P``````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"'Y!```````+`````#[`"H!``C_`*$)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,ER8P((
MSIPU(#CA@3,("0;6O)D3VH280`\4/`"4P0*@SH1"(ZK4(5%G"P@J`!J5(%)G
M!:`5`*KQ9P2.5Y/.I(@@)@.,$9Q-*,D`Z=BC,P]`$`AWZ5QH:9%^)9B`Z`.!
M?9,21!#10,RJ`Z="-9C7P,`%A#4V<+9W(TS"/[%6+'MV8E:!9=>.7)#5@,V[
M,!5`*^LX]6IGCB/TA.;`<<',HB>KI3OVH6+$`P\;W.I,ZN>6#+=&AME4XM;.
MA8NW3!O9INJR6:V_/BY007."IP4:_W8667;$WWRA"2](W#CRALH%,I^8\[E$
M[])9IEVK^#KE_J]5)E`!`@X64WTP_;7:8PX0Y4!53RW@`%3H3?6``\0!-V!,
M[BUUV(11$<>35C%!P)QCNA'6%E1ER?0:5FTYH`!,NPU'GD\Q914AB'@]8%-E
MG#G`&8E8I3A07@<L@%],"+0XTXQ^C;5B!!,R,!M%#G0&8%D(;'DC0;4A=)2+
M$>!F0&]$.7;``ZJ-5X`!2:*7UEP9VI@?-`I\YB:<"QSU%5&?M77`2Y3)=V,"
MPMDTEDUGK7A`6@X<)*(S#HRU9Y*3S3795XC"AE]G$V9UF4!I-7#47&,.I.AV
MKXE6(C0VB?]&44VJX1F3?Q%X*:!W"A'%P)FP4F:>K<[@2JQMQ$;5UF?K$=1>
M8I\IABQ!RX)V(Y?61B8<46-Q^]H!"DSVW8:12143LM@JEL!1"MH'3;78=GIE
MJ@)YZ^UDD7H8EXL4]36M=M@%ZQ]W!"I$G'EE/5"9EX0!V-VV_#8[$'&UXAGM
MK;=%`&BVKT6&K7J+>:MOQ]"(*^F7YA8[4+JWFDQB9_#>..:\'-;KXKV"C2SR
M1!!4U4!K*K,&C6M"#Q1F0N-%EEEOG1KK<+*T:0:RACC"-E`#HCV=@`,/)%`M
MR1]_'--:(GN+K<OLH9P8QJ3>J&YF&\)<:+PQ]08-O2-/.!.^-N__:S=$><6D
MH&%QW46X75+EJ]"$LMIT9:E1KS4>LN.ME=99NE$=F)5W0S?YD90J\&-.;<T%
M$VHW"633FSFJKMGI)"I8$.P%?=[=`T+]%&FG"VSM3&>G!X8ZN%K=?>!,J^-(
M6%I[M9Z\1)D!=9=/I\VV$T[.<H=0`;*O-CWH$W;MX>\#/55<9@Y$?]",0`T[
M/G1C$ABZB"O*I)MFNFE\:XM8`<5_N0*Y2L7>1Q`)44IJ$\I27DK#*!K-A%#D
MZ0E,K,2_J#3`1T115E&`,L#W>/"#(`RA"$=(PA*:\(0H3*$*5\C"%KKPA3",
MH0QG2,,:VO"&.,RA#G?(PQ[Z\(=`#*(0_X<X$04\J&TY0L"50E@`Z&"D`9PC
MH@O[\AFNC64K'41.`@HD$0!22W%27"$"]K(5X!2`:BV!@!<C4H!Q#00"7`QC
M":=2*Q\=Y'XA.D`;95(GXC@@)T:L&YXF)#6"T(@P<"I2X!3``,)(B$KD64#R
M6@2NZ/6)*;8QS!+E2,("Y&LJ3C2:;`[``,6<!28ZZAFX$O``PCQJ:)$Z`&&V
M8K<F&J\!$,A*`6;22)(Y*$_D0T#7U&(870J%E<IJR@.TQ\D10D!+Y$L(`LYR
ME!!)9YK\2\I/K&<UVH#1?.2!P-'>%9E>JB<KU2S9G?2H%:'<CVT.B&,S06A.
M6(&1(%`D7SJW`O\:!O@3GW>:3*T0T)Q"0L,`"52-.<VIF71.9D"A:B>)#E+/
M>3H3.F4!S@06(,X&3--XUNPG!,0GD)\@ZR=C,1%X0GDW!\QEH=I"YV(FTQ<(
MP,F8)*):/"U:PC8.I"_+'!`$IM*`K9WE)Y9S1D[$>93.R.9"]>D+N$1G1LTD
MH``(B$H$&I5+(^ZN4$@E$19-H\L'&(![,M)*3X+*TQ'2\:?\VTN,RG(_XLC2
M+,1Y0%02J1F$MFYV,9%1!+9R`,=L!:M,>HJ(1$04!#3(`(9!E6+%H]2VDK!)
MEAV:/#/;DKZL48Z.Y2P)MX9&(D)QDZ)-K6I7R]K6NO:UL(VM;&=+V]K_VO:V
MN,VM;G?+V][Z]K?`#:YPATO<XAKWN,A-KG*7R]SF.O>YT(VN=*=+W>I:][K8
MS:YVM\O=[GKWN^`-KWC'2][RFO<B[',&6PM8J?/>T#2<N^!=%N`W]]J0`<V9
M3%$/,!9^V=<A2%'-_8#Y.U.5Q#`"0I0#"'D6K$QH+X=L:8S^^Z[FP`FD=TM2
M22:CO0,()6)_W,I5J2D3FWS6O!]-S%FXIY/2=H3#0_EP?_=6+'`2QK__37%W
M,/<[U(8$P05)7<1F<I2I:`_']M4QGCK3HLU^9$VST:]Z9FP\T842R>Y5,B,9
ME)0L@L0T?RQ9*P-(($1E93)GM6H!S$QAT(!Q_\L`_=Y(#+"B]<)D/.3A"HUD
M!)2_G3<"W9L`80P,&C>V>86&Z<P%+7A$[YSXT"ILP%/X*Q!3K4C.D,ZTIC?-
MZ4Y[^H-7,4E>PJ2;WL#YTQ.Y4TC"NF!6-H#%\O$RJANB:I"(6"ML@HI`M<+,
M60.X)$<A#(9860`6S\C7/OW62>-8LY%LY0%C*?709)UIPPBER`RXB]<24NN/
M<#1T[,E*68C':09H3)VK48I-N4T238)9*J@J5K8Y72:?'H7.<YE`KX-#DG.3
MJ&*E1#=!-SV!KR1[W`;8MD*ZW9&MK$68/=DE7>2-Z?\J/-F&3'B5#L+PCNRY
M*@;X'L(U_<YFO;J=Q/\V2,=]G1*,+[F?2UGCREE^$I</=4"#6F]P9DYSDF"\
MV#]-(&IYWG,3$MV'>[P)UBXR\.`>G8?,JS2E*T)8X3Y=AT?A#FDNXF_@7CV'
M=S8(7]&)H0<?=+)$@H!0QL[;KVO$[1TARD&H-+3BV"3$2J4[3$#J':'H'>ZI
M;?9)`+\1N2?DH8B:R4\J]E"5XB6_A!=MY"DR>8S`!+4&:%$`B:RRS'-(EC@7
MC^;;KI+*7P3&T&KC+J7CHB*K_J$N'=!?7F_ZMM;^(8)GR:A:ZMG70(/-:`9]
M64BT7TH)__8613Y#<M\2[IFE/DE1CO^`0MCX",JQ:=:CVG"K_(5WW]??YWC_
M^-LZIIQ1LB`O86E!FOZ8\2_$_3LW+BL!B%7&1'-[.6O(H]_N?JX<EYU7TVO/
MM!!=MQ`N!Q+CQWS$!8"5IB-Z,4V"XAB!Y"(^E2%-QQEE0A5XE&[/1FVTAH#P
M)UH,6#*B(A`-D@`$90#>T2BZ5"QMY#5G)ABFD0!;EFSQU!<,0!Q%I3`6\7T*
M6%PC>')MXQ@IMA5X5C=HU1L^54P3\QT?Y6]"TH,>\8,H%&&#)$CJY%^GUA*O
M%(`E)34IIE^+,3&X,SW)MD`256EML6)*45$2@7S^YT(G1TNKH4$*X&JP-FT>
M%'M'\B0/,#U%:%8&U49UD8;6<E;J5BD?E6QN&!&W_T>%*509<H$7#U,`4T%?
M*@-T'G18I"(^)V@Q*>@=6<$`>G4W!?<7@*8::4&#9T%5W',F,F%4/5(O%8=[
MIE<S&<`!&.`"GR`$87$5)&`!%L`"&)`!`_`>\V85:[9,QE:+*R$BI'85:[8B
MT<)@=D4<=J4`^H-(J3-7_9,4U"B%%Q$3*W`&0.$`%U`">M`'.=".*L`#1)`!
M\I@!&X`!&&`!'P`4P\@!':`2[?53*B-M-Y=<@)<`'*`!,0$"*U",_9@0%G`!
M"M$!(G"/,4$"&B`"/M81"Q!*FI@]W^*!I`<1!KD"Y+@!Q^@0#_D0`[`!%D".
M')"1&+$U`T1G!G%LV.:,O?_U="*`D,YPD3")$"D9$2/I#""@`1GP$0&G8A0E
M8,7!?L/%<PFP`7>7!DLP`!0P`%B)E5>9E5K)E5:)CA5AD/GX`1S`$;]2::P8
M<1/S%A0'6V$!$2O7`2Y``RKP!'7`E5N9E7FIEUY)`6!Y$0.`D""``3_9$/43
M.N"T%R%G((556U>G@'+I#$Y`E7MIE7WIE9:)EW^)$1V``2`PF(6)75^G:@F@
M#)*9!GR)EY>YFGJYF1F1`)Y)`F5I6P.F;#KA9*GFB`3!`2#P!"3P$4')$0F`
MD!]PE+051566C`H'%KH)#1W0DBQ@"<X@`AX1G!TQ`-`9FI:U=5?3E.HV+?P'
ME]#_L`'.\`$&0``$(`-.H)KLF9KMJ96NZ1&\20+&^5HP@2$3AV\^L6\8\9@M
M:0?HB9YXX`R2X)Y=^9X'VIH0*1()0)(LH)T6A8*%HFS+.84/(0+ER08!BIX>
M$`<`4)69::`A*J)^N:`C(0(@\`$G^5J+-SL:=W]OYQ`LX`PNX`,>L*$$X`$*
M$`-ZD*`^.J(_6J(FT0$?``*S^5JEZ(4OJ'/]R1`)T))'>A`7X`P-F1'621((
MR0*PQ29*N1IG`7H;`8D#0`(@L*()@0(:L!%72A(<X`PK`*&@)2`#N:3\27D)
M,0`F\`$^L*$WRJ?HB07.D`.5.:B8.:CQ61(#D*)P&D2!_S&(Q^$[8<:<=P0`
MN;"G?GJI!)`(#D"H"`JD0JH28_H!BVI<W=:F61`*EAJ@?:JJ`=H'S@``K/FC
MGGJH)I$`16JFTI5[;>H"9C`#%H"CJ\JA&RH#R!"K0#JK)JH2MEJFUG4G&)JF
MT``#6@"M#=$#SK`!&+&F*&&KHEI=^9&HU!JM/?D0<W`"HUH0VKJM']"MTR4=
MB;H"!A$$X]H0+:`%&'`1Z8H2'9"BU%4<MLH#J4H`$O"GSE`+.0JLP&H!*'"7
MGEJH?4FKH%J4[>JF)H`#.#JP!$L%P7JP?EH":Q"D#JN9R8H<&'JON0H;&!N@
M*4L`L^`,K8"P?@JH,-"PQOJI'_]$GO7I7!EPK0W!`\X0I0GA!!90$?FZ$AH`
M`E7*7`F@D`_!`[#*$#A+$46KK!\PM,YE`20`IYYP`KAZ$$;PFQ,QM:#J#":[
M7.2IH>BYL@*+HVM[`C1PGAN[JDO@#"A@K,A*0AC@#%U;7!U``YFPH6JKMFNK
M`&ZK`'&[H6YP`R`JJX8ZLB"$C\ME`4X0L('+MAA+N*$`!#"+G@IP`STJHG=+
M0@-`MC%$'-.S(NIG,)BC8=12IPZ!H3DK$2TP!NR*$!>@`DG;$&++$IZ9NRWT
M-5J!FPG!.QZ1`!:)$3`0`[5[$&@:$;O+$L<;0PPP(;8AA!-A&"Y6$9YYK@:1
MO%:+$/+_NK<.Z;@A!+O2"R>#0H)9N!BJQRT9PD@-@Q4FUE(SP78/D0`F`*"5
M"[B6>[%F$`,N(*Q^JJF,^[#D&T+"*+T*$%GJ>X.D9$IUETHL,TM0X2U_!SC.
ML`MKR[\<W,%I2P!F0*,<RZJNF@/'VK@HM+.QNT(!=UC6ZZ48QD\PW$N7J#I?
M@6,/Y1`)H`(V80&B<+%`',0J2[`N<+CIN9Z5&;HGE,`OE)0P,5AJJ$_L>TV-
M$K\0<F.6,GH-@0$FT`1%\`;.8`%HN\%#+,0?3+"P`+-SFP9)C,(I[`PKG$))
M&1BBHH@D%E(S;,6JDQ44J$<YW!"#.1`;X`1NZKL3(:]`.Q#E_QJ:SXL<3-Q"
MXU1,1"6+8;6*L.1-MC)+78,H?T(8P]<0;9J[&U`*/6G($6$+/WL0]5JV"M'(
M+;&SIEQ"?78DHT@I=$5],7%7O\,D8D8I:H*$T;=]"'$&<"``QBP`$G#,&E`"
M-*H`9>S!9)RV=^`,5"#`Z&D!-\"P)`JQ(Q2]O36ZA'#,R"S.`G`)S.P"SBRX
M^SO$TPRW.!H"'XN@-HM"&P`"W*M:&L`#Y)S,XIS,RTRC%FO&T;S!=_"V&\L'
MSC"SVWS`(X0HB8Q;)A`,^SS1QJP!`-#,T+S.G4`#8\RA!+S0+*0!WZM;&+JH
M07#1&A#+"=$")\"U!1&UX\M"&*K2DO^'%`6A`?!ZR"B]J"S]"4OTM:W,T"0$
M`MCJF'=B`EW`S\>LU,;,U.-<T0"@`HY`N0+-!`^@I\*ZQD'*S20DTK?%%3O;
M"$X]UA1]S#N0!2I@!Y:ZSFF[!,J[IWWJ!A^JQ"I4TMSG#"QP!D^]U&7=U.0L
M`$RP`S&0UC[`UFO[OQ_`L0J@!3WJQBN$*-2)0S9!?9`Z&V62$3&Q"'OMU_W<
MUW[=!H(MU53-P?];Q`&JL'7@V"LTC#C4`+WQ`/J6<Y^Q`,*KP]/I$2UP`2-P
M`H3)$#!P!.$*`.$Z$*[L01CP`3Q4$S`,>EMSSP6QL\ZM$"T0";O=VPHAK]0:
MO@91W.\!W3O_A%G<DW(1D+T1<=PC,=W5#9/R6K9"N]U"+<MQ3$.P_7M"1]L<
M80'%O-GZ3=:>K=1M$`=:(`/5?,8J"Z@#7L(B^T(?P,HVI-SH]T>F85`400)%
MP-E\W=D8GN$6;LQ,(`;.(.`#/;"70,WH20;KJ:`OA-,ZA%GKYQB-=&_CB`,;
MOM^>3>.=O0#3+`.6$,337,T#BIKP^=XBU`(;<`:KD$.L)"LEM1=Z1%06X=TJ
MT0,^RP4/[;-'N<C$+>0M`0,;<`$\,`5`P<PYY.`_!1TOWDT4T:;((>7.()L&
MP0,J,``M,`)ER]TAL0%!<`')8`)`(0-$D`)58`//8`,A>!)JY*(#_Y%(^[?%
M(\T2/>`);0ZTJL"UM]N0=IX1/;`!<B`&4S`#,7$$-0`%*6`#2O`,IG[JSV`%
M<&Q;++`#%_[J,^[4-@[K>[T`BM#F`TX`"A`%;XL"'SO/(@$#@7`!7P#F,>$+
M-9`"2&`#5H#JSN[LJUY;%C`$M,[?M#[KL4[.''#K)("V3'`",O`*"0WL&D'D
M>3X%S!P3-?#G?B#HS_[N[TX'#!Y;TU[M_?W7UI[M-W[K8BP!"I"B9+"I7/T0
MF7X!G.[IS@#J4C#JI0[O#N_P-3#OL$4"14U"&S`&89P!+1`#,9$!=KX!P\X%
M-``4=)#L@=[L#Y_R*1_QMG6M\QC?R''Q8?\L"3&0!<$HY$0N!Q<P!2\`%*&>
M`GX0!BH_]$3_#$0@"[8U`K]X%54KC$Y/C/88]1SP\O)(TQ`A\U$`"3'AN%SN
MY9T>$R50`U*P[`U?]&8_]"G@!2U?`@#0]B@P`G`?]UH0`G1?]R'P`GA_!'C_
M`@B_]$`1!7.P`X(O^'$P!(9O^(XP!#BP^(LO"C+^Q<ZP!\X@!'A^`5S`YS'A
MYX#N[F??^6:?]FO?]J(_^J1?^J9/^D\0]W$?`W9/]X>P]WG?\W[O##7O\Z)N
M`T+O^;KO^:#OF&Q_^L`?_,(__,#_]B.@]<[@"GL`#+O?_,W?^[3E#+]/_-1?
M_=8/`"60!,X`YD+_H`)"X/S@W_G0/UO2?_WF?_ZD7P(AT.8]L`(HT`(:@`+A
M/_]$/_ZR50@_@/[Z;_WJ#Q#.3FR`)L(9P0[.A#QCV-#A0X@1)4ZD.)$('V@9
M-6[DV-'C1Y`A18XD6?(CD1\`5*YDV=+E2Y@Q998(X8P&*`$"FGR182!``$,C
M*@XE6K1H#0PFE2YEVM3IR90RI4ZEZI*F,Q5%!%3(N2@&$)\!@#A#8M3L6:-(
MGZYE6Y*!,V<%-,*-"\W9@J9Q9E3EV]=JS2A:<W(EY.Q1@+`!=#Q`V]@Q1#($
MVTZFW!&N`8T0)K#%$,+OYZHHLCBK)#CG5@%G3OU,S(3L8]B-G66H7+OR_X,#
M!Q)D1(!W+88DH(7#1#'#V2')'3<X@^'1PIC8T8LJF6W;.ML#!IQ!X(VWP`,%
MT`PXH.M,00&X#A(H8.#@@+,$&9P-IZ^RN#-(04!V4!'IHT$PI!-P(AN<N>Y`
MIPZ`!CVY>E,`KO`<8`":".!;X``%$G@``0B<42^C`9QYH3[0[@M!@]-02U&`
M4;8`XB?$8/SIC4$&M/$A)/Y`<$>E%(2F0P-Z@V8!\Z!Y0"XB%T"@/`490&`C
M9XX@L2\3->`JQ2M/@\$9-&1,["<,G`GPQANE\()'-$?R,8'<(,"+R/`B4.^[
M!!B8<",G-T)I2JJJ'&S%+'7Z0A,98_3RBV;(O/]1K30;]<A'\>!ZLT@%R'L`
M+P@>V$VC/#7BPS,^8[KB!V=.Q!+0%(>(`9-"OT0,C1_*4'1`9SAP]%:---P(
M/;PF<&8S!AK8B,@[(X#&`>XTXF"/4%\:]88;Y%`J1&E'2N`$0&:5+@QG.L#U
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M83(,1IC<J15,.9PH;@=@_/.1ONXK\LO;HG8M^<K:G"(I=`0=S08>8%?8!,C[
M,*,(-AN)![VGXAN1!69.>_BS<]J!AD(UGOIM&-W@9'6*R$CJ]1T3.)I"^`K0
M[<B,%D!Z)`Z<N4*J(Y)PQH@%)J:X>/8IOIB8Y#EV^Z<NQ(0^(C^ZI7Y'(C<C
M,L@)'>!)M4.82!+`L)A<!7WM6U\#GZ83&HC!5<JC(,>,4*/[/80(C-A?]1Z@
M_YX(<(=.W(N`;TK"A\>UY"HG:,YU5H""O[4E?&/*X#.H8ZL.(HA(&\I([3R4
M`.\M170K6:'0;".?0-2&"V^H(4-:E\,=*0`"![@41PAH`-G)A22]`%41JR<X
MVW`@5C6T0M"@>"`V3:!VX-D(`C#CI/^11#XCJ$EIT,;`!Q)O*T,801Z6Q[P_
M5C``'J#!)FJ8`A44T$C)L@W*)M4U7X5'.\+*R`20=H`"/(B2NW.&"8J01SP*
MKWUX,`P@`RD_J@5`#5GXU^K*.#V-^.H!2\FD`26U..T8JP%WZ:'"X.@,S)"D
M#L[`@0-%V3Y0"D`7($AE,T^Y,P^@`&300Z0B(8`>W?^11#OA$4F2&+<N[F4$
M`L$4SWO@51(+6"!-RVGA=5B``N@I80NP[*%Z>+@@9S3I7=!8$@,BH`#9Q04!
M'_S5DO(9'F\B0$$^=(;"SCB2$.$00=>:PXX2<K7#0:%N'"F`7#*5&1]M"(OK
MF1"<T/,`S%AO`MI!TEUVJ2!?)8!7#RT)"T"@2-N\,(8'TL`A-E<@$73D0[[2
MG4(S(D"6:@1."X*41C`Y)%YJ;R,/,B%-0Y(`$QCCF.I+YI76)@E4.E.0SK3:
MX63`08YHISSP,BHT!(B]NBQ5JAHI`'E:ZITU#9275@4?,>_80&/2C"=C%6M8
M`VD!.L@M!?KC:#8_RD\?O97_-\"4ZYH.,,ZG>E.JVG'C7ODJ$AT8H0EZY.I6
M!<!'/QKVF84M5/U4!S!NV:$CXT$8D>02`?#L,BX3`N@"DE0`W&9DEPK`HER(
MBKT$&'675?WL1SI@@D60=D6!E5@C2DE84ZJ68SIX7LADP(R.A`M2=&$`%N."
MU`B8$QILPB1<%*0`<[I'K<[0;<K@@I[;-1<D!@EJ92Q0"ES))Q4`DT(4/*??
MYFH`!%N3(7.^]0$,*JI`1D0P31/P@3,T(9G4U0DKQ,#:^6%7D#FP'YF4\`(7
M5!C!`S`!'#8,2CA(+;OQ"[%V?S(H,EE!!H#`J8II:A"<_)6Z:UM&C6D,XAD'
M@,2M_Q00%%1P8!_K=SE=$'(>C4`'&QL9R<LKI(V@4)TH5U@#SH"R4BI7NH)A
M0`M,ADT5:A5F'RNXS"1)R`6XE@`5U$`Z;LX!G*-L`1,0`K!/VP$S13S!+"?Y
M)VKP66S<G&+*7"B?Y&R``[3HP_SFSL]MN7"@2XNE^G7IT$=6]&I_4M;'/+HV
M#%``?'VD5BUJ3T-:#.*F.0UH/$QW8K2(8*DI..HM`^4)J78&I".MNUV2\ZG\
M#.``\VMKMHR9RG^-Q0Q>9.I``MO7J#[+E_M\H#@>-=::(B%SH;V6,=.3(TC\
MG`8T9Q8K?%FBUYE`4Y>-:2!^#XKK(B\WF5(`AXID.1KH,?\)Q@"ZU!E%"3)0
M`6UVQ("J+GLC5\PB%",)C5T&'$$B`,$'YGSFUUG@!$7QPPL`P>`#=90C$M>(
M&Q/6&V#F<*EN;2J/.O`!$W3A2M;50:*S[7,1(\8UKYV(%(K=X]K4>B,LAX8E
MQ:U)F1>I0G)YRY/@(JQ^ZC*?_V3/DPSPGKJ,A`7.&,5H=V`";?]<R[Z.D2`B
M')$PR"`*\P8WO!*PR0?HNTZ<@CDYJ1<N#^'=Z_0=*7N,A!=6+^E)<OJ1@>0X
MC!:S#>B(7CNV<T9B&CYDL8Q`.;C+\ZN,I"LSY/SZ/J,.7TTY]4F:3&I&'@`!
MA'5*N(XG20+&_@"'[X\$3'R(#<C_$`4*GSM-<"+2]]X*]0K5)7;;R4BG@@27
MI0S``LX@^/YFV!`EU,`9E.B\\!NUU`H%\_CT;7G,%\2]/&FO`+MLB@A(``(,
M(+UK7,B6$K[\A=Q['U>^2FENA.4`!^"GJ^.M=HD0N0!`MWJ2)7&*!,``$S`!
M-?"`M+,\H-,8-8@!7G"&/Z`[_7,4?A,67\FG77J`V,FD]-JG"'@+]3`H!$"/
M]CHGIFC`!U0#5@FV"50M0V&"-7`&,N#`#OS!VL,`$G"&-9@`MIN\$`N`/,@!
M05`(-)`_((S"D."`Z2,!%IBS-!$!!:.^_)-"+U2*#A!"9[#"+K2.!-!"$'"&
M#^``*/Q"_S<4B0%@@0^`"PO`@#)\BC/$@#ET!@O8@.Y[0T`4(@[0@"'LFS50
M@PE@`C\",2!@@AP0AM""BP_(!!%HPT"\1).(#PS0@.DK#QWX1#?X1%%T@_(P
M`2'0@`VX0TQ<Q<K(@`P0`0R(15F<11'(`"QD15S,15WT"'31HB7)CEC2MUT<
MQK:HJP0@*CAA@&39.V)LQK8()SMAO[8:)V>L1@8DO_/['V5L.BVR1F]4BNLY
M/P',#F;\1G,D"08`C]H)P(T8)Q_2N'.,1VBH%`\AP8UH`+F0M7!B"G.!/K"C
M/:7X#G^#+'E\J`E@QXPP/&9+P+5`P/5B/J90*W][*9&HI8(TF?_DPI!VY"9]
M[,:FL)/U<H!-8HJ+HZN:2ZLBN<B",:<"4KEZ^J&UL)-*J:K2JPN#2H^:;"D%
M")>.:B\V>JE_"J@"R,GS6[YL4LGF8@`J\D@*"<`.X:?="#_&>THX2<&,0(\&
MT!!CJ2)6`S^G!":X>)+V0$H$4THJ,C>,HSU?\4CV(Q('.*>Y>JO7VY29F[VF
MD[J3),N'LA,?&LGG<SR`8J2_A"KWV)2YRI/EXXZ9&\S*TLNDG)"^O$I,8K]C
MT0W)7#\#^9][.DRX/)+*PDRH"H^Y<DRK<D@CV0XV44`#"3_>>*L%Y+_C"BZW
MX@Y6.Y8"^"W7-!#^XZ=9(LV'ZD<#N<G5N,@G]'`7\G)!%Z0+W:*+`W`7X%+!
M!&`OF2+.?$H7N(!'W\Q.[=Q.[NQ.[_Q.\`Q/\1Q/\BS/[]0>YJHTPE,O3AE(
M\_S!=:DJ]$":7PJF`CC*]P1"JM*(V%&V3"(_`V"D_(S"_70]\J@+98RC@QE0
M+RS0M13`!3`O=<%/!NW``D6/'@J[C`C0M/2L"A6^"Z6]`]"W@]$0?.S-#P71
MO?(5W]A'3:.JX4I1X=..;$)`.ME0NR/![Y#1<P,\2J)'8`Q)A-&MD>11(SU2
..)$U2)5U2)FW2D`@(`#L_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>30
<FILENAME>o39572o3957104.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o39572o3957104.gif
M1TE&.#EAS`%X`<0``,/#PK>WM_;V]G%Q<9"0D.SL[.+BXH&!@5Y>7JNKJTA(
M2,/#PYZ>GMC8V,[.SBDI*3\_/____P``````````````````````````````
M`````````````````````````"'Y!```````+`````#,`7@!``7_8"2.9&F>
M:*JN;.N^<"S/=&W?>*[O?.__P*!P2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^WR
M!(3'XU!(.`WBAX,T2#\40H7;3?`EY@)!VGP;*`I?=V(,90)3`6X#(F%O)VAB
MAEZ220<#A@L*=3("`3J/:R0+8IU""&N"!A$,FCT%8@=LJ3@(?SL.<GP.;9$P
M#J`W";PBH@]\(@X'PB2(#\J3ST"N#",.K#`'QC=Z:B4.HT.DJ"+9.]O9!,Y0
M!7*D(@(*Z2H"IC@-S29A<",,\1',_=`"XG!5;`2Y%G<.SL@CYM>Q;T7$!3%'
M`IV5?":"Q3C`S48!!/>ZB5G@3N&(?P)3__K@^(;/(P4':-72)6?`*3>R1`0`
M^6!`JC8/&+1)%@&-`@2"'$;P]J`=-3\];X[AB$`6LSTH)(HHP%$!248!."9@
ME("C3Y8D25`<85&.FC8."C`JR%2!())N#0A*P*P.6;,&T):HB8*K'`6=ZMZ-
MP/)-7T2*=HKQ>0PH@8]IK(D`J<A?@WT*Y$SS!VEOWPAN)1\PT*:J"`9B^#3.
MJ;)+8]?,/G/L!/(S+4!MR+U3%`;6-EAR2,*&E51D4Q.](_R.T%H`QVF($$0(
MX[2$5NE_[J2JR=6,'%A`$<#6KC9V14/VBADP=6?!H\^"&F2/$#\52#,<:7(>
M=6*H]P![(CRB&?];SX5!4G[[;0-*5P4(-=QV8T2PCG9M-,!4.N*,1AHLB&`'
MB70%!<A?;.^\<AV&"W@3@"BZT58;%\@42)H^L!'P2"IA3!-<"G=TQ@YJS[71
MB83.=?<CAM.$X=<#4]91))%BY"2*(MY,<^0(1X:!0`&(Z#/"6HL8<I\)3):Y
M8U%9$FB&E"*$>2"9C8Q`4&<F'+F?FVXRB2$L&?6D2E`D?.A(;/HQ6,<C>-XS
M))U/#B@E00PA8`\]-W;A"S5R..!F!'?X&">=0YI@``-FU?G<D4<*2@U$(SQ)
MYZU4DD:<?&X8HY4@:2#W')@-YCKJF6)8,]J3RS"R!J"-/#EIKDAV0N?_L9OE
MV>=ST,(1:$.+4%LKJX:V(>)2)Y[0&C^.POF``2A-^VB<=A+`5!IP+``249UJ
MH4M%#^B79X\$`8EHJ@`[<&6U#/\7@:P/#3M.P5!B6*5.J:F@E2AF`O*EJ]8:
MJ^T(^Y)`*+-%*6`)N-VZ^Q.B=#)\[<@1$-.=&2!U\F<CWW84<[@*&[I>HNF:
M<-H^N4(:+\Q)TUOL96)\IJ%!B/:;A3=D%(4`B6^LL=NAO#U`DKD+\$),`:T5
ML$TG1\(6&;BAT!H`'+"%/7:&'!E'&0NP!7RF:!JN\3'#>;]9`C-I'9!6?%*C
MR``Q9=_A;2.,,S;&/!D2GB&VXSA6V1JBU`';_S22O[G-`IT4/HP8:-\9GQF^
M,$7F"2TVKN%1-1](V@.`Y(TY+)4?6?A0A@1039WG6EV%J+H,HM,;!(16RZ$@
MP;-4<B1@1D"9S1>8A@'$('`5+T#-H3OU;P@`+$]-7?6*,]MD5BM0(:<[5]]C
MR'^X6P.DA:2AG4/``H9R+_9%+PT",,!Y6!*`^P5+?XF:RVI.$AJ0^"(-!B1-
M5:X""NUQKV9R$*`(?(<"`B#H*0?BU612-I51N"43#QR%=9*UE!SQ2WF2X%RG
M9NB&[N#PAT`,(A5T>*,$(.@=_A.B$I?(Q"(\@F8W"DP:!N##)EKQBEC,HA:W
MR,4N>O&+8`RC&,=(QO\RFO&,:$RC&M?(QC:Z\8UK),!71E'%(6`P6V++`6M\
M*`A-F40'"[@A'`?IQ0.02`&I*,L2!F"-`]C.!E]C@Z8>9L@A5(*0F.3B`%^#
MH#I:\ER$V('XEN&W?1#A`)[,I"I_*,(5#<!VS!@`GLC`N@:(3WRL><-GB`$+
MS`3@,ZPJP0%`60#(T6IW8V*-4`IRJ`&,<@1^.`$SQE0>LL6)EYW+'"-8<8M5
M>E.):,B)+7N2"ENJ;0"PJ*0WUD$MI&S'5`981P`"8(9?HF"8)`@EC117`O'I
M(9`]49]V=E(`-#AE:R?PI]C"($M$L"T`X90G)@KZKK"DC!2NL-$W-WHC>P#_
M8AF_2<"RFA%,C[KB,VCXZ.Y>80\&:'0$^&3+1Q&1Q).T@22CU!=U2/%,$3@3
M!0&XJ70Z(8K-S-,-!R#`N?JG$S[ED:-0[2CO=/)15RQ@+%LA*?#>=5(XY61N
M):B0Q$I``&M88AP'F!Y,5Y/'G&K'G7IPRAUL!R"VXI2H#S`J6-EB5E)L4@1/
MC:I@`Q+.I@)"%`:P!TDLR@#M]`T-4D/`67]9M1D]:$'/2PL!"#5/58Q)3P$S
MZ#KJF5<&()(9OYA'*P\0E]`V91TF\A@#6JH349"D`*)")&,P^J[!^A8:S_QE
M&[SRO("N"#$"3`,@YC,29((O.ZD(IG>"!0A[T%(,_VP(BF19TC<R#,6=V6,$
M<0G46'2^(H9'/5!T)V,([H+JM_"5Q%_C:[)4TO>^4-@L?E7!I_WZ=PIRO&\@
M`?+?`AOXP`A.L((7S.`&._C!$(ZPA"=,X0I;^,(8SK"&-\SA#GOXPR`.L8A'
M3.(2F_C$*$ZQBE?,XA:[^,4PCK&,9TSC&MOXQCC.L8YWS.,>^_C'0`ZRD(=,
MY"(;^<A(3K*2E\SD)COYR5".LI2G3.42-V!`JWNJ`-IPUBI[N036@1-)PEG8
MLK[SRVB&#GX(18!@^`T-!$[SD[?G4SXDP";WT(-2Y#QEGOB&%#LI*F!KRN<I
MV[(.`^"#4+QA"%<H90Z%=O^R1;&Z'3>G`LXIR&NDE[SE,;^KS'[![`@TO6DC
MQP<Q)VFNAK@,$%*7^M41<#6L-RWK61>ZUK:6,ZYSC>9=\]K+OOXUE8,M;"D3
MN]A0/C:RG:SL93.YV<Y6,K2CC>1I4]O(UKXVD;.M;2%SN]M`_C:X?2SN<?.X
MW.:N3>L"2PSK,3=Y8$1WNE/BTD-]E%#N\&=/PRCO>:NDJY!)BS>:2L9^^UL@
MKOBH`.I&JLXP>HP&/S@T`I`\L$K7HQ"7N!;1Y@S>W7EU<;YBQ#7NA:R!&0[=
M]$=_XVVU==>4B@D"";RO?9F'.065#].W?;,X\B?4&S8J=6C.`S"/G?^Z,7FD
MWPC_KERUC..PJQHR86(T'522O['G44CX:S[2B8^C*^169SD.*3X,WG3BXE,-
M^QJQ_@2.4]*H#0>YVH$8RT@0Q&];-FZF<6AR8@0KY56?.PX;,`T%CB:4?#WS
MWJU6<TZ08)1%+[K@A5A2SSWLS2$Y`=N9@/0D/I/I,Y]\OQ@@HKG5X>%Z7KSH
M3ZQ6KPHZUH0>]>I/G`!"*^[ACBX!I&</#?/Y_O?`![XD1*4N`^CATIDWP>9Y
M+X0'0.#YT(^^]*=/_>I#8/D]:%3-OJH),YM9]<SW@O.M3_[R3Q_[.XB/C@3!
MBM9U&07H#W\/QF_^^I,__E;`O_QU0'_[^U_Z^D<%`;A__S?0?_]W@`,H!0E(
M@#1@@`?H?PL(!1'(@#'@@`]8?Q/H!!G8@,'7@1ZX>[=V@0^X@4Q`@C)@@2)X
M?[26@O]G@DK@@C"`@BQ(?3#(8C(X@P"H137H`C>(@]"W@RK6@SYX?3KX#$+H
M@T"88D>(@TE(!$VH`DLX@T\(!77G#K"13^J%1E'(@E,8!%VH>4-8?E_(!(27
M,J,A"">!`)R@AF>TA2DXACX`AR3@AB(HATT@7;D#3:2@`'O&;V&H@CQGA']H
M?7;(!*0W`H*6>M3Q1UY$AQ=8B/PGB(-(@VND5H(&=3%51HXX@D4X"9N(@&I4
M>W'C#AT!7IHXB908B)Z(BN>71O_$-XH^M8=]&&^LF(.J*`F?V()HI'WV\3QI
MN(9@QW.U&'V0F`.0F(L0>$;J=SY^!U-9V(;#^(.=B(O1^'S%R&'(:'_76("2
M&(W;J&'9B('3*'[52(21%H[F]XTU<(SEJ(X8AHYB.(Y=`(^`&(+5Z(XSP([W
MN(+[>(ODV(_VZ(WRR`7T2(C\*)#^.(_M>)##B(\GV(T-R9"UZ)`5")$3V8@?
MF)$=V$4%67T4&8,6R8H?F8\+R44=F8I8I(\(:9(EN44GV8I/8'<J4(6YHV6L
M!H4AB8HC>8(MJ8,]N031$U1C10)E:'A>!6J*!W\Y.8D[68$_F9)/B01DLB'T
M1&#!I$C_E:8'*)5\NK>4@]B4,1B55O22ML@$UI$W"V`1*G"(B38.>&8(BJAY
M7OF'8/D"9$F,'"F61[`3,[)O*%`+P95<HQ9[@#6785B7/*B73'27TK@$#9``
MHO@"D=F6_(5['3%J;F"80XB8+<"8UIB7`'D$8.`&KL$"KT@JW6=I<-(/*AF1
MH+F2/AF:1K`>`U";;Z!2*,"+!D!FO>5]HE:8JRB;PBB<(J>8/X`V#E$&H2<"
MR\@>B+,5-PE^"DF<Q4F=3>29YG@$#A![RQF'FHF$C6B<2H2=";B=)]"=\_>=
M3!B>UKF8XMD*?)@](G4$K7F1K^F:+OF>/0`;*F.;K6='ZBF%_^P)F\-)H+/I
M!KI%GP'*A0.*G[%IH$;PF+77:,'(C<$)H=6)H=>IGT$@4F7R2$!0GR+9H/:9
MG^U)!.M@0HJ#;\VWH&](HB/*DB<Z!.KC#^V%FR'JHG4(HSIYGR4JFJ$0";94
MH0VHHX_(HTSIHS$JFD27!WF@%D4@HCVJI%-JHAH*!%L&F5K*%T@@I4E*I5]J
MI0X:H2:@?5%JI)P(IE^IIG0I!8R8GA<ZI@4JIQE*IT,`HMNAH''ZHP]JIQLZ
MHST`!EL*F4FEI]0(J$)$GFQZF$D0/PCZ4CFZITLJIGP*E8A:#FVVI0&`HP`J
MJ55*J9,ZIY5*!'C:I6@*BHNZF:D*GO\)29`<"D2**J-7&D1>NJ:KNIZRZJ>)
M>JJZ>*L"FJNCND2UVJ:^RJ#`&JI(`)>=9:C_.*O"^JHX%*M*L`YIV1-OR@/#
MRJC%^J+'^JE(L)V((#K,.IW..I[0JCS2F@3,!0]E:`39JJK;NJ/=&J9*H#!J
M$YEGZJGTVJ?!^J?E&@T$P$BE&JF'^J^T>JY6DZ[)ZA9PDZ\%JZON>:D_I+#:
MZ2-Y<#SNRJO)&*]'.J^VJ@0U:DHKL!.-<W>?D7?O)Y?Z^K&@ZJV6:K`[4)O.
M)+,PIP),T3B(MPBAAI,K2ZP>Z[/\BJPT^GN_"5I28P^H=GE;R9H:JXU(RK*B
M*K1WZJ14VP+_4(<QIY=GEZE\32N.')NF+;NO6G"U"?(NKQ=87-NSVOJS:QNT
M+DL$@ZJE.T>V(Q0C]Y![<YB9:@NO;,NW;BNV0^M[UTJWU&%\O85I2KFWK-JW
MB_NW4%L$QA,[L4.8)`!9A]-].RN=KBJQ$XNP_4*Q6&"RI$)#T*EWB?NP_>JO
M$&NNG-LI[]JXC@NT4?NVPMJUZ?BTLONRJRL$5#NPWJFXN,JXP1N[;4L)O3*N
MFPNSG=NZ">NY.'`+-'NM._"ZPTN\?CN[@%L$CE<KR+L%H%NGJ?NLS*L#DB6S
MTAN)P/NKPJN^U@N[HCD'YVN,MAN/7XNJ8?NX1]``O=N]6O"]8^F\_S?BOT9`
MI/*;OL:ZO@?<OM6+!%)D%Z9JP-R*P!&LP.R;!/WI3/&+`]1;P=B+O_\[OL^;
M1.B)K?-;C_>;N^`KM:1J+[[00/R;!0(<L<J+K@!\`_B3H`[;K+N;J#6L$C$\
M!`K3I"^,!3_,NC/<O"!,`];1"31+F3E,KCM\L$E<&T7,`];EJ,STQ,D;Q;#:
MPRE1Q58,'_N;L1`LKQ)LQA2<P&-9P@99O[UZPL4;$7'+I62,NBJLNN%KQ%R<
M`UB,%76LPWFLQX$LQ4=\`Y$KN>;YQU`\R(2\QS0\Q0&QP6K<P2C\P85L`W-,
MQUKLO5[\Q9T<R9_L`GWL'HJ\Q8S<Q9#LR?^I'`.'++E&A[YV3+N6[,A(?,E*
MC'--G,$6&LO9.\NG'*VAW`)7#+]#?`5@C,JV3,7!+,QB[*2^"Z>\[,&^?,?B
MF\R1S,8>B;MQG,*R3`0"(+F4FX:-`SGN$)VG"\C47,VT_+G+[`+LY,<I<+-E
MNYN]F;GGO,CI+,CYW,B_;`N))K<L`'58V69:N9J:R\FK+!#'#,P)+0/!X,P!
M74J4>6>HM[5=6<8=>\89G<83;+SPG`)0%YAG2[F2W-&4O,W3W,U"`+WF&]%2
M0YF+=K<6#8+HK-+JW,^UO,XX$+()XM+CD)K'9]#W;,K[S,]%O;S67`/E6YO7
M:KE'6<])J;+17,G_*=W+,JS3VD#,*B"ZNY,6[M=JV(R2<'R]NHO3.J"_$%W*
M")W4JLS6H-S0XA?6,*G18,O1:+S&&%W7=KW1)TW6BRG793G6[LO-5DVK@(V7
M;KRQ@KW`?YW7]KO8'$S8TKRKCOW&D#W)DDW5E#W5*%W5DWW31_VYA]V8=/W8
M?3W8M5O9BGW9)IW9G;W9-5W8H&W3/`S7\SC:GYG83EO:EHW7G.W7K@W<>!S:
MKHO;V<G:=UW6Q!W`QLV9++#0C^S6N-C<VBS<5VW6/DS=NNVUR,W7UZG=O+W:
MI\W8J?W;J.W9FCW;LCVQX-W=>JW<M!VM[;W7[QW<YPW;^!S?1JW?2(W5_PH]
MW^,=V>C]VH:MVKL=W@=.WZ;]W0;.W>Z]X/9-WN,)X/"]WOMMX>A*X1$NX,/-
MWZ+=X+>[W2'^X+W-X/F+95L1),_=SN8MX=>]W%2<K+"`!FFA0'NS`M`]1+32
M;G&6X^QLVP3)!),T#T6K>RQ>!(V""/<6ED`>VY\]MFEPLN8LU4A`9[K2$YRJ
M?$=^!.M0/#T1SG.XY6OMWTZ0LV?V?4--!'ZV'99@E#@NYBAZXPLWE/`'YS!L
MYS^`M*10T(A+Y?F+`'404T:TXDUN!`3Q6134F7ANS(O^`Z;W=9<WB['&!!:E
M7RI'Z-)-Z4.9=E#8Z%7@XU,03B-]T-[,5/:@O_^MU.F%C@0X]S>*ONICCMU3
M<'LR_6AZ&Z%BD+2[,\*QYND_H$"XV>IO#NO]Z^L^X!-!W>=IV^(<S@6Q]-+'
MI.J9#N+TFQ(N?.9%6]+)7>%/7MO3;@3LIR=3ONQ.GM[JW>T7CNX93NTFK.`E
MON&87=[E3N#G;NY90)/DC.EDWGL:/N#6K05%J0"%]VF]->S?[KW]WN$8G@57
MR6;7"NI?G/`O[N%7P)9VMG)@2.SY)_'U3N]<`)B`=D)UKO&?SO'Z3/%5,)F*
MAO%:3O(".+T:&?.^9^Q3`/%0<)J4UF;Z+NO_S7\`\/-`'_1"/_1$7_0`8/->
M*/-*GP8TGP.ZR9N0&N;_+E_STVOT5G_U1(_T(8KU7(_U6N^8I%E<8`Y83=\$
M$?<`79_V1?_U<:CV;A_T;-][95^"5?_V;Q_WV&KW=S_W&LCW+UCW>I_V>`_X
M@<_U@\_L\3[A/E_X77_XQLCXC>_W)2CY#_SXD._UE*][EX_Y4__IF:_6#;CY
M5^_X&BSZ5D_Z1(WR,;[XII_UGS]JK;_VKT^?L]^IEA_[0H_Z-H#VN)_[M1^E
MO^^%A-_[1U_[O$_\/Z_[Q=[Y47#VR`_TRA_ZSU_\S%_SP4^PI3_]T9^/TT_]
M!U^`2[_TU_\#SJ_]QM_]VU^!Z#_^OWO[R)_^ZF_^U?_<ZS__&CC\O0__,5C_
M_]\/`I$XDJ49/8"ZLJW[PL`#T;5]X[D./:?_`X/"(='4*P93L273-=M!H[@C
MLFH=*9O:Y5/JA5*OXF%V:VYUO^I;>.Q^B]ON\KF>7N/E\#VJ[E?=X:GI\<W]
M^04*>A$6-A8R6M$=-B4J1D$Z5DE.<EGF9>YM<L)4>NI@@J8BH1:)CCJ9#JJ^
MN;ZRE,:RS8[5V@+F+NX*7[$2]?KB`M,4#Y<<VR8K,S>+/+]&`T]3[VH#68]B
MYW8W?W.&QXX+ET^>FZ9O9[X;^3*U>\K/KA_:6^*GZO_AI\@?/"`"!CP8(,#;
M(WJ=E($I:,QA#(&"",:C2`IB1(F@"!"(`)(A'X"(./_NP)A1(RR4.50V,FG'
MY4N/F00\:!#!P(.%/E3*/&/QDTUO+%O2M`&SX=%;2745+>2@9P2<#GX`;>KT
M:8VE3+7*X-HUZD^PO\3R(,MG`94'"YP]B"MW+MVZ=N_BS:MW+]^^?O\"#BQX
M,.'"A@\C3JSXL,VI"PL\N/I3+6557BM3OHQ9K>8A.`WLI#IY,VDXG4M+/(VZ
MH.H@(T=B72U;T^S:0EK;YE:T`$*%)',#=Q9\>#7BQ'$;3ZY\.?/FSI]#CRY]
M.O7JUJ]CSZY]._?NWK^##R]^//GRYL^C3Z]^/?OV[M_#CR]_/OWZ]N_CS\^>
M=]RW57O[Q)9;(S`0UP'Q!1#_EV\1".C?00GY)$("#R``'W\#_@>A"`8@\``#
M$LX5@'Z8,0!:@06(%-)(/!G`8@0%?"A?`Q\:H`"-#[2(8XH[_H>`?^^5&,&)
M.XXD``(!&(GD@2(,`-J(FT'6`$XZ\21``DL2D$`$!SQP@)/S,7#@E2)D.65H
M"Q&`0(3R16EFE5.)$,``)/#V)&F0%>!859$-H&4$"<RY$Y=?QL?`AWU*.(">
M5O&$D`(ZL?E`GE19!:@(>L;IIYV5!?`A6U@L<&2<%8X`FWP*H"AJ!`'XV-8"
M`2A@P$&D(NBIJV&*T("D(WBY:66\+:0G9`X@*F2@N=(*7P+^%<N`HE0-R^JE
MNUKH_YNPD5G*H&A&^EK9`2CN"5J5"80DDJ81.%`N?`Z(*&&Y9>I8):P+Z;IF
M>]^*\-F9#B@0Y[$!G-NM302@*("(KX7$HHLB\$9H>PVTNT".$Q,9D@`*'!SC
M>P17=;"*%A^9)*^0"FP3EW*]Q=^""0Y8@`(4DNR>KG*1RK)_*OO4P,L+NG=R
M?R\"F.O+&E]<LM%'(YVTTDLSW;333T,=M=134UVUU5=CG;766W/=M==?@QVV
MV&.37;;99Z.=MMIKL]VVVV_#';?<<]-=M]UWXYVWWGOSW;???P,>N."#$UXX
M9GB10$!<`;1[18<*K-D@$`E>P9O/*!;HH0\%*)X0Q`P$C/\%XD*B7$CF<VDL
MAH"-B]!ALB88,`#K170*(LRA1Q4J'P/\:/0F5,`*VIA$+!!S!`CU/B@0/&%2
M?`D%B)I`OR,POKD"`Z`8>P"\X5X)\#H6PO$!-*H[QE3)ZEK^"8K/;D+J_J(X
M``(Z"7#`DF2]7T7^$>@LF>\O4($!M&J?]8QG/UHU`"'@^L&G?N`RXX%N5"18
M0.](<`#(C:``(KJ8\5!PBA&P98%[@-3X<@6'!G#I1P<8P/Y*H"H?#"^#J%I5
M3DC00GC$T`IP.H'.[.6KWXU`5P,@6:A8II,+B0@A#V#=`=@BF2;NBF4(0!$!
M#D``!7PJ<P40T(&4V#@\21"$;W'_'<MPHKX1D,L('Q1!"$O`,NP)H(I<"I2`
MXK*_$A)H<31,D`$.`"@/"8A0,UIAKL+T(23N$4='@HR''I23J<3%AC$:P/3<
M&)<I%L"/"&%`(+75)=LMZ8TB=*1.$G2``$"R!U5<%18?\"B$A$1G<6F`RV;)
MQ1'([FA`#&*'FH23)6ZI7Z?4%BUK:,%,'@A&NDH5DMS",M"PI7YO89'+MF?,
M.%526F+\SP'2)0#($)!!E<3"&K4EP@9,\2"GI)`!IH(B8`[@C"+`XZK4-!66
M'2PA&@0FQD@P(UWIA`&9]%2_$H``YK7K2`OPS4BD)P!<D:"?$4#`_4@0,K<H
M#GL)$A'&_ZB)L06@BD7H+(`Z$Q<2A_8$1D(ZD"D1>C&-]H`!(6&AMD)C@&J*
M0*:Z!*`)6(6J9?(/1]3*4I1*\"VV&*!$0%T5\E;*QH3XAV4&*BKU!IBL`#@(
M`:3"20N72LZ:/%6$"8A1E7`%1D19T0?T]-D2&SA1$37PA?S[$`((%A(\PHA"
M-6W=`!9$ET$Z@UFOHUY31157QLW%BJD;ZX9$@X*YH#"73G7J8?>*0LU]2JJ?
MK.=.G4`]<$&F>+O2U<)`1U5>I6J50+4?3]X"4;9D"9MTNB9G98M&R612`7ZB
M9(0,EBMJ?74*(`3NG\H%F8<F<U<U8N=$[<@KC:5UN",P[!'D.O\C;1%`)R74
M&>,JY-:ZSA`%K(,HJ$`4,RVQ=D#4;1WCQFFJXC+,L<`D@9S4!%%<53:SO"MA
M9L<9QI+MDJDH0JJN#G:@%7YS?J%E79-HJ).IW#0G/-G>*FG(&Q'I*D;6?!7U
M*IEA;#Y&(3424:-`PQMP@52-8+4PPPZ@J[<$X$`$F!-`C]?!$L23>@,R&.5$
M8",6_W@$Z?+QDG*,JS09H,<1T&VH%G*`@Z(KJ;*+D$2-Y*-Y.B!*$W;9AQ*$
M(AM]>%5L29D#7KRJBCX9-`XP``$$\!EG(6G&0.ZRI$*&@!*QI0%3T7!.Y6FG
M``<@@:Y\BQ#U";2?351-TYWE03SIEDW=(D!V=IS9G2GTJDN"1JL1@LR70*H@
M$N8D<QA68H/=I6+ADHXN6GJCP>PH%Y',Q6&/U2N9%`3)"IW,9R>+F('$W%P*
MG6]"`L+UXB@T127::KSJXEQ<L,@D#T4ZUW+9M11-I*"%L)I.R&8J9I<HQ6D;
M2"X3BF>L(!.2:C,IG$\:G0^\BIH(\H&#1F#W&-255.FX3(3<Z:'6(#P;D<'A
M(+A3A9S`Q8`;,Z?@WN&0_Z[&2.2XX<1P@#<UZG?)"D*G=MWAG>$Z[O&/@SSD
6(A\YR4MN\I.C/.4J7SG+6[ZV$```.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>31
<FILENAME>o39572o3957105.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o39572o3957105.gif
M1TE&.#EA80+_`/<``/KY^82"@_+MZG1R<YR:FWQZ>[^]OOSZ^)22DVQJ:V1B
M8UQ:6[:TM?7P[;JXN<?%QK"MK4Q*2\;$Q5124]+-R_[]^^GEX^'=VKZ\O?W\
M^L+`P;*PL?S\_)*,BZ*<FO;U]41"0X-\>?GV],K(R3PZ._GX]A03$XJ%@S0R
M,^7@W:JEH]O5T_+Q\?[\^K.QLKNYNK>UMG)L:_SY]K6RM)F4D_[\_>[M[?[\
M_NSHY2PJ*_3R\,/!PM[<W;FWN.;EY>KIZ?GU\M;0S6)<6O7T\GIT<XB!?N+A
MX=;5U=K8V<&^O\[,S:ZLK=+0T+VZNUA5520B(V=E9:JHJ;:PK::DI?S\^+&O
ML.3BXD]-3<;`O:*@H:NIJLS*RL3"P^SJZMS8ULC'QXJ(B:>@G8Z,C;VXM:.A
MHOS[_.WLZHN)BO[^^D=%1=/2TI>0C=S:VHR*C,W(Q<"YMG=P;?[[^(F'B*&>
MGYF7F*VJK*BFJ*VHI?GW^)&/D.#>X,W+S)Z8E=W<VN;DXC\]/F9@7HZ(A*6C
MI(%_@-W=X'%O<"\M+;VUL3<U-MC7U]73U%=13OCR[];4TNCGY]W;W.7CY'EW
M>']X=;Z\NB<E)M#.SVEG:%%/4/#N[_W^_L&VLL[,ROS[]5E76.WK[+6TL^+A
MY&%?8-K9W!X<'+FULD5`/OOW];VVM%U754E'2/3S\[BSL?K[^6]H98J(B\;&
MQ[:TN(Z,C\+`P_S^^H:$AM;5V/S^_#HW..7EZ#0P+HZ,BLC$P9Z<GNKI[+Z\
MP/GW\Y:5EK>SM+JXO-/1U4U(1C$O,*^KJ:*AH[*PM$)`0#LX-::DHLW,SZNI
MK"(@(+RSK_S]_"TI)J:DJ,G(R_SX]"DG*,:^NR`?(&YM;O[]^69E9]O<WOSZ
M^_SV\'9T=EY=7O?W]*^ML$=(1SX^/W]]?C8T-?[^_O___D9%1__^_O_^_QX>
M'O[___W]_?[^__[__OW]^3`P+]?7UZBGIL:\MNKMZ;*TMO#P[;BWM_?W]R8H
M)N#@WD].3^#?XE945?___R'Y!```````+`````!A`O\```C_`/\)'$BPH,&#
M"!,J7,BPH<.'$"-*G$BQHL6+&#-JW,BQH\>/($.*'$FRI,F3*%.J7,FRI<N7
M,&.R/$>3ILR;.'/J3%ESI\^?#WL"Q5FA:+9L:#A1:3>TJ=.G.XM6H(*T0H8*
M4$_6:%=CH#ES3+/^DWH`7K9S8EM./?))S#(#?M"DG4NW[L:B]QZ0H6%`!U:[
M']NI^O#OJZ=V8;-6^#&)@!9'@%%6.+!A0(Y+M/9DB,RYL^>!18T@N(0HP(_-
MGS.V<V2C<+M'B--62$3KSS=%J45._F29GYP197(+']XT708C>2[="F#C+_&)
MYAQU$9B)4+L*ZK*>R]9(#@D%1YYW_]QM^0JM+\'%JU_/TCARY0',.&??,+HG
MUZ(X8->>30VM[_+0AQ%YAIB'GH`()NB1>\DM)Y^""YGS0VM@U<+*?E!MY]\M
M"B0"X41%X>.-(1'0\@!J'Z:H8D/I5"#:%<O9(->*!:7CPSV%08/$`9F(=4X%
ME=!R"Q1LT.A0B-X44Z($*!KI)(TMONC@?$968`6%T(C"HX\5*"&D)44^J5!1
M#HR8"BT2P"/FFBE&B<`5I<FXIHM8;K.E=ET&@`B8;")D#@=-1%),*@%H0&6?
MB(IG50IYP$B+C&@]:2,+KO530:099E/)((@DH$>B!8%E@*"$&M`DJ*CF5D$+
M%S1ZRZ-H8/]JY*2%<;"-.;(Z=0X56PQ2#C96I"H06!I$@D*IIPJK+&"KMNHH
MI&*F8X4JM2)QJ8_PC#`("MA`(NPYZ;2S@[%I#()!>LNF:U=1?;A*"PNQBMF.
M$93^N0T:Z6#;:SF%^/!M.C=P40`*(`S2!+KJ)BP6N^["NV8[D%#[)R'X^IB!
MMN4,X&^JX%8@P<`%]\"-PB0K5D&[$;SJ<+0^$#9QQ=IE(`$Y*`P`F;`M/D!.
M.<D,T@/")0?M$\,IOYN8DRZZS$$_\.3J5`TSH^#-#\KFO'//^``M]-8W$7V+
M'"P<7>4^2E/L=%,U<$'SU%57\`4YB/3,@-9<U^V2UV"+3:.+X-3_:G9:96@P
M<"33X>PV.;?\0<[<=C<.$]'*@#WCD^WXD(_?:&`(50T8#%S`?8:_G?CB=#MN
M>DF0@WWHBA!?/G%1V67%N>>M&;X%.20H/D/II_<.4NKWY"NO$:XO#8_F3]40
M*`KDU)ZJ<9L,0@()!53!N^_8WW5R'JG<<D;8:W)@!0"U@M+.Y)L[8.P@F%0-
M3_1_4&]]]O3_OGT$)'RO]XH<^$"^.67HQ_G24H,>>`,%`6B?X381@#_<HGK7
MJY\$)4*T_(%/3!R`!!X*`P`!HD\@[%!'[/XA0G6DXX0D)$@)!](3$0Y$'>R(
M80S_D2^A_`,M-$G'.=BAPX'40$3%2*"R_XK"A`;>(A)+(-\$EW@1AJ7"@OM3
MD3GV,3)S`$`/[3!'0=A1`6[$(0,M.,`!6K`J&0"A!"(`!SBLLJHX2(4*5`!'
M"4PA`W<@)@ZV*`,US@B`$H`C`QG(QE70T(),M``(U#!%!>(@@TC58`8#0,&[
MAH@&-300$4A4(A,W2<&3B0%_^EN3._;Q/P`8(8L%40<?"D".#G@!"&(\`!V)
MD(`+Q$,#`,B`&.,01C%2`P+Q&((IR+A(`=#`":A8`Q`BT`%J'"`.96"%#&20
M@6Z$P!F%T,08`*#%?Y0!DL4`VQ`K4,1D8#*)G$PG1(K"AD]"<4WF,$)PK`@)
M5!(D'4Y`01'*0?\,3.C`&&1(`1!B$(H4K&,2,D!"%ES0@!8T(`IA2,$=1J&#
M1KP!"'&(0R">0`,:+((1?PC!*J3`B!]HP0,7=<,3X*")4I1"$S70XC<'$$Y*
M":LHC:`%",H1B2AL4)U`5<AV*B"*6!`C?WX1TSG0``H.%`8/YOL@/B/`"$"0
M``=7*,45BF&!0@#"H)-P0PY0H0PA"*`4)!""$^YPC2"@0!**I$8AGM"*.^"@
M&W_(Q1]&X8%5"*$53UC#&D;Q!SA$(QH3X*8W71#)[XWS"'+8:23L\-.@6K8@
M0V5#+/"GBZ0^::G]F&<^/%@C)SPA%]<X@29&L0(!Y&(-,5``6`-!`D;_D,(9
M@W4#$,PPT5+PHP'4J``U+B`$$HRB''X(*2,H<8(^G``5E(!"`T8AA6XX81$E
MZ"8WJA#)-E#KIK.10QI0,-G*7O:\F8W%$W4QA-6E"+15S`<HS"%5)_SA&100
MP2Y&X08!Y(`/!`7K&E#0``@XPP.CL`80@C!1(CS!#3*H`!#L*H`3C&(7)#B!
M#`QQ`D"4(@C$D*XSC)$-)UP!"`/AQA(*@0(Q?/=Y&4B$>*5FA\N=]\9CJ4`[
MG^C=#](HGO^3[P`)<HY%7((1YS`'-Q:`@C\H(P5P$,(%G#&)1N0"!+F(@0`6
MD8LK+&*B.%A`*1I`!1$X(1?$B`8@!*",(OPB_QI%($<TKF`(0#!B%,:(0PB>
M<`5NGB,#$"A$.?*@@[:Q00ZI*(8WID`8')^7G6+@L2I\S#IY%B8?D*C!!]_1
M`$;((#OF,,4%5H#(!@P!"`(0@0@$T`@_(!((%V@$(X;0@%\PH@&FH$(+1&"%
M3?A!!`=H@`ZH(6Q3>`$'C!``%1C1C3B(P`M>R.*?EX`-1.1A"(9&M*(%T6A'
M6Q;23W1%>Q^FAR#C0M.8960<8M>"%F1T%MF(`RL8Z>YVMR`=<>!$#<I0@XS*
M,@Z$'&,;X_!,=_-R54KA0#:@(8-V9R`[YSB`%K!1#@3T#;Q].$,J:L9H;U^V
M*$@00QK^T(8A4%I%K/\@!/G:\0%<',\@)Q0>"468CG?T$%PG+*$),17S$YZC
MA#T/.LUMLL.?NU`@W+!#`E``#/."JB@7:$,$BC$`,G3;X^H$N<A)/FX,[F.>
MJH!$YM+"C2@LG0Y.3U11]B%UJI/AQ5A/I]9'7O*3IX@#1G`J-%0!BK&+!0!V
ML$0Y")!V1!4E!6*X0CP&D`6XQWV3<__#&501Q129@PU,,8<J7(X\IW!C"I9`
M!`%&=M-VI"`6BB_$'!S_^"5J'00DISP\D>!4=[#`$<<;X5,^'WI>D#Y51;%"
M'OAAB$+PPJ:MAWP%0@Y[7<A>3)>'QC_:P8)>Z$?WGA<$%&[A^W'Z(#DYP`;_
M+W"4?.4CH0W-[_J3H,$&#H2K^AFH`?:;P@TR;'\.OT=54;Y_B?`?O_SFAWY_
MP%[NE2+M0'LGA`F.$'_S-Q0`,`<*<`M9D']/5P&.`'[BIT``.$$@)X`$^##R
MX'[J@`F]P(!_EP4*0`)D0(%JMQAY,`$YD``$X#P;6#\="`+)T`8?4'D?8@Y'
M8`X5D`XVX`@<(']_-P>A0`)3P(*&AP8_\((Q.(,UR($5<`3HEPQBD`\\""'F
M(`]`*(0_P&\-"!1X@(0D8`<1]"1!^`,(`(,R2(-3B#U%D0A7F(5;J"#M\(-!
M:`-F((9BD0^\\`TD$`5IB#1H8`,(X`\Y8`ETX`AG_Q.'CE,41W`&."@&(E"`
M'Y*'8&$.-M`%_.8CX!"(?Q`%FJ1_Z6`&".`$BT@`/O"(D&@WDDB)X]`!E_@P
M/V@8GM@5V@$.!+``?U`'3-@G%7"(P.`$U:`-C>B*K\@UL0@"XV")F`@A[>"%
M7]$%/U`#NI@A']"+OUB(55(!+``,G5`-4$`'K;B,OM.,?R`&:[0F97`$-7!"
MUI@!\9(5V^B+$$`%RJB&:,`"=+``.5".?H".Z5B%LLB.=Y@@W*`&\9@.\UB/
M4*$*!-`)R;`!9P%>_K@`U:``=.`M!'DZS9@,>?`+1Q-".@0NX`)S/H<6L:-S
M(H1SV!=T^[@29<"0\N@)P_\XDSFA"G3@!,G@`A<)?.>@`P00"AL)#,'RD:8S
MC).(@WD`#FAP%16@1J;P"[]P#P+`"6242V1!#0)@!N`@1NW@#MQP`*HF2\#V
M158A$.=`<$-P`)ZF$U2`!%20.3_0!?&8%CI`!_Z0#)\0C6I8`=MHE`H`#$:@
ME$N9#HT`!DX)E;H$#FN0"T\``HU0!+E`#3)P`(`D1AE@"GQ`"6G@!H704#70
M`DQ0"H"@`Q!0"D``#[IT`%K4EEA@7%<0!-UT$QE`EYGC`W@I<T\QE'0P`<D`
M`X!IB(-)":&``)^"F(W#E(P)`D^9.0<``:/`!T'0`5AP`H;`![3`!"R@"X-P
M`A3_$`3*0`QA$`/K4`0K0$;[-0I3P`?.(`(XD`>#0(CF@&]8P`?&<`TA<)LR
MP0I'4)<5P)MYJ1VJ``S"Z0#%Z23F`(@*@)P(P`/,V9Q5R)@BN4:Z]`*C0`*`
M``&,0`OKT`HHL`@X4`#&,`$@0`&Y4`HT``BC$`(K``_ML%]I$`]%X`Q5E0Q\
MH`\>``#U=@`"L`Z!H),H`0`AF#FL411I@0ET<`D@\`+9F"KF4(8*4`W)*:$3
M6C?.F0P76A1QH`-2X`2W,`K+H)W6]`<6D`"EH`PYT`!7(`G4<`C7@`-C-*.C
MH`F2N0XX,`IWP`@*X`\1U@+4@`.+0`P"X)\Q40:)P`%(_]H<"XH3-@`,_)`&
M31"EJ#*E$$@)WY`'CY"E6EJAR0"=:V05$'`'`D`/ZZ`+M&`(W1``R2`%K+4&
MAL`(;RH#<GH!;F2G]`"KU^!:12``:0`'/MH"C9`&)*`)0>";,<$!;,`*2'H/
M2BH6D7H%:8`!EHHJ#_B@F]JIGKHU5[&8(``""%`"9G$`=Q`-E$`)J(`#)Y`+
MC%`$I4`!T4`"$Y`+`D`,DA`'01`-B/`&\;8+SK`++``(SM``QI`#B:,&FBD#
MU^0,3U`,BG43[U@&%6`+?N"H:8&(U)H$UYHH5F1_E+``>1`FW1HTWPH&H3JN
M5"$#I@`$MX:90(!1IR8#C,`(IO\`LVFI`[5&#9BI`Z;`"B(`!)DI`CH`2P<P
M&3S+LZ;P%3C!#4=`L2XB'X]Z$UV``!&0"AR[+%:D?2&;!QY2LB9;`6H@!RE;
M`E3!2&601<<C2&($#P>0#8A1`U10`=G0;AD%#P;7`JPP"T:!!F#1#E>1#F$4
M!^'2#F/8$MR0"%!K!!@K%E5[M1K0L8CR)X)@"930";'PM6!+,D&X"7+P!^):
M`I>"0FQ9$Z:+*371<SB7<^QP0S91(Z2[$QS``]=!)TRK'8Z``*D0`5\PM2OR
M)Z!7#9@;'IO+N6A0"9^;#`@``+Z['JR`><''`F#A(WZ@N[S;O);'`8$GO+%`
MO,6;,)W_"P:@N[S8*QX`@`37<1S2FY`X<0Y^D`?H<+U:RP%F5PW^(`:X\;W@
M>[R?*Z[,NR8``!N"I`<L$*T9`@EYD`;\L`7>:"1_4K].T`;Y>Q"WZR>(JK_T
M$;[C^[]B`@#6(4@\4,#EVQ+G('P@<`E*T,`_U@YUD`#5$,%JP$(G>4)_@BXQ
MY[KM4`;N%[LT84)!=\,"<<-$BL$R,8S(N\$C3!P>;`X@+,(^L@^Q``(3H`22
MVR=@`0'84`T3T`9,P)9QT``>$`J`0`.,H`T$0$890'!D1`6<4`3$H`N3@%`0
M=PH%@`4RX`$D1G#3A!U@@80+,`<Z<,%$/#3IL`EG\`=I@``7_[(F^8!%+;(/
MJB#(0W$.4)P,4ZS"O]L.6)P#6]S%2+=1@=`!(#`$)#`(N[`+C&`&DS`&NV`*
M*T`)(8`%:5`*6!!3YU`$A.4'"P"G`A#'."`"ZF`.K-`*(0`%HX`%[#O(+V'$
MGYO('/PD^;`/[1`ED9P6E!P+ELP$5<PF5UP(E\'%`Y$/,?`$Y``!.$`-R6`(
M).`,*F`,?_4$?-`!A&58T1`!W)0.)Z`,AB`)NPRLQ)!5*?`5[:`#8Z"=%X#)
MRKP2G4NVB;S(8I(/5C#-%0#)D@P4Y\`#;3`._L"0Z6(.5>#-5W`&>^#%7C`!
MSC`*R6`!I<P(3W`"*?!<3R!B>;8()__&ED5P!7RPH9*0!*,0!'O*!T%8`2(0
M`J7P!Q?0`@D]%$4QMH@,#,_L)!]@!17P)SSP`08,%6QPR$Z@"-O,S1^=`R&]
M!0-1!M9@`0(0"`E&`G)`#1QF52!F9\X@!7'@#R?V%>E0!$>V"*.PTVV%`^M`
M`YE3`HT@`"NP#GF@)DG]$TO=S$Z=Q,,Q!$;@M\QJU8Z]$FS0!G_0"?#8T951
M(&`@UC=$#5R&"L7@!`+P!R<0!QPF"=$0`X8`!8P0URTP`-$`!?=<!!-`#4&P
M#I*@`^A`#,3P!RE@%3;@#..0`[G@!<&8V#&QV$W]U$8R!%+])VS07I6M$EF=
MV4>0S`X,223_`@8C\!4_(@!-T`1N($R[D`BF@`5>T``O0`%NL`)X4-8U0-ZF
M@BM>T,JF\`!!`*23\`8"P`WI`!84,`:3,-S7S=P?L=!_D`IT``!V]R$?X`/3
MG`V$\`$5#12010(+H+A::PX,D"01(`=?P+1H\$P'P`JL``":J>+2])IB1$V9
MD`&L`)M:I.(E``#P<"$9P`V9R<?FX$PM()4*'A7'6QMI0`#032,3+M']@.%S
ML>$=WM709PXPD"1G4N+FP`ZVP$85P.-3C1A6P2-HP$MC>2%_H0YE8`NE2499
M9`Y$'L23413*6N3-7<C>D0H$(+IKH@I6<)\5H`<?X`Y1[AVAP`94__XD7U$F
M)"('#U#!![%"(-3##9@=.F?G=-$BF_`?20X`=;XB0^`#&4!?V["#GSX43"`'
MMQ`*%Q"44FH.+X#E<L`%D([I4%(!6_`?>N[I:S($"^@.:"`*.\C=,L$$0L+J
M3:,LBX[EM+`#M6[K*M(BN4X"NW[JD7YTSZ$#"TA?C_`!Z6"$K?L40<(A^^#J
MEVH.&$`JS?[LT/XATEX;U<X0B,$5V"@1+6+M&]$B%?#F4B$1]^`(4XT&V[!&
M8H0&MA#NH'$5.N$E'&(%Y@XJ7Y$$@I(&`9`$[-[N"O+N#:[D^"X04HD&*BX1
M5W$`)"$5@%0"@#3J&6X0_UX4:/#DIL`-4O\)Z1D`#J4H$WN@)U!@!`_OL>90
M+,4``@&``1>/\0@B[9\;[T*%`VY``?"=`@..*S=DZ2?YNC0$#FIP<;KQO'RP
M!I-0`@!E"_?YPRX9S+BB@$4!#_T@`!!P`1FP`E(04SVW!;I@`S:1#B8$$UL0
M`.4`!0X_Q$:R`R!#"TVP\D;/'N].`A'`\0OQ#AY`#F\@!*-P"N7J1KSD;F5!
M!017%$,P"5>`"J8P$DNU"89`#$)`"?0P`$+`"$'[:HP0LZHF3#H@`R)P:A;0
M!2V`!J^QIP1`#32P#D*;RJ=V!X9P#]V@`Y@P!'A`#4-P#V\),RBQ]WOB",1.
M(Q]#,`%0^(>_(HG_O_B\+E3&\`&-$`VM8`H'X`76@`-`T`A'L`*;(`,EL`(*
M)KH9(`*+L`BA+Q)+Q0?7`!!\5@BP4$B(@%$><*PSIB*:@D4#TA"#\N2.&662
MS+2HT$X4CE&2K!%Q)H!&-&7$4MPQU$"%LE*E+-QYDB:7C@H5_NWDV=/G3Z!!
M?XX(4"[!CW9"E2YEVM3I4ZA.)11`E"R``W-1M6[EVM7K5[!AQ8XE*S9=A2VT
M2$0@`"#=TG-`A@"BE,+4)&)NTEA(@$C2M5U8KCQK):)".E.+%IDJ^_,<O$8D
M1JU#=<%@@W5\!#@S=H>2+F,Q_M"@!^B*)F=8NF3HR`9DM#^&KJ48M<;"_Y-`
M=^+A0!$C3#0^G4J%.54B9V.F#P:A.)H4^7/H41]0338(1KNLT;5OY][=^W?M
M9].N)<`-S5)UU%:-HO%+!RHGC&Z%*9+*PJ@WA4J%4";@GSD.+EE$ANUJ,`,'
M:P89A12#=!B%#QPX8ZF!`PRBYH`[1@$$$$?NR>F&1T#BHQL:UJ'-&""4*4*W
M%)R)88TU=K'FDB>*68&5&M0!3P)RF/NA!O""1&X$JOX8!!_LA%1R22:;=-(K
M\=1B"X#SEFH@%V($8,085!9AA`3ZT@#)@1A0$:"!#]0Q)P,!2RCPA"LZ$"(:
M)N`0@I%HT@!DE#M8PB0#.V4X`(@_1I'B!P\KN/]!C_OXJ("&:P3X8Q$^*('@
MCF@$6&"X$U0@@H\"]*&`@QQW[!$;&YQ[<M6FMB#G%B.ORXY56FNU]5:RHB3A
MBO*J%$J=`)PYX1DB)!F#F!5(L$"2/[RXIHI5G!E$LW/,&0($8AHHD(T.3C@C
M"%.D,.:#,4Z00I<@U*`!$QE6,2:.3.)`Y8\&.OR0$`$"V22;73KH)H4\BI!B
M"#76:`"'-8HXX0(I3@@$"VI8:4?'[[CHL9!4<=7X'R4*((&$05Q(<F.22S89
MUYS&BX`7;B@.RIP:1K!FYB16D$$-+%)HP)HD@M!@BP_<.*6+G`[X@N<@1H9.
MG;?483H=J*.&VFD=G3[_)Q-/HI&C!$CNR::"3`CAP)QTSH'ZG*?+/L?LM=LV
M.VHEDR`G'HQU.IE5)<CY.&2E[_;[;\"C2YF66R*8HPR7A:J@!%8.R,#Q`R(W
MY0!6*C^@@@-$8.UQREGA0&-SS`%@B!(`\,'KCK89._`D"D"A$`\#;Y()<OX@
M@1R19Y5]=]Y[=VIP1`Q''+T*.&KA^`R2SXFUG)I/OIXDF-C'#`!:2)S6["I@
MS0<6OFYGF[[O-L!U;UBPV_?OF!CDCUL*@"!\]..77_9TLB&J\#F@4?57JIW^
MB6J>Y,0(O*`#`7A1AP^<Y7P:@P0+T("&=A`"?B0+W0O(QX+]S2\ZZF.?^R:H
M_T$0AM!6];N?X=J1P;`(D`!TH(,8)@`!QRT05_UP(`3[\4'0F:,)KHL$!D48
M'36LKWT06-T/C7A$)]7O%0$(7OY0"!85`@,!`8B`/Y1P')*!0A4/Y,`-=6>R
MT#4A$B@H@"K>@L2R'&$0R4!$`>IP.33&48[<24<-OA"`6UPA"V60X5:65X-V
M\#$#5J`#`L0PB#2D01N>R$#)(/$!+DKPBR4+70_&6$8@S3$L1P@`&R,1!3AJ
M4I2C!$L=[YC'/?91*SFQ@B)4T8Z<[`,!;1A$`4"0!G3DP4TD(P0DT<`!\$V2
M@N:`P255D4E2<B41`0!!.2(QCU`F4YK37(HI\<B/5/]",0,&0(`6%#&$"C1"
M#@-0`#;^``(00($%)1/%%M%0AF#^+73X&",Y/H!,:CZ%#<QT9A0`(,Q\!C29
M=7P`'O7(QZ>D`PT54`4//*$*`)2A#/FH0Q[:(`8[..(!;1C``+QQBS2`8`*0
M*!D;$M@1+P+.'/CP!@H&`0Y5"C0H2&`F"B)AAW_*5*?2M.8ML(E0I[!&!UJH
MY2#R8`<K.((.>0`#+08A!P0X50R6N`4Z02"!DCTB'[!L!RAP"+H9>*,<+XWI
M3GNRSS3$(Q+2`(!9W:K)GOZTK#^I@!GF$8`!%`(;';7#(PX9B0`$H``!J.4E
M*%&-6Y``!5G@2=MLQ08\P)+_`UX%Z,;,L8$!N!2F;PW*.?1`BS2@P!N"*,$Y
MYLI9U/8NKMELBFDAT09:=`(;A2C$`.1@A*7*(;"#(,<WJF$"$SP!$20H1B$^
M`(X#4$&YAVGDJAH!T\OQX*NX,H<+,DN+#SR1L^?8AQQ2(5I!P/2TJ24OX%8+
M5*:8%A>Q",`W:#N`2.`.&+0@!SD&`85B`!>XSD@L"D#@@GDD00TZ4%ZU*ON=
M(X`##7&H@'0/?"MSM,.Z*)!#9,O;V'VX(A7%(,(Q/H#%"X=X=P2])FO36P$?
MM*$`Y8S$(&A1@$@4`@K>,.<H3&!C')/`=@N(Q&R]$8`ZW"-RT^T.$DJ`ALOI
M@<BU_P)0%0I!83R<\<+GL$(;(A"/`63AP^,5<9=O1>);3(`,W,"G4DQ[!%J0
M<P`!H&]'$S"!"*0"!*7X0SD,48TG5$/.(+B$):!0@$&T(0""L,,<IJ`!'H"#
M-4PK,W<2$5F4+AE[''`R(LX091%3V<I8]C"(O?SIDH'Y$F0H@W9]$KH,8(`6
MWBC$&<`0X[PJ(`$#2``@)I"*9-R9$BB(<P1F3`M71P(*"@C%`IPP@0E@`PD2
M8UJ0C@#IKDJ:54W&1CG$X)9,5_D*AAC`',#)95"7;&T[,5M4VG8]WXF:U%)6
M2CL`4`E>($`.8D#`JR/18A>WP=5@`(,ED@$"':<A`B#HQ/]%Q8`-0UQA`I>X
M!+(G4`X2(``3-6!W=Q2!AQI4H(O27A6`EH`-1%P;W:C5-#\,40A>X`3<X=98
M!N(0AS)D0^89,'4`BQ:'QWE:M34H*"+$7(:*]T2!-<!$$P@HACP@8(JU#(4<
MVI`',;1!#K0`@S_^@`A#1`#9"P@`U$-QC2>DHN'(_NX3GD")"#"!&\X&0#O0
MP`I)RI,#=>A+'K`=XG-8(!8F1[G*6<Z[`XR!!L_@PPE60(6:[Z0"C7.#)`S&
M&OF1V.?K%@IK#O"(.JPP#WF0(BWB.X!O.%T,49?#&>00@3\DPQ^6Z$0G"A&`
M,WSCQM=(!3]240X;W]@0Y2C&`/#_X.Q2OSWN?@,0W1&!@+M?^!TXB,4E<E`(
M`IAOY7^W%0!.0`$!D$`<.)!8U)B&-K25#6H9Z`,^^.",%T!>25%C1_M+R7,F
M_CSH/,F`'UR`@#P4,NGRCD0!R.&-";`O&(LOW;*$4(`"*%B`;PB%-1N$'!B%
MR4B&V+@&_3*!:C"$4;@$51BYZ%"$X*."E"(^#M`"JD*`ENDR3VB#"<@!;""`
M>S@+ZI.=$E`#4SB!:YB$.&@`&N@`"O"##O"`$!"#7\`$&.&!_[`6>B"!%*B`
M4A&2T#&']F.'4DJ''1B$R0.ZGZB!,K"!)!@G;_"_`J"%68(O<B@``$P`VDH`
M;!!`;$B`_P2P!`48M@%8([`[K(\I!DJX!AMSACR[!A#`@7,`CV'@A@K(A@SH
MAP>#,`"(`DM0!F`X@/E#+1MP(18D`!N`P1@$G,BA`$HH!!F@!C@8A!2(AA28
M@,$8!1SP!DF0@@1(DA0@AE$P!FY(O.<(G7;(A`@S!PX4BB<4NG;@`BN4OY\`
M`";PAE1PKTB@,3=\0VSH/QCSAU!(PP9D-0/\ADYP@F]8HQNCA!Q`A%NHAFJ@
M!+,;1TI8AR<(@D!$,$(T1"-(1%L1G2C0!D>$Q"[#!#'PATJ\1%_)Q+NI@"%`
MA6K`@0-@@EP(!)`@A450`#=`Q50`A##@@[%1AP,0`%08`!F@1?_D,`=N^`6.
MS`=N4!NTL9JV@9J>:(</V"JAJP%@O,*@LX("F(`$&`1A2X9J2(9+^(8$`,,"
M&(!.6`"]RLE!&(0$N(*0^K<)&`0GJ$!#0(0_R(%P%,=Q-#L34(%(A(Y:X*-L
M*(-V;)+0B0IXA`)EH(,,J,JWLH$\P,<$H`,ST#E^))EW``((2`A36`$/((8B
MN`\W\`=`6$@<"`548`0K:`<9P(([T($B6(8#P,BR>!Q@`(0>*`1#F`16>)QL
M.)X62*YLH((#,`7MJ0!PX(-HB(=-8`6>J*.5%$:>,(<R((!"H`5:@`):\S,%
MB$-O\(:.*H0$0,!EQ`8%6(!FLBI_"(#_3JA`$\@!$D@%$J`$Y8Q*9W`&$Y@`
MS9F^4PL=!3I"H5"#$T*##.`!=ZS%#W@$-N`!I*!%TP('.U"`6^"%0DS'"\.$
M/.B$:DC+M93.MF22<_A')[B#.1`":_@"2;@#@XP!.-"$2W`#+``!(:@"S`D#
M9>@`%1B"Q`R2="B!>6B`"S`$)RB!`Q@"/V`$`&`!'2`(4RB!!K```+@<'7@#
M"U"&`C@`BC'-8*2\U`2``BB$2%@`*$@`8@N%;_@&2\`&(,5-2T##9;2$;[B"
M6ZB1<DB#4+B$W-.O8B`!@,N!Y1Q'9]!#2E@!]=N*$X(EA7K"KOP)->``MRL#
M[E02<V`!-?B"_R^0@$0`I!/[`$%0`!+@!7C(!O8L+Q9``/B43[:L3UPYAU\0
M`2J(`VJ0@2%(5!TX22```A$P!5,`AP8P`S8P`AM@A#.9G##]#L\<`E.``TJ@
M`#P(@D4(`U3``2A(@R*(!@I@`E0(@0ZXG"&0@6ZXA'F0@1=5R4$H!]3<B0B;
M`CB;@"$MM@58@#@<4C7<S65,@`6X@C^XAG6HAC\8..*TP"0%J2IESAP8!'#J
M"DQ@`S;8!Q_H`DSX@+:#GS$MTS,5$D^H!#:5``U(A'8@2W*K`#E%3SO%4Q';
M4_BT!&!PA,,`U),YFZAQ+'++TQI(A#RHKSH`@)R@U^=@!UM(F74H@O\X``))
MZ(0&R(&&R18^`000J!1&T,P2V(4!&`)..",8Y=4IH#B?.`<?\(<)&(=.R,U0
MZ(0#1%;:FJTT]+-0\(<TN(4<,,=4B#,46`>DO3%^N(1B(#A#4$ZH5<YJ0($K
MT`)5F,6,.XR'58K0280>>(&O;8(DX`()V`,UJ-1QM0$64`4FP`,`X`8`T(,R
MJ`%`BK"I^0_%+,DR8`%/8`&/K%M;Y`9(V((1&($'V($'$,\?\`$KX($A&,N@
M4`4R"`426(;F.8Y-?2M50(`%H`1_!5B(%=C`P0,7\`9$2(4!.((_[8X*D`$6
M2(,_$``@N(,R:0!#`%"/O0-4N`(!Z(+DBH/_%##((/B`TM15%)B`*<#"GC@'
M5LB#4)B`)\B!HG6"V<Q1-"R$+RP`2Q`[9+N$-$`$2A@%0TB%5$@#$CB[8OB#
M5%@`^!+#6J(%,:`#7L@"7LB#J1N$*O!;/+B<L5Q=7S4')'``&,`'?(`!!H`!
M`V:`KTV"!RA<#4``#)``PYT!)E"#(R"$+H`HP`73IV@'%DB")C"`'5""1+`"
M&U"%#_C6+Q@!!QB``B"`.<@"^N4%`B``']C2GC`'R:7<>>C,G,A<S06&!:B&
MSPU8T=4@/7A/$PB%`D``XUB2"C`%&C`4`0@#(0B#O8B&("B"+!F%,*`!%%"!
M,*"&%M`!?U`&9?`'_T9(QSJJ0I95WG]HFP/H`CH@AU0P@?&=@`4<TMGRJ,$J
MA"NXA`7P!UPKAB<P`1)@(Q0HE'6XA4[P!@18@A`V``?`!Q>H@@UP@1EP`4VN
M@BC(@BG@!7+0`B:X@`X!!R#V"56`!!Y@`R;X`@P(80T@VQUH@DJ>`3N(A"7`
M!P$F@QX@8'Q(@B]@`C9P!%5P6S+%#G=,!TSH@1F8@0/N@2:0@&D@7#;5@"GX
M@P5``!;JY@("V#ZJ%A;(`LI=!G"X!T?P@1_PH=3Z`"'V7&#P`2,^8M]9GB2@
MHF)0@`&P!!>(K+FM`6X@1.W9C@P`@#?0Y%6H`B:0@3$@A4W0@2;XA#ZH@O]-
M&((P6(,^`(`:2`%C@``(V`0J.0LRTX#E\(=YL`$;R(>W52XJR(D4*X!;,($_
MT.-0T-E"&(0`&*=$<H*RTZ]U@$!*``$4@`(R:`(N:`)\V&07V(`-J`),;FJF
M=NHH(`,Z*(!K^`-@8``,T(`1.`(3ABANF-MV"&@`4`5,^`$K8`,UD(`D,(`7
M8`"X+N!-M@-R@(%8[@$RP`>X5F`#D(`5Y@(MV(%*L.`CX`%'\-M2PXX3<IEV
M4(4]D`5A.&`&<``-8-,VU8`DJ(,(^"0(^(1/@($7:`(U:+LCS(H(RXDAF(-O
M^`,"V`(NP`"P9098:F=@^`9*@`)@\(-YIF?90;7_"M@'7O"W<OC9!0@Y'?@%
M'%"#.H"`"\B'`]B.UA6!,H@<#7V<$OB`#&"%$JANR^.$`]`##ZB#1F@`<"B!
MS<$#&\"'7>T$.8`"V<J"*#B"+C`.[6D"2TB#8L@!)PB%FIY-_/X&;Z`%;.!1
MRJW6GRZ&!0"#+U""$4B"2\[D3EZ".J@#.Y@",I@#`A`#.=CP`;AJ8'`!`YX!
M!S``+OB"/=@#)3@")%`#)=B"!]``#'``!M#D9YZ!#<"'K9:`!^""%U@"1=@"
MMIX!)5`""7``L?7K$1`C$:]D7A;;+ZB$1("$OOT`/"!3F*';LG:$1P#R$0!R
MS.:"2O@!3X!0QV&-=J#;_R<\(0X``#Q0!1MP!'G@A07X`SK`@&=>:MG>1[?Z
M`#H(A6I0``20Y]"5(Z>1&I)\"JLI&_0!D`KH@F7(`T0(GDZXI1RX!F^(`C#`
M!B<`@2L`!AV`[N)1(.:Y7,QIGB[-AA\@!UG3!CCHIDFH!":H@C9`@.7H!%<H
M`.WEZ6_`!CHP@@/X``*XA&0H!#G@42BPA#E'`4J8``7P!F,-!05(AG4@3@B\
MA5"8@0=H4PR(:BV8@SP8!!DKUF]0P`7H2?Y6@$Z8@#E(@A'?`<P&81B@]2DP
M8#NH@RJ``0,`86>>@1[```S@`BXP@";H`0:H*#K`ADN(`$L(`#*H`P9X@;'-
M=O\#$(,-:((7<(`>^.4><(`7>`$,2((DD(`M8`(DT`-(R&`-/8!\2(3"_8*V
M?@`?$&LT$/6"3N$N2&<C8(,CV((D8(!F.`8$$.)DH`.03P)_5P01.(!4CN-Q
M.UCV9!OO*_1RVPFXH7JHH<[2/'1:P8,^IP1`MP+_%:4H;@`!N`<!,`,@P+FS
MH!H%VMJ=R(#CP0$<X(0\#9Q`>H$9J*@!<,I%!BGR%5;9'#8Y6"?NV,7.H@(#
M6,`X[-Y+L-EO<"H4\`<Q\#Q_Z(3!*@!L\(8M4()0P+7!^H8T&'<20(0<,(%R
M^(-JB(`O!(.G$X-"D(0!6(`(*(<(4``("'D)V($J`(;_`H`"'NT$?V"XAEN`
M`]RK_@L`!!`$!\A]O,]D:*Z"-".#&:B"+""#*8"`)M"`=Q?XBL_V)$AJ3Z:W
M!(B`-(`"<B``,E@"9("%K_7W)-B!'9``+@!A6\YX8,[XC#?R)OCX'0"(+4>4
M;-DB(8D&-3]88/+DR`B/1,RX-)G!"P$8!7::8$AB($F2)@RF`%N0#!B,'B^:
M-#'`98L:'E9LJ++AHPNF#!4JI$NG;F<%<^W:E4AA)46#+A1P`&@01,!.6W&H
M'<A@]8",%D`:R``:IT4<=?_&DBUK]BS:M&K3YJ,3BI("!$9VKJUK]R[>O'K3
M5CAPHI4Q)\XHM*B@,UV[=#HK_YS;:6YLACB>2JF@<FXOYLQ[VT$:$(F6G`03
M+N6@!"+4`@4)"A5*`$4!%#H`--/&:\Z<*C`+%H1*@"W4-P7?H!2*)&80"G^T
MH"S`1FX0K3-MVM`A=RG5'W(%0J5:T.D2"$3%_`4@,,/`2GQ1Y!AJLP&#!@SX
M!'5LXN`%AA<SZA"@%6F`-V#,,4,//>##P`P)(LA`#PXT@<\,&\S`@`,.D$&'
M`QHDX2`&&#31`PPSN"#B1EQ(\,4(.QA@P!1-\)=''G8P>%\3,,#```SXX%-@
M#QT:H`&0'C7QPGT[JK2BAOG9&,5_"2A@"0)1$D`',,`@`&.3J9!AI(TX]L``
M'0N`0/^`1P9\F!)^.TAPD`8/2*"!'CAAPH(JJGSP01GFI,,(("J$H8,Q$`B!
M`V"MZ+`3#BE8(,`%OYC"!@X"H((#(XR8P8@7#=Q6&Z=HY4/`6W'-54&GI9K:
M:5^G,$(!)7!0)<(/);1@BBGWL%`!&CK8D($YC8D01C4JD'HJL7JUPX4ED13@
M30)_\--=`I9(B\T`A0S@FD;<%&MJ.RP(HD`GG7P#H#?>%!>`&`.`00X*G;0Q
MB#?DD!,`:&V`$6XHH12C;`()R$&=(%78]V"""59A!RTYT%*%`_BL]",77,3W
MPDI)G,A%2/;A<Z.(+KBP0155;("/@Q]IP,47:B3"Q!<[V-?_0\$)>CP##`[,
MD`07.^ALXA8.>`)`#7@\P@TW`'QPCQE&'+$%%_GQ6"#)]WT$D@8[2[#%"".1
MP0L!79-C`M@FY."-LE=&B8"5@SQGB0-8/X">CE\"T\F8+54=L8EO8@"!-V)4
MD6,/OG"$@0&RR)*$)]"T(T,K'5!0`A!2G"!`"-T$X$8-&:`22"M%M+++&AW$
M0($R882PAA1%K%$$-X]MJ]DY>/"B`"6A(+`/7:_KOCM9YG`PQ"*YI)#/)*AX
M((0`"T1`A"$IO(!*$7R80L40UNR20V67\;[]/VA,XETH5Z22PQ\*6%L(%);T
M>ZUP"F!0!O=YJ=-3T!BT$0LM!200_PD"6=BA!0"KA0!VN2L`VGD.:,X0`$2`
MP"24H(4=7B"!![@,1!'Z6,$8`($H)$P.52!2@5Z@DHJ=[`$/^,(7-C2AE$QH
M"4O0@AVF0(8Y\*(.34"(SH1D062,*$'(()`!IE$+/]C@3C9@PQ?>E(0=<,$.
M7ZB$$;K`!M>=HXK_\!T`=/"#?31B"R[[T,9TM*.5K$0#*,3`?F3(M0*$S03Q
M@(X8`M:$+S"!#49PA!E8``XJ9(`51K,)&[@``SI,``2\,-$7*+*##2%H!E.P
M!"WJP``&;<Q`^(`%+&#P`UQ](`AN$`(CJ.&&$'AA$-T(Q"X.T`)4F.(,0:"'
M"H00@E908/\1W2@"(P1`C")``0#F8$?\[G*.$LRN=GG`W;""J4S:F*,,\QA%
M%F30`"$0(06C>$-K<#`*>DP`%2?X`S4X<8%`N"$:'9"!]I99K`ILP#M0B``(
MRI$*!:2F$`JX1&H6<(4(+,`2BH"?.M%RFW:4(1^>&,$-(;2!.I"A#@EJ0C#:
MD`HQ$("`[U)6`1`HAT)0HA@1@((<,"`!,M@AAP;`@`,*-,D-:`$!A5B`$])@
M"0SA<`<C,I,(&V2W17+D(SO`P!+H((=!R`$8,OH1P3ZV@1ZZ@$%-D$`E'K$0
M`+3#'(:IP%!J\`%(J&&1!B##$MWD`%5LJG?_V,DYTH&&"@!`%5W_T$,BE,`%
M,S6,`?BXX0.PIH$/>N@%+B`#!-I$@414HB)3H-(+'E")(_#`$9A0!0#*T(X:
M<",?/JB$!*:`OB@L40(PB`*$(L2`%\``&'480264D$2,F<E#7+A5!71@C10`
M0@"[N``IX>`%.)@!JZA@A!R"8(`[T)("%D"%!7`)!$!<8!-Q^&5`TW(.`!0S
M%'FX0.ZBJ]VZ<.`'N?#'$(#`APE(0IO6*$0,M/F&10`"!S@P!2<^D8,<C"(-
MC$CG=CEU@#F@!AOPO`7Y$-$)[X#+$A%(12?Z!0F`YO<?[5`%)!*Q!Q=80@[)
M0$$D[+"$.41!0DV8@Q,B08?JM.NBD5#6_R`&$8`)?(,!7#CA%YI0B$'8:"4^
MTE`2&'"1`.1A"BY`4TKQH=E0P.<@3G-0$CQD'P94H0=MDH#+EHACA&#,0S!(
M@A+8X(-[?(`;->`)&L+<&#2DHP;TJP$`CC@"07AD31M00S[:<1:T`L7,92YS
M6VT`"38PX40C0*$$'#`@`]WGQFIR`1B\H0!^\,,\PA`&!GPABP=,8QC;8,-`
M*!(%`EPI#PBP0Q)@4`<0-2$1/L`$``#@Y<F6H6@`P$,^AJ"#$BQF"'P(A#4:
M8(P3D$(&%"@"%N)@"S2H``A<P($7@N"%0/`!!Q#@PQL8$0<*G&`.O`)F@\G"
MC3E`X0G6Y4$-Y/^<[7$[6`1%V"8..B")-0@A"+FX`!1:84U-G"`>QI@#.#)`
MA5\T(`=AR$8ZR(T9G1R`"YU00"@*<0D2%*,:$^B-)2Z!"']8AQ^%@.2ALMT.
M3U2B(!*8P8A!D(Q!0*`*4X#`B#90"-N-V**#./&),PJ=.IS0A&^:PARB1C(0
M[<@`7S#(#EX0VIC-@`R%<().I<P2##!1T*&XA25X\8F52&`$(WC%24&BLR;0
M@1<^9\(1?%`#LE2Q[/@]BSD`\(5$N"D)+OB"$O3P@7#O).!X,<P!C/!G`SBL
M!U689(0@4(<[J(`,'J`2`CK`;%^<S*80`%D/=@!HOX:,`&"8CBO:$`7_#23"
M"I!P!%E=5Y>RDT65\.@)ZM/:$W@<(!MIG=]M4/\/V.LI'6D5N+:S``5*?",/
MX!8W[K<+`!%(H?C%;X0(WN`!I*Q""M:0@AN`<`</V.``%<B$.\JPB@N$)?AY
MR0``DG"%WBA@`)U`03'2D*\K%.,)_*!%&[Z!#0)4@@4ZR:]06*"$$1BD!W0H
MP!20S$IH#`-PT`*(@94,4(D5`+F4"SF(01-4S2+E6,@PS`T1CM:=B$'`0`_-
M0!4L013@7'5<P@0P`$LLT0[@V`O401LH``H\@0*8AX.<"(H4Q$]]R08$``*P
M1`]L0"6,'68(!1MPP`<<@0'4@02@C!(8P0<`_T5>[,0^S,$<U('"3<`"W,(M
ME`,*H$`\="$*D$`$=$(AG($T!`/%I)0+!``45`LP]`#*;,$7[-4,9,$9%$`!
M$,`+5,*A!,50T`8```$K2%<%Q($(B(7WZ<6V[=X"Y`$;A-LA:E<-@$4&W$`%
M4`$\P`,5R``59`,5\!$\&$8<6(5AW,8[<$+=/:)='(`&7('Y7)PWZ$LR\$,G
M%`,)=((WR$$>T`+"*4$[@-E9J(,A<H\Y?(`B6!T75`$"A`(((,!2S<S'U($N
M#H*5P!\!U>$`7*-G@)4$-,$&]$!+V(<']L"&B(P;_MR?:8`'!A4YH,]NA$+Z
M#,`./D!(I%0C.9(<*/_`+?S!"4R!(`!#%O2`!+S"GSW`##C,D%2(A_0@$P!A
M$![!6JG"%D!`"JZ)!"A!;R637?`$$^1!+/!"`EP!"1I",8QD,1!##-`"`1A#
M2A@()L4,!`2`)10"-B#`CHR(!+'!#_```CS+)%0%3\##;8@>9I0`$7P`ZL4>
MZLD`(WB`W:&B792!(%@")1Q@(F274RK3_%R&V:65V9&=%8U%3]S>V5WE6#1&
M!K!``#C)DU@"LX#`'X2+`D2"-V!#))!#)#R)$0`?6>R$#21"/G"`$^I..P``
M&Q3$"!QA,H*`&-0!RKF`R,S`'*Q&IXTA.11#)VP4-K1&`@Q"%22!FSR("XS_
M$(<LT=1(8!+.P',D0`3X"QCD@2#,P)#4`<H@U`PX`!-AC*`5@`)$P"U882A8
MPAH^%0KMG0@926A-@@U@9%X(A2@<0#MDPP=\P43(0MY\@2.8F56FA54@`2_0
M011D`1BLBSNNAC?,04J%B(1XC(0XE2P<9FTR@`0<`3+0`OQQ008<P`\@P#[M
M0!^:R@$LPB\L`Q&X@0HTP`JX01`001@(P`F,)5F:!3<\TE2*054JYX->*(:6
MA6&H00"$3RH<&`B`0"JD`8L5DA.$@@+0Y;(,@`TP)%G<IP'`XPH`0'822SMT
M`=:,P`,T@2"(020L0(I]PP(X"7"DP2U@0XH5``@,_P`!@4$">`,=C-H2)<$,
M0``,V4%MUE7-Q$=I>@0&6`(*I$(A%$!+.("-1$@5\$(2_%P2"`S.H-`63,$M
MC,(3_$$$G*AJA`(MJ,DKH,@(5`$!S,$4S(`6/!42?&)F"(4>."<\`,`C`,!E
M1<R:?($5@(-C".6<L54^?``>L`(K',`!E``G="(5J,$GX$,/P4`3<($2(($5
M8(((>%D-E$&X?=D6T$(`G,$6&(8C($`$7($&]&>I_&>"D@(1K$$C!,(*+,(I
M(-<)-&6&ED6$2N4!'D&-1FMTD1Y>:*M3XF<>1(`6%L-\Y0"`L6*^X-,W_*8W
M,&`!?`#PE5T%#($N8`,48/]#%OC!`>R.*JA!03P`%SA`K@["!)S8=73"/HE+
M,2QI`01`!-1EN]#!!ER@?$2!(`@"&5SL%%!(P]A(Y/G4FH`$,(@'"11"`-S(
MB'R"77U$V]E!)X!5FXS`'F!`-9A`-8@#/UAAO1[8`""AGVH!"8#`)0P"/W!!
M&:!5HK:#'F1`.Z!!/O#`)8(#&T`9$TG`)O1!%U#56J3#3H396NT$!R0&ZOV`
M&A`$$AB!)T`6-]!JF)595B4&/#B"!/R?)_`J`J0"/TB`(YI*"RS"&!3!&.P"
M#L1`"#!"&KP!/>!`@V*K692!'20`)72"&*C!M2IN_/1%7P"`]4WN6-P&4!Q&
MMH7_VV35`&6I@B+000)\PQ/0:0X8`@H@0C*40S'P1BCXPX#QAK(,0!Z4`:\,
M)E!P@!I$`I$FW`S\0!D4K>8NYV"JP4#NP!8(0B2$QC<4AS_X@Q@`UB0TP3(@
MP*!Z"!FPRP+@83TZ$AE,@0R-;Y8Z`(XX@`08@`/X%!,5@DA>0S+0@JJV1,XD
M64\E01Y0PA_LK#EB0`Z8P#J`0!CZ`Q3,KENF`2_`F`180AHD@!A$P"=8!C-Q
M`"'T"AK@03_TRCEP`P^PR0F^1")``B;@00ULBEJE$[<*5%5A:EE^95F<@U"$
M0P)\`!ID@!_D02I<PA=4E:F<@RF@@@"T`A'0`!`D@!3(_\`:M$(,I$`@.&B&
MUD`4."[D2JZ%4N[V<&X&W(,2T`$#[,H5;Z[O=,$>8,)591L`8((/)(($5`$P
M)``_[!,BY$`QW`()D,`?)(.(ED,RI.MNP"4"#$("+$%E?8`C5`$&6-T.T`$V
M=,($R**0%L+P`L#]<4H[<(`CP.$6F!$F3$&U7,$5%,?!_5A*>0C.T&`4>"\!
M-(P8S4`,90'Y3@$OG`%%:1B!K&\S%J29_-\$%`*H@<0+-%)3#<D4^,,M)(,W
M,`#3:,`+1$`>\\,W),`=BTL$\(/MK*G5:0`%Z(`;3,`RP`,4WX7O;`-C9/`&
MCP5!^8`704U*.`@7[`$2_,`'</_`Z85QL0C%$F`#."B&%>0!B?:P"\..*3""
M#``!$)A"!8`#YE)#`P`!-:`3%H]%#=0!-CQNY!YO1-?&5EZ&[_C`)^1!`,QE
M`(S`$*B%[^A!11'`$;""/2O3$11`)QQ8*LST'R`"%B(""J3!K^Y3!%Q'.3S<
M`@Q''BC!!Z@")NC`!\`"I]&"-]""*_A'!!2#G3J!$TS`!"`8$]QG;=R&*NA!
M):2(Q?Q`#23!(-"K)=CE<!`(#&#2E^S(7=E!`<3N'%"DQ&Q(#TY!&T3"RD$!
M>>H@`QA`,Z;LQP[)T,G,4MT!#5@"/WC#%&C`07!@B!!#!(1">63!((BALHB!
M&-RAGVW_@1+H@"(L(B>$LUWXS@6?0P;K`5F(+IIUP1%L8TI!C8-HP!8H@B,<
M`+3NCE`T0R&4@&(8@3]/`$#_,!4<0)CI6PO?)R?`0Q]E]#^4`453P@2T027P
MA'.?BM8"Q2?V!0L<@18$`(#8(38DP`)X@Q&((E#L!``HP7'880'8@1E7\EF1
M60WD@US!LP_01#X8#5*W-%Y\P:+)-`B00#F4`Q;B\0Y?`@E>@C]<!R(L@#8`
M@QK\0C:D+1ZP``\$`#;0P@(\P9@60,1E(2+@<3*D`0F@0!Y@(FG'<-U-%@#\
M`!*H5A+TG!&(+A*T`2T,0@&D6"@4@(+<"(X@"`P8@!84``HL_P`"S($=V`$!
M4)2G\0(9"$(;1,MJC+<E)%S[5LW$(,C'../!D`$PT,+%*4``S$`2R<<&+-4,
MR,&'1@*!X(>5,1D=!$`6/,"?)9(.&($E%$`)K/A:^(X5](I6/8):<,,]6($:
M<$%.[<@-:<`>/((/Z`$/&($-,!BQ^(X6#(!O9P!P@X`_;`)&ZP57KC`,.W<9
MY+-T4[=U7W>I].X'>`(2)($@Z`^U7..)F4NSD$`2T-IB9$`7I*&._P>S8,,6
M8.[F`@4+S``"K-@.]Y,WZ/@`T`$X=`JR\(/(B2@HN^4?$#`)^H-53X`_*$\G
M6,(D6,`/'+H2U$$>R$OZ%$(:H$!X./^#,XQ"-9#`#H_&!,#3%0P!.-_=3FB5
M(_!KT$W2CQ%U8CA"+C['(*3&($Q(&-$(2["(D2\`=5SLG),#PTDU!$1\$T#`
MA?!"D\G'@F30!D``!%3'`2<`:D`!.6C!"6D`^C9,%<S!/?YJ!-!82E4(C4QJ
MU9P42^@`#G@#%)1T!>O!8PRZ6K1PT-C`(\081ZRID9W0#BA!GFR+[T3!`."!
M8NQ#'H"`$X"Z?[-ZL=1`%12"PYU!=>>VV&?&3IB!+_""'/P':V0F-I9+M6"#
M)8A#+@0`'1T!&U``#:28798+V0Q`*,S#/5Q1&0S!/FR!%N3U`HRX'KLE.MR"
M,BR`#P2C9AC_`#;$E(@>6!J`0!K8[;?[0U7S0P1<-3Z57R0$@)BDP24X\XC7
M]`N.PC48@DC^[('U]"6D03E4`@6C!;=6P`=T`0^H01R2EH)P@1[$6;@-@5"1
M@S>DP1,D`#"05!48@)KL@`.87!94U)$#S&&EV!^,Y!\LP0VIB88('0/,3,&X
MP(8-5;7PYL$E"QA4@0DU@<?8"`0`A)@V8A`$2+#@$C8"=EPX>*'AU0@)27K@
M>]&CQPL#0^X-ZF3F7TB1(TF6_&>.P[9V_VI\X&$RI#ES_]2EJU$&$X:*,!BX
MH+/`!1<N2C!QF`D3:=*3'.P,*)&N0I\\(#IMJE!!:5:M6[EV]<KU_UR%*H6J
M33BSIT:ZKVO9MFV;+EVE/+2\%1IPMY#=N]X&Y"V$#=N$'"02>(O$MP"Y`&!H
M]3TX8$$!+60*#D@P",JW;_X,/2G6R5\U$X8,T3EPM2V,0IU2_2&1+-65"4[\
M3;@4`81K$KO31$CEQ,D$W,6N71MUG-*3:L6JC7I"B72Q6ZF^39C0:4(:%)'P
M($7SG1L+*T>V[##08X8+!C,<;'($8.75='C(R$E@:-V3`F2J/&R"#Q\8/G'A
MA22F**"8!<0@0)`IZ`@@@%`&R`,"+I+X;[T9--RPCBQH20";!*#HQ!LP$$"`
M#CKF6,*!_ZIX\45!(L&.@!Z:,,``!Z8@(/_%*G;XPL(>&&#@$Q@<P&>2!_9A
M!8`\+G'$+91`@:>==#[08ZMS,F#!EP`U=`$!%,AH0@,)1F!"#TRX::<&MT1"
MR0YOGJJ`#3&2Z:22#-1RD\\^_<RR@@T&J(8?,+9(Z\]$%>4J'7>V0"`6.2+Q
MRZ\$!B"'K[SZ&L"29(KQQR]O`A"C@SS:"&!23A?HA-5+KBA`C@#(P0:*4`JP
MI!@3=+T&-@M.:XN!!%@KYY9D(KCDMF3^0*2</U)98($(RD$A%7[22`,$$E"@
MY#@3G*O&D&(,<684%(J1+I54+JGNDDXN2>66-&PP2:8:\/B!O!V:^'+#)HY@
MX2J9S(&J@D0"`(;_G$@0J..%)EZ8H0H(&H(8AHS(*`"%!>9(`H,F,,(@CS&Y
MV$&"'33`<`8&'*A##+P&60.!#@(H!)`)+!D$9SE4)&,*"):@8X`)(DE"@AR;
MP(#H+R;"X*(-4\9'`R:20.">TRI@98Y4O(BR#$BHM!)+K<("X)%*1OABA"U<
MB&`*#'`L\XLO_EV)3Y2DB63..O]8@`D]%_T;<+;"FF%0?N0X=,_`%5_4I@?R
MB&6NOO)*(!2["@@`K[ONPN8*$M+H9(`SQ!B]@S9H(<>R;SI9X!MH`Y`###G(
MJ7R`<G2]W81D$"%#!JS8@F'$*V[Y`X14(C@^E7)R^","V:!=M1,GD&\M_X=1
M='6.DAQ0>$)7[1%)YHH()EC5.MNN54*D<]0_"0!':IE&@B9<<*&*E)OX@@T6
MTD*M'0!T^.$".YB!19K0!!BX8`/SVT#]&%`'!*C`(A=+T!RXT#%\,"`*$S@!
M`PK(!0E(X`L/F(@$MK"%+[B@`+>(!B)0T$(4&"('E_#&#`<!#%[,@0`(&(`"
MOF$)`O!`$4`Z6L<<D"$7S""!+DB"&GSP`0#TH`.LR,!5,M",5&R!:Z!`@RVL
M]!*Q5:`&-Z@!-P``@#(`P`=Z8$+)RC2"LQFA#'U"B8R>D@&]+4`-?EO<'ODX
MDK#`8``YN((<1H"H/A[R*P2K03Y<T(83G2$2D_^ZA"4*0"MRR($UEUB``BR1
M@`0HX#6A&,3H!"*K214B`9:``H@&((<SG"%VM)B`8D*!`MR9``7%NT<VSK&5
M&M@+$S_`Q`SR8@E#D*!X$>!'^&Y1CFI4(P>&N`4(FH>L2RCK#\HSSA.<<0UG
M+,=Z)K@&"1`!`G[PHWG1N\1U.G&%/!BE'?"H0`94805%["%^,("8"YK`Q"$<
MX)=E^``+'/$(-6Q!`R^`@3Y3IA$-:.!"Z(D",&AAB5`0@&AV0-`""(#$(S+`
M#A,(P`P*N`,/HHUD:-N"`?+0B>.X\%PPO(3D8'4K!9`C#UG8`-(P@`\$5@%`
M"T4B`V"!##HL(0J8^"7_/#*0A3GHJ0+?Z4$JFM`.-K5#)F4H0PT$5H,JR81N
M,0$`*-J!AG:XA"WM,,H_KL(*5?R`"5\HX2L>$=8H<>`8>+M*(L3PAV\<`36(
M%.S?_AC(03[`D(-5+%+:ZH,ZT((68LC#&0H0"7Y@HP">#$6$EG<+<16#!!%`
M2#)@TPE+\!`*?^DD-NR2ET'`\@QRD&TJ$)$**%@&!)30U1/20((-E*"76DE'
M&:16IBE@(Q)7R,$MCG<%YT9`.\TY#C*5>8EE9K.9V^IF.$=A'.N5RQ#)J08*
M$)&&UB!B-\F``AZL6@9/)*(27S@/3V#0A$HX@AMCQ`,+?L`#)CS```S=T!$1
M_YBR(3&@!TD0X;XXV#'T9&&C!&#`0B$@"#I$`ACX(!E$<S2#/"!@!AA`F@&:
M``$RT*$-Y*`%`L1068LNP!(!6%@3DG`A?2[P11#8@,I^M(<C\*`+$`#!%P!@
M`R/HP0B.D(,+S&C5=DC@$E-0A2<@P0-"\,`(1ZB$'O9A!!_\P`8?*,-1Q$I6
M-+3D$6M!"5;9>I5VW$,>>_@"1%4B1PY`N`1H*%@;_)J(P"X6T&X)2P^\D8,(
MR$$"B0TTX-077#^N+R0EN,`G\A"`04`H#RU>`#;(48A:*:`0.:!$,DA0C.4^
MRQNP/0,4G.4/5F$'U'B)A"M?*5LYI*$<IB[&'R[AA/]4-,=8"AA".MBACJQH
M=0L`VA=)LQ`*$AC/N='V[#.7QP_@6"<"R=#>M$3=K6OD`-RW(*=H3/"$W1`K
M&2A8+B(&8`6CX.$1S)@&%QSPB1D8J1(V*`,>'-&/(/I"H1GZTA&_%+$ZN,`B
M&&@CD`Q0XR8X`#T27``O#/#!?;W`@_J"V(LV``%:@`&H,``0/ASBL!=HI,9)
M,,`,6*1R`QJ1?E7@IQ*:H(`JX($;6LW``82L!`!\X6A)$,8`FC$,4?0#%'KH
M02<&H7(2OZ"()W8`TI*@@1V\@@UQ?!,><,&!,Z-U*S*)"0=$4H$2V&`;E7C%
MA0KD"+NV!25S*$`)]LKG;R3_(@,96/3>UU(&#'C#$!&@!1?0X&B^^RDLZ9CB
MEH[@028\PA'W^(`(?#""*8`!0I;6O!Q2*X<"*"`4"PB%,V'H&>9!(1(0DD,;
M)*6`)Q@"$7\@7B<*TY?7R0&RJV^#)19PA>T]YSGA8EX$\'$`:+3`V$E11QF4
ML%`&)-Q"=2`'0M;IJ@BT,`>[7J=UK@`"%(1SM^--+PG*@<P_&.*9E(`F:4CP
MAUT_81ZG^<`P2O@%#`P)`VI0$R;8L(6BX:-^>L`!'$#`CJ@'-&`$Y,`NR*$*
M)(`+[(`,2(XG$.Q&%.P+9J`-^,$;7"!MM@`""F%,ELT%(.!%ZL`.`N`,-F"A
M(*XB_P"D16C,@QPPHC9D`])C`^R`%P*`#G[@`#*`"]*@"C!!%9H,`+0@#=3@
MYS)"&%X@`38@;D#H"S9``;!!/=*#P`ANP`1P"P"@["H`''"AK"K@`_;A*LJP
M`IQ,H'[@!_2`#=0@$?1`F+K`!G[@$4;@WJ+@&`(P"9;$\.".`PB`'`#@*AH!
M#&Y!`=A@B@Y/$;7"[[RA&%*!%C3@SQ;13:B(&WP``\0`9R)!<RZ'%@:A`'!F
M$!+&,A8@6RR!'`H`QA8`"A8@&4``!+KO$J"@`/I"Q2J+'`8A%9X#!9XM%!##
M&V`%#$8G#S"O``IA`DC`$+P)7-!K>/CA&TC``/(N^9#"J_\^P`HJ(<`<`N4>
MH`<0(`$F8)DZIWK6X5S0B]2(HUMTI1J<H1C(*[V:!P2@Z0F.XQI>CX6^S1",
M@!,J`!>FX0M>P4*VP`?R@07VX;\@BFG08^IJS.JXH$R8@`=XX`@**`F@;@8@
M8``BH0Z&9*$F$!\&2`"1Y@'.9@L>0$.:8,)<@!<T,1(*`+H6(!+$0*=:Q``T
M0"A,QF-ZP@I3!HEF@!<B01P%SPJXX2J2(`TVYD>8``FL(`O2X`L<801,B@M@
MP!(03!#X@1?6@U9NDL0(<,`6*#U(;@O%[BJ&`!+,0<^&8!].8^=*8`AZP0N2
M(`KR(`%DHQ-"(7R.)PW&H1R<P03_**$-\H``CBC?ILAWW`0E`%$0*T`-Y,`0
M$3$Q*9$R1Z(,DB`2'C$`)F$2*[,K&BT=#L`(,'"&(F$30P0P0"253FL"4F$W
M;D'<0@&S,`<;!B$!<L"\>&\"$F!2+@,4<88U8*P0$"-V3F4Q*.NT3BL58/$5
MVRE=4N%:(D"5RB$9W$#OE.*7VJ$,PN,([(`]'`)I3H87$@`$WA%W1J$:R@\1
MPHLY*,$9UF&W8(]XTB!\="<YLH^\RLE=2"`42B`;*L`(H/`5U("@$F$$+*1C
M1$PEV0,C,L(`N.!LOF`''B8]8&0#ZF`C[6`)["`+IN#@)NPC)RQ`2*X"=T"$
MDH`!VN#S_Q0@$D"@O#J!'.B``4HF1RX(B<32:=;#`<J$`;(`#`8`&Q``#\I`
M\1P@#;+@^?#A`$>`#M)@!BSDZ3;@#.:'`$"`#A(H$A9@!J`P"5R@X2Z2H1#.
M`;:`O63B*E0!%,J`"BJ`!1K!$8Y@!Y:``'1A`$+!'UPE#4B#-&X)=ZJA#8!A
M!O;`!\PH+"I`'0X5*>!"41.GT4ZB#`A@$!KS,0VQ#Q*1)CRS,LM@!S(S#6@!
M`ZH$4TOB*`@FJM*A\`@F`_2@#A20E4S3TB(!&RRJ-76G6%IH6I@%!;P!9U(1
M9P:`$E!@`A2`7+[!TQ(`<W0S%4QK+T1%#@9A(X\Q%!1``?JB$_](S34N(10Z
M@1\FX!M"`0HL`5S?,0WZIC.3X@>PH1/R@)\ZAF-J[`X*P`FX91W6(9J>(`?J
M<=R<0=1VI1?-:5NMP[.>+7RV-5KMU!CDB1OT``I#*&Z41B%+:@\>(1%HC&0D
M@#U`Z`$N)"1C+@I:$I12`94\"1N"L0"`80H8X&$.3.10EAL+J(`:=`:FP`XP
M0`+N3RP+[(@V((ELI&&@SFV68!"BX&@D0`T@SQ.J(!7FH$!&I@=8*A58Q.0"
M1&>K@`PZ@0Q49A`F``)L!!_L@",'B$Q&YH,L9`=,-$(E`!]&8`_V0!`&`1LT
MHW7<Q;JN@!]2H87.A4]'09`*H!(LH`'_2@`/2L`4!C<.A@`(9`!5YRGO,H`:
M#B`.9"`.#F#,VJ$'J>``2H`%[(`6?N$JF``RM<$+(%<'>K`:0Y7O-#424"`-
M`@`#%,UTP2KO`*`$$/,JRL`1JH`6CA%<L>%9=7<!_$$S.N$;.&D!Q(UX_N`)
M0&`40;$`0A%!GD`O<Z`:0F%W#X)5^`&;?@/4`N`8A[-Y.=&BEBD"9`\$O%4!
MH/-:K@4$TJV%4N$(6J`%N.('$D!<0(`<M*"`H$XC+`0"BB`"]/0)X/,:SH4/
M\D`9;F<4RDFTI%4S_@`>)PGT0B'T0H$-;$`/#FHB7J`G-()D1*ALMT`/?(`'
MU$!"2:P*-FL#_Y3-;<H6HJJ@#08`"E+A.OS!N;BU$`I`!:+`&'BA$&B!#`C`
M0X^D00>P86[R`4QH!S"@8C3D0NM@0PD@#_`!1YH`"A'4`69@#J"`#F:@(C#`
M@S2`#E(A`C7``2YL"MH@`NJ@086D(92`!WS@'L#A[!"`;0QL"B+!#FJ0/33@
M`3SX/Z"N!V[LAVEA-8+#'YY'6R^A$-H``K:@$?I@'U+@`B[`"RX@!?Q``#Y`
M!@[@`':A%8A@$@2`!F+`#5(@!EK!"^;I````"`"`DP]`!*@A#E:A`0[WE0^`
M&JY"%_C@#+I!!F2``ESA&R+A`GX9%4J`"OK0=`.M#+@@=4$@`%[`=?]-MQV&
M@`T<`!CH8!+8((Y90!94=%8R@X9[2_9NH84ZX2]R`!$BX!LN@7BRI;N@`&<J
MZR7)@1Q>(UK,Q1)&=A!"83.R#38]IUTP*Y)>LA`4X!+(25W"!Q8[896^87QA
M$Q$083IHJX4NX0*0;RLP`5>&)QG\@1R\,ZA@@(,-`$-!`(9&P1G,Q0VHP0\(
M`!URX!K^X`H6V1M$Y'Q1@%@B(``BBPZB``8D@!FX`.`8`,<6R")Z@&;/1H`:
M+@8U@&FJ(`&6+$!$+D`RHD68Q@`NJ`KL8`Y4``80\`NR8`!:)QD6P!O$YP^6
M@&-$K$PDX!4D@(PW%B.J8`[$($10YQ@/#0;_:DR$,,!DB48#EJ``YD"IRV3!
M\B`"HF!#$,`;[`"-660`6V0.&,"KO`X-LH$;!"$5J@!(OD`)7@"?5/(%2&8'
M'"Y`(&`*R&`NO`$PT)5U$J!Y%6`!TH`?5$00U#@)OH`)^L`&2F!VRS#OJ(`>
MI(`1J.$-:"`%@"`0=B$(3J`%#J`2BJ`(.J`(5$"4UV`38H`/5L"ZW:`#UB`%
M6@`>.B`,5(`&NML8[&`9@B"\4P`5N@$>E'F9%2LLOJ``R@&:>V":,14G@,$V
M6'&58,7S$N,@$*$:6,@]02OV)*00+"$Y*$']#*'\3,T0<K%YOQ=6J3==7",8
MR>$NL24WBN<*UJ65_U`E$E(Q`IY@@+4%$83W&U;)D_PA6]YQFI3I"I*A'%BH
M$ZQ@GA('*0[``UYQ?:D)G=O`#I)4Y!S@)C5`"^3@$LXE#7"`BAQA'OPA`LC@
M'NY!%[QA?#HA^_X`#'#2@R3B!39@"=(<1NJ'QB1`A*!Z!LBA$P1A!H3!SDNT
MB&K,``"9H92TS97&/+3@*JNN@EQ@"GA!1>6`4[Y!"\S$C;B@PQ1(+*L``;XA
M#<C7$ORA#:RW$.K`(A@``D*!'+ST@QSP1'<2!LY@`KRSOI8``M1`L3'@0$GH
M"-J@"=)'?<I@!B)@$CC9*++J`SS!"M8((O<\9:+`J<Y@$.J"'+*@KQ.A$?_4
M@`L$098F``%X@1?HW$B8G-:[@+W:H0R#8`W@(`EHH`/X(!!.(`4LX`0JX`#>
M0`56@`@:H!7X(`3"@+H%@!%:00!"`-W7@`HRH`/H@1B,`14L(`0N0!**X-]1
M@1HTNKX734OP6[\#`!_ZVS/+0`\*05M:B+G:V1\J1P$F``2>P#,,@;S490'\
M(A24!19?7ED(`PI,*9)@>`&<@(>,)UU<NQ6[CSF.1;2\00[$0-DCJ19!ZSD1
M(0=DTR_>ECG+B6ZC/@)N@8500`%L``V`'"9:``CD`!:/Y0K2!05NP0D&@0SN
M;:&4%`-,I@?:X`P^X"H.@!4X0``H@!%ZL`I`(`?_3&!\BV$`.,;-T>8!]@6!
MZJOJ)("#GI#PM6``_.%D[7SD`CFK&^ZARK9$'R")0U)#JE0+!/#A'!0*3YMH
M.,:G$&B!CJBK@S(4MM750(0<RGY\OL$)HA@](&`0LH!H+.3A!&ZH:,$?FH`-
MNB`?RL#LZ.`2K.`F<@X`"F`/2J(&-.`*ZB#O3N(DS,&JS('?',$1(,&@E*!F
MFZ`*Z@`&'D$5:H`%((%@LB$;#L`&U&"-'LZ`GN8%24@>/`$Q=8`1@B`0PL`:
M`**!$%UN@@1JD>'-I!2!J,7H($4`HR(2BU"3Y$5`@PHE=-%S@D.`B$"M@H3(
MV`"5J1;J_KE\"3.FS)DT_VO:O(DSITZ8YS)\*8`HV2`8-=+M/(IT9[L="4B@
M*%<.!0E^$5*EBA`!1#EGUPR50_3GB@)OD;Q=0H2(!(BUR?Z0('&K$%ERD;!!
M";5@0:@$5%.EN90W5)I1)JI-N!1!P2`P8,X$4#!@0($!>9U<B7#KR0)+G"V%
MJIH,13$4B&Z1^),L%8ABE')$R)(APTUU<0YT$40F"Z\Y=B!DZ31J%*4(D03-
MP-<#.3X#.[A4,C*D@G1XU"MD,/,-A8E!>0*0Z0'>01,-7\H_D/#E@887,P;1
MT8!>0I(950(,VO)(5"4)31PD=P"@?P#V($@A"9"#``0SN#!#@PS0`<(4#"#7
M1/\2Z'VQ0Q/]]<``#%5LX`*(+KC`0!,SG*&`(<X8$I8_`Y`S0"'8.-&)`H7,
MD0077"311'SL@=@@@S,X\`48"_#03COIJ%,!.`A<XD-1Z:3S`3:/R%3&'IT0
MD$$%,K5CCCGJ3%E#F666448-JCAB73J8&"%=!4FF4P.:[90!``L^'*%!$R^`
MMX,$KWQAA73/!!+`"BF$$(@!7A111"-Q9+"+&SB$(4('D!"QQBG6R-$('^"X
M$4('7U1P`!G/\'%"(`UX$4,K'I3ZA234L)14KKKNRJM-96Q!#@E"?0)FK\8>
M!4`6EC@5%0F==!)*`-A\XP\_K.7P1R??6/(B.5#\@<C_5[>TY=9;;UF20"A0
M0*&``E!8@DUDH?B#U14+7'(+"EVA0,D?ETS@C[:A3/!-`MA84H@EWW0R@5]_
M0)%`9U!,<$LQQ1B"\<7%Y$`)8<5,,,$"2)0ADSHUY--%%RQ\`$"=99J39`7P
M`.#%((:,LHXAR7@SQ7$.O-`$!A9^P08FW+13`YCFI$-&,CE\`D`)>KQ@@`:!
M?B$?`W5,0<84.XR07G,["!++&;R8`4X9YOP3)@=#_'"$&%7TU]_/39"A0"?8
MG%'%#!O404`!">![18UY2##"%E]P\4*'CM,'0=\=XH-/$B,\D`0$8B30L%@%
M?--&`'1$`4,2&#2!SQ)@*`!!_Q/,\3CBA%L8H<,0NH3B!QKGN*0.'@A,X$@-
M+IUC@R4^[`Y3.H^$(@<W'"0EW3V]4)'T/7KD%"8`9K#Q0(4/)+X'"^94`,`!
MZ9B#Y]+<E-'..3`GR8$Y\7,`0)+UQW\.-RVK8TX^=`#SBP.4H19DN(4W_`"`
M#,2O)<=JH`,?"),:*"%8?Q@$L=8&P0R^Y`.TL,0?H$*"O10@#P@(0"A"H0"$
M#2`2D2A``<AAEC^`(`VIN$2-VH67"*#@"3E`!`AHI!=NM;``@QA$`0H1BBLD
MXQ:(,(0)<G"%P_CC,'XA03'X8:,`>*-A5O%+"D/QC05T(@WCPHK%-I8#0Y`@
M%5=(0_\$+G&)`F`B3,DK@P3L4(<9C&<$E4B$%>Z!AW;$*0.L,`,!_A"-X)B`
M!)&P`PP"1+4D/(`)/OA`TL"$"2<L@`F>,((:N#`#.YQ'/4VH`AG(L!L#C`!L
M!I`/+^0@!P(<`!YT9-L_I`..3H`A$1_X01*V-@5@Y,T2@Y@#`@:1@`B4`XVM
M24`3P+8X#3@`!CWP$`&R\#\[5`$&J.L!>;:0A#G@0P/SV0T".J$%TSE@00OZ
MFQQ"H04`X<-O&N#!#_"0)HZ<0`&.T!WO\"`&?_R@'<,S0@+N@;R7M,,*"?`&
M`(R"E.CU(@/5NYY.XH0'&R"A/&#S1)CH^-&U?=0E(65;24__"M(/M$$,!T!#
M&:81`!0,P`_2J:4&;XI3G=1@#Q2T8+%R^D!'#"`!H4F&`K`Q"`2(80#TJM<5
M_)&`LA@H8@DH1&1B%+%.M-$I.<@!""*@KA6RT(5$-*("KH#"@37Q-&$!X[,N
M<;%O*("%A>!8,<HA+'_XXQ)72`4BJ@$"OX!`AFF@(5:PDH9DS#`"=%!;!&N`
M#P+0@0"4E6P>"+`$#.P!"7ZX1PE8D0%JX$`*,'3/'#3@`R8DX04O\,]XN*`$
M)%CA!UW8APN0(0M?]&`&=2B`)<33A`U`H`ZGG$,6DK`%Q24!$CRP`P(0L`%6
M^!,F<9)#(210)FZP@`=?T$(;7#@`_[NPZQ;5J`8EJM$).R!.`N0D9P\@$#AV
MT:(-H0M`&^8P`P8`C0&"8)UY)("!`%AB`QM8T"<^,2(7V($6H:@#T'8[`S6D
M*4EE:!(Y+-&%Z:HC'V?HA"<@>@XF%``<"75).WX0"6V(P!W0JX#TLE$](^Q$
M.E32J.*XL(,?F(,=/'8@C]GA$I7F(0-HN,$7!E&,`<`)HD!MLI-A4H9*#.(T
M@ZA"FIYLK'1L(0%$!0$4"@&&$GY#L'Y1#0K`BD(;88/+EL#A-Y(1'&?(V1F4
M2,8$%*`7*&"#A2P,P``:EH8)_,$03[C&$XH1`4L4@(4#B$`U1C$!AMVKKU9)
MPUK2<`5QD/^@B:-`@5L(2T.K'%8UR5!L)XYP@`JD8Y"3X`5E)TN`8P9@UF<`
M!AE<L`,FZ`$3^(Q-'*RC:BKH``E<:`)XJ"8!Q3T@0R[0@AWL$(4J1"$24,"'
MGZJPA!D@@0D:,,`#MC`""7#A'NU0A2I89HX2\V0+EY`&.*3S$@#HP`H:R$,D
M"E&(;^1@'>NX!3"^MNPD)*';OPO`8080`#FT81"%B,0`O$$.`E1HX#K"`(2K
M``5:5$%(&_B0`;:@B$U,0A%*D,!N\=$'>/-.%9%(`":8K(X/R&$!F!">2YJ`
M``#()!TL,/@]O(24)-G`$S`VQSUP@9,P(0T`GE"#$K[0!&H:8([_/_8QC\^1
MCB'(`0%RLN,@4.`-"Z@<RV3':0V8$`"WD,/*-B][KLYA@`3$X`I0&`!]$T#J
MM?QAA\%!Q`+D>I<3"GX!(*#$$TR`>!/@[!I^AT(GQ!@82WA#`8.%2P1`M@`%
M)&`0M`@`.13PAR<\0<Y?V70QJA&PP_`C%/D&069&T16+R7`MEQ:U5;[Z^'F`
M5CIH6+4.?,`&)G#!`1MXI7T&,>LBRJT)7-C"$7S`:^G$1CIE8,$1KK:CQG6\
M"G6PPQ2B4`<7P&`.<U`#$[IG@#U@PA$\V(\!)&F#)%T2@S0YAPXB$`LK=.DE
M<3J`(AA.&3E0#H-@.1B2!.^7!"Z0``50_PX1D`8+4`"T(`=:%`!B(`:\H`4O
M(`'RL4X-XH%3,`&W5@=9@`#D\`W>P`(UT"5R<B<?P`+YD&I`]P_JP`+XQ@($
MY1+IH`JT\`TU1U)D4`=M]Q+ID`\($`$^((,[`3.>8`9%9P,^8!/ODU%Z<'X&
MT`0,\"$]4`D`0'\9A'4[2`<54"82\'5A-W9NAX8-U`YHMT3D``%7EH9(<0Y&
MX`U-,0HG2'ML\0<R-&BC\`2A@"X)H`""UPG)4`VB=WB)EW@YP!EY\2Q_%U5K
MI@#?<`5T)QG(-QD)``4D@(B'AP*N]P2$\7??(%=Y8`=:0`8!D$RA<1JIP`^1
M)GCMXB[P\D+%M/\/9J`#)=`E*R@==\(-'Y!:39`%8C"!`0`&$#`AXL$%T\`,
M2&`$9G`/-N`';*`$I`0#[50%&]<@,)!K/&`#>```+LA^BE`)7W`Z^"`D3<`$
M\?,/9G(3YP`.6K0'&<!D<8(&_3`(WC`(Y!``,Y`>F(.`#D`+Y9`&<C`!B'`%
MFS<'TE8'=2`(<_!,X+8#Z.B!"U(%8L`\`X!GS\(/:0`!W!`GZB"22"-(^\<[
MF-!0JH"#_\!S)G2#)"4'&B"$O),LXH`$LH$48=(%35@#YN`)4%@3'/`!D*`(
M6P!@])&-#*`$D!!(7=@K4\)D6#<$M$`'&6`#/""0MU``-)6$<>B52='_$\,0
M`&W8#!7VE3MQ#@"```G@!":0#-A`&)3@0R"P1(FH>'G69F"4!CG0B7:9>*.0
M"ESV>-JR@.10`&LV`220`R2P`%,457DI&)2P#M?@,5=P>J*G52!`98V1!S0P
M!S$P"">``'.@!00V`S```\&@FL&`FC`P(0W2#'10!US`!-[X`1-F4N<0)P!P
M#SSP`'7`"WTC'CDB;@+W`MM78.V$G-PX#%;`:P=0`D/@"(]P?DDP3PQBFOG5
M($UP)4$W!@L0!0\U)?S3#AR`!P9```ZF(P;`6D+3;7,0`8@'+SIT"9%`"S-@
M`&1`!VW@#:&`(QN8'@"&#U4`!OZP`%!`#@WS_XH!XP_^H@=Q@A-6J0`%D`\,
M-(,L,`@*H`.TA#Z%D`@X"1/MP`T0D`HPP`,I*"5+DB3GH)LR(1TI4Q0UX`E6
MH%!*TP[YX`B)L`>8\P*NF8WXH`3W<`"\V"8T5A/6`:(Q<0XRD&H,)!TZ8(QJ
M,`WB5GQV8`1)<I99>A2Z>01CJ9518)9:^HX5(`$'(QR%X$2)1PF4H(B(%P&D
M>!>I0&B(Z`RBYPR*B%[<@@UZ40@NY`TR4HB;YFD1L`"<-QEY&0%U2F@F8`B7
MD`/E50RQ"`7&"$L3.`I.(`>T(`9VL"`)QB"?P$XC,@-+L`2\0$2\(`A5T`,2
MP`1&P&M@$B=QHC]YPO\#%S)\U]@@$#`%NSH%$-!Q0[(#:N`#X$`%5)`/F&`%
M1;D>#!`DV5@%OEI@0((/(V`#2<$!?C`!"&`#9E(&']`%U'D>JX6:#-`A&&``
M5:``A&$"E%`(?I$&?T`.&I<$O``,9S``W\`+&$!..]`<$O``7*`%8!``NI18
M5\$/_W(%)#`(NMB5,Y$!71`*@U"A+T&#!:"AV1`F^6`\2:AT9=`$$4``7U`)
M*(HG'_`!>)!J2>H2+]H%94`G-D"C'W4G]T`(3'"40E(B7,`&.G``/=NS&7``
MY3.D9Q@3A'0`]6<*U%`!3EH!4#H(2R`(Z^$"&W>E*RFF5SL3NID(`0`"B%#_
M`&79L%C[$CW1"\A4#B9`>6U:#<40#_JP#L$A%N_B!,F`""A@7IVHKJ/`#Y&@
M<&>`#1'`#ZFP=SF0!A"WCZ&0"IU0"(-P!K1`%@,`!93HA]IA`GY17M6``B@T
M1H@0`5\6`"=`"\Z`J0I7F@06(@0F!2(RM7_3#,=PJI3%"R[@`!KP;4=@3[D(
M`.#0!5:P;5\`31H`84(B;5%`O#.@`6H`"9@``.'8"SQ0A0X`"[!0D0V"G`P"
M`Q*@!D9@`_E`,D$G`I*A"-[*`T7)!7U".>3JFI,#`X.0#)1`F6[)#VL1`<6@
M:&30!+R``')`&03`'#L@<`?X?CN@`1C0.F3P3K67_Q41H`$F:1,5\`,+0`MX
M8*$T2&T?H#OF@`F6P`(R"#,`\(3X<`ER`#1*X`.0\`AJL`5<8`!PTK`R0ULN
M6P-/V,&JL"?3H`'X(%QUL$T8<`3?B`87<`(GX`(B,`<TL`+@0`=@8`2I!I7G
MH`Y8-R45L`]6`)50V1+O0`%!T`+I@'5/&J]5H`)2P`0$M@%6D#1BB\8Q40&)
M0`M:40!VP`UHD,8.FP'+P#DF0#!M.@H9HS&I(%<)\`U.,`%.,$59\0<5,PIO
MZ0WAA4038%YK2@D34$3D0`X+4`RE00(3$`E:-%0*D`HY<`W.4`P>\U>0>@F#
MY19\]P0Z\P1I@"[>T`9Y0/\+2-28_^(/@.<-!=`)EW!^$*`%<[`;?8,/K=5*
M7[`%E?!T.V!QH\,%B?,%!O`)^(`!7W`$1F`%/O`#CL`"RZL*/]!^``8##,*L
MY,H`"99?%>)\SS@$[(@]2@,S25,&(@"<QBP?[,%.#@(#^%#.4R`'_/"H:XIX
M9U0,:\28EF",>6!$V(`-<J.O`BQP!H"`24`@9%``J%$N)&`8[S:F5M`)+"6#
M[6`#=0@.Z8`&V=`'`V!))X,)/I`(U9@$=K``584-2^``5;.!&<($CO`#0^<(
M1J`'C\`&+8T$JL`"++!1$J`%!``,!,`+9$"J2Q!^6^`(X&`_E!("%V`!;\`'
M%A#_"+M``T&P!@!0`0VP"V'@!<M``2+@!AZ``S00""E`#[N0`J1P!S:0:I.@
M"3BP#+N``UZ@`Q0@`6$0!KMP`FX`#!-`"UU`CW,\Q[;@!;20!BA0`-(0QXRM
MQFB`!(60KBB0`&WZ1!J#`E+QB&"45H,GR(/\+(^WD6NZRHJQCP5@+89`&N$B
M0U$Q+G_`&G_0V8@7RD]P7JA1#AR31J.Q,>:UMA.0#"H">Y1@,22`6"``+=<0
M#SXPI.#@`TH0=<.,`5?#7JB#C0@@"!(``UQ#`$R@`P#``6"")WB`"9"0".#4
MH\H)),QZFCVB!LZ)3V4B?;:4=&!2GOE@`Y"`!)40K@Y0_\Y^@[,>.(*#,#$.
M^$&GMPZ<YJ8+@`(&B@U@$`F2US`A,P$Q<`;&T;_D9)VX40`58S&&P#'`(-9C
MV@_^@``,#-+A1=7640D!T`5Z0+X\`@-_0P9WL6:<*C1<(&XXI@'=!M%6V!\,
MX'UV0`9@D"[?L(=7,`!B0``0L`0PH`:8$"<P4V&;``@A$`0XX`0AP`=\X`6,
M0`0`$`<X(`1!L`A!0`0F81)28`R,H`QOX`%A<`I\,*1OH`F20`&!0`%PT``A
M8`QAH`FLP@614`SD8`-$:]E:>@YL<`+H@`*10-G3%>FX)`>6H!T)0+EJ:@BC
M$=KE0#"E+4:JQP]7\(J/V`EW0?\C.7!7FT?)!1`!&"/;MS`NFED.%KV'?^`$
M\9EX=+:V-70)@:N9B&`Q_TP)9X9X?E@-LAX*"/!]"#`9G6`"*/`#)4T%)<`"
MCG`$6+,CQH:KG<H@O#`##X``:28IV8`'W^Z\$F``!CZ]?E-@^H5<;.`(J@``
M$T8F-6"D2LJB,B&4GK`/M;`']3Q/]%'O4UL'<Y`'<@`CP<Y758'*4$0"BE<-
M@#Q8L&QP@Q@*G9`*_D`"Y1`/B$`,<>1]P7"%9#`'!QRX@EL`-D`%8<L3%<`#
M$T`'\/#172`C'Y`/GJ`'6X`!*HP/Z<NLW#<%A:`W">!(-XTZ5?!]!+!2P&#U
MP*!4`2#_@7*`#2?T9G_`#]Y`Y1O`!)B03R3-Y2W`"4/@!T(0QEX`!V%``=U0
M`%0`#S@0"-U0!-W0`<;0"AW@`<^@"=2P"#(@"470`6,PI)/P#$+0`8&P`H%@
M#'QP^('P!H&`!050#(/P<S8?Z5Y9`WI`"ZEPZ620`=F@;I9M#B]`&8:@#<G0
MINM`W"B>`XE;\?QPL'!T[`<;,(^H,%AQ#<4`&'F!,`O@!*<<%OSP!WR)`KI^
M&HH%`BC@#&G4_*$=`0F;+Q>#,6PJ'&M:#FVYKH\:%(,@'D&>!!N``&WP"#[=
MTJ04WPXBSJ6S!?:$"<"X[C:RE$>@!,6FSP`Q0^`,!C-<?'*Q_P%&$B7[;(!K
M9^[?1(H5+?ZKD?%`A0KMRN"Q8221FBT2DC3I`8-!P@TM!5;9H(4.K4(#$E@:
MX`W;@@BIDMWZ`T(H"@5I3(SZEN!;)T/>Y'1*@RW!I33)_($HA\B0H1RWY"2[
M-`&*@DZ70EU*!2(-"3L9*J2[>+%,HDMSW$9L5\-'`FQ,E'#!D-(@P8("-^#3
M,,A?DB],1DC08`!&L"6\YN09%"#/YLUM`M"2XPI;J&\+_OR90(Y.G21,>-C(
MAR8=&G-E6,791*-(&'I$5!3Q`JC#,@`M!`0R%:!;APN+[H1Y0Z0Y(S>MEL$`
MD.$-J4`=^`2Q4NH"O58J#A5Y$ZE8@/][Z2K$A1]?_GSZ]>W?O]].CYP(*"*1
M.2";<_`CL,#ZS%%CH1V:H".944R`\*A1)LR!!!`4^&:""*[@\`I^/N3G$B<Z
M(3&44%*YY8H<BOG#"05R*@2;0BR9`)%1^(D@F6*J(8&$TT!(Y8H()IC@"A!(
M0`2%!TW8*@=*1EGG"4.*0:&:)XJY)(<GUKF&DAQR"``&!_#IH0G&OI#`I!X,
MVJ"**EPPC($F-%##AR$VRHN;#S!QP`Y\,'AA)1?@'&B#A%Q@X`4NF#""!0#:
MX>@]`M.IH0P`6'`DD2^:F*$E1%4JJ*!!7])""S)H28"?"110``HHL/$F@04F
M2*NK9-)(XXK_!5(9!85!M%%@D)Y"22.5`8A8`(5K0(B@G!VYRN&,-%;T\8D(
M,O0IF61"80$-2>6K@0E^YLG@@$LA.4(#*`K!ITTWV22HAQV40**+?/)!X!(_
MXJC@'I,P<`"&RBX;9!#.$$`@#SG$((`7,!)0(!(QYB##!7Q@Z.$%`[CXXH@?
M/FB'`P[BD,$"'#@100`_?N%$``M***$"&1BAHH%?&J"&$0L8^<4/1@20@1HS
M+!C"+2"&^,5D&4P1P(P\MK``"$:P4(\]]PS$.FNMMXXO'2/`B*"82.8X@(H!
MN4;;/@3-3((+DZ+0QAD()WP"D3]Z7(#54,;ZQHE+0+R$1,$7N"*9_T[X2<42
M`H`!(P!R3/NRF'*N2*/*)Y*)0,1.-$S%B06^(2N9'"0T!`44;KED@#8Z*"#9
M40QI%L)KGGB"$BBFZ"&)!Q[CHHF+9W"S34-A:.*!(XS`!(`:S$&#$QU^T..(
M$0`M;-1"-Q#(@!$2\8&%,LS)*QUUSN$(/W/,4<6'1"00IE-"!8)!(`;F!Q6#
M+=C8HA,YY)BQDPA:A8(E<&*)!>P*!*9#@84VQ"ML%$`!A4!``8J1E@A@0PB7
M$!T*)H"")XR"$D]P1@$Z8:MRC,()W\`1KB(0@22XA2+G@*%<MG"%>>RC$<R0
M``8PX(('NFM4^&C"'EZ#AS+4(!TW`,`<(O_@!8X,X0B5@.(1CK"%+6"`>`_8
M`Q,4P08],&H(X/@`#T:@A$U5`088ZT$:'=`$7W!A#X_H`@#B,,>-5.``=W1+
MN2J0@9AE8XYQN.,=T8!'*AR`$U1PBQWGF`%&MN``78B$%N+`BA+@PQO%H`4+
MKI8V3G;2DQ,Y1SJLX(HK%&,`<XC9)U59$7,H`@-),$!@,*`!#=0!&SD813%\
M=)H__$\!.!E`,`L!L;XM17!.N$+GBM0&!!"`#(+(0P!.@`#+\`(!GHG$`(89
M"LZE(A43^)P3BN&,V8%0E[<@00&`V#8NP(`.!(C$-T!XI0@,`!@S>(`$#/`"
M?!0D?C-`!C+D50G_'GR,"I'"`Z:0H(0%]:`P`Q&("ZHP`UCD3@EL^`$X*G`^
M_+CG+>E(Q_DX\(%,D5$#+_@G1`>"J.(UP@<Z.$`&=!"%"!2B#98P4;'VUJH9
M?2-#)"A&,M12+&^F@A8#L$0`$!"`/X!E`0,(A1.2D4#3W`(%AG@23JH1U`Z&
M8@',TE"(H)"(,G`D`[)!0T;TU`4CJ&$)$9B#[_X)@RH\$"8S6`4!F&"#$G"4
ME>V@Z1?@\H]V%-:OY_/K1,`'B7MPQ!PVZ`)AR^")1^QAGST@DP,<((Q7<D$)
MW%-%#0I[#O!=!(:A!*DZ5'M:UL9P(B!-QVE!Z@EOU"&/EBR&'%11OE7V_]:W
M]0DE*-H0`4.<\A?M^.TGS9&()"0!`P90(]MF0(XK\/)'H7B@-[3K#6T2<`*A
MZ,2(2/0W?SAA`@&0PV<&D0S:%0.[OTR`-\CAC?_4`9J1.,LE%M")5"#"&?^E
M70X0@8A;1`(&_+P8!G8@`2X`YHS!",8:UR0_E<R@!R-`P@]40<3"VA$<GC#"
M%$]Z,5&]CR7X2,((Y/%2;HC6HP6*5*4`D+XC[$&?:R*4]0;%``Q\01$^^$!9
M(U4!)!3B"OYH0P*4_`V=LLH2&%K*+=8Q8$3XB`0HN((VL2&&!*#@@)U(P``(
MYSG2).,TY<B!EVE!@FMP$!$*R%'F:+7"!!P!`/\<`<">0FQC#6"``;R(``$^
M\8GY&284WMC"(S#AAT)@PK$28:4Y\!$!!ZB#0.`S0F,WZHD?_.-\ALW'#XX@
M`91@MI\S>(&"OZ`&1ZB"`XG])$B[X(TE')0*G[BD*W;[K>3VNM>AA$0;KE#<
M+!S7UYW,AP^:L($QG1$?#GB!!I+@`C!\(QF[=`*LM&N3#(4%G(+KQ'X5$(HK
M3(`6H$DO>Z]$&M+X]$2I*(0W@`$#`S3!#F(0(0C^0#M*])L2`\[!`NS@@%ER
M[`M]=D`/J@`!"(0#)A4>U!2BJ08`<`,-:,C`GGR`A$KD4!@I8<`95P)1!N!#
M`FHP@B>"?%9XJ`.D'!G_+'[X:`-(L($D7#"``U1*D#-:M*"J4%X%O.71=&3`
M!S0"`1@(1R02)*-SWX!"`F*4@#^8H!A30@$B1E>,"WFC$W](Q==305_N#G,G
M334S""ZQCC:DXDNIN(2^P:XJM(AU&4;81RUPF(2`P6#0+B#`%>8P@T_,0$Q?
M>$`H!H&'D+&A$+N&SSDD,(%Y6-I\'""$IMOQ@TY/I+!Y\0@>NL`&4C?[!=">
M)18S#(#>RMH;5=C(`3XQ@&*T80B\/7;N5WD.-.!"#/S(P2DUJGNTV9$+\9;#
M86!PL75*8`=:"(`__G`)[D+!JR0J36E,%`ILR&@`5W`&(OA1@,P$8!`@:*^)
M_WSJ;F_&J`UUT`(##`#+*%!72[6K1C70>2%@2`#Q@2$(PP,>")`H-X$%#*@#
M<B"@2["$.%(%1W@$)GB`?0H&@QB4Y1.Y3[`'&/"%:4B$5GNUBC@M^H`MEZ.4
M&N`&%H`>12B)DYBPP8"H'O@"[G$46!M!BC`'/%BO/XB56[D"_^J*#8$"<@B`
M`(@`J[L%K.H@JRL&=%H194B#2R@&^8J$8;($;."'TR`!2JB&"!B%`O@&72H@
M$K@%1%`[)["$2&B#.8```WB`+]B!))"?D+-`!(@`.S@YA_B`#-"#;Z"%C2B#
M$2"'[XF/<U"#3D"`B,`/=SB`1@&?"G"$7J"/$O`!)O\X*3%Y@2;8F"\8@2]@
M`P`H+4_BB!\8@%4XJ`-P`=K+@]OC->)S1:XA'Q]H@RP1OE9\10(916\(!6>X
M!`2H`C)Q-LU*`FF;@C;`ADNX@KUQ@E28''<S$6Q(@R5DD@@H(.R"@@@`*D3P
MA\]9@!'AB30HA$(X@SJH`X7`!\3`.0((@`+(IN\B@R9`DR0(%/@IB"4@@SPX
M@T&(A#Q``DRX%T68@S#C!37X@IP3E$,9E`N<`2!Z!46`!$<1K<+R-`/)B$K)
M!TQA@TJ`0P!\'X@R%`Q0`B-0A3)HAW20R`/)`GU;@`"X@DO`H`X:A1R@1F\H
M&!"@!$-`A&(H!EPR`120G&+_H(1;2(-%"(7IRZ89^25]*P;9^8-14`!O,(0_
M"*\/20`$J(,>,(!ZJP(ZH(.IJP(&,!2!*!XUX(4KV`)N^)[SJ0`]6(`S<(L:
MF(%$A+2X.(<+"!8.<(=%A(>'=`=(B43Z2*0]$:-],H`%VX(O^((N@+6T&<5"
M6`5XL*-41(%5Q+U;M$P#(1]<B(4)R(%"X(7ANTP8JP!N$`0H2`.@6(`.V(`T
MPBS,>H%AU(`F((,"P`9:\0D2R!L%N().^`82B!`3J(:P"R]_($Y_*)S_L82F
MG)TN28-.&(0HJ`-$*0P'T(`TB<,FF).3X*>>`\LZ(`,$@(*[.0U:@`1&^C`C
M4`0-_X`V&("3A#2441F4)M@")'`$1XF(BT,#=<@+`SD?D+`"CGN`DSBU47FH
M@6@"1E&%%BNLC"C)^WB`3F"6-O`?(S$$+LD!H1J`2"`'$B@=$$@&1'B27M')
M<EB'R0D%J$*!6?F;W=Q""2E170D`$DB#```&%WA-@'D)%ZB#-H#*%=$"?#"`
MBZI/;@"`*;B$(R@B\($4'EB`/+@+7JB#N:1+1Y`14#0?>!#)1^P%3Z`/V3B'
M%B-23^"!DN#$DGB$B("M-#V'=W@'&+*T\8&A-)53V.((1R@$4H!,`-B`0D`!
M!&#%U@K-0)V/4/J!6,B20B"`VQ-4`S&"0E"`JS.$<IB`//^`@![0+#'1+#/9
M`0VH@D+X`P)+AB/KCS^HG&J(D%$`@?UR`N(D$B=(@U6Y!$2`D">HAA6IAJ`$
M!&#XRF?#@#=\@!W@R(.XF)2P`S#@+G\X35V:@#'`!`M`SR^0QP(5B$]H$SA9
M""&%*1MT+?F`.?%1!_#A`(6JA,?(.1A<J5&!@1[CGB$@Q*UQ!$LXD@`H2J%"
M`4I8!UTB@3#SAIS\"4-X@FMX$)_4R2;4+Z]"A#3P4*&(`("EFQQP3J5*A2J`
M)8=J3^QI"2T0`V^(ABG9@X\A28JH`5Z8`"_8"%"J`!Y`1,BL`3$P@$'5@0((
M!4W+#WC@@=W*@'3X@?8`*4]#KHO_`)\6,Z)*P022^`('6`)9*,\X$($5N``1
M,(,@N`=P>%H=4`=V<(^R:8$6F".M!0(@.("LU=H#\(,$>`%.H``1V`!LZ-,/
MT(A"2@$+Z-E%E5M02H=>V,S.3-28F]OZX(8I2(`TV(JM*`9]6(`V6((7P"S-
MRL3"3((Z*`2T0!'3F;Y;6,H(,03U*Z`$"``:P(P%N(450;O3B`<(R8%4R((T
M@0S?L5B8:(G59``R&(2H2HIQ`YT`B`(;VR?VM,!SI2A9\,"/4=`7PQJ/LI0'
MW`8F^`+`<("'2D@8'$ODP8-(64RL405A208HB(1>JI%B:+.@.+1+^@-^0""@
M=`84<):M_U@'2DB&(DF&<I"[/P@@**"%.7`!!Z@W#""#!9"#B$*4@5@"&-``
M+OB$/!"'"'`",\@`10198/"'"W"A?PBE1^@$8'`+/"B`(XBTQ#J'$J`%?W"$
MRHR/\TF';*C9/:J`'[`!%UO,3SN?1RF#4$N$Z>$4,8B$<."!#!`!(@@#-VB`
M&#"&5F@`0+B#2"B#=V@'`4@!E\$!$6`$+VB`%"@"`<`!1OB9"T@!LA6!(@""
M75`!*-B!$@`'%A"`"P""-]"$,MC;N274//"':L"&1+7%-(:/&N"!>()4G5P2
M]R*`A0R89\O$'=@!&,B#$[&J<CB-*ED2$R@@P2$`!TB"!>L!7O](`'\`KTYX
M$7(8!#N8)>@RC-9MW82$@`XP$<]1`-68@BI(N(2#A54.N1<4")-S2+[JB$HY
MP=F(8_IHX7OP`39`7F#]G9T;B!YX`-!R8=&*%$^34JSA!EZ`T%0X`V/ZT`K!
ME0F@341`"TJXAFQ>AW7HBH%-A@$H@`&H31])@V\``Q2;A`<XS"2('P:P`ZAZ
M$SBQ1SD()D4`VB&P@7NXAS@0$(LH@SSH!"O@+?)A`W\@@(U0A02P@K]28`@^
M``2X`AX`8?@`'P#XA43P`QOX@4KDGE[`A`\`@+14+(_X`$^`A`A,@BK0@CF8
M@SJH`C`H@"JXX11`A1/8A14(!&H(`0K_X(-N*(`2R`1N:(43@()`@`(+.($U
M*`)-N()#0(4.D`(XZ(`UB(1)^(4BV(40"`%K*`)&\(!=(((.H`$SK@$Y7E3>
MZP*`=F,Z""VS!DQ6((,$`($5H9)$-@%T&``$6`)+3>5,3`)](@`HT+H>09)K
M,(%KJ)"[02<$.+UG,P`)R"=Y1#%`]AT+S+%!,125IH,"<`)$N(9DH`4".-PF
MF$?#,(A""Q7$4`,K8($0O,%(^X<AJP#RF6T3_+1*^8"02(0]^%6`.4B5<@%[
M@,</!)ED[B3R6=`E`"\0"("=V!42B(`02042&``%2(MDH(3?/`J@*AU@@``+
M>X$=\`82.(7'_^@!!/@&"*A.+A#0*CB#*ZB#.7AF$G@01`@%2#"M;06E.*"%
M;Q!H22&?6O`'7LB('TB`C\&$76:H^=L#15"$1$`".DB%%]"#"O<!'[`"1\!P
M'^@"1S""1V"#)WJ%5Z@#@O,=08@"02`#7N"%*CBY1^"!(V`"!BD`2_"';W"<
M`L@#.L@"+5B"?,0'1TB'30@$FJ:`$P""$,""+.B&2#`%=Y"!$(B#$V`$%:"`
M*PB!5D!J:D`%1B`%0"@"K4X"1BB"(I"$$/"`-=B%&#@$0!B$$'B#4S@`MP[4
M<\@&,T"`3ECKMJ;S^."(?;#CTJF2WR0!WHR8@8.VC%FCC=F!+)"^8O]X`A.X
M,ITLW6N[A3Q@@$6O3L3;@=P]%.%I"=:M`FC"A@@XS2LHA'OR])V3J$XQO"38
M@B-HM2(2K8F,"\122YCSEDBQE`]0!1OP`1X@B07!AXCJ%$^.9WP89D?X``Z8
MC9`R;DXBGQ^`[%A(@$CH!$L8A`)"BP&8`'Z@7+`HPW+(;NVFW":D`RTPHQ2K
M@G(H@#6I`S"8@"K0`$[L1).@@YKR[&H0W%N(`!AHZ$(\@-C]8`"O`$7PARS`
M`T\X`OGD`I2:`@3`AE2@$FP@!S+0`$`C@"0@AV_("7)@C3>$PWK#SE?"@"AP
M9'GT\2J8ASF@@PX8A`(POTCPAF^8$(#]`W;_+``$H`-!P(!$L`(-BP@SB($4
M$`(!(`(O@`,!B($+*``9R(0HEP%:Z(9E6`%`N(!-L``B$(!%`((5"($+H(`"
MT``@*`(^4`$WP((O-X8@"($4H(`XCX,^OTP[MX$\KX8$8.NRIONXP#,RL(1D
M$/1RAQ"?A((%H.0"(``R05S4>^0DR'<(B8`_<)91^"YL&`0&"&"2'Y/JP1Z6
M,)0-@(`Y&(1KU)9O&`0RF`%H*W;L`6;@V6L)D/4$%:WS,4'YJ.@/N`>-UO!]
MZ(.1V(0`=8!/J(,IF(,H$/TE6()XAD]$:0T>P`0.BXAC]JUT<(0JL`F^^#Y^
M`(.PZ(1"B(0((+`R_TP%+[DZ[3:!6UF``F"`'>""..R!#8`"$!`$%UB"-O`'
M"."8$=@"@$C"(,F&/()XA8I0+$<Q$JD&`3#W;R+%BA//E2B@K4N%"A<S*)D`
MC,D("4D<S*@SA8X82ZD86HI$QD&!2PNP68H0*A04,A@D<.&B86B2%\$@"$)`
M($\;,)&P:0O5:4&GJ0.N#E@P:M2347\*%!@D[8&C?-QJM#,GT=2;$T&`8`FT
MZ5>2$XW09()W2,8D3A1P4#@1I@&?52I^'2`5"((W+G$T">!3A$\4%8SB*#[E
M9<4!BYX_@PXM>C3ITJ9)GT-C`T$G2@F`L4!S>C;MVI[99#6$8K>)WM4B3/_8
MN6#")7[>Z'QZH;Q'CR9))#S0T@:!F#9T!.%KXJ"'BR5:ZGR?,<,%>?)5SD<A
M`P$!E`6%$$R!`<,!/@8P&(AW\8F\>/'X>N2A@`)&L-)1.@?64$,Z[;233H)E
M<(/'!S8XHD<B:GPABS#(:#$''0@P)4<`@PP22QZQH"C&'!!`L$0=&Y#W"3X&
M**&'#0"D99N.$['#3CN.S#%(`@J$\LTWG20#1B>I!#?!*.L4@XA#\5SS1`Z]
MF9##`@%H\4(2&#0!@WAB5@%,.8-4088WJ<#PA9L2]&"'<TGL,(,=9(#`53%_
M+'`$/!Z!IM8YX`R`C2<)YF,#)$@P<$D>/<@'0P__*=E!0"P)I)&#(984D`4&
M5($0@4L[64)&$SN@VH2J3:AD*2UR>',5%#L=6955`\2JU34YH``%`75\X0@`
M"1I(D3KIG'/@@>?\<XZSY[#SK+/(4HN&LX)6D,$^"HQ003MX&#/`+;R488ZR
MRC*[H[KKLCM;:JLMX!HPF,C6KKTZ`E`%.6G<4@X*Q?@CX`0@*)``"(8\\40$
MU:1!RP;X./""<P]0S`4^SWWQP`Y%D5D'>%'`*-X&2Y`AAP*=D./""%M(H`$^
M2RR!3W\SW)>?"S,XH($2CW0!#BOW'+')`1UE4$,9$$J(21<^\'"$$@^<M$$=
M=F3!"P*NR)'U(&!Q'4DD_^2(@6('L;0Q1Q5U+`$!/@\<X8,J9218@UKWGL9.
M)A]$$4`!"EBRTTYI>*-`,B2@,$IOUT1Y"PCK5)-*(7EL0*<!+\Q\\WCDU>%$
M&IT@$@$9#XSP0%`.1&%`$G0ND446J1CBT`2=T#%T:&JUHT,AA?C@`QN5?&&`
M`U/P(X9X^#'@@'PO;*'$%Z2HT,0K3'RA4RI7`",''<``TT1)&X/9Q`M:"$)'
M&P'(<54D1!;Y3<'>T*(Z`MCG,4<=,_20A`8/?,&$'I@03;=%'6VK6^WXP!0L
M48XY<$`B_EL@`]?U+@3$ZS7T:B`%/Y.!$N@@$1BP`P+(<3)L0*$]G7`&ED9!
MB?\<W`(;#)"`!+ZP`PPXH`IY*,04\/&?%V"`3D%!51)4U8,JM*$0_,B!HPP`
MG1Z^0&9:J,*DAG>?*DR!`!IPVUF,)H,2@&,(]S"#(_RP#R0HHA(/P,`,('`G
M`GP(`70@`!K72(<\G,$56-L:U^J((A3E`0&EVYDC5'&6M)@C;A44#3N@(8$S
MG*$-"5#?3A3@CTX,`@4Y>,(Z##<*Q/W!$D5PP0Y,`H-/?`(6,X!%S<13!0X:
MK!B[R8$=OC""+W!A!QJ``!T@X)P=U"$+9%!`&\[@C6^\S@^`LHA:`)"/>^C!
M$HV1``9>4#,R..IF5=C!(UB0#P!D(%L=J0`\X)$!3.#_Q!\($,$!.$&%80$`
M$TQ3!!,J,0*4I`X89"#`%+3`BPWL@@D7^`$+5)&/,@!`%8XX@@1DIAP<)H$+
M^-L"1X;IF65)RUGJF.BR0',.`'*K`NGX@""@@`A!M,,B$U5'14A*&I,NBUK/
MJN@_1JJ.:8TT'1-!5[(&69MS4.$>P(B7)1!@`YG:-*C_4`,&--`R%Y`A$E)9
M4C%,\(1D)*`#IFKA`UX@-9C9H0W8B(\->V##B"FG":;C`E#P484HS$!T&DAB
M5U&"-I3,H`D24$,B\$$+#?03$S\P`AN.P+LD"&,&2["#(.9``&"`J`-M:$-U
MR"8&,:R1C9+-0]:T5@!R#"(`_P%H0QX(8,L1-((-1K`!..8FU-D@0;.T`$,A
MKM">!<`6!"<`P;\64HUJ("(2=N@D%\`D,P;@QP4;2`D!"K"`")"`$D[-`0E(
M,`%>V,$.#FB9';QA"9N0@Q=Y((>O/@".>_1!`DNX0`748@X(?<`31D@$,V#I
M@%!$PG+!1>H5Z/`%>12`!\-\%D6>58,?1.(;0S@`?XFI%@X`(,$E$,40B.8(
M'13X,]S`A!4JT</30<=-6_@!!QBDCFU6``WIB$,<*E`"*AP`'.#X10MD(`(2
M9U/$1-OF`>+@!05LH9P<A<(MI%$"`("X!0=H`8A-`8[1?'C(@-$!-4K@!VH,
M804I,/]%-H><@1:T``U8CD,+=%#B,@Q9!C+(!A5,>MK1G`,>.M@I)7KJ":">
MF33F-6UIS%$)YCC@)RYL0H?$0`8I>`\,!,"?Z`1RMB5403K8L,-_>@!6!T":
M/HYF#G/$V@2CMDP#&`"3,ZL`@RTHXA%&L((>'L$$%C8A)8(X;![$@,A85.>Q
MU5FL&!2[V#:X(I&=E2P!LJ"%);A`KDQ``@\@X0D6?```W#A`-D'<D3C/)@DD
M(E$A2."$6BT@#8.(@3]"@8T`\,(%.5S5JE#B@BK,@18#<`()#&>":UB2$H@X
MV`2,]`T".``!0U+`!/XP`844XPG&H$(V,V#P"AR@#!^X!RC_%+$%+A3E$^.I
MP@(*,%S@XN,%7U@"/SZ1`1TDX`?P($T[6$"+"=R#"G)62[;T@(=TH*$"#Q:-
M6K@QK`$Z`D-D;:$K>:`*/'`#Q,R601QVT0%K_&(-)W`#$%1P@DV,^0!2KP`Y
MA0P.&:1@%X78!"<P"`%+W,(../!`"TH0AQ+(0.H_1CL6W/`.0LXB`[N`@Q3,
M(`(WD*`;40@$'(*`AFP,`0<7``(;AD`-/Z0`"$2P0`,:T`53I``',A@YM$5S
MCFSH@`[?:#,"WESYT7"@#'B(B#DB'*A*1&S3^"O)Z6*XA'D0(`V%,(`'1E0`
M,IP-/&0(0"@"`-DL+$%&D'8TQ%[@_U7FV)`_+A`$[IO@I@>T<`L[>-D\/^1J
M.8`!D6<``_;!$+8[IDC6CV6L&/*0!SK8X04/4`,/?,`"9<,M;C4(\8(:1(7[
MBSC_</Z\:!PQB*\-`CG<!"UL%C`00!6@!'X,UA14`014@<0T`0S5@7']P1.8
MP"@T%9:<$"58"0F`P!^`P#?`EAAX0PC-RB6D0BJ00!J4@S.<0+-UQ`'8@!4@
M026\`L=<#BA]PA)T0@!L``,T0248P?OM`#^\P`'\0`*P@$.!1CN``P*D@C#U
ME[.`QH%40#\`@(S]@`[0'`<D2A=X0AC:@`_PCBN]PA9\P18P`3MMP4)=`"ND
M`!P(`!#(@/\?F`$<I(`DX$`KE``:#`$P!((+=(`@R(`!!,(N>,`B&(,QJ,`F
MU$$@+,,M:`$.G``CK,$:=,$J',`N>,$=Z,(*/,,DI`MH?%@<1,()T(`9],$)
MA$`#%`$.K``-4$$V2$$,P($D%`$-N$$(A``6+$(1O`$J!$(8G$`K6`#E\=]G
ME!P=A`(E0$'G[5\R3H0Y<,`1C,#*'($5O%\9,$C]M4.$J((G^,`C[($$;$R8
MS$`#PLP\3,$4S%,:Q(`!R($ET",=9`$"R`$Y\$,:I`$(@$`:_$$YW,(5.`$4
M%,&OP$`3U$=7P<`&G$<=T-,,2``:<H$!*"0$K,2)Q$(<R9'VR9'_',C1]\%:
M^0&#/8*,`ZS?/MU#"728`ED>%5X$3$JC121(.AR+@T"((TS!$FQ:,&C!%!C6
MA^2!/)%!4:J.(#A@%43@!@!#*"2#NY40EJP#)1B"*NV&XA0#;'U#`DQ`"(7"
M)5S"%21#!"0#"K29A-C`>CU-#XE)Y8P'S6R`/X@!$G1!"<Q-#1C`%23!`;"!
M-YR8G`'`%*2"!OS`VW!`S*6&LVU3"[0#(>!!.QA-82((-]B<*G0!)"3"%_Q.
M'@2`UP#@^?##&6B<FVR<&!1"5=R$&9P"('1`$0R!*5A#!U"`"E`#*E`#PJ6!
M%RQ"$`R`%[3""@B!)A0!/;2"-4Q"$02!_R0L0!W@0!$$`CV$@0>T@@"$P"X@
M9PB$XFBP`QJ8P@"LP!VL`12$@1#00P@(0`H$`HD=PAM8`!]T0P>$@"2$0!@4
M`2/L0B```2"$`!RX00N8V4Q.1#NH`@$THP(@P`^$%(!.(P?L@*3DD`1,`S.(
M@A4X0A<X@A'4X!><1!EI@1W\&GAX#-K4`3M.@1W001I8@@:<`3U:PE1,P!5<
M02KX8S+0Z$+D0`Y<`Y8X%3HH`#G0@0M0VBUUD@88`*38AU=!$3!H9!SUDAPD
M$DG2$P080/ZTGR=\0`F4`"?`0S9LTT4QH8+NB%HXB-'D`POH#N\8``PL013P
M0I-6%A@@@"`PG_\N"0(#3@T=#$`R_$$:C$,.K$,E59)46DEM<2`*_($'1D"B
M1@"1O"@_\,,57$(G9!(9J$%)^(Z86,Y;WLQ`',$/?,`C/-?09`!%U``&7($&
M'``7T(+LC`8UND`J\,)S5`(;_$`^M$-'Z-]BML,VX`%`Y8,1_`"%Z($:)$$4
MY(%2^0-Q7`)Q..JC7D$:D$`Q1$(/X$_&S(`BV4H"8`(]>``0#$`#8$$1`($7
MT$!^BL"5+0(U0$$WG``%",$S/`,]3$8(_,(S%($48$$G0$!S2H(*:,(*N$$'
M=,`S8"<6:((!D(:)':(*>``.^($D6``-6(,'6`.SK:<?T(`(!`(?&,/_!7A!
M"*R`-02""%1G$`B`?X+I3*D"0E""@3I"@@951(UB19R7Q4#:Q%",I5(.!/PD
M&3!?40J"%K!(B\",Q\S#'"#`('A4.22`TA()"*1@*B1J*M"HGM[HU>JH"?%)
M`$Q7R\!0?0P7/D2*#>'#!@B"D@XE,$`7,B3!%JC!/FSA$!1(MA1-@S#(W::#
M1EG+LZ7LNE"C0%F($IA$$^"''4R!(,P#+SQ6]W%?'I!!%AR6&.C-`/@#"(2"
M$]!6J-S"!8Z",UQ#CIH`)6#@0JS#KB`J"O!#!*0@572"MPT"`O!"7!D`#.7'
MS/3'!CCD$LR`$2D!$CS`%<S!@`U3#;Q`!'#!_P$L`1W`0[W07#MH0`2(00\8
M`!=\080J@A[X0+#>PSW8P`\@'@\(PP@D04K0`1TD0"=<001\X!^P;RJ`I;+"
MZ!4\*K06@S?T`'2\D@28;[8*``[`01'H@@4H0P@4P3VT0@CPP2\@'"IT0RM0
M`QA<P/^V`1L`@A04`3580"L401B@@@L(P`F,00P4P2X,01H$@2.T0B"HP"%@
M`))E`"M8P!IX0`/$`5]T`PYT`!]00XNM@!<(@!M0`Q<0AEU00!%0@#7(0`RO
M`0Z@;,JVPQ#P@@*T+`(X0C32#1ZP0/>J0H.$&!IXL7G=)&3F`]1@6LLH9#H2
MEIP";3L>KB!XS&#])/\=",D"7$$Q((PSK(,S5(,A(,*\3:W47@$()`,(W,(?
MH,`3%,.B?AM"1B`,M25_],=_T`P^3,(7A%8?[(,/F,$V)I!$R*SI]6V82L2!
MJ$.#&`T>"!0;D,3@UH<.S@`;1Q$B!2`Y>,/MO(<E',DEW,)6K`,_T!8E)(,*
MZBCG<N`H($(UF$`UE,.A&@(?_\$M>*`"@$$-?8GWX(>F;FJFEE$41%=T34$4
M1,$23$$$`,,(J`$;6($-?``>S$`$/,`!`,,2.)O^B9BRA-@73$``G(Y%BG/U
M@8@<T,+U7%\!Q,I5%$("%,-M03,)L.\?1,"R.H%[$#16%,(`#,(&M"'/?<'_
M7*G!'NP!$W`C`/S``:3#+YAT!7Q`%R30/YS7>;5#&50``/C`!\2!$7B`!6"9
M#AC`&OR!/;QT)C2`Y)G#`=RJ"%@``'``!R1L!;0`LB0+NE!+.F1#'%#!LKQ4
M1$4UM?RG@C[Q'$BQ`N2!#UAQNZB%A7'!&>I/%WP`!W0$[0#`A-`@$^R!"SG`
MN0TM!-3!SQ9E4<X!&=C!_'`!!)P!.0S`(O'#+8"N"1A"#EA2.;1.HA)#!$`J
M:BH3'4R!N&V,,]W'S4#R<$'RS22D!!R!(X##C&U3!IA7*-N4>4&FPJ5E(CR-
M!FA'*=7N<$41,+1!`10"-J3"YCBJ6`8`%-`O(NA#_V\D0SE,4I3\P3#W!F.O
M`PH80CGT,2*X;T2C`"VXP.F`24,*5Q6X)0Q@`-OPP`N=HYC@]7=XFF`2`%`D
M@0'8@0MLP1Q$P`O@P"`D08'`G&(6#18[@BC,P%:*00$,R;^I;M2Z;QT5P`#8
M\NT@=#500B&#P!4H0`',01+(@Q\T`!"\L-1-'<*5@2.P$&DF0C[0K7EMDSMD
M0B9LDP+-&<N=]A%\0R)T!`L0P#?\P0S4P$2LN(M[!)V%1CI<D$M^QCD,08EM
MM6J/1CJ`PRY10BCD`22,M6?XN)RUPQ9,LA%)P"OL@1H@`1OHP3X\`H9,Z2MM
M-`PTH#J>!T8RWQ34`0QH`/\3H+,J?,"$J$$=8$_Y*`!5^(,3#$`!Q``4#,()
MT$('T(`'S$$8"(*'VD%<J<IV!)=X[,<G!(/M1G(=\`(^0`(FW!R('9R((7E0
MM4-`_0`/*$(YXJ#MXL=],(`O5(%3I`$4)``])L`">&`R]",)%((W'(R[C4(\
M`*19=B!48@D)48)`HD`Y7,$`U%(3;``()`!5-=,CSTS&*8$1:/I+;T$/*(<1
MA0Y[(YI@SD'+V,_AO@`=1,`43$(`D((CL(`9_(`/&,$^]($7^-4+D$$LD$.N
M6T*]V=L$I&"!I^`$1$(!#/Q$#T`DD(C)#``M\$(3R`,.#,$OD!D5S&TVD)G%
M<VG_MM0`-SP"Q;C)"%C!+&9#NF1`WIJ7E_YX!9Q#-JG!`K!!-MT#`2S`'ZR"
MD+MD1\RL:*A#"P#`&D3$4\L411T($3""#!SYIS<A.!R#-C1Y'NC!EY+JMXSZ
M$3R"#>`!6AR(B)E735Y4!NS!#-A'$^Q<QIAC$IB5%@Q"'FB`*[D)!HBM?<B'
M),_`"TQD)3`!19X$`_!L]97D]5P/,(@!]Q'@+&,6.8"%U_BH%LQ`,$QZ[;XE
MI%?!!M3/%B"!']@`&%@"%_`MTE.0E[)V@@``"_Q`F(]`11H/X_='>8S)Z1`I
M&SS`D*3"'Q`)D7Q##B#"'^CI'T"2C@+,@/]!']]"!"3V_P5J8$-$`!3,`2ED
M-AU``0G,@:KHD%#TT+D]H`'LP`@PP1'H`22,@`&4L:8YDQ980AOP0AH0P*I@
M@.E@``%XCA14#1JUVJQWP@1,@#_TC9&$P@)80@+H!$`L^/;-7X0(5R[YZQ0J
M`1U!X6!P@57)BY$?2%@`X-#N7\=S'S^::V?N'TB0'3N:*Z-&@H0O6_8XRG0.
M)<IT-VOFU'D@0Z5O;&I4L$&@$X@7YDCJ5+H49;L#11@%D10&RP5P<[H4*6(&
M53>.3,&&%3N6;,=VX(Y9HO0MCYX*3&O4P/2B21(N(YCHP02@0M]V?]/%K7"@
MQ)8F&))(&#'B"Y<D!EXX:.+`P?\,?#.JU+'#:U`!SY\'M0$3@%P!;X6P)4@P
MH%!KU-@*#9`]V]L`;)8LJ<:=FW5KV06`:9D1+!@#XPQF0*C#2TP`V6SR<>M;
M`1RV06KZEM6^G7OWI>G\ELEGPTHB)0^28(`Q@_UPXB[8PVCR0`TD%G@(U.Z4
M:F$G2I<4""44!<I))AD2<ECGCQ,,,>$)?@)4``HHODGC%D0NJ<8$$]99YYHG
M1C&AFFINL60!"-[HP84JQ(CD#TM@>*&'&>DRH`E\`BAD!AAZ>"&)!X#<`;++
MVIO!!3L4:(,`$.;@$9\>B`0F`@1HB&0VV2(@04L2DA%H@2^_L2225,A!8(D1
M^K#"$3/_6-#A`SP`**.&=C(H`Y0R^BK#!SR02BHG<S;R<RFD5-G"I1&FV8(%
M0;W+H*=O>*@!C:&*:@(I[W)*1X8B!'#B$%28"(2",(I0(1`^4#'E+4Q9;36G
MLP319JVV5E4J+DQZH*R)'23@XH%*V/#A'E548>$'2/1`@HDM-(AL"4$(H$,,
M.0(PC9P\\A!#C#/.:(-;<B:X0MQQ+[$$BMUP2R`WU]CU[<H!O+D-77,MB8TV
MX(0+9H8ER,ACD$(4X(<$%')`X84Y@^I+!W_R,`(\5R&.F*F3<J+.#"/D44*"
M))I8KTCV&"!.OBW8<$25..-2!0QO$M!FG&0&+*:8;P14@`1$_W*@Y(EU<BA`
M@6122:.3+P52P!)_M$0AQ%%&<>:))TPHAI);4*C&F!=.<6&#/'PF01`'9@R[
M!P:JD`,;]AS0P(#*ZH!@B2K@^]@.2Q"@`P0R<J6,2`2F1,#*V0K)<LMD:$Z@
MS"B2D".51`"(BXILLD%#\IO2<30#-,K0(X,\K<@'+$`99:J='[XX]`LF/G#5
MT4H6B%0H.CI)P]+0_^P3+*<X)4:3,00((8;>45RAJZ\D+EZLZ=+Y8(H$JEE`
M#*"8$HD%!WATP(`D=N"X+@FV*-T`&%R88Y#2(HGD&Z+17R`&;[OEEOU!PAU7
MW`G.G3?=UF##!C;9O*FM-ME2,Z]SZ?\/&[.)Q!D(0``$G"$!$<!9#G)@"*CI
M8P<94$=-SF&$"/#"#!6@B?%`B*F^G`,-?4%*.S[@"3T<00E?X!@^B*.O]KC`
M!0SH@0$JL0\;E,`O<^H3`.91@-3XHQP34,`?*#&!`4$A&3FC1#4HD8-OB*$3
MR?C#!)RP@`$-*$!I^$.(3.",:D#P"5(SQ"B>P`OB0(`7D<A-.;"AA0TP`&SX
M(%(`)@",.BP!`FZK0QVJL(0-%`D?/E*$$5BP!'1HP`?]0$(EIL$%+B#@"G0`
M1@$"<`9=T&$.;3A!!Q!`@'EPP0L[G!,'YB`.)ERP)";Y8"L_P@%1C.0?'#`"
M'C['@;*<@Q7_^VC)%QC#AC+0KBQ]4<("]`"/2='!"6G`0)_ZU`[Q?(`\;%#$
M$1*1B$?PP`>>8$$^-/*7`U"C"`U80RL2T(!EA``(U@!$#*PA!&I0(83UU$DZ
M2@@`3$S!$LU[7@V4$LT/2``#&.!52URR!X5R`1]5@$`4HD"'_D6B-N=+WY<2
MP"TYR`$,KI"#*]H`/W[([PH3R(UJ]N>-`I"#%F+(`S`(0(9YN``?3;"I7239
MDB3,(0"1`,,4JM`$"50B$8I@``&:TYG/N/$2Y:C&-7*0A`/4RB-?X$<=\I$=
M>VYU+-.I`0!4T0L]J,%0D/%8D8)!PQD(E0E6R,AT^I*!?+#@`^&L_\`]EA$)
M*$0@!R10P`0,(9`)I6%@.7L")4#0AE#\X0]74,C0:&:T!%RA0T^(H"%0@"`Q
M%B-$*$A``0:@F@1,`!%.Z(0"O`$&8)"A#C[:@A(8L(0E[/&/;:LA'5^``0UP
M80=;4$06Q+&%$AR`)P<`!PL(<(4=T($.`"`N*X@;%SSQI"\'^(=(EB`."1`S
M)Q]IQS9HV0Y(`""7Q1P,&WX)3![0TCM]V00R*X`&3]#!'ZE(PDBD24TV5,)0
M&$"`B?*PA,/8Y5!*8((\C&"&>^C@`#)@A"H.8`I3R$`$0&"$*1@1!WAP=:L5
M*`$;EL4+YG7BGSH1"0!8X(A'5*)7:V-/$O^VT+TDK&<#2]!"'>A`48H.P*(7
MQ48>ZL:+8T0!&3`PP`ZTEAD[+#D*=3G=$?3@@Q^PR4WYP`,5'%6#,I0A`_"H
M`#S`7`9NC-D'$M`#'LH`Y@-H&<4\^,(+,#.%.2AP6I$H1!.<2]621&$!PG"4
MGCD<:)24(,6$&,8T-B8C!K@@AC!P=#!@X(`'',$*>RD#%>#:%VA<H'2O8`(;
M+**#/@QB`5<8Z0*.V`E_3&@")"B&!*]A`A04(`&W`%HGOF$T<TV(0NM`XV&K
M40R<H1%H\3!!/'@#0!0L@']`+@0Y$",!);Q`1A#H`?<,<&0)[*`)/9A!'8!*
M%[ZY8`_#J`42%*'_T#Q<80D%<$&FT]&GS6VN`AE(R0LB,`/N8O`<[>C'5\SA
M`_**K@QE`<\Y\,!BQ3#&$<3C3E_V@$QESG<"J<``-3&F!&[#H`Z"F$,JUO&$
M`DP!;+EJ`K6;H($=<(%[S)!''WP@@#;IX!Y=N,<0#M"".,2!E8)62CL`0,TN
M?.`OYIC.4LY1`55TVP$$&'$;)-"%^P!@KH[@0;I=6)DJ:"$*=7#`2[K7L?6X
M``)<)T`D/#.(GH:&`-)PP7P^;0$VJ2(??W$X62@&2Y2X\I4ZR3M*1`)T`.!A
M"/<P@R.&`&CP9$`.A?C"OGW>G:17X%)EN$D[.(`'3/@`Q(9*P@L<#3+D_QBI
M"I]X`1?4X`,6<$!0>=<R$V:$#\D80`,/^`("_CJ!2USB&ZFXF1)_]FI*.&,4
M.0A%`*@&`A"D(@(3T*("H/\-2ES#$#)#P?6+88)K-)\?R:!$!#HQM`1X8P)_
MF`TY9J`!Q)S<`;G5[1>4H(08&PH"=,`6D+7PI#-$8`,(38(+%&`.SH`?@F$`
M8.`>-"(=[*X=-,\1C$`/U*0+,$$5DJ`3>`$`XJ1/;D(=U*$=`*HC!J,/IH,#
MK```BN[HFD*7!D4DU`$G3@@3#,4E'D`)%H4D+@\#RZ#HX$(=MF`!$,D'F``8
M^$$<ZH`97D$#'(T!8*`*R*`)4^%#R('D>(1&(O\#;&1$MQZ@5PX%)LK*$>;$
M[B!OJP!@#W;`]D:`#6P`3[3JNJ#)'#*`!3KFJ+"A&DAL!EQB"T9``FP$!C9`
M.;3@QB!@CFRO>R0`SF:``9J`"_9`$7C`$7Q`ZMZD!'ZA!'8N#EJ`N.C-[M@P
M\LCB4BXETP`MOCX`"F@A$<*0$\VK`OXB\U3!$_;!/!JCVY`#!I!#"4>/`5[@
M"Q+!$3Z``Q#FNL"B!KA!#>P(!O#!&'GD!:K`&SI!]YKO"IC&$*KA"F"-:49A
M'=*@#2:@&)(!!+0$!"*`'RX!BQ:@02RK^LH!$6[!&9)H'"_A"I;O$IP@:"ZA
M&$)AHL@!`@ALVR"#,GK_Q`!8#DAZ0!#H``&`K`H`4@XF8`,Z!CZR(!7H0`XN
MH0Z@H`JD#<H@T1.88`0>@`N&!#/(``'"!`SF(`F.0/7R04X4\`/_X;Q&4.`P
MCP/B*]Z2XB]$YX2^:J[NP08P`0D0BC&8H.[L+A_4@`F8P`8NQ<3,84Y&H!-V
M@#$>P`7`@!;JPMO@ACT@(`O(8`I"H5RT8`0400D<X^2.<6R2T0`D(`LE8`;D
M0`S>3@.2H!+TX`<RPB8%+>\`@`MJ1`)>8034P`IP[E)6<?#R@9I\@2YX80X[
MH0U@``^Y@`$T8PINS`5ZH`F.C+<@``$TP"5*)PF20`-^("7G)##*`,54;!C4
M_Z`6'.$&*@"?1J@%TP$516B$\$DG6K,+\L@(9--5D((5AL`,?.#J-*;&-`"8
M)$`#NHT6CZ,',&`$D,!D&D<#XT(L5$$12H<+X-*F:B\/\R#W^"$"%H`$BL\9
M_J`:GL`\G^`:G`$1!L$2BJ$<F`\$JL80$`%HLN0)G":"B@$%;J$8<H#\_.$*
M#J+Y+"$4.N$*K,CYQH\6UJHN?*4S_=&.<BLQFJ4RN4<"`L`?M$"M9N`A"4`B
MHR`4JL#]N.`EY,_VOJ`C,<`!7*`.$*`]+^$/O@$,VH`7/H$+F*`1,P(E!N,O
M]\$(?``)K(`0D$`>V,`/;(#U.D))/>(C4`*L?H`'CO^@$KY``QQ@#A!@"A*#
M,[_@"+Z)&VK`!KKG"QQ!)`*J'53A!UZ@$X2*`<@@$HC@#/IH."0C/>QTJ![A
M`W(04`H3$QQAA;X@VK[`A6QD`Q!@`;!!$*K@$&,$(+]`%4YQ*>*"&X*.KL#T
M"P$/*9(.#?[BJ[[@Y*AM2Q]@"]2`#=@@$?CK.GV%"[IM!@B@$*K!"=I@!@@1
M,J?`#NI@`X`I"7H`%I"!15*A"DS.H-)2"10A$2SB6)2E>W9@11F@$EAR-P-M
M,([@$LB`!:25*<"C`@`@2K7)"!SA!XY%.!\@>QJR"F@A`&J*]KC`*AG``,[P
M!\"!O<(B+F(3FMK!!F3$R0S_90>`J3$V8`":<0+\80&<`$30Z*D.*P>@R!`L
M81!NX19((`WB$P7PDQ+V\XFN(8IDIAP&9@X&8`%T+Q3`H`JR<`9X"@7^(+/X
M@Q=R!3%TB^4Z<S(D`PM+QP5.;P=(;08>X^1<H`T,H`TJDBIW0`,VLVA[@`P&
M``R68`8J$P.R;0-XH1#XH1.P(:3D@`"F``)@(`E.!Q(^8$[PH'NZ!RXYDR,G
MPP;:(=Z&R2P&`TH?00WR,`D<@`$VP*'`H!#:8`G04F83Y2748`\&=01N"67*
MH`1TP`ST0!$V<@?LH!/J@"VA($1N00R`H0UJ%`(<(#$8`Z&0E0T>*?[V8`1V
M8`8V_R#_2,_:>B`SOZ$0IF"00&9'8(`%[DX[T@$`F&!01U4-'L$1[F,CRN`#
M4DP/0,$*(,$(C(`'/!)J[:)H3VX&IN!%M:`N=F#E]!`R[8`.8-4?SL`%!I4+
M7$`+ID`R'2#&5$0^#``?ZJ!G;<HRKP>A5A28MN`!,`!*E%`)"BY;I_4`7L`)
M9L!S]-<V^\(&;`H#2C0+A:1N2>]N%Q5=U?4P3J[K9J`+3+`O:#(L<+(TA=<&
M@O,(4E0"#L,!Z*``1A3TEJ`-_FH!+$$!>F\4BL$90FX4-C:"4.`*Q.`*TJ`;
M*=8@Y),2T`@%,F2,BD%B22`5&``?V@@!J@`Q:N\5JG0_SO_@&R[$#K[`1M(#
M`VI$9FTO+9'3`>R@`.;`,KPA%#8`+6%B!)1@!#:`P`:U64:O"@[5&WA!$,9W
M"K9RR0I@(1W@,N;(T;J6P/;@$2Y"<$N7%@:A"AP`:M7&`!)!36R@+MLA'[I`
M%)9E5R\C;E:D#AH/#`")P%!T+2%@K>QB4%^+"2IA$Q@C13\O:1<`&.Q`#BQA
M0_Y`#.R/#H*J)7@K"E`#`00!90O@"4#`HCIA8,IA`%9KMAQM"7@A`,@`>]2C
M/1R-=C%%&"6@_>J4>[:@$H[@"-2`2AT@')#A5ZL@,VKKCV;K#Z.@7Q3@"0K!
M#KQV4*N8XZ+@5:MA`LX``40C`"#_H"ZV`%7Q<.5VP0P)\86.$63"5PYN80Y>
M8#,'M5>:0`GXA"3^+H`C!CQX00$T@!LH&IK^(0-*X!YX0`;5S]O@8T5HZ*1-
MUX&?]N3J0`L<``\$8PUS20_88$J_H%GW6`-&H'L46`P*H0X<33F4UA\80@&^
MI!@0Y&FL\3P-@00:CPZ0BASBI4`G@+`6TPZFP..B!0%HN5P_;S(<K:9J!`%0
M`!B2P`[$($=K>@0>`WM<`H3I@*&;@#V^F`R4L!`L83Z`B3&X8`DMLV@1:MN2
M`!^`80$B80X$@8[M6!"R0'RN@!?LH+')P`[Z"`)J*)$]TS,-P&[K@#2JP(;J
MJ/U2SE_5_P`)S&,:?`&F=@6!.P9MDF`&(/L%YB@@%X,CSQH!Y(`<;`,?""H*
M5A@*%``!/``7IV`!@DH+#M4?O,$.Z*)$-QM\(*`-]K,0Y`#'L&$4_H!HG.`6
MR@$%C!FH&&`$CL`(;`!.*-58>(`)N&T+Z@Y3U($;'B!O$MDQ((`!)"!1T*.A
MQ'?)ENQ6L=H.(`J=^\42G@`;IJ`XX=D`OFV>!R`'[/D;KN$:JD%15.@(]F!C
MJN"2!H$.[.`P'C311B]\`Z`:Z(`RGX1Z'V`$]@#*?+<$5)"B)68P"J`0H)7#
M+H5RO*H&\(`'BO((V.`1+'QC6KM(7.`3DFP#-L`%2&$2MJ`1*O^!"?8!"<BP
M">H`&7:@;;4#4+[`%X(A',QYME(.H22I"GBAD!CZ"P@`^D+A&TQK`D"@'"(6
M8:^1$KP[$A!@<VWO`28!`DZA:7%9_?:8+A"C1.'Y.&UDCV<$`DHJ<NFH]EXK
M1;W'V^I@`1+C>PV@L^M@;1(`&PH)!@)@R;"E"M0FLSV3T-F:`/2Q"5Q@":)`
M$([A&.9`#B*``.R`#.8@"\97$,@@L;-:$#9`]HRDQDB#:Z&D!XRQV$L.,0X*
MW&XHD4\N+GT`YV(RZ/Q4_O#P`68@#Q;@0A"A/LF@QCI`9PXK!@;A5HE"$!A`
M=S7`VQS@H%Y`"3&C#5``$;RA#7`L`4;_@030YV;HW0[,3!6P7"DXH#29U#MN
M]PN.D4<.([FPH0=XY5]W0!FQ^E;K^%:C`*NY+@OR@,`3H"2!Q`S5X)KLH,$O
M`0RP(16P@0#0U@X((`]H@1P&MA#R@``.L4[A^5---PI&G`XLPXZ>!-$/0^62
M0!9Z`<:+!PU80`$"(%)L'"GB(F$J0,O@T(!3%#LK(\G:XVY=`!F$01''VP;`
M@;HR8*HRH`;R`1.^:4^W0\N%(1QNK`Z:`>X+V*:NQS@?HPP?P``"(!528?>4
MR,VKP8LNZ]40P1_D8!!TJ@F"X02NH+6V!T55F2Q?]GH"$D@(ZD:D>U9Q40:Q
M$P/P00F/$0(Z_^'T$"I%]P`3\,`35L..YB`"E*0-R(``YB#EZL(`B!5%*\&M
M1*`$P.$>K"X1]H`79IT!:ETKL9JQFS"Q?]W;[M9%:8$,(LH."@E*["ALPKHR
M1W5,979C#,`1XF3+X`3%-C(/,4`+SJ`3NKW;_X`7`JD-Q)T2L*$`)GL)`J`N
MZM=T\\`;:$$+7AL@N(S8DN2%BP(+\F1I8J!)%@9,Y%WP8^5"GQ\`RK3[9\[<
MOX\@07;TZ#&DR9,GT]5P=&1$P29-Z$1($,R`!@U<)'P9\47#BRIV[$09JJ4*
M#`Q<E%3Z4F<`F"E))$AX\*"2HP]X7`S(<>G,$BX_CQ'(4R"2V0*=)O],2)"'
MP(P>3:)2?2#!@`,',\08`N:B!SY\#GH('MR#P2<71E`J7LRXL>/'BBOX\(?@
M1PW(F$UV!*#*A@\];!JI8;+G`88J#)HP@/L"AHO7,V(S,+"'C0],&6NTJU`A
M`^_?Z8*WRY`!36:1')CYJK)D"835OB0D>:E!>H\I!29$FO+B`3Y+J=)<^1;J
MVY-DW](@,D0"1*H((,!X,_`E29,9M"(LZ0%#,(8D7#PP4'TO#/:7;`[$%2`7
M#D30B0%3^00#8`Z\8,`..W"11!LW9:B3!",H`8D5"A3P0A-+8$.'('0L44`H
M>OR0R!8:[B`5%QI,)X$2BO3SPST?E,`-/A'_S/`!)HZ`=L06.Z@&@1U3;#`#
M#!MH,84@O(BA11O)*.""3PR$B4\/=R48E50:X$/``@'8@<^)KS##1"5T5L*$
M$@)*Y\"6"Y!`PA^I=$+&!@Q,L4`GG2R`P!SX]$6&'554L<$&5>3AC1QV8-`$
M3R-DF44$EC"0Q`@C[+%#$CO80`45\*Q*13KM7-;1<;2&U`X`'^#`11.\7)+`
M#`9,-UUU._$D`1*.F*'L/4,`X%LZYU1`!3@_J/'`3L4JP88=`QAR"1B"U!'%
M''300=99D2`:"BU:P'`M74DX@`\&&C#!PA`?W-,(&X\P`9:\#/R%#PRNQ998
MK0@G?!P53%PBB"H;_WWTFSGMF!-M!8[Q!NM(M[)@Q1%,/)`$#':T,<``A:"<
M0`+`U%'%#"\X`$-L/1BP21]=Y,.!Q>><@UG//B/\P0\\&/$C"_F4P0(;+MW5
MPPP;9)'`'Z&($45_4Q`0!0003!')-1,HD$HR*#Q!"0I__!%)(70D49T$#&21
MH%\G-H'!?S9.M4-#,<_@@I0!)W&M!+2@0(`$7#1DMZ:!G8AJ3E)%+M477S2Q
M0"1MY(%`N03P,L>+-O`&@`Z.\*`$%Z<V429#U85X!!=BX,/"!QKMUML!)>B@
MQ$WWV6&`I#-$\4(>R83B9FPNU$%&$SN\:U]A,TQ!"R()T!%44%K4L0$^!O]P
M03GE&C:Q01V"J`!!NR,\X@@+`)3@?@D''`"`#0:0H3W4DHI!#C#X4"Y!\W58
ME"$FL+498*!R#)C!#SC0CG:D`PUH@-5E%(8PBK7#!TS00@+($1>WW418D`.1
M&OK@`QNH(B._^0T\RN`)!]1A!_XS``SFX`U#\$,.]AL7'8"1!W*00PX(R((=
M8,`%#(B*)UL061-><)-$E.$W!R!.#;CQ`4?T2P)-&`P,&.`"/5#PBV`\2096
MT0D7`"`=('E@!3B@D=]DC#<<X`S1F/"*7?6@"EE#0`$4P$<H^-$2+=/>"S#P
M`"98`3<3FU48,=-`VV6@@1Q3Q0/X$RDR8(,$"FC_PQ3>`I?F?<$!9``&';QQ
M"1"`H!B4&,43BK$`J_GE+_1:4!+NICB8Q,P!L9R*AKHGE;WA8PER`($_@&4`
M3=U-=8*9D)G>]H#P_807_O"&/Z"`C4)8LQ!$\(8"[E&!=&@L'7A(Q-X*]$J"
MA8E@#IB.][:@!A[XP!,LP`,>]*`$GN`(!DR0C@1<@`$Q4*T.=@L0Y;90EZ?%
MYJ!3"``BV#:%*5S/#D6I@@M@)A?4_4]Y=:B##<K`T3)P9G8'X$T9/L"%HJP&
M0O&:I1VJHR/*&>`,WHA"<R2U@71^00V)L`TF/L`-W2A2,3\%XZPZP@%PL$`'
M+'!$(K[`!=1]T#YVN]!4_Y@QC$20\!XL8($-'-&/8?1$AAM80AVT0(`:7@&'
M0YD#`<)5!P>\30,H&D0G>,$`"P%H<@]0@A%*4(&+\08-%=!-#0"0U$=40@)J
M,,('%LE8"E*!!I9(0@W0*#$=\$`>:K#-$%C!F(X<X!X^8(,:IE$7@3$`!GCD
M!3#($8K60L$2L&W9#"3``T_@X8D1="-'&OL8=?BV`A&T8,7^40,U&"!F[$Q"
MYP11A8$)ID`,0(`WN&B)'/R!'YTH1C76\80T(,`%?TE@`F'@`)O,A2Z(2T(M
MHT(JIJIN9K&I@QPN@0(Z:."8=\-`F0PTH4'F#77X((-V)@"%!%RS$-Z(Q#9S
M&_]!=;2C##*JW%WP<4XQG;8'M[R;X/9`U2T,B'*HJ@(".I>7/R@`!@/9PA?J
M`M^#NG@*<HC`(+*@A8?:P664BE0/.@2Y*/!""Y_00Y(240O23&,+[&2#$1P!
MB1X$I0X]$-`()%"'"``4;SF)%Z0BQ1P(1.I+DIM&;;H`@(B)9"04*PEO/P(T
MCI@##UU@FH9R!),ZRPPNJ)H*J9`\$`:]1J)0XT4D#!&!`$PA-0`:P0/NVYJ#
MVH$<3B```\I4H1<4:$(_Z"9(VGR2-*MYS:!VS#DR,(`",($W;$Z'#X117D^J
MX1%=4`4WRE"#,E#1!E9(A!*86I"!F3-,4)L"+^@0BTC_D",`L:!#%JI0"1^H
MH@QJYG2HP\B!?.QT(QUY\`<\08@TX2,V>8C$E.I0EB4T`0&6B$`(M#$(!WP!
M`_PY:`+'1#>&K'//_QN<`;X]@P2Z(`IR2,,MM%$S6>0U$480Q0.$(1B9G99@
MY(V+C6;`#W)8(F7>.%FI"P$%3.BF-[[1M#DX0+H^'!8#+_@+P=YDZ25&90=P
MK0(P$(`!/2>!K)MSRQSDL(05VV=FP4#>0?\2%]4)CBX^F4$5LE>')7"Y9C%C
M2-[J,X,Z$&"48F@+`0H0`%YLZ@O7@L$@"H"!5U#N!8/@9YUAT@,(+`$?=:"#
MRYSSL@`]``9R`$-;%-(7`XQ`_PU(X`$2$C%X-1P!$]/6S&9LD`@]U>V]*^\W
M/F#RGV%-)7(!FH(WBI$*6FQ@RKU.H(MC\^A.$*`_@2'37<+$@$Q3-O&P5]@Y
M=-!*(Z#Z'^=0-2S&5*8\?V$+E5"#&BI!4/OP6_1;%"\^ZI6(0^+A`*N*8F!I
M#<G8-S;;(PE)FLNP!PI/%`'BIG`RQV1I#0Q"`0Q87X15,[,M3NBY.@$]/@(@
MARHH"'%-:L(>]*"'+0`#$3W0!3J`![K10(3%`T\S,`^7?/V!(A&``!#`0WF0
M!W0P!V0P`%"`#R-P!.N#!\21`;,R,7'$`C^P!Q!7)N7W`L,&##&6"IN$2SJQ
M8J@#/O\8T&)^$QN?('D:X#^4HV@/H#KT1F$0,`#D$#!]41""07X7D@00(`:6
MD``3X`T%0`=:8&X2T!H"\@`O$`"%T`0=H@&3E#R3!Q._I`6TD`"A,`=VX&42
MU02%``-#6`@%D!T1$`$H8`*C$`&A``SV0W0&<`2?-FW#)5A+4T1V-B'FU!^W
M9&E1MW:KX0)T0(1\X0"B)QNC-P-V,`C?,`<85B8"<U"N9WVB2"OG8`570`">
MH&FXIVJ$X1<U]SW-E$65*&_G!`,O\`5(\`/Y4`,U`%QHT`XW4`.N$AQH%%2C
MJ#`E,5PGT4"88`2#QP."YP.-)R\K-S`!=@D$X'='8`4VX!G_BK`#@7%_$H`4
M8(<!,U``Y%`',_`7"8(W(\`$2*`'1P`"@Q!2%>!;Z@!!%5`&$%`("6`',@-Q
MB6@'#RASFH,`HD0`A:``@A`%V8,,/2`!3+`/)?%`KU=K1^!K`H-A:;)#+!@!
M_/""-1-_*F9$4'.)GR`P9F(`#%`(6A!+#P!SLQ0L2Y@A\7)0[^<7<,$\!A!W
M>/8_\+8!8!``HO)RZ@43J)($9$`';E%GOV0'M``%"L`+@B!Y?@$"+C"$I18)
MEU"'=V@"Y4`"!2`&O.`"1O$"BA"(HV@.2E,Z(2.+_=9?EH:"#%%GYS0N"(`I
M!M5O+N8"#+`#:K`//O`#.G`/<S2._P4R)4W@"&IYC([9:>:P"1'0#*I0`P[6
M0#7``FH`5UX((M+1!!0F7OU6B80B#!)P!,ZV,R$A;=+VF*ZI?1QP#WVP"4G`
M'P0S`Y?0!A`P>=51&T8`"4P00S-`!VE`!B_P./=19RDW)LIT(O\1"230!&S0
M@=R`F650!]IP"PA@`T90"3*DDQO`!Q%`!QM`!P@P@9I#!]@`!<`@2KS`"P1P
MGG9P`-XT68)%6$BB!DVP1?BP`>`5+P@0H/D1DBY0(1+W(?>A/0ED%/2B$\U$
M9_B@!?Z0!?T!&$WP+CGA/Z"Y14LP!6U@!UDT,`FR1!B`(7H#FDH'`;00`#!@
M`"Z:!/@`)?\]`',&P")N@0]1("53<`8!<'&0@@%_X1?B$"EM(`9B0`L+P`\1
M4`PF`):W,)9S`#5U!8BOV1$2U`[<@`>>P08A<Y0GDGJ/IQJGA9=Z>5`3E1I;
MP`.RUHN]\1NZ40;6Y@.0@`GY4#&-^9K'F&W&X`^PP%,>A0=#\S%[X'/[>8FB
M-U$MN@6Y^`&3U4"[A:>0^A@>\1MPA@25@P^%@`U3@'I-`"(JUA.-4@5UD`<D
MP`L44EYQ`5?5V'!)>!U_@`U2]XY(4$*JH`7?0`)T\`$J`0!',`6#,@,=D`ID
M(!4.4`518`<;@';D`*1+0`9C(09M$`7V6&L?D&M*0!"[PGHN,`7_69`%@B`(
M$RAW#34E8R)UB,,+WN`-Y%`%=#`(<[`!=F.BWT,J7&!N2^1<FO)H(*H@&+(K
M+I`'=9!>*'<B)V(32S`#L\1V#-`&M#`OQ90$#"`(4Q`%7_(`6?,0$7NP7^`)
M-M`%S0(`>-`9+!$`\.A.-N`)C_`%+K!U*[,`8(``FS0##B`!C'FGUL>+DQ4<
M.,L-N(()GI`D;)`(P<F9^TDP=C`'>7D\_88!3``)LE8[N)5[O(&/N@$KL6*,
MD>J8T``)!"`'OJ`$:J`(P^=ATO$"LVBH+\`%B>4)?@I<Y^!@$Y2U<LL8;FJ`
MS;@!$T``;C4X#.!U;U-$,X``?\`+_4$F_V0R,.O(`XJP!7"E>CI9""2@!9UH
M)EQ`$&0@!\AP#V40'#Q`"W\P`%(@""[X`$CV!042,PD4+&_E`!#0`W[0L3[`
M`TL!L3U0"*8Z,XV2!70`!I&P`.6P#JF0!3$S)J?5:O]#`"A##@Z@GG307(,Q
MHBH7&ZBR-T`X`V3@#8*0?!0&,S`T.60[ETM4&&U``%US=5.P=`RP8I$#HP6A
M!"64)$=@*L\A`5;`#:ZBCYB).P<0*XW*BP#@"4Q0@^-%7O^Q!S\`;7/[&!50
M`BP06K3I%W60!<``+LRC!E>AC`F<P8SA45M@0`+R/2X5)L$0#!`G;Q>J"#[`
M/D'5FAK<PBBA&__S5`!V@",&\#2?$PZG=9PKU@1M<)R:<DOR`C.T`Z=(P@9*
M(`$:,`E9@`@%0%Y)R(YV`R!?H`1(D&MR<`N6$`Y9D`IT8`F1L!!.<Q=O$:1Q
M,:\\0;UFRUP*<'HEK+ORL0#%,`H@(`@ZZ0)"H3T]X#;(.P"#$!4RM(X"DW(P
M(%9+20=1\!98UI.&9HT5,GGQYZ)+]!KXT%R@R0!GP`MX-,%@``8%(`=CT08(
MH`5O$1<0(@%;8!M!@E2J"30LS!@'H`-&,`+[V7!Q(0&5H`>8`&UHYL*XET*V
M(`,LH`'@%PFTH$"U@\&\[,(4HPC@PX1VX`*"4QT[\&T3-0.P(`RRL`G_;-`%
MX``/Q0%!R)A]BX&UR;Q(L=(/PF``8Y"#L;$!<Q`)=9!`,+@%)@C-&F"BZ147
M-I`/`#!K_%L#^6(%!0`"YD9.K;A$YKIB?W,?>1`%_/`$5[`!*.<7J*63CF,L
M!:%TDI)`@K`$"C`'R9=`2RD?G7"'<ZR35:!:;3`(A:`6!=`&%4AY=.:4?@$!
M$2Q*.1HI7A8F3H</4G$M(Y`A.<$%K;N.?C/(T]$#+B`&<P`!@H``9W`&<G!-
M3#H*G?"$P.`Y2X``=F`A;*!;"N.FC!<OB@@38'C+]\!`-ANI*<0;!Y`-NU``
M*$"/3=!3[:`.Y5S.;#DRKE$%8N`-;J$%4`"P_RN7!'O@!1;`"'%`!;]0`ME`
M!27`"6@0-,0H;143'%8*+?_0#BS0$;D7'$!CI2QPUWCJ6\1XVI7]V:>-C\3(
MVL&!UVZFVCV3#AIA!/BP!WM)>G)@S5-RG!F2!QT@,!%7>38"MO$("5T03\11
M`8J`"'0`"6J@(<,R2RD'-75@!UF0!X/0!C`@%R\P!TSP`Y[P&6H@`9.'*E2A
M)Y8H*2ZP1><K!Y(;&']1!UG2NR@P"FE`QW]1!4A+"RV=`^O`#_:*%[V=!%\P
MG7J@:S4X#P1``%KP-\R147;`E!!`.8N&`<#P#9:0!T<:"9([&[-J`VQ0%^!5
MK$C;!G*`,H60`WBX`/\*,-@$,`=U0`M1Z@"/H#%?U$WGP+\LD`C'!1-WP42O
ML`5'@!%YG4;9\`7D@`C)T&YE<.1YS98:P!_^V0;>`-*"4&B"L`6/8`8E$`<T
ML`8TP`9OL`9%T`@N$`)P8`$5<`#@``1#X#X'``\B(`(`(`F,P`@B8`JFP`C4
M\`L5$`=%P`BF``1`4.?@\`O@P`@EP`@A0`7WZ)H5(`(J$`-=$`<-X`$"T``A
M$``"\`OP<`!Q$`<'(`.B7@.CS@0-P`VD'@<R0.J\$08Z0`6B+@*MT@(94`9&
M\`5\4`GM;0"*X`BJ@`?6Y@A)X#E38``(H`NA&7%+%'7.>3<[&"+#-P)B4P?_
M=IP%\0FM<D`+WAX`X$X."C`>RT8F=E6Y3)`(CS`CE`-O9QL;7.8WL/$"ILQ4
M-P%OQJI:V9MZ+C`'+-C2U0`V$%!G4&.+EN9W;/`#LE8"^6(&+)$$R:..S(,3
M,/HR,W`&[E$`@S``WU`%X8W`F_T!7>`#1A"T1P`R([`!EL+BH_`-+]X6/T8+
M65!3/!!J;*D*2#!)YJXC.H$$'[#6<YL.23X(B/`'3@[E>ET&$,M%*A\)<Q`W
MA:8%`,"F%5`$])`"U+`&$/`,IQ`"`J`)'I`-&4`&<``(@0`(;Q`$<$`$7I`+
MDJ`))W`";P`'(8`#Z7``12``:P`''O`,;M``13`)_W1O`2&0#2T`V\=X#IQ@
M#'?0`(P@`QZP"#C0`8VP"G?`*GYP""JP"W,0!+\@!7>``ZUP!RE@#5*``W<@
M!4,01470`(V@`FYP`2D`!)L@`'=@#"D@"2GP"+CA0+Z_&Y7PGF1@`*(D"[;$
M>XK(B$DX(2)6`"20``50#@G0!F<`!E(-[MB?_7L4`9O87$XS2!_R$S82DPVQ
MEZS7@/_A5!`+`5G0R54@U#>A`<5D-_<A",#`A1,`X/Y@?S`!$#-<P'CAP,&+
M)C,P<%'"QH<-'>#`L>`AX<&(!TVJ+%E29<.,&0%`1!@T:$"H2F7:F?O7TMQ*
M<^;2H:F0H0*:.$`$J'FP:__$%&]0`FA0,\<.##4V6BYEVM3ITZ<QT^'QI(9+
M$P-))'SAJ@@`2ZAAGYXC>^Y?V9;JQ+9D]T_=6[4MTZ4[ER[;B$&W_@QR4$;N
M6L"!!0\F7-BPRW8_D"C9HV;$#GF/JBQ`D`1`C0HW-?%I1>%9"$`4!G7;%2A.
MACQC-@L@$B)$JS6+&+TQIJ-5$4"[TATHDH+8B5(KBAS2!`4WEA`96L0]W+SE
M.4YP:$C:\BS,"1RM&%DX<0#-FR*G0A=1H>(9GQ!>4J#"0L3:FA<'6A3!`2<(
MG!4=+A1QO\9:"&IJ:*<===JI8:YT*F#B&*.^Z,.&#UBPH0L?]#A"B0>2:&+#
M%PK_<@"?)?+PYA8%SK@D%3G.:*,-.0)PD987:9$Q@504F,(%?'KHX2"$>IB!
MEP*T@*$)#)+800()N.`BR:TDT,B..0B@8THZQ`@%FWE>,&"')25P8`Y>9DB"
MBR0<@(".`!)0((`9-DQHH`X+@B!%03"8YI5IMJADDQ&X,,`!&$"JHXXE(*@"
MGR]<H&40.ZH0!`%(!'1JI7\RJR#!F]"@*8,,N%$B`!02,*(,57[PA!MNG`,L
M)K?2,?`#1]1`\HLM:,6C'><LS82*.+J!)Y,,J."T)E8MQ=2F`]AQ1YT*6C"6
M5W@RVR2O/\@QX(!V6LC&+%6[]?;;;U]B=:DA?M#AJZ7._Q$`B##>D`0'X4*P
M0`IC#CB@`RPF\:"!UH(00`#9-#$@CAAP$*"!"F3HK14!<&`$-`'@,%@`2>+`
M%=S"S@$B!!PL(.($28@)(X8&V*#!.WI.P8&&;M:0Q)@W@CCAWT!D6.24-RP0
M(8[>`*%G$@%:\8""FR=)(01.PJK@@Q_\V&<(M):*J1T`/KC'D7T4V4(##(2I
M0@QORH%"C$A0&"`/8`B8`\P"$K`#GQFJV,$(,4@8Y(<YL!G!,1WQ86`#.B+1
M(D=\##*HB20T6/(+"?#1@@PPLR"CCAE@8,"!2?"IH@Y!>,D#&T0FJ%,#Q9/<
MD$LR,<``!AAZ:,*@%Y8(@)8I=O_@Z@$-DL"@AT!=<$&@.B!P00(>;```'@XX
M&'#`;L\Y0`E:4,#&AZC:F4N=F6:Z])]Q506+&QO4H!4C%M+)]8`^L,`B!0$F
MV04(';!P(XX#SGG)WC@L+2&#>P[(S!9;L`(-"<H&!88`#P`,H0^3,(`1P/&+
MW5#@8ABC8`4MR)3N+<528&G).]90B!`PP@UP@$,*[A,"3%2``\8(`@6"`00"
M7*`5,=B%,>#PAOF-H!5PN$`%#N`!1GB@%9(`P@["0`TW[-`+'C@`!R\HEG/$
MX0TA*((UJ,&(#EC`&H.@3@7.\88QX(`/0Z`!!6*@`FMX@`9>J-EUPK""(<RG
M`9((`PW_S+`+(73#C5Z0!`"4EAEDB24F-<G`2SCP`1OH80OX0$`5#("/3EP"
M!CNX".,PT(0=V.X+>U!"'D@@!TP@H!.0:`<W*K$C@1"@`%&808X,Y\K6.0!Q
M1E+2K+CR`FGP@@X(X"4!R#`/"*SB#0EY7)3RL(`)$&!(&MH0`_#1!"1)0`,O
ML-U5>L"`*E2A<H'RR`P>D`A'?*`,+<@>JV+BQ,.<(P/,"$`Q"@$)IYQS>98"
MY#F])4\\L&$+M4H""R98&'7(``"!.,$=CN`&"$CB#7=8`QPHD(T*E,`&*]!!
M(_9GA'U\@`@6`,(0[B&"/OC!)E0(A!G`P00=Z.`75+A'";S`_]$0E`&=3Z1I
M3;MEJ::<0P8B$,$!XF`*$;0@`T```#=\"(!?@`,/`CV`*0``@*8.00;^$X$,
M3&$+*H`C&YSXA2E*4`*!4N$7U*!&1`AD4ZB<@PJFL$`*9,`K1@`!"%;`@0QL
M@@D@'*`!`!#`$'!P`2`PX@('RXD?4C`$^6""$0VX``XX,00;@`,(AA6!`#[0
MEJ?0,S-A857V-#B3,G"C##^H51N*@0!HCJ!67WC`#DBGI"]HP1MDV`(MOI$(
M<=J`#4QH"!N^D,DFY&A'/>C0CC[T`AWMB$A&2E(27E`X#-CN,54XABZ!08?K
MTB$/D02&-I<P!4%D`1ADF`%7N*`!KO](P$?`TZ8S'<`%-?@``.G`S$SJ@H8*
MGJ,"6VAG(:C7%',@TA%&X$$?V,"&?3C"!JH`P#]S2I;`M",?L=K"DB[IS^:H
MXP`#;45MXK`"(GBA"`*XP!H@^H88%"$&?.C`)#JPAC$(P1B36$0>PA`&2:0@
M#G$(!`XD(840N$$%`@B!"G!\M"9B%JU+9K*J$(2@LJ2#.6=Q2US>4F6X9#E=
M9*$+M_X!9;<TV2EU@7*4KY>6+*OC'76!2YG/D68R>QDMYU"R!:/V#SU((`D%
M2,,5"*#)+R0A"D*9W!)<<#DC52$+#%'$(WS@`R,D0@E;>,`+XO81?"1A#U=Q
M0'+Q(=SD&L[_`1@P@`$T(($1?($++H"2E*BD7>X>^G>(6Y*&>D``7E#2O'^"
M@)B88`5,R)0I=[9@&?!2C`%8`0_YN$P-N.&(27]!(UD(0`2P0088<&$/1]!#
M%SX@(.M)V5++PUXZIE8#`+#`$4<8@0%@X((!U($!K\C'3`?3`AD(X!X>\(`I
M!!`&*13A'BG0139:<(@WI(`/.M!%"(A`A#",&`N!,(40B.!03O#8-Y*``B-:
MP0<L6!P.;@A!DL5\<I2G7.4K9WES].`G!TR!%@S`0(>:P``"D.`;`1`#B\Z@
M(C&(`0%3DMP4EK`!!A#W!:2^)#2MX`E/4(@':JAP$Y#[Z<+US4=U__!(%09R
M$(.<(AB?D,(G(`",-M3!`%O9PPY>T+L-5&'H12K=-*MP!&[4`-PGK\&Q"^$`
M`W"!"950Q!&V8!$GN4`08K!$'K+-A1UH99.)\(0J/I"/?'Q`%2S@/.<Q80-/
M&($-2C"`'>00"6`@`!A3@,(4>M`%<W#`.?9RPP4"\8Q)K,`#$.`#*=:P"RJT
M`&<*!T('^.V%(!2!`A,'P@G>0`$+R(#'.`#$"C0@`B$*H`B:"`*2S5'GEH=?
M_.,G?_F;8X0=!!<?'Q$(06"0\U#PO`U@`,//522'%,D!1K.348K:(/3KX@4R
MF`(MJ((>2((M8`(U8(+#:[H.Z30'J(,)B/\`"KR"*[B$"<A`?W""!5``.3"`
MU5(U=_,=D/@=%[BNK#BU';"#*5$"`C$0E"N#+Q@$9'.!,=F")"``<B``",`'
MA,B*R$L"W5&=4BNU,>&2))$%)30`4JL".YB'8R@$!9@`?^"'*U@`H:,#0;"$
M.N`"F;(WP;"72KB#-Q`!1=`"4C`%&[B#8/@`>&B!%+`",_`"3D@$%EB%.TB!
M"U`!2%B!%L`!8Z@"`6"%&E@!`6B$.Y@$&;``"H@#'+B#*L"!(Z`4\ZM$2[Q$
M3&2Y?$`"JX,;D&BE)GB_-(""-L@#,3@#,)"#5$R1^M,__ML_&9$1%^&_69R=
M,\A"`;2#.O@$&"#_A:R#`"V8`L@A`!K(@PZ0`P0@@RK`"H0(109@@!F`QD^P
M!Q>`!5^8!EEX@$J0`-?B@BF8DDJ`AY4#@!D@AW(H``<0A``HA%#X`T0(`#N8
M@>32D4[K`:R;1^&J1\MA@"6H`RU`@!61@U1(AI&X!'[X!C'(@V-X!2YX$&_A
ME*)J`7NQE\QH*O^I"2HH`5;PH1(``%.0OHX$APK(R/VI`&B`!E8H@0/(`#2@
M!E,820#HR"8"PTRL29N\29P4C'0``#4HDQG8`-\A+GRP')!H'<O9@"D`!EIH
M`UXZ1?R+D5J,Q?VKQ4$(@)*P2A>IRJNTRD&PA`7XAE#0ABMX@B<H!G(`_P8:
M(``"8*5/%`A\V`$F,`),:#`#J8$/@`3Q84%>4`-Q5#D\,``"0`=:F`,%^(:O
M)(%R"`!6ZK2A%*Y8LD=\;,P<L9Q^_,>@$\AD^(.#+`0Z2(I\J`'_R8"'U"S2
M=)8*&)"7&!!+@8=L$);,F)IAJ8F:\!^:B`/8K(F<S$W=W,W=+!``*!4KD+0=
M.`A[!!3720(#L+HLB(0IH#ELXH@J2`+>"C0?^2Y>`(8\B`57C,I:Y,J2^,Y!
MT(9.&,].(`$3,(%1&``$H`%>X`56^IU6VH(NP`/ET12:R(P!2;='8`-<^`#1
M]$L#X`5TD`,"4("O#(5+4``&.(+]/`(FX"0F8/\"XDI.UC'*)J`5)8C024/.
M)O!'"*B#-@"&*'@`2&`V`*""=,@`[4&K*1L+"(,*N-@R\^%-&JU1&[W)EP"`
M>_`!-J@$+GB['?D$(>6%0M`">_P=)8`$51`VQ*":JM$!,Q@P)&`"+G`<7D``
M77`%603/DB`'*"#/3BB'\QP%;T`;7IB#.A"&+T@$'V"!$IC1LRB+%RV_O^2%
M-)"#+,"&/)B!1L`!$:#$J1F0#V@">PR49ZP<)?B`Y4G-=DB>,E`>U!RS.;U1
M2JU42[W4DQNDS`@M5:C20`&).2@$.W``:,2`R\@@#*H40+()<:F)=.L"(T`"
M1:`ZC(B\)9@#[9*#!$C_`W2X!#IX@0<X`DA@`6Y8'L_"R3)(@N@9!$CX@,NP
M"71Y"E4@U4_U-4\H@QJ0&I:P)W.B24S]5G`-5W%MBBO[LKE("W25BP'2NS)@
M`S(1!@D8!B9(`C78@R3XIF+E'C"<"\WJK`'2E,R`!Y84V!H(+0'1.SS`@Z\Z
M@#)0"4O1.\S8'ISD!@R(!$,8!'\B$)R"B@^P-7S8`BM0!7!KT7$M69,]V9+=
MR(OT(9]B!4ZQB4)B"6/)#&=3A9W)#&?)@-",@VB16%4]36WQLK224SD-BSLC
M-MW,@"3PAHM5"L$(,!L85C]"6:JM6JO%U`HH`U,(@B90!6JX`)4!`OFA'_MI
M_P?\L903O0<.R(1,`"`!(B`#DLUB\2'0E*"K-8P*V(<-\`8'P(/!"%2]NUO!
M'5S"Q40?:H(0.(4N6`$X.(044(&&>JB(FJB*NBC`(@(<&(+%$@$>$*F1+"EP
M4`,=^(!BU8$2Z`-'>!@F+5RQ0%L`\(N_#3<X95W:K5W;K:F((@=)P`Y)*((0
M2($1*[$32[$5:[$7>P,9:X(:N[$<V[$>BP0@$S(B,[(<*[GONUWLS5[MW=[Q
MXY1(P(%#6`,H@)<B&#&",SB$4SB&<SB(DSB*$SD*R+A`V+A6:("/"[F+(SG;
M!#_N[5___5\`;@X?.@-ZX(-E\(`[>`8:X(-5^+W@&_\^/BB^XTN^Y0N$YGN^
MZ)N^ZDN"7\B^[>L^Z^7?`!YA$BYA`#8'53"&4Y`K*9`"'<`$+5@%-X1#.:1#
M.\1#/>1#/P1$021$0T1$161$1X1$2:1$$SYB)$[BVC4'#;,7Z9,!EC6%BPP6
MC>1(CP1)`!!)DK2)DTS)E6S)EZ2"F(0J5%5B,SYC-!972T&#;+`)G,7/E9BG
M@&U--X9--X99VJP`VWP)F$UCN>"R)R,S.'VRZWD+!%F*0WZ.296+<Q5:/WYD
M2#:,.R/9!W-DIHA119Y=2$Y1&?`#"A`!'>B^$L`!P^J?#(@#Z:.?%I#(%J"&
M!@`"/):!%F`):+"&7^"$V$3_%ED>`BSPVTC^96`.YO$[!W@X!4E8A2$(A%,X
M`2PH@BQ8AGU820'H@@M@A!60JPNP`$:``PMH@`98E\;Z0E1@A$,D9Q'P-Q%@
M@[I:A!(09G=^9WBV*77H!B@X`3H(HD`(!`HH`F6^2'X&A!"`@S`P!A4+@BL(
MA#>`@S58@PZ(@6MM!U3PL0XH`C[8A2`(!(:.`3-8A%^@Y'C^:)`.Z;50!Q%8
MA!2@@4E8@T,H@E58`0J0A!TP!9YI`"F8!"L(!%0(Z%T(@3B8A$.@AIQNA2TX
M952PAM]XET#@`PH(ZJ6F!I%^:JB.:J:0@1`(`I3&#Q7@`S>P@B+@`OD8L9I.
M@4`@E`(L6($4R+%3^.E6:*$?D`]46($82`$*:``X()FUI@`<6`09D&J^[FMX
M/@"QO@,@Z(-`V)=5.`%CZ"DI&H(5Z(,NL`8!6(/Y+8U&6($X8",[*H$*N`-&
MF#AC8`0OV`49P&P<4`%&\&O43NU'QAY!!N1"[C*ZF(MW6+.RB`E!WC)!)N2Y
3J`O5[FW?_FW@#F[A'N[F"`@`.S\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>32
<FILENAME>o39572o3957106.gif
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 o39572o3957106.gif
M1TE&.#EA!P)2`=4``#H[>8:&AK>WM_;V]G%Q<4A(2%Y>7N+BXL[.SH&!@:NK
MJY"0D)Z>GMC8V,/#PX*#HNSL[+2TQ=S<Y%!1A/?W^.[N\N7EZW1TF6-DCYV=
MM,G)U=/3W+Z_S9"0K*FIO38W:C@Y<M+2TBXN1#DZ=C(S63`P3\[.V9B9L>WM
M[3<X;C4V9BTM/C0U8JZOP=75WL;&TS$R5"HJ,2DI*?___P``````````````
M`````````````````````````````````"'Y!```````+``````'`E(!``;_
MP)EP2"P:C\BD<LEL.I_0J'1*K5JOV*QVR^UZO^"P>$PNF\_HM'K-;KO?\+A\
M3J_;[_B\?L_O^_^`@8*#A(6&AXB)BHN,C8Z/D)&2DY25EI>8F9J;G)V>GZ"A
MHJ.DI::="C*J,@0SJ:Q7#3(,6@X&,@8("E,*`T0#JZL+$$@)!<11!:H%1`*J
M"[XS"`2J"=$,RPY'",H)R*ZJ`D,'U-Y""<$R#:?L[4RR,MI"NEBRM%@',N(S
M#,Q1$`6B$:$F#IV!8L>F()#A;X8S!PYD))@!\)BL!?QFS4!WH$B^5:T<RCBP
M<)\!C`0.SE"V2J6[ES"%?$0P;I^<5#2%W(-"3>"0_P7Z**K*N65APUL=E34P
M*J1`*X(BB0H10`RH#%^W!@`[&'%7*@<-;"K8%;-LNYDU1>I#AV``MG#@9MW:
M]9$`,%8?48:;RW+G5%5DA5BUNF\`.AG0-JX*+#@HA*'*"G`C8)7F@<-D;4G<
MQE#(W8ZW!'Q,D$\;4,D+0A[)=_`QL[MN@Z9B/,-`1[.X2Z&5N8\:`0@$$#BC
MJHI8N<<RB*5JY8PYXAEW%2`GGKS(X5F^[HJC1I.MK(D??38NB$L:0P<"[`X=
M8,#```(!+PXH0-N\O[LTH7(#/.1PP"2RB)//:ZH<`)0XJ6`T1`,NY>8@*+O-
M<$!O,M"&P%L=$?09.,XYA__19R`.980`M^"B58'@,(#<B<F%9X15JC#@RT)7
M>3941`KJ%%0!#<[3V3G/4;..@81-M<`M[B&AP$02=O;9@>#DZ(I-#U;)2803
M"@'5$/T@EZ$^&RXGDH?0%1BB#%+),X-F`H2)&%/XN5@$E$0P92.:J3"I93KB
MV0F=0>4%*!(S"1S$GCXL!461:JZ5>14V"%9(A`'?6&DI)G>IZ4!.6XHD(XH:
MHBAF<R)]:.:I:#9C4T1MBCI+HW=!("<1=`[A)W[.-*08E47X.40JZ^#49$"P
MS%#K$`,D!H$X66VUIJ1?+:C:I=1:@HY=TJC6*5`+1)1JJ"-Q.(,L!U%CZDAG
M2N7_#%D+'*/=#-PIMM1FR"U;1*<^-H3??)**EFM'O#ZKJP#HR+,0+<Z@Y"Y2
M1ERGCD@D*7H2O`TR$'"U&$/R%F+(.(.B>08X0,U8J_CW45!`&?#6-,M0PY#+
MNCHP@,>D.5KDG]5<(Y%`=ZDR+4L*6L4,`DCF1+-XB>K#6B_-]"4$!(<%]V(Z
MR+QB$SD254IIQEQWC<6&7H<M]MB_?$SVV6A3"Z-4:;?M]MMPQRWWW'37;??=
M>.>M]]Y\]^WWWX`'+OC@:KC,WQ)6U;>$7U/,=_$:AE?#]A`/:1'Y+BXK;FO4
MHDT.G576'!%Y,)XK<;)X1?2<3HU+W*4KX9!XO$X30&F._X3(5SC3HQL)JG5;
M$95KX?$W"I0NQ')&2W;$D>!<K.*@QQN?Q*Q'&-:8@J$SX2OLC]#X.^*2.@'0
MM%.X+#T:"0LQ5QD>"R1:$KE6BL#DSN8C?:Y64*\$MU%LSWTCWH,78$2$,P*@
MHQ<^R\NBG@&!$J$I,I-A22N4$;"PW")'$EQ)4#PF#@ZRY3*JR(40')`TFG!P
M1,^I384J`Q^/D<5C!.@("'_CA/91+BG+`$HK;J&G)<PE`8^CW(\:@R;X#$!D
MU4`&"6>A"E_,L%*T2J%G3I,3$$K**+J#XO\0$4#M1$0E0$%``_L%B_3U0QH(
M*Y91T/.;6]`D+$>@12K^`QTWCO^K@_I82'Y8`1P$M.L`7QQ7>>(U'#T"[SD>
M.\!=&'"`@(Q,)`)82"_:`R_RP:^)-\39`A"@C8_8C@A8^P]+OB=$72VRD>RQ
M"S9HD8]6O$(KE"2`):]'!(XH("#L<8\1:=2`56Z1$5TL$%,:92PRDLD9V2.5
M>5@W)H=4;Q?3$>)$[H&4?-#BD<TX33-308MJ:J09P:@9?H;P2(:-\#E`T>(1
M;#B5VWQD'YYD0@*\T8TFS0Z%IB3@K\R5$0$U$4?%5"?_GM:9AP#45IWIW2\5
M$<R1,&5`C=D%J=*7$>4I<WNW@",*@^&2>NU"=;#HE&&"TQG6"+!5P2`?19%E
MMI'=Y9[_KU@%44X6+B$R\WTZPN!FE)`*/%9(`$'$'TMK*B$#D`PC4`I/3/49
MQ1S1:#%YJE-"I;C00S0T8LP@9NV:N5)R,..B0SP>0T@IF"%XZY[H2,#LE#(0
M115S4S_23`'VP=9U4M51OWLD!:79O^)PR7W*N,T<?2*S2>W4/]`A*_2&^KM;
M0*!WD&K259`)OAS)8F!A98I"JWH(V>'53M20V?K()4","$`;MWR6;>875N@X
M97E4N@6V5/L35FA%&YVB(#82D@"VZ?"V18AJV8CZR%10:F;O7!/JJG=!(U%.
M`,M!1EJ1P8`>%E,CR%G&<G?+LX]]!&O#6(ASKI+<PAI!MH;%_\@!&L`OB6(U
M2IP]Q.5<!I]G+'">*$K9RB)9`.491B-`FY.::IO"1#5DKK7DC\=JFJ<ELC88
M]\#,O8(A$*']);_VE88R8O@$J"UF"!LV7#32LXR+P4@Z<_1<TO9A82`M((MJ
M>05&]L-ACZ3C-L`YSSR*UK/K!#&^9OEQ&6"DBGL"^<@9<X9&V4#":.1#L4B.
M\H,B,ELV>%AR4LZREK?,Y2Y[^<M@#K.8QTSF,IOYS&A.LYK7S.8VN_G-<(ZS
MG.=,YSK;^<YXSK.>]\SG/OOYSX`.M*`'3>A"&_K0B$ZTHA?-Z$8[^M&0CK2D
M)TWI2EOZTIC.M*;_9]U->UH,WJJQ@?^L:UP=V>;3J&X",!#@#2:5`UDID0>)
M9I:D5-MZ-6LI0G5_4FMXT?5\M_8T-GK-#R:UDB'L316\/AGL3QOW=[MV2`$4
MF9+'S"X!C&MVL`U@1)TPB40^LI_Z:)..`)C[W.A.M[K7S>YVN_O=\(ZWO.=-
M[WK;^][XSK>^]\WO?OO[WP`/N+K;0)J'%7LJ_Y'%>WZ=!!EHV\T!4$,O-R(`
M.BZ`28XS%L+<,^N&/[S-$5>#QPPPN[<PJ0$;CH9!H"P$AW]\S2%?0Z>SX/*7
MISGFBJBYS<^,\T3H?.=E[CDB?@[T,0O]$$0O>IB/;HBD*_W+3"^$TY_>Y:@3
M8NI4W[+5!X'_]:QG>>N"Z+K7HPSV0(A][$<N.R#.CO;XJOT/;&][5=_NA[C+
M_9=T[X/=[_Z_O/-A[WR'G=_W`/C`#V[P>BB\X0.'^#PH?O%_:SP69HZ%QT.^
M;Y*O0JC=>?%>U7S8+)^!Y2^_M\PW#DVMWE,/#S45CA.["*,G?=Y,+X5\$$S7
M/50`-K3$<"3$7O9WH[T4ANV3:$M(`1$I$Z=L]WO@UTWX4G@VE_1DC>1;^QS9
M'D+SG3\WZ$N!VW2,=B2?I?QQPWYUZ$^_^M?/_O:[__WPC[_\YT__^MO__OC/
MO_[WS__^^S__WA<%!5=R3.)`148`O7<$V\=]<1.`33!Q0&1QUI5\_P[A>LO5
M<@PX=VLP<B57#41`@8IQ:AZ7@7A'<%^P@"38-@[X!BB8@J,@`0]``5ZP@F[0
M@BX8"@```!TP@XU@@S?H"1:0@P_`@XS@@S_("1J0@Q-`A(M@A$>H"1Z0@P#`
MA#GWA!CS`%)(A3YGA=4BA0!@`5U`@VW@A%Q8"4$HA1(0ACU8AI:2A&BHAD7(
MAE82A5+(`7#8A')8)5@HA1%PAU68APZ"A1>0@WW(!6+(!F0(B(\P`0"PAQG@
MAUNHB+@AA$((B4,GB9,(`!DPB$-HB&N(B3%1`82(A1A@B4@'BC$A`:.8@Z9H
M!I1W!8F(BHB@B@"@`1G`BIZH!ILG$YT')/_?E!$BZ'NR^!(;D(,2$`$Y6`&Y
MB`:KEGH"]&W:$!':,&L=)XS#V`[("`#':(S+>`:V9UW&-P0&L!T):`2Q>(V$
MD(T6X(9IN`6'F`3$1P3AJ#XRHVP$P'SHR`[9.`.TV(Y:\(Y)('W>YA&M87#8
M-H+Y6`I[R(^$V(UI`'[78%WBI&Q&=7[_=Y$8F9$:N9$<V9$>^9$@>7\?D(,R
M(`(Y2`+]!Y!),(`#^2OWA(!-83SGF)"`@(5#2(N%^(\21PL1&`V]Z!"S(U$6
MB)`T*0J5B),.:08<J".;L6#?M')*,)-%V0>5.`,-Z8XFZ`52.95[D(,>(`17
MJ9-QR)6@<(:%Z)7_27F*9/D)2&F5C9B63;>6;)F#&P"6;XF58RF72,B-;MF)
M8HF'>LD)V=B.C.B76:"2:+"5@3D'V:B,,V"3<"EUB[D)=#@$D(F7@#F9F+"0
M0D"*D7EUFID)G/F8N/B7?QB:EG"9I#F%F'F:J$D)&'"7J_F97/>:EE"5,W"+
MK&F:D6B;DY"#.R@$^]B:O>F;D1"6P\F;EVB<D="6,Z".Q'D%8B0-1I:8S-F<
MR,F7A[D%#-`>-Y,&BGF=9D"+=2F<VHD%T"=1^@`!V4<&X2F>9,".0S"8T5D%
M"]`NX^@`4G($KV@%[PF?8D"?0E",VEB?5``<UI`:U?F!"<2+>G(`M[`3_Z`7
ME0#:"-`I!/UHH%`P(0J`4ZV#>E"C>IXQCNS104-IC16J",G)D`6JG%&P5+\X
M/;DFCTRR$%/Q%.4(>RFZ"!U0FBR:D^AI!4ZY"NTICR9"H\<3$@NQ:EJ"CSN:
M"*/YHQK:!/3!7EHQ(=/&!`)Y<%PJ"]>W$8P3DF(ZIF1:IF9ZIFB:IJHPDB`0
M#"8)`"BY?XU'#T8@'$T`D2VI`"$1$4Q:&T[ZI(?`B43@G$%*!?/S3$W`DES*
M#3?J:S%)E(!*"+AIET!Z!7.J.'8*(#Q9<3Z)<20ZCA5(:Q<H>I%Z")/JEI5J
M!9)7`)ND%0/0`+<4>FI!<DQY<LJP$U`)J:4:"/]A:9=?Z:)/,*0QX@3]607_
MN:M78)9%<*JJFCOI4*1F<*S(6@6$VI=3Z@0<*@`A("'FI0;2.JU30(L:L*RR
M6:A9L"Z1(:M@\*W@&@7R202%>:U08%1'LA3%NJ[M"@@":IFR:0'^.`70YPVO
MNB:[4P;LFJ].H)M&<)EG6)X`NP40H":4L08'B[!,$*6="0"E^)S`6062MZ#(
M@H@6VP>#>`$+BXL]FHQ4T'CO,18N6SPL.+)\P*R<R8@Y:(</2P4SXZJNNF04
M*[-="0"_2@0+*8I2:+(YJ[.K`6QA4+%`:P35FINL2*",N(1)NP4#P&QBX+1/
M.Z@Y.*Y%L(_9J`$=\(C_5QL%`^`YT#6&77L'^SJ?K(BQ4L"RW"9+=AM:;-NV
M=7"A1*".S!H%+)M^][JU>EL'*7L$;L@!:-FL.KL`+SL6`_:SA3L'6&BU14"+
M>XBS'FL%(!NSDRL'L6F81."%+;JY>?FY;_"W,Q";4BB#C!L'`M"Y4,"U;6NT
MJ9JQ2FBN;O`>AP-#U(4+H4>[71NUYJFZ4("82Z"GL7M:I<$>IG6B"HBZ</"N
M1N"&0JN[TLFTRV-4LR,+'<$`*)&C1""\3\NWEUN'V&NH+(%@4=!(;L5MY``!
M?7J/NBJ]:7"X2?"&EIH%!N`4LF1P&TH-]S!&-/&E!XFB]KL&E:L$K.NZKVL%
M_]/R6%-`,$%A,6S1IQ4YOFJZP1S<P1[\P2",D2,``!^P?BH``&T*@%8P/Q>R
M*?,#5!/<`!=GH_S`##"Y$C*9P&W0L4K``0[\P&B;?@6+.!-B"Y&4*LQ#C:\W
MOCJ\!LI:!G1[MW<;N4R`-2GT%B*8JPC<Q.-YLV8@>>I4!;%;>5R<!HI;NF,@
M>3S+LQ`@N^Y9QFA@OF(0N.FGO2<(QV>`OU!<!2!%.GF+QV10M6<PIRK3%FSL
MQF-`OB/KAD-+!A_;G2I#Q9(+R&(PB`#@F'N,#^G!JFWRQY3\!6<HNFG,!<N2
M`%K;M)\<!MGHL)F<!6FKKHF<RF"@QU_,Q]5%$TOD5O^3+,M<,(@;.\A6D!C\
M$AP,@,B$R\M=8+Q@T'A9`@[_(<$BB\Q;8+2-W,I2<*CM]31"=LS2G`6TJ+FU
MK+.]10UT1!6>W,U6<,;_:LU2X#%9>@#=.:IOC,Y8T)AID'DD$0TL',8&2\]8
M(+>.S+EVH,CY&IM(BP8L>X^/:\?XZL]6H,S+S,=MLL8^"P5C#(L.705/C-!6
ML%PD@;:90P2E!HS!F]%4X(9@R]%=D+4OBH!AH0WO$3*M)ZKU:]),D+*8#,PZ
MJ[:G3"O<RVL"<</*L\4VS004D(,'K=*-4[=2'`_MNU=-0L[)MGPU7=1(D+AK
M0,>K,[A&@#4(,VTQ;<!%2M#_TXK36<W'CONXDEQ#Z`!4*K$0XN:G%AG"=%W7
M=GW7>.V1.9@"9/JQ7!"[%\>I@K1PCTK45HT$Q,O.:(L`LW,`'3H%"U#$)(I@
M"[!Q-&W8AVT$;ZO4D/T\WA*CV.HR"H)RM@4DP1B]F;T$`!W.5*`@_-(FC!3#
M9)S:2H#4;<#,!,``W8D+NGV?YTS;7GN];"!YPY`K(\;074#6I7K&K'S/0KH*
MC;TUT0S<1I"R/^S<*ZP`[O38OTW=,\"(2:T&R!NMWGV^PCW<GUC>Q=O<V)V9
MZFW);S#>_:S>,W#4Y7K6I^O=!`K.^.W>WIVR8.@&\CW/Y6VTOWS;Z>W=NIG2
M")[?_[1-`8(,!P,>R^6=LK<KW@E.VU1[W>CMX)EML^S=X?Z=V6YHMG$PX=Q,
MVZR;T_$]!Q?MG]1=XG2`XJD3T@C%)<!+H0]NLP$N!S0NTBY]6B/J<DH\JLI]
MG11@R:+<XG!P)`I@9+KG<D*=PYDM`:Q[`1S.Y&_@OE>#?`XWOW]:U+0(`!/`
MXB<N!UY]#D?D<&)=U?3LB%DNX2[>UN.7?!A,;GF=YWJ^YWQ.UR60@R4,PC\.
M/#)<*.G0`%/NYM)L`3:[SC,>!Y%]6J!Z3C-=C:AMTHR>@R9^!X,N$Z+-H/V1
MXXHNR]:+Y7K0Z91CS$QPY)IIO9N.!ZC.!:R^F&<(`!=>!_^QO@6SKI<4P+JW
MCNL9+LTIN^2P'NR\G(T3$.><;NRI/.8]W@>YK@6[SI40[L6`$.TTA\Z6')S7
MSNR`K)L8H.QY@.VS+<LPJ(3/_@?DCM&43`$<$`&6?)[=[N%-O(=2^`".KN[>
M;K]&*X3Y/N\CWL18G0CK#N.`;-8$O^^H:]_A;0@%;ZR`//`)3^_V:\EF7@BY
M_N(0#\=N2.R$@.J\&SZ'(:&BCMG2R[K__O%QH+PO+>32&*J6;HYE7`%[Z/$J
MW^0_702@FN@FK[<5H)MD?O$.'P=<?E[U2-4]/[(4X`(1$`$IB]3I/O%PD.;C
M4)#7-M:%NP$98+.D.P$1(.X8/^?_;C61.9'!VM?G:)_V:K_V,L`"I"N%(%`"
M,<#VZ9?QA7X\+RF^V@>T[OX`K*NQ&7`"$B#TC8#JD6[$0'D\,+_$>Y^O&M#T
M6^^%$Y#RD8#J5FQ:$&;:)=VN0$^Z%Q#UE6#W6+`"&=`"+T#XW&,!'-`!EHP!
M#_``'(#Z=I/D79\!LC\)#T\%(RSY&;`!H`\X%!`!7/_V0LC@>6,!ECP!&R`!
M8&\)N3\%,$#\2OCU@U,!PZ^QK_\`UX\!$;`!MY\V$F"S&/#[G/#\4N!P)O#N
M'?#W4MC[S4\WNCD!&:`!+$X!&F#O1VO\;Q/\1PL$E-F06#0>D4GEDMET+@-/
MZ90JE1TM_QK/!-#M9BI5\9A<-I^)E>Y$N+1DO-X)!UVWW_%$"\:;R?\!H0('
MEZZ2*#CXXBXV"!T?(6<H.KHBI"0X+N(>PI(J."+H(D=)9S:X`.9*5\6B6`$-
MW1+C/-I>;T<M)'8E.F<D-C)0,<0JX-9$C2Q0`3`B)'"CRR*8.VREL8E<L\]B
MFS0>%CT:T30T`3J@N4DM/,[CX.,FR,4LWC'4ARC>%WW7_XE("-<'(+=M!:MX
M<W(*'@8-UZIPB*>A%(5=$$=5&!B/8[,(&*M$B)-!@P0+E``\D(!RS0.7+Q\\
M4[(KPLL.$3;D0QA1$4</%G9B.QCTB4(GGSHP2Y4A)R^@3BB@>O_PKE&%BX26
M>;FI(0-,F!X\/$!UX:9,,12HR8F)<T,$MV\C/*VCL2,;?1+X=8SI:U_'31EP
M[GIE`11<PQ%*:G";H2>&O'$PR"6*:^AD)D:G2#CF-]6##!P$%Z$+P,.08Q,\
MR`GK<IQ;#9+'4.C)F;8\F(#=/O``FN9&+QCHD6((&?:,".<FO.0(9L;F+@]F
MTWX9RE\93!U<1J^]/>5+P#HMWZH</@EF*A4B:.<\(2\&6\ZW7^"BDDA;2TQ&
M7S@>[\+4Y,Q>4H\[>":X[Q6+)'!M"@HV<`>>@2:X:@@)%`M+*<XNX*"Z)="Z
M<$#N,(`)@PZ*(T^:\4PTPKQZ>+%O-0__"91,-B\\V.RQ>#*@0(/?7,(-KK#D
M:`/!#8>P8$.K:@IP.Y?<(C)%2=**([A#=BD,.['\NF`<C-"Z$3*O/,#)*E[(
M+',7)Y\T*$TE5L0#R0BZ@NFA(R3H@J(9K`JH)&`H<>S#>")[9$RW-@!I32-T
MG.X,'5D"5#>WDK+MI3`W0//02[7!5$6$*K`4"0F4XJ!1O>[4U%0F=(P31MLX
M,/345X=`<<TVGZ0@SBGUD,!56'E%@K`.\D)MUUY/E35-6HE-5MEEF6T%5F2;
MC5;::94U]DEHJ<U6VVU-M/:6!@1(B-MQR2W7,F]984`&&1(88`AU#3B@$'/I
MK==>\0!"H``'_P1H@($9!#!@@(#=+>_>@Q%..`]T2Q%`!@'"'8*`B`M`@$V%
M,<Y8XR<8)F4``F188(@!9+!X!@(4N'CCE5G>N&./$Y"!@`$@D*&!(1+XMXAU
M>>[9YY^!#EKHH8DNVNBCD4Y:Z:69;MKIIZ&.6NJIJ:[:ZJ(1:H"``MHM>0@#
M4C9X%&SM(+L.L]%`NQM2U#:C[3+>)B/N,>8N"%R'3Z;89"3J%G=LM@'_6_!(
M^J:B\"D.M^)5`1P`-X$$`!:88)4)#[SRP2%)O"C+,^?\$<VC&6"!=0F``&<9
MXIT7\\\]=P3T)EZ_K'5"8E?]\E?!;5GWW7GOW???@0]>^.&)+][XX_^13U[Y
MY9EOWOGGH8]>^NFIK][ZZ['/7OOMN>_>^^_!#U_\\<DOW_SS)X/`=/2ED3?Z
M@2-^9(#&1T%@[T<."!L2"/1_!`$!UN>_^SG"?J,0'2D4$$!'@,M]V^(?!!@@
M,D<,@`$.2(`$"?&Q=6'0$0XHP,T@T:Y(*.``#A#8(RK(@-)-$&0ABP0$"A`_
M1S``A(]@W`%2MRT%.&`&$##`(QSPKP$8@(.`$$`"&U`Q2$00<H]H0!/]IS,#
M*!`0/AS"`J9(B"-"((D##(0#%E``*@)BB`5CX;MX."T&SD`!"4!`[@#1``>8
MSH)#:,##_@`!^B5P"#NL(OW>E<0TYD&/(!3_``,.D``"U/`.A9P!`@P`0)WE
M<8X]+("[!E"`(M9!CZ;C(QL'B8?YU=`!%IRD*`&)0PA&\@^CG$$F!7``!IBQ
M63=,71A1Y\8\0(P!,;PC"%68A[L5@`$!+.4?AJDS!0PLA@VL0S(C5\$P.A,-
MT!1``610@(GE(7\"F!@LA^#!,9JAFQ,S9BCM0$$+2K!Q!XBA#-&@S@O.X(X+
M<(`"8BC*"LZS`0;()MAHF:R/H7$($%B``,+(R#,,%&`%.``!FG@`&8RS#"MT
M9_SZU4,\6#2?D-.70S=JNHLB0`;NRUE(9W#15]JSE_`\0P53&L->%LP`Z'PI
M#U4ZA(Q2E`Q!?"41_V=03!_*P*9F\.D0%P!.-O[P#D<%*AN/"-%FP5*6!?,I
MP%Q:!A@6#*(.\-H,#.!%,Q@`F)?LXP!$%]"QEG4`%XRA&/%`UG<5``7$M.,I
MT2#7H%[2BBF%8AT8$+%KAJ``86-`_]`06)V"E(UH36I3FWC'0_82GT4M0QWI
M^3!%CHP`>,"L9,&ZOIDUJY__7"8".@LPA9[!`#H+(S-O)L([+&"T#@.F"65;
M!]JZR[8)6.8,?(N'W0+,9E[EX?^$6UN;9=)T<+3#-;E*PWPJ8+5F@*[$=%9!
M`^2VFC9[%\H68#IOXN&7WX7AOR!(7N\&M;,$X.$!I:6`J$*.`:VU;!F22/^`
M@TYT!A9,0'7-X$--!@RG!=@7(0TPX)H60:UG$/!!%XS:!&0UP`F&,`\#=E!"
MYC-R?IWPA@7[0W<>.`]232E_B=!@,YA8HNI[7#%+'-&):FT!,)96%D^&R4!T
MLJ\9I%_J[JGBA?Z8FJTD\@2/_$HAFZ&7IMLJ(9ILR?G]]@]>-5E8"6'EKXFU
MJ5_%\BNSY=Z51@(!>,U@:B'!T#2C67YL'@06(0!?0L!9SH.X9FR77(<[`S?/
M:-@S=ZE%8QNCD*=_8-PH#AV)1$-BT8[P9G@9K=]"0_:_D/`O@/-PZ7+UN:E%
M'D0#N!S'4"-SU,(L-?M0G6I5KYK5K7;UJV$=:UD-SYK6M;;UK7&=Z^X%`0`[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
