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<SEC-DOCUMENT>0001130319-09-000082.txt : 20090217
<SEC-HEADER>0001130319-09-000082.hdr.sgml : 20090216
<ACCEPTANCE-DATETIME>20090217153753
ACCESSION NUMBER:		0001130319-09-000082
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20090217
FILED AS OF DATE:		20090217
DATE AS OF CHANGE:		20090217

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		09613143

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

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o53422e6vk.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Form 6-K</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


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




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

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

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


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 Under<BR>
the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>For the month of February, 2009</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(Commission file No.&nbsp;1-14228)</B></DIV>

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

<DIV align="center" style="font-size: 10pt">(Translation of registrant&#146;s name into English)</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(1):&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by
Regulation&nbsp;S-T Rule&nbsp;101(b)(7):&nbsp;<FONT face="Wingdings">&#111;</FONT>
</DIV>

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

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

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


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





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

<!-- PAGEBREAK -->
<P><HR noshade><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><B>Exhibit&nbsp;Index</B></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="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" align="center"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008 Management&#146;s Discussion and Analysis</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date: February 17, 2009&nbsp;</TD>
    <TD colspan="3" align="left">Cameco Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ O. Kim Goheen</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">O. Kim Goheen</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice-President and Chief Financial Officer</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>o53422exv99w1.htm
<DESCRIPTION>EX-99.1 2008 MANAGEMENTS DISCUSSION AND ANALYSIS
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1 2008 Managements Discussion and Analysis</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAMECO CORPORATION<BR>
2008 MANAGEMENT&#146;S DISCUSSION &#038; ANALYSIS (MD&#038;A)<BR>
FEBRUARY 16, 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This management&#146;s discussion and analysis (MD&#038;A) reflects information known to management as at
February 16, 2009. 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, 2008, prepared in accordance
with Canadian generally accepted accounting principles (GAAP) (collectively, our financial
statements). We also prepare a reconciliation of our Canadian GAAP annual financial statements to
US GAAP, which is 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 most current 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 supplemental information, 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 most closely corresponding GAAP
measure. All sensitivity analysis discussions in this MD&#038;A address the potential impact of changes
to the variables discussed for the full 2009&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 are based on a number of assumptions and estimates believed to be
reliable but 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>

<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">The following is a list of the key sections of this MD&#038;A.
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>EXECUTIVE SUMMARY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>3</B></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"><B>1.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR BUSINESSES, OBJECTIVES &#038; STRATEGIES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5</B></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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Our Businesses</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Our Objectives and Strategies</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</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"><B>2.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>THE NUCLEAR ENERGY, URANIUM AND FUEL SERVICES INDUSTRIES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>7</B></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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Nuclear Energy Trends</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">The Uranium Industry</FONT>
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">The Fuel Services Industry</FONT>
</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"><!-- 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"><B>3.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR KEY PERFORMANCE DRIVERS, BUSINESS STRATEGIES AND CAPABILITIES TO DELIVER RESULTS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>18</B></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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Our Uranium Business</FONT>
</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Our Fuel Services Business</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Foreign Exchange</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">43</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"><B>4.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR PERFORMANCE AND OUTLOOK</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>45</B></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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Consolidated Financial Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">45</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Uranium Business Financial Results</FONT>
</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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Fuel Services Business Financial Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Nuclear Electricity Generation Business Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">52</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Gold Business Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Outlook for 2009</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Fourth Quarter Consolidated Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">63</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008
Fourth Quarter Business Segment Financial Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Liquidity and Capital Resources</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Outstanding Share Data</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">73</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"><B>5.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR MINERAL RESERVES AND RESOURCES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>74</B></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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Mineral Reserves and Resources</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74</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"><B>6.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR RISKS AND RISK MANAGEMENT, PLUS CONTROLS AND PROCEDURES AND CRITICAL ACCOUNTING ESTIMATES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80</TD>
    <TD 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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Risks and Risk Management</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Controls and Procedures</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">97</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Critical Accounting Estimates</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">97</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">New Accounting Pronouncements</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">98</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Use of Non-GAAP Financial Measures</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</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 colspan="3" valign="top" align="left"><B>QUALIFIED PERSONS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>101</B></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 colspan="3" valign="top" align="left"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>101</B></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 colspan="3" valign="top" align="left"><B>ADDITIONAL INFORMATION</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>103</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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>EXECUTIVE SUMMARY</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>($Cdn millions)</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>2007</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="center"><B>2,859</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">24</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: 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>
    <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">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">8</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: 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>
    <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">Earnings per share (EPS) &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; adjusted and diluted ($)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.67</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">8</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: 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>
    <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">Cash provided by operations<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>708</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(12)</TD>
    <TD nowrap>&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: 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>
    <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">Uranium production (millions 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></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>17.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(14)</TD>
    <TD nowrap>&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: 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>
    <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">Uranium sales (millions 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></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>34.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">30.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13</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: 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>
    <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">Average realized price ($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>39.52</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">37.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price ($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>43.91</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">41.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</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: 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>
    <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" style="font-size: 10pt; margin-top: 12pt"><B>Vision and Strategy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s vision is to be a dominant nuclear energy company producing uranium fuel and generating
clean electricity. Our key strategy to deliver this vision is to sustain and grow uranium
production in a way that is safe, clean, cost-effective and community supported, with a profitably
integrated fuel services business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Financial Performance in 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco had record adjusted net earnings<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> of $589&nbsp;million in 2008, 3% higher than
adjusted net earnings of $572&nbsp;million in 2007. We enjoyed record consolidated revenues of nearly
$2.9&nbsp;billion, 24% higher than the previous record of $2.3&nbsp;billion achieved in 2007. Cash provided
by operations in 2008 of $708&nbsp;million, was down 12% from the record $801&nbsp;million reached in 2007.
This decrease of $93&nbsp;million was mainly attributable to the higher working capital requirements in
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Key Achievements, Developments and Challenges in 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Achievements</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"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco acquired a 70% interest in Kintyre, an advanced exploration project in Australia, to
further our strategy to expand our portfolio of uranium assets. If successfully developed,
Kintyre will add potential for open pit production and offers geographic diversification.</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 also acquired a 24% interest in Global Laser Enrichment (GLE)&nbsp;based in North
Carolina. GLE is developing a third-generation uranium enrichment process using laser
technology. This investment extends our involvement in the nuclear fuel cycle.</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: 8pt">
<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>Net earnings for the years ended December&nbsp;31, 2007 and 2008 have
been adjusted to exclude a number of items. Adjusted net earnings and adjusted
EPS are non-GAAP measure. See &#147;Use of Non-GAAP Financial Measures&#148; in this MD&#038;A
for a description and reconciliation to GAAP.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Including changes in working capital.</TD>
</TR>

</TABLE>


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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Developments</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Despite supply shortages, construction and development of the Inkai project in Kazakhstan
advanced and we expect to declare commercial production 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the McArthur River mine, the transition to new mining areas continued with production
expected to begin in 2009 and 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Challenges</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the year, our operating mines and mills experienced several production challenges.
The challenges were largely related to reagent supply and aging infrastructure. We have
addressed the issues affecting 2008 production and, over the next several years, plan to
continue refurbishing our asset base to ensure their long-term, efficient 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September, the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was restarted upon completion of a
year-long rehabilitation program. However, operations were suspended at the end of November
because we were unable to resolve a contract dispute with our sole supplier of hydrofluoric
acid. Because of contract negotiations and logistical issues, supply arrangements are not
expected to be established before mid-2009, with production resuming thereafter.</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>Cigar Lake rehabilitation continued. The original water inflow area was successfully sealed
and dewatering of the mine began in the summer of 2008. However, in August a new inflow
occurred, causing dewatering to be suspended. The location of this inflow has been identified
on the 420 metre level, and preparation for sealing of the inflow area is underway. It is
expected to take most of 2009.</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco remains optimistic about the prospects for nuclear energy around the world. Nuclear energy
is widely recognized as a critical component of the solution to global environmental issues and
concerns about energy security. We noted the following during 2008:
</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 global fleet of existing reactors, modest capacity growth continues with
ongoing improvements in capacity factors, plant power uprates, and plant life
extensions.</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>New-build projects continue to be announced in current nuclear power jurisdictions
and also in the developing world, with some countries such as China, Russia and
India pursuing aggressive construction programs. However, the current financial
crisis may slow or delay the new build program.</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 NEI reported that in 2007, US nuclear power plants continued to enjoy the lowest
average direct costs of 1.76 cents (US)&nbsp;per kilowatt hour, for baseload, non-hydro,
electricity 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Despite the significant decrease in the uranium price since the beginning of 2008,
the long-term uranium market fundamentals remain positive as:</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>Worldwide production continues to be outstripped by demand.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR 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>Demand that could not be satisfied through mine production was met by the consumption
of various secondary supplies, including those of the Russian and US governments. The large
majority of these secondary supplies are finite and additional primary production is
required to meet future reactor requirements.</TD>
</TR>

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



</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>1.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR BUSINESSES, OBJECTIVES &#038; STRATEGIES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Our 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uranium,</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>fuel 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nuclear electricity generation, 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>gold.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, we extended our involvement in the nuclear fuel cycle with an investment in the
development of a third-generation uranium enrichment process. Testing of the innovative technology
is planned to begin in mid-2009.
</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 15% 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 mineral 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 amount of 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 one of the world&#146;s largest uranium producers, accounting for approximately 15% of the
world&#146;s production in 2008 with about 500&nbsp;million pounds of proven and probable mineral reserves of
uranium. We have controlling ownership of the world&#146;s largest high-grade uranium mineral reserves
and low-cost operations located in northern Saskatchewan. Cameco operates four mines located in
Canada and the United States, and has two mines under development, one in Canada and the other in
Kazakhstan.
</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 manufacturing) 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 UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant has the licensed capacity to
produce about 20% of the world&#146;s annual requirements of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> used in making
</DIV>

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</DIV>

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



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco manufactures fuel bundles for use in Candu reactors and 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>Enrichment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;20, 2008, Cameco entered an agreement with entities owned and controlled by General
Electric (GE)&nbsp;and Hitachi Ltd. whereby we provided $124&nbsp;million (US)&nbsp;in cash and issued a
promissory note in the amount of $73&nbsp;million (US)&nbsp;to acquire a 24% interest in Global Laser
Enrichment LLC (GLE), a uranium enrichment development company based in Wilmington, North Carolina. The
promissory note represents Cameco&#146;s support for future development of the business. The remainder
of GLE is owned indirectly by GE (51%) and Hitachi Ltd. (25%). We do not expect to incur further
development and commercialization expenditures before 2010. GLE is developing a third-generation
uranium enrichment process using laser technology to commercially enrich uranium for nuclear power
plants. In 2009, the test loop phase is planned. This is the next important milestone for the
technology, which is intended to verify performance and reliability data necessary to support the
construction of a commercial-scale enrichment facility. In June&nbsp;2008, when the agreement was
announced, GLE expected to achieve commercial production in 2013. GLE will be responsible for
marketing all the enrichment services from this plant. The target annual capacity of the proposed
commercial facility is between 3.5 and 6.0&nbsp;million separative work units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium enrichment is a key step in the process of producing fuel for light water nuclear power
plants. Naturally occurring uranium is made up of two isotopes, approximately 99.3% U-238 and 0.7%
U-235. Uranium enrichment is the process that increases the U-235 concentration from 0.7%. Most
commercial reactors require uranium fuel to have a U-235 content of 3% to 5%.
</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 and for the two operating Bruce A reactors.
Cameco provides 100% of the uranium concentrates for BPLP and under an agreement executed in 2008,
we have agreed to supply Bruce Power A Limited Partnership (BALP)&nbsp;with the majority of its future
uranium concentrates requirements. Cameco also supplies BPLP and BALP with all of their conversion
services and fuel fabrication requirements. 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>


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<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"><FONT style="font-variant: SMALL-CAPS"><B>Our Objectives and Strategies</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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Having made significant progress in the past three years on our objectives for vertical integration
including securing additional conversion capacity, acquiring fuel manufacturing facilities and
investing in development of a third-generation enrichment process, our strategy has now become more
focused on uranium production. We intend to sustain and grow our uranium production in a way that
is safe, clean, cost-effective and community supported, with a profitably integrated fuel services
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will maintain and enhance our operations and will achieve our growth objectives and strong
financial performance 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuously improving our ability to produce uranium fuel for nuclear reactors in a way
that is safe, clean, cost-effective and reliable (operational excellence),</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>maintaining the respect and support of communities, indigenous people, governments and
regulators impacted by current and future operations, 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>building an engaged, qualified and diverse workforce capable of leading and implementing
the required growth strategies.</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 style="margin-top: 12pt">
<TABLE width="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>2.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>THE NUCLEAR ENERGY, URANIUM AND FUEL SERVICES INDUSTRIES</B></TD>
</TR>

</TABLE>
</DIV>

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

</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 and, hence, the demand for uranium
fuel. 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 fuel supply.
</DIV>

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

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A November&nbsp;2008 US national public opinion survey by Bisconti Research for the Nuclear Energy
Institute (NEI)&nbsp;indicates public support for nuclear electricity reached a record high of 74%. This
compares to 63% in April&nbsp;2008. Those strongly in favour of nuclear energy outnumber those strongly
opposed by nearly four to one (38% to 10%).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Support for nuclear energy in Canada continues to grow. Canadians expressed support for nuclear
energy in a national poll (Ipsos Reid) conducted for the Canadian Nuclear Association (CNA)&nbsp;in
September&nbsp;2008. Support for nuclear energy was up 15% since February&nbsp;2005. National support for
refurbishing reactors and new builds are at historic levels: 67% support refurbishment and 49%
support new build.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2008, the US Nuclear Regulatory Commission (NRC)&nbsp;had received 17 applications for
combined construction and operating licences (COL)&nbsp;for 26 new nuclear reactors. The NRC has stated
that starting in 2009, it expects to receive additional applications for approval to construct at
least seven reactors. Of these applications, we expect four to eight new reactors will be constructed in the US over the next decade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, the province of Ontario has announced that it has chosen the Darlington nuclear power
plant as the site for two new reactors. Ontario has stated that it plans to choose a preferred
reactor vendor in 2009. Bruce Power is considering building reactors in Ontario and northern
Alberta and has recently completed a feasibility study to look at the possibility of building a
nuclear power plant with two reactors in Saskatchewan. In addition, New Brunswick Power has
publicly stated that it is considering the construction of a second nuclear reactor to produce
electrical power for export to the northeastern US. Hydro-Quebec announced that it will move
forward with a refurbishment project to extend the life-span of the Gentilly-2 reactor, which began
commercial operation in 1983. The refurbishment will enable the 675 megawatt Candu-6 reactor to
operate until around 2040.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government of Sweden announced that it has reversed a decision to phase out the country&#146;s 10
commercial reactors and stated that existing reactors could be replaced at the end of their
operating lives.
</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"><B><I>India</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2008, the US government approved the Nuclear Cooperation Agreement (NCA)&nbsp;with India (123
Agreement). India has also completed NCAs with France and Russia. Nuclear trade missions to India
have commenced and a number of countries (including Canada) are negotiating bilateral agreements.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Negative 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, Belgium
and Spain, although these 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. Many environmental
groups continue to oppose the nuclear power industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first few new generation 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 and uncertain regulatory environments 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current global financial crisis may slow or delay new reactor builds and upgrades to existing
facilities, however the demand for new baseload electricity still exists. The financial crisis is
not expected to impact long-term climate change or energy security policies. Indeed government
stimulus packages may promote large projects like nuclear plants.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The International Atomic Energy Agency (IAEA)&nbsp;released its 2008 edition of Energy, Electricity and
Nuclear Power Estimates for the period to 2030. The report estimates nuclear power generation in
2030, and both the low and high case projections are significantly higher than the estimates
released in 2007. The high case estimates worldwide nuclear capacity in 2030 at 748 gigawatt
electric (GWe), about twice the current level of 372 GWe. The low case predicts worldwide nuclear
capacity in 2030 rising to 473 GWe. In comparison, the 2007 edition of the report put the high case
estimate for 2030 at 691 GWe and put the low case estimate at 447 GWe. Under the high projection in
the 2008 IAEA report, nuclear power will retain a 14% share of total worldwide electricity
generation in 2030, and under the low projection nuclear&#146;s share of electricity generation is
expected to decline to 12.5%.
</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"><B><I>Operating Costs</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, the last year for which data is available, the direct costs of US nuclear electricity
production were the lowest for baseload (non-hydro) electricity production for the seventh
consecutive year. Production costs were 1.76 cents (US)&nbsp;per kilowatt hour for nuclear, 2.47 cents
(US)&nbsp;for coal, 6.78 cents (US)&nbsp;for natural gas and 10.26 cents (US)&nbsp;for petroleum (Source: NEI).
</DIV>

<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 436 reactors operating worldwide and a total of 115 new reactors under construction or
planned for completion within the next 10&nbsp;years (as of January&nbsp;2009). These more than offset 18
anticipated closures, for a net increase of 97 reactors during the period. Given that </DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">new reactors
 tend to be larger than older units, this represents a 28% 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>68 reactors are scheduled to be built in Asia, as energy demand is driven by economic
expansion. About three-quarters of this growth is expected to occur in China and India, which
have announced plans to build 31 and 18 reactors, respectively,</TD>
</TR>
</TABLE>
</DIV>
</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>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>India is implementing plans with four separate nuclear plant vendors to build light water reactors,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>China is debating increasing its nuclear construction program from 40 GWe to 60 or 70 GWe by 2020.</TD>
</TR>








</TABLE>
<DIV style="margin-top: 6pt">
<TABLE width="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 Russia, Ukraine and Armenia, it is anticipated that 23 reactors will be built, offset by
one closure in Armenia and six 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="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. An application for a sixth unit has been filed,</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 France, the construction of a second EPR is expected to begin in 2012 and a third EPR is
being considered,</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 Canada, BALP 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>

<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 the US, South Carolina and Georgia are likely to follow Florida in providing an encouraging nuclear plant investment climate, and</TD>


<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>South Korea's generation blueprint anticipates that by 2020 roughly half the country's electricity will be nuclear generated.</TD>





</TABLE>
</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 2008, there were no new reactors connected to the electricity grid, and three reactors were
shutdown. There were seven countries that completed power uprates in 2008, totalling 1.2 GWe. The
net result was a 0.5 GWe decrease in nuclear capacity. Construction of 10 reactors commenced in
2008 (six in China; two in South Korea and two in Russia), which will add 11 GWe of new nuclear
capacity when they connect to the electricity grid. The following table summarizes Cameco&#146;s
estimate of world nuclear reactor status to 2018.
</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: 12pt"><B>World Nuclear Reactors (Cameco estimate, January&nbsp;2009)</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Outlook to 2018</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>Nuclear</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <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">&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><B><SUP style="font-size: 85%; vertical-align: text-top">2</SUP> (%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2009</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>2018</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GWe Change</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">Argentina</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">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">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">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</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">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">108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Americas Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9</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>136</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8.8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<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">31</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">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.9</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">18</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">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indonesia</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">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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Japan</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">53</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">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Korea (South)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pakistan</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">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">1</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">0.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taiwan</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">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" style="background: #cceeff">
    <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">
    <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>109</B></TD>
    <TD>&nbsp;</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"><B>2</B></TD>
    <TD>&nbsp;</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"><B>69.0</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">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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bulgaria</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">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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Czech Republic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Finland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">France</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</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">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">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Germany</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hungary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lithuania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Netherlands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Romania</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">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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Slovakia</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">4</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">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Spain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Slovenia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sweden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Switzerland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</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">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">14</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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Europe Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150</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>8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>155</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.0</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Russia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</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">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Armenia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</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">
    <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>23</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>63</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20.6</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">South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</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>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.3</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>15</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>436</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>115</B></TD>
    <TD>&nbsp;</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>533</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>108.6</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 align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 1px solid #ffffff">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<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, January&nbsp;2009. Based on public announcements made prior to January
2009.</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>


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</DIV>

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






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>The
Uranium Industry</B></FONT>
</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 2008, indicating a need for
more primary mine production over the coming decade. During the past 23&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. Based on Cameco&#146;s 10 year supply and demand outlook, cumulative
uranium consumption requirements are expected to reach about 2.0&nbsp;billion pounds. Total existing mine supply and secondary supplies are expected to meet
approximately 80% of this demand. The remaining 20% (approximately 400&nbsp;million pounds) must come from new supplies, which may include expansions of
existing mines, and new mines starting production.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>World Uranium Production and Consumption</B><BR>
(Sources: World Nuclear Association ^ and Cameco estimate *)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o53422o5342201.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I><b>Uranium Demand</b></I>
</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 172&nbsp;million pounds in 2008, similar
to 2007. In 2009, we expect world uranium demand to increase to about 181&nbsp;million pounds. We
estimate annual world uranium consumption will reach 226&nbsp;million pounds in 2018, 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. Utilities may to some extent
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 U-235 left in the
waste stream 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,
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which is called the optimal tails assay. The lower the tails assay, the
less uranium is being used.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, the uranium price had increased in excess of 250% since December&nbsp;31, 2003.
Over the same period, enrichment prices had increased by only 47%. Thus, utilities, where
permitted, are choosing lower tails assay under their enrichment contracts, using less uranium and
more enrichment services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on current demand, a 0.01% decrease in tails assay would decrease uranium requirements by 2%,
or about 3&nbsp;million pounds of uranium per year, and increase the demand for enrichment services by
2%. It is important to note that there is a limit to the enrichment capacity that is currently
available. In addition, enrichment contracts generally limit the ability to substitute enrichment
for uranium. In the past, enrichers offered a wide range of tails assay, much like volume
flexibilities on uranium contracts. Currently, enrichers are offering tails assays ranging from
0.25% to 0.30%, thus, over time, as old enrichment contracts expire, we expect that the average
tails assay will move to this range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Supply</I></B>
</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">We estimate world mine production in 2008 was about 115&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 7% from 107&nbsp;million pounds in 2007. We expect world
production to total in the range of 125 to 130&nbsp;million pounds in 2009. However, production targets
are not always easily achievable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect that, with higher uranium prices, new mines will continue to start up, but the lead time
before they enter commercial production may be lengthy, often up to 10&nbsp;years, depending on the
region. As a result, primary supply will be less than 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="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="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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the quality and size of the 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="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="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="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. byproducts
or co-products), 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 availability of financing for exploration and mine development.</TD>
</TR>

</TABLE>
</DIV>


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</DIV>



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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2008 World Uranium Production by Country</B><BR>
(Cameco estimate)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o53422o5342202.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, Russian and other 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 5% 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. We estimate that uranium derived from Russian HEU
could meet about 6% of world consumption over the next 10&nbsp;years based upon deliveries under the
current Russian HEU commercial agreement. All deliveries are scheduled to be made by 2013, when the
1993 HEU agreement expires. In parallel, the US has made some of its military inventories available
to the market, although in quantities much smaller than those derived from the 1993 HEU agreement.
We expect about 3% of world demand through 2018 will be met from this source.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to non-military excess inventories, we believe most of these have been consumed. In
recent years, some utilities have been purchasing uranium to rebuild strategic inventories.
Over the next 10&nbsp;years, with new mines under development such as Cigar Lake and Inkai, this
shortfall between consumption and production is expected to narrow slowly. 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. 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">Uranium production in 2008 met about 67% of global 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 a substantial percentage of their uranium requirements by entering into long-term
contracts with uranium suppliers. These contracts usually provide for deliveries to begin two to
four 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 mineral
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 and
market referenced prices (spot and/or 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"><B><I>Uranium Spot Market</I></B>
</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, 2008, was
$52.50 (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 41% decrease from the December&nbsp;31, 2007, price
of $89.50 (US). Spot market volume in 2008 more than doubled to about 43&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 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> in 2007. The 2008
volume exceeded the previous high of 42&nbsp;million pounds recorded in 1995. Historically, the volumes
traded in the spot market have ranged from about 10% to 15% of annual consumption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The main spot sellers in 2008 were traders and financial players. The financial players liquidated
volumes late in the year as a result of the world financial turmoil. As a result of the lower spot
price in 2008 relative to 2007, utilities returned to the spot market and represented slightly less
than half of all spot purchases. Since the utilities&#146; average inventory levels have increased over
the last several years and financial restraint is likely, we expect more price volatility in 2009.
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>Spot and Long-term Uranium Contract Volumes</b><br>
(Sources: Ux and Cameco)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o53422o5342203.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry average long-term price (TradeTech and UxC) on December&nbsp;31, 2008, was $70.00 (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>, down 26% from $95.00 (US)&nbsp;at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We estimate long-term contracting in 2008 to have been about 130&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>, approximately half the volumes contracted in 2007, but still above the
annual average levels prior to 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increased volatility in the spot market, the large differential between spot and term market
prices, as well as the fact that most utilities are well covered for the next several years
contributed to the lower contracting level when compared to 2007. We estimate the 2009 long-term
contracting volume will be comparable or lower than the 2008 level, but this is highly dependent
upon supply developments, market expectations and market prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>The Fuel Services Industry</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our activities in the fuel services industry include participation in uranium refining, conversion
and fuel manufacturing.
</DIV>

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

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

<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 the fuel services industry is not publicly available.
</DIV>

<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 2008. Western world demand accounted for about 58&nbsp;million kgU, with the
remaining 8&nbsp;million kgU coming from the non-western world (Russia, China and eastern Europe).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next 10&nbsp;years, world demand is expected to increase by 32% to about 87&nbsp;million kgU. In
2009, 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. Cameco&#146;s Canadian
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant capacity, coupled with our toll-conversion capacity with SFL, accounts 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 a substantial percentage 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"><B><I>Spot/Long-Term UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> Conversion Market</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, spot market prices decreased for North American UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services and for European
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services year-over-year. Outlined below are the industry average spot market prices
(TradeTech and UxC) for North American and European UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services as at the dates specified.
</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 style="border-bottom: 1px solid #000000"><B>Average spot market price ($US/kgU)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/08</B></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>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.25</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 -->17<!-- /Folio -->
</DIV>

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



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Outlined in the following table are the industry average long-term prices (TradeTech and UxC) for
North American and European conversion services as at the dates specified. The industry does not
publish spot or long-term UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>prices.
</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 style="border-bottom: 1px solid #000000"><B>Average long-term price ($US/kgU)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/08</B></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>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">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">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.38</TD>
    <TD>&nbsp;</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">3</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR KEY PERFORMANCE DRIVERS, BUSINESS STRATEGIES AND CAPABILITIES TO DELIVER RESULTS</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Our Uranium Business</B></FONT>
</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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prices &#151; spot and long-term,</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>volume &#151; sales, production and purchases,</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>costs &#151; production and purchases, and</TD>
</TR>

</TABLE>
</DIV>

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

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

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Prices &#151; Spot/Long-Term</I></B>
</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 has historically not sold significant quantities in the spot market, Cameco
occasionally buys and sells spot material to take advantage of trading opportunities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco generally targets a 60/40 mix of market-related and base (or fixed-price) escalated pricing.
Recent contracting activity has resulted in a higher ratio of market-related contracts and
currently our portfolio is 65/35 market-related and base escalated pricing. 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 two to four 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 have deliveries
through 2010. Typically these older contracts would protect the buyer with a price ceiling. 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 2008 was $39.52 (US)&nbsp;per pound of
uranium compared to an average spot price of $61.58 (US)&nbsp;and average long-term price of $82.50
(US). Our average realized selling price rose by 5% over 2007.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information on Cameco&#146;s contracting strategy, see the section titled &#147;Uranium Strategies&#148;
in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Volume &#151; Sales, Production and Purchases</I></B>
</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 2008, Cameco reported sales of 34.1&nbsp;million pounds of uranium, representing a 13% increase from
2007 sales of 30.2&nbsp;million pounds. The higher reported volumes were the result of accounting
adjustments related to the termination of product loan agreements, higher spot sales and shifting
customer requirements.
</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 currency hedging program can
be found under the heading &#147;Foreign Exchange&#148; in this MD&#038;A.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><FONT style="font-variant: SMALL-CAPS">Uranium Operations</FONT></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>2009 Planned</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>2008 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="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11.6</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="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</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="center">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.2</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="center">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.3</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">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">20.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">17.3</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: 8pt">
<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>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>

<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>Inkai&#146;s 2008 production is not considered commercial. Inkai is expected to
reach commercial production in 2009.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">McArthur River/Key Lake </FONT>(ownership interest 70%/83%)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s 70% 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 11.6&nbsp;million pounds for 2008, 0.4&nbsp;million pounds less than our previous estimate
of 12.0&nbsp;million pounds. The production shortfall resulted from various process and equipment
problems experienced at Key Lake. The problems encountered were corrected and Cameco&#146;s share of
production for 2009 is expected to be 13.1&nbsp;million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco successfully renewed Canadian Nuclear Safety Commission (CNSC)&nbsp;facility operating
licences for McArthur River and Key Lake for five-year terms that expire on October&nbsp;31, 2013.
Saskatchewan Ministry of Environment (SMOE)&nbsp;five-year operating permits expire
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;31, 2009 for McArthur River and November&nbsp;30, 2009 for Key Lake. In 2009, we intend to apply
to renew the SMOE permits.
</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
operations to 22&nbsp;million pounds from 18.7&nbsp;million pounds. As the first step, in November&nbsp;2004, we
submitted an environmental assessment for an increase in the annual licensed capacity. The
environmental assessment was delayed due to discussions with the regulator regarding how to deal
with the local accumulation of molybdenum and selenium in the Key Lake mill downstream environment.
We expect that reducing the current level of these metals in our effluent will help advance the
environmental assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has developed an action plan to modify the effluent treatment process to reduce
concentrations of molybdenum and selenium discharged to the environment. The CNSC facility
operating licence includes a condition for the Key Lake mill to implement this action plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to this action plan Cameco has been proceeding to modify the mill effluent treatment
process in order to reduce molybdenum and selenium levels to very low concentrations. The project,
originally planned to be complete in the first part of 2008, experienced difficulties in
commissioning that have subsequently required further project changes. We now expect this project
to be completed and the new process changes optimized in the first half of 2009. Cameco will update
the CNSC in April&nbsp;2009 with respect to the indicative performance of the molybdenum and selenium
removal circuit. Depending on the relative success of this project in reducing molybdenum and
selenium concentrations in the Key Lake mill effluent, further work identified in the action plan
referred to in the licence condition may or may not be required.
</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 areas at McArthur River and to implement various mill process modifications at Key
Lake in order to sustain increased production levels. Mine planning, development and freezehole
drilling for the McArthur River mining area transition are ongoing and only after this transition
is complete can we fully assess the production rate capacity of the new mining areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant milestone was achieved at McArthur River during the fourth quarter of 2008. The brine
distribution system in zone 2, panel 5 was activated and formation of the new freezewall is in
progress. By mid-2009, the ground should be sufficiently frozen to begin developing the raisebore
chamber. We intend to produce over 85&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from this area,
and initial production is anticipated in the latter part of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Development work in lower zone 4 also progressed in 2008. This area is classified as higher risk
development and we have adjusted our development and production schedules to recognize and mitigate
these risks. In 2009, development of this zone will continue and freeze hole drilling is expected
to take place. Production is now scheduled for 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the fourth quarter of 2008, access was
successfully re-established along the previously backfilled
zone&nbsp;2, panel&nbsp;3 freezewall on the
</DIV>



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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">530&nbsp;metre level.
This mining area will be used to extend the life of panel&nbsp;3 and
is part of the revised production plan for 2009 to address the rescheduling of
production from lower zone 4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A revitalization assessment of the Key Lake mill was completed in the first part of 2008.
Subsequently, engineering commenced and further assessment of alternative options began. The Key
Lake revitalization plan includes upgrading circuits with new technology for simplified operation,
increased production capacity and improved environmental performance. The engineering and project
planning for replacement of the acid and oxygen plants was further advanced. Construction of these
replacement plants is planned to start in 2009, subject to regulatory approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If approval for the increased production limit is received, annual production is expected to range
between current planned production of 18.7&nbsp;million pounds 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 complete 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 a
sustainable increased production rate at these operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information about McArthur River/Key Lake, 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">Underground exploration drilling and development at McArthur River continued in 2008. Activity for
2009 will focus on evaluation of mineral resources, mainly to the south of the mine. In 2008, we
concluded mineral resources to the south of the mine have greater near-term development potential
for future mining due to established infrastructure and were made a higher priority exploration
target. Mineral resources to the north of the mine are planned for further evaluation in either
late-2009 or 2010, depending on progress made south of the mine.
</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"><FONT style="font-variant: SMALL-CAPS">Rabbit Lake (</FONT>ownership interest 100%)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake achieved expected production of 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> for 2008.
Reduced mill head grade was addressed through increased tonnage. In 2008, we were successful in
adding mineral reserves at Rabbit Lake, extending the expected mine
life by one year, to 2013. From initial startup in 1975 to the end
of 2008, Rabbit Lake has produced a total of approximately
175&nbsp;million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;1, 2008, we successfully renewed the Rabbit Lake CNSC facility operating licence and
SMOE operating permit for five-year terms, expiring on October&nbsp;31, 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In early 2008, uranium in groundwater seepage was detected in an excavation for a new effluent
treatment circuit adjacent to the Rabbit Lake mill. Subsequent to investigation, concrete repairs
and restoration of various containment areas in the mill were carried out. The investigation
determined that the uranium in groundwater seepage was localized to the immediate vicinity of the
mill where it was detected, and that the nearby Rabbit Lake in-pit
tailings management facility
(RLITMF)&nbsp;afforded regional control as groundwater near the mill flows to the RLITMF.


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake substantial work has been carried out to renew the mill and associated facilities. A
full replacement of the mill-distributed control system was completed in 2008. Selected plant
equipment and process vessel replacement is ongoing. Extensive projects to reduce mill effluent
concentrations of uranium (completed in 2006) and molybdenum and selenium (scheduled to be
completed in 2009) are expected to meet current regulatory requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A milestone for the future of Rabbit Lake was regulatory approval of the Rabbit Lake solution
processing project environmental assessment in the summer of 2008. This will allow for extension of
the operation of the Rabbit Lake mill, allowing it to process uranium solution from Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This environmental assessment included expansion of the RLITMF. In September, the expansion of the
RLITMF was initiated and completion is planned in the second quarter of 2009. In addition to
sufficient capacity to contain all the tailings expected from future processing of Rabbit Lake&#146;s
share of Cigar Lake uranium solution, we expect that the expanded facility will have sufficient
capacity to support continued mine and mill production from Eagle Point ore to 2013 (based upon
expected ore grades and milling rates).
</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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Smith Ranch-Highland and Crow Butte (</FONT>ownership interest 100%)
</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
collectively produced 1.8&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> in 2008, slightly below our
previous target of 1.9&nbsp;million pounds. In 2009, the two operations are expected to produce
approximately 2.5&nbsp;million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Smith Ranch-Highland received regulatory approval for construction of an additional
satellite facility (SR-2), which will extend the life of the Smith Ranch-Highland operation. The
new SR-2 facility was started up in December&nbsp;2008 and is expected to operate for about nine years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The operating environment in the US for Cameco&#146;s ISR facilities has become more complex as a result
of increased public interest and regulatory oversight. In 2008, Cameco reached a settlement
agreement with the Wyoming Department of Environmental Quality (WDEQ)&nbsp;related to the Notice of
Violation received in March&nbsp;2008. Cameco Resources agreed to increase the level of bonding to
$80&nbsp;million (US)&nbsp;from $40.7&nbsp;million (US)&nbsp;to guarantee financing of restoration and reclamation
activity. The settlement allows Smith Ranch-Highland to apply for an increase in production after
March&nbsp;1, 2009. The increasing complexity may have a negative impact on our ISR operations in the
US, including on our plans to increase production.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cigar Lake (</FONT>ownership interest 50%)
</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">The inflow area was successfully sealed and dewatering of the mine commenced in the summer of 2008.
A new source of increased water inflow developed in the mine on August&nbsp;12, 2008, which caused
remediation work to be suspended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have confirmed that the main source of the increased water inflow observed on August&nbsp;12, 2008,
is from a fissure located in the top of the tunnel on the 420 metre level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has developed a remediation plan to seal the tunnel. The plan includes remotely installing
bulkheads on either side of the inflow location and then injecting concrete and grout into the
tunnel and ultimately into the rock through holes drilled from surface. The equipment necessary to
accomplish this has been mobilized and some initial work both on surface and on the 420 metre level
has started. The work on the 420 metre level involves removal of pipes, doors, ventilation ducting,
loose sand and other miscellaneous items. This is being done using submersible, remotely operated
vehicles (ROVs) that are commercially available for this type of work. We estimate that sealing of
the August&nbsp;12, 2008, inflow will take most of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Remediation of shaft 2 continues following a water inflow at the base of the shaft in April&nbsp;2006.
The water inflow resulted in flooding and cessation of activities in the shaft. The water inflow
was limited to shaft 2 as it was not connected to the mine. The inflow sources have been sealed and
effectiveness of the seal demonstrated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the fourth quarter, dewatering of shaft 2 commenced. The water level was pumped down to the
260 metre level and held there for several weeks. The inflow measured during this time was very low
and stable, confirming that the sources of the inflow have been sealed. In preparation for further
lowering the water level, the installation of ventilation and water pumping infrastructure began in
the shaft. It is anticipated that the removal of all water in the shaft will be complete in the
second quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco obtained an amended CNSC construction licence for Cigar Lake in 2007, which expires December
31, 2009. We will be applying to amend the licence to extend the term to allow for completion of
the mine remediation work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2008, Cameco submitted to the CNSC a project description for measures intended to
effectively manage the increased quantities of water inflow that can potentially be experienced
during the construction and operation of the Cigar Lake mine. The project involves modification of
water handling and effluent treatment facilities and will require an environmental assessment under
the provisions of the Canadian Environmental Assessment Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has incurred $359&nbsp;million in capital costs to develop Cigar Lake to the end of 2008. We no
longer anticipate production startup in 2011 and are assessing the impact of the August inflow on
the planned production date and capital cost estimate. We will provide new estimates after the mine has been dewatered, the condition of the underground has been evaluated, and the resulting
information has been incorporated in a new mining plan.

</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to capital costs, Cameco&#146;s share of remediation expenses is now expected to total $92
million, of which $46&nbsp;million has been expensed to the end of 2008. In 2009, Cameco expects to
spend $21&nbsp;million on remediation expenses for Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Inkai (</FONT>ownership interest 60%)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two areas are currently in production development (blocks 1 and 2) at the Inkai
ISR project in Kazakhstan and there is one exploration area (block 3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco&#146;s share of production at Inkai was 0.3&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>
Production during the year was hampered by supply shortages, including sulphuric acid, compounded
by a slower uranium dissolution rate at block 1 than was experienced in the test mine conducted in
block 2. Work to accelerate the dissolution rate and increase the production rate in block 1
continued through the fourth quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At block 1, construction of a commercial processing facility is underway. During the fourth quarter
of 2008, commissioning of the front half of the main processing plant was completed and the
processing of solutions from block 1 was initiated. We expect to complete construction and begin
commissioning the facility in the first half of 2009. Construction of a satellite plant to process
solution recovered from block 2 was also initiated in 2008 and was about 50% complete by the end of
the year. Commissioning of this facility is anticipated in the second half of 2009. Once the
facilities are commissioned, we expect to declare commercial production in 2009, subject to the
availability of acid as noted below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the third quarter of 2007, the availability of sulphuric acid required for ISR mining was
restricted due to a fire at one sulphuric acid plant in Kazakhstan and delays in the startup of a
new plant. As a result, Inkai and other ISR operations in Kazakhstan were subject to reduced acid
allotments. This shortage continued throughout 2008. At the very end of the year additional
supplies became available from both inside and outside the country. With this additional supply the
project is currently receiving an adequate supply to acidify the wellfields in preparation for
commercial production in 2009.
</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 (Cameco&#146;s share is 60% or 3.1&nbsp;million pounds) per year by 2012, subject to
availability of sulphuric acid and regulatory approval. However, a non-binding memorandum of understanding (MOU)&nbsp;signed between Cameco and
Kazatomprom (Cameco&#146;s state owned joint venture partner) in May&nbsp;2007 targets 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 expected share of the future annual production at
Inkai to 5.7&nbsp;million pounds if the 10.4&nbsp;million pound production target is achieved.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The production increase was approved by both partners at an Inkai board meeting in July&nbsp;2008. A
binding agreement to finalize the terms of the MOU and various government approvals will be
required to implement this production increase. This MOU also contemplates studying the feasibility
of constructing a uranium conversion facility as well as considering other collaborations in
uranium conversion. 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
$271&nbsp;million (US). The development expenditures for Inkai in 2009 are expected to total about $13
million (US). The production obtained from the Inkai mine is being sold and proceeds from the sales
are being 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 $128&nbsp;million
(US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco provides funding to Inkai for project development. In September&nbsp;2008, we increased our loan
facility to Inkai from $250&nbsp;million (US)&nbsp;to $300&nbsp;million (US). As of December&nbsp;31, 2008, $226
million (US)&nbsp;was outstanding on the loan with accrued interest of $31&nbsp;million (US). Of the cash
available for distribution each year, 80% is used to repay the loan until it is repaid in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Inkai received an initial approval for the mining licence for block 2 to replace its
exploration licence. Final approval is subject to completion of an amendment to the Resource Use
Contract. The mining licence for block 1 expires in 2024 and the mining licence for block 2, if
granted, will expire in 2030. In addition, Inkai applied for and received an initial approval for a
two-year extension of its exploration licence for block 3. The final approval is subject to
completion of an amendment to the Resource Use Contract. Under Kazakh law, in order for a further
extension of the licence to be obtained, there must be a commercial discovery. In 2009, Inkai plans
to spend $2.5&nbsp;million (US)&nbsp;for exploration drilling at block 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our annual information form (AIF), we describe the Kazakh tax regime that applies for the
purpose of determining the taxes and other governmental charges payable by Inkai. A new tax code
became law on January&nbsp;1, 2009. Inkai has received a letter from the Ministry of Energy and Mineral
Resources (MEMR)&nbsp;requiring that Inkai amend the existing Resource Use Contract to reflect the new
tax regime despite the fact that Inkai&#146;s Resource Use Contract contains provisions stabilizing the
tax regime that was in effect at the date the contract was signed (2000). We are in discussions
with the MEMR over this matter and are assessing the impact of the new tax code, including on the
tax stabilization provisions of the Resource Use Contract, pending the issuance of the detailed
calculation of the applicable taxes. Obtaining necessary ongoing government approvals and
amendments to the Resource Use Contract may be dependent on Inkai&#146;s acceptance of the new tax
regime.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our AIF, we also describe the Kazakh Subsoil Law, which defines the framework and procedures
connected with the granting of subsoil rights, and the regulation of activities of subsoil users,
which applies to Inkai. The Kazakh Parliament is considering a draft of a new Subsoil
Law. It is contemplated that this new Subsoil Law will enter into force six months after its
adoption by parliament and signature by the president. The new Subsoil Law introduces significant
changes in terms of the regulation of the activities of subsoil users,
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">including the abolition of the existing stabilization regime for all subsoil users, except for
those operating under product sharing agreements and subsoil use contracts approved by the Kazakh
President. We do not know if the exemption described above will apply to Inkai, when the proposed
legislation will be adopted or what will be contained in the final provisions of any new law. The
most recent draft law provides that disputes among the subsoil user and the government are to be
resolved through the courts in Kazakhstan and does not provide for international arbitration, as is
the case under the current Resource Use Contract. We are assessing the implications for Inkai,
including the stabilization provisions of its Resource Use Contract.
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 2008, these purchase
commitments totalled 39&nbsp;million pounds uranium equivalent from 2009 to 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Of the total purchase commitments, 36&nbsp;million pounds (about 7&nbsp;million pounds uranium equivalent
annually to 2013) are from our agreement with Techsnabexport (Tenex) to purchase uranium from
dismantled Russian weapons (the Russian HEU commercial agreement). In 2008, Cameco and its partners
agreed with Tenex to a new pricing structure for the period 2011 to 2013, affecting approximately 7
million pounds during that time frame. The US government has approved the new pricing structure. We
expect Russian government approval will be received in the first quarter of 2009.
</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">
An update for our near-term production outlook is provided in the table below.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco&#146;s Share of Production (million pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>) Excluding Cigar Lake</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="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>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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2013</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="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.7</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">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai<SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">3.1</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="center" style="border-bottom: 3px solid double #000000"><B>20.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>21.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>22.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>22.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>21.6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<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 significantly from these 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>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>

<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>Inkai mineral 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>. 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. 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 it is reasonably likely that all permits and approvals required for the
construction and operation of its new ISR mine at Inkai &#151; including approvals for increased
annual production to 5.2&nbsp;million pounds &#151; will be obtained. However, there can be no certainty
that permits or approvals will be forthcoming.</TD>
</TR>

</TABLE>


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</DIV>





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







<DIV align="left" style="font-size: 9pt; margin-top: 10pt"><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 risks that could cause results to differ materially, and 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: 9pt">

<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>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; 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>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>the successful transition to new mining areas at McArthur River beginning in 2009;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; 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 (other than the approval necessary to increase capacity at McArthur
River/Key Lake referred to in note 2 above) to achieve the forecast production;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; 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, political
risks or other development and operation risks; and</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; 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: 9pt; margin-top: 9pt"><I>Material risks 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 to new mining areas at McArthur River is
not successful; the inability to obtain or maintain necessary permits or government approvals; and
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 later
years of the forecast, and could materially change over time.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Costs</I></B>
</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 33% attributable to labour. The largest variable operating cost is production
supplies, which includes items such as propane, diesel and lime and accounts for about 29%. Another
large component of production costs is contracted services, which was 29% of the total for 2008.
Contracted services include items such as mining, maintenance, air charters, security and ground
freight. These three components (labour, production supplies and contracted services) make up 91%
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. At about 100&nbsp;times the world average, its 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 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
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">operations. In 2008, US ISR production accounted for about 11% of the company&#146;s primary output.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchased product also affects Cameco&#146;s cost of supply. Most of Cameco&#146;s purchase commitments are
under long-term, fixed-price arrangements reflecting prices significantly lower than the current
published spot and long-term prices. These purchase commitments totalled almost $623&nbsp;million (US)
at December&nbsp;31, 2008. Refer to note 24 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 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="1%" 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="1%" 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="1%" 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="1%" 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 mineral reserves and improving our margins.
We look to expand our low-cost mineral reserves through acquisition, exploration around existing
operations and 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 work to improve our margins by optimizing production to yield the highest rate of return
possible, 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, accelerating 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 production at Inkai, which is expected to achieve commercial production in
2009, working to bring 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 ISR), and replace mineral reserves through exploration and acquisition.
</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>

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<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 of the industry 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, 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 are being expanded and newly discovered deposits will be developed, but
the lead time for commercial production may be lengthy depending on the region, especially because
of the current worldwide economic downturn. Due to the difficulty in raising capital in the current
market environment, the volatility of the uranium spot price and the rise in mining costs, several
uranium mining companies have announced the temporary shutdown of mines, delay in project startup
or a reduction in planned production. 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent enrichment services are substituted for natural uranium feed,</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 growth rate of nuclear power, 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>inventory policies of market participants.</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>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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">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 appropriate 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 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-$40 (US)&nbsp;range. Utilities are increasingly unwilling to accept unlimited upside
price risk and as a result some recent awards have contained ceiling prices in excess of $100 (US).
Today, Cameco is heavily committed under long-term contracts, and therefore has become increasingly
selective in adding additional commitments.
</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 about six months forward sales and uranium from opportunistic
purchases in the spot market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Given our multiple sources of supply, Cameco generally includes supply interruption language in our
contracts. This language provides Cameco with the right to reduce, defer or cancel volumes on a
pro-rata basis if we experience a shortfall in planned production or deliveries of purchases under
the highly enriched uranium agreement. Today, in addition to standard force majeure language, new
contracts generally include this supply interruption language.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, for those contracts that are impacted by supply interruption language, we generally plan
to defer a portion of deliveries for a five to seven-year period. Contract specific decisions are
made in consultation with each of our customers. In 2008, no deliveries were deferred as a result
of the supply interruption provisions in our contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the baseload contracts put in place to support the development of Cigar Lake contain
provisions which allow Cameco to reduce, defer or terminate deliveries in the event of any delay or
shortfall in Cigar Lake production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco continues to discuss with its customers the possible effect of the uranium production delay
at Cigar Lake. For the Cigar Lake baseload contracts with deliveries in 2009 and 2010, these volumes (as well as 2007 and 2008 delivery volumes) have been deferred to the end of the
respective contracts.
</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>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 seek to 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="1%" 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="1%" 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring availability of critical production supplies,</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>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="1%" 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securing sufficient human resources to replace an aging workforce, including ensuring the
availability of skilled tradespeople,</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>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="1%" 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluating and acting upon opportunities that we expect to add value.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Transition to New Mining Areas</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground drilling at McArthur River has delineated four mineralized zones with mineral reserves
(zones 1 to 4). Since mine startup in 2000, only zone 2 has been 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="o53422o5342204.gif" alt="(GRAPHIC)">
</DIV>



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</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River mine schematic above illustrates the location of six mineralized zones.
The four described above and mineralized zones A and B are drilled from surface only and are currently categorized as inferred
mineral resources.
</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 lower zone 1, zone 2, panel 5
and the lower mining area of zone 4 into production in stages between 2009 and late-2010. 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">Freeze
drilling and raisebore access for lower zone 1 have been developed on
the 530 metre level. As a precautionary measure, the 560 metre level
extraction chamber development will not be initiated until the production
freezewall has been established. Freeze drilling for lower zone 1 is
scheduled to begin in the second quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At zone 2, panel 5, the brine system to form the new freeze wall was activated in the fourth
quarter of 2008. Approximately six months of freeze time are required before the raisebore chamber
can be safely developed. For more information, refer to the section titled &#147;Uranium Operations &#151;
McArthur River/Key Lake&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2008, the lower extraction area for lower zone 4 development on the 590 metre level
encountered a small inflow of water that was quickly captured and controlled. This area was
considered low-risk development which is defined as having an inflow potential of less than 100
cubic metres per hour or an order of magnitude below our pump and treat capacity. The inflow has
not caused Cameco to alter any planned mining in this area. However, full grouting of the inflow
area is required before development in the area resumes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Mining Methods</I></B>
</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 2013.
</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 we
completed the mine plan for the boxhole boring test area. The first test raise was setup at the end
of 2008 and pilot hole drilling commenced in January&nbsp;2009. Three raises in waste are planned for
2009 as is completion of freeze drilling for a boxhole boring ore extraction test area. We expect
to install the brine distribution system for this area in 2009 as part of the plan for test raise
excavation in 2010.
</DIV>

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

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</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our production is dependent upon the availability of certain critical supplies. For example, at
Inkai, production is dependent on an adequate supply of sulphuric acid. We are examining our entire
supply chain to reduce vulnerability to shortages in any of our critical supplies.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake and Rabbit Lake mills commenced operations in 1983 and 1975 respectively. We plan to
renew both these mills to help maintain our uranium production capability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A revitalization assessment for the Key Lake mill was completed in the first part of 2008. For more
information, refer to the section titled &#147;Uranium Operations &#151; McArthur River/Key Lake&#148; in this
MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake substantial work has been carried out to renew the mill and associated facilities.
For more information, refer to the section titled &#147;Uranium Operations &#151; Rabbit Lake&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Regulatory Approval</I></B>
</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,
Australia, 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: 12pt"><B><I>Human Resources</I></B>
</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 25% of the workforce at our Saskatchewan uranium
mines was age 50 or older at December&nbsp;31, 2008. Cameco&#146;s challenge is to compete for the limited
number of people entering the workforce to replace retiring employees, as well as to retain our
current trained workforce and 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"><B><I>Ready Access to Capital</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has an ambitious plan to grow its uranium operations. Opportunities to invest are
unpredictable and often capital intensive. In the current economic environment raising new funds is
a challenge for most companies. However, we believe Cameco&#146;s history of strong financial discipline
will enable us to maintain financial flexibility and access additional funding to pursue
opportunities as they arise. We are prepared to go above our target level of 25% net debt to total
capital to pursue attractive opportunities, but would then return to this benchmark over time.
</DIV>

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

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the past five
years, we have significantly increased our investment in exploration programs. We invested about
$57&nbsp;million in direct uranium exploration during 2008. An additional $32&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 100 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, Kazakhstan, the US, and Mongolia. 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">At
year-end 2008, Cameco operated approximately 80% of our 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"><B><I>Exploration Acquisition/Merger Approach</I></B>
</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. The recovery of the world uranium market, and corresponding higher
prices for uranium particularly between 2004 and 2007, resulted in the creation of more than 400
uranium exploration companies listed on stock exchanges worldwide, with most of these companies
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 position
in the sustainable development of uranium resources worldwide.<BR>
We will continue to use Cameco&#146;s industry leadership position and specifically our 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 also intend to create a portfolio of future options for Cameco through the structure of the
strategic alliances we are developing, and with our 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.
The lower uranium prices of 2008, and reduced availability of financing and credit worldwide, are
expected to reduce the uranium expenditures of most junior uranium companies, potentially opening
up new growth opportunities for Cameco.
</DIV>


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</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, Cameco owned interests in the following junior exploration companies:
</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="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="34%">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Interest</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 31, 2008</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Location of Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%</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">UEX Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Athabasca Basin, SK
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">21.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNOR Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nunavut, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">18.7</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">MINERGIA SAC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Peru
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">25.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Western Uranium Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada, US and Nunavut
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">9.4</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">Cue Resources Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paraguay
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">10.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GoviEx Uranium Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Niger
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">10.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2008 Exploration Program</I></B>
</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 2008, Cameco invested $13&nbsp;million on our brownfield exploration
program, all in Saskatchewan, with the largest programs being on McArthur River and Rabbit Lake. We
continue drilling programs intended to add mineral resources at both operations, intending to
extend their mine lives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The diamond drilling program evaluating the P2 trend north of the McArthur River mine continued in
2008. The P2 structure has now been tested at approximately 200-metre intervals for a distance of
4.3 kilometres north of the mine. Results continue to be encouraging and will require follow-up
drilling.
</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 mineral
reserves. The underground drilling reserve replacement program has been extended to include
drilling throughout 2009. Surface drilling was undertaken both in support of the Eagle Point
operation as well as to test more regional targets. Encouraging results were obtained east and
north-east of the mine that will be tested in the first quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the
Dawn Lake project, the Tamarack deposit program to define the deposit at 25-metre drill
spacings is on target for completion in 2009. Pre-feasibility activities and an environmental
baseline study were initiated in 2008 and will continue in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Millennium deposit and surrounding area, drilling was completed targeting key sections of
the deposit, and replacing some of the drill core destroyed by a forest fire in 2007. Feasibility
work continued during the year with additional testing of two potential shaft pilot holes which
were drilled in 2007. Preliminary results of the detailed 3-D seismic survey have been obtained,
and will likely be valuable in identifying and mitigating problematic structures in the planned
development area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Studies required to collect the necessary baseline data to support the preparation of the
environmental impact statement were conducted through the year in support of the Millennium
project. Work continued on a slower pace on the feasibility study pending resolution of a number
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of issues including the impact and status of a Treaty Land Entitlement (TLE)&nbsp;claim filed by the
English River First Nation on the lands overlaying the Millennium deposit, the availability of
tailing storage space at Key Lake and the structure of the Millennium project for the purposes of
the environmental assessment process. The filing of the project description for the environmental
assessment process was not done pending resolution of these issues. For more information on the
TLE, refer to the section titled &#147;Business Risks &#151; Aboriginal Title and Consultation Issues&#148; in
this MD&#038;A.
</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">During 2008, Cameco&#146;s exploration investment on regional exploration programs, along with support
costs, was about $44&nbsp;million. Australia was the largest single region, followed by Saskatchewan,
northern Canada and the rest of the global program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Testing of regional targets on the Read Lake project has led to the discovery of a new zone of
uranium mineralization intersected on a three hole fence drilled at Fox Lake located approximately
nine kilometres west of the McArthur River mine. The uranium mineralization discovered to date is
entirely located in the sandstone, between 90 and 150 metres above the unconformity. Exploration in
2009 will attempt to discover the unconformity or basement-hosted expression of this
mineralization. Cameco has a 78.24% interest and is the project operator while AREVA holds the
remaining interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, exploration activities were conducted on 65 projects worldwide including Nunavut, the
Northwest Territories, Quebec, Northern Territory (Australia), Western Australia, South Australia
and Mongolia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>New Investments and Acquisitions in 2008</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U>Kintyre (Western Australia)</U></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August, Cameco acquired a 70% interest in the Kintyre project located in Western Australia (WA).
Development of this project is subject to state government approval and reaching an agreement with
the traditional land owners. Mitsubishi Development Pty. owns the remaining 30% interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;17,<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>2008, the government of WA officially lifted the state ban on uranium
mining in WA, giving companies the ability to obtain exploration licences and mine and export
uranium. The lifting of the ban removes a potential obstacle for the development of the Kintyre
project should the exploration and development programs over the next several years lead to a
decision to mine the deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Logistical preparations related to the Kintyre project were underway by year end with the objective
of commencing exploration activities in the second quarter of 2009. Cameco is opening a regional
office in Perth, WA, to manage the large investment in this advanced exploration project over the
coming years.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Angela Property (Northern Territory, Australia)</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;20, 2008, the Northern Territory government awarded Cameco Australia Ltd. and Paladin
Energy Ltd. joint venture (Cameco-Paladin) the Angela uranium property located near Alice Springs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;3, 2008, the Northern Territory Government issued Cameco-Paladin an exploration licence,
paving the way for exploration work to commence. Provided that all necessary permits are received,
exploration activities are expected to commence late in the first quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>GoviEx (Niger)</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;22, 2008, Cameco formed a strategic alliance with GoviEx Uranium Inc. (GoviEx) and
acquired an approximate 11% interest in the company for $28&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the strategic alliance, Cameco can acquire another approximate 10% interest in GoviEx for $31
million (US)&nbsp;following completion of a due diligence review. The arrangement stipulates the vast
majority of the proceeds received from Cameco will be used for uranium exploration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we increase our ownership in GoviEx after completion of due diligence, we secure additional
ownership and governance rights. These include the right to increase our ownership interest up to a
maximum of approximately 48%. The cost to Cameco of increasing our ownership to 48% would be
between $145&nbsp;million (US)&nbsp;and $212&nbsp;million (US), depending upon the timing of the purchase, which
is subject to various technical milestones being met. GoviEx is the operator of its projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GoviEx is a closely held exploration company formed in 2006, with uranium exploration assets in
Niger, Africa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GoviEx holds about 2,300 square kilometres of exploration property in the region around Arlit, and
2,400 square kilometers of property around Agadez.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GoviEx field teams are analyzing historical data and have begun a drilling program to confirm and
expand historical resource estimates in the Arlit area to provide data that conforms to the
Canadian Securities Administrators&#146; National Instrument 43-101 (NI 43-101) standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2009 Exploration Program</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to invest approximately $50&nbsp;million to $55&nbsp;million on uranium exploration during 2009
as part of our long-term strategy.
</DIV>

<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 36% of the uranium exploration budget will be for brownfield exploration projects in
the Athabasca Basin and Australia. We plan to invest about $20&nbsp;million on eight advanced projects.
The largest proposed investment will be at Kintyre, with $7.7&nbsp;million to be used to advance the
deposit towards a NI 43-101 compliant resource estimate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approximately $2.5&nbsp;million will be invested in the Angela project to define the resource of the
existing deposits. The company also plans to continue with the P2
structure exploration program aimed at identifying mineralization in the vicinity of the McArthur River mine and will invest $2.4
million towards that goal.

</DIV>

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</DIV>

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<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, albeit at a slower pace in 2009. Work on the Millennium deposit feasibility study will
also continue at a slower pace in 2009.
</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 2009 are expected to be allocated among 63 projects
worldwide, the majority of which are at drill target stage. Among the larger investments planned
are a $2&nbsp;million program on the Virgin River project in Saskatchewan, $3.6&nbsp;million on two adjacent
projects in Nunavut, and a $1.6&nbsp;million investment on the Wellington Range project in Northern
Territory, Australia.</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, exploration by Cameco or by partner companies will also take place in the US, Mongolia,
and South America. Cameco continues to evaluate other regions and projects globally, and we will
add to our land position as new prospects are confirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Our Fuel Services Business</B></FONT>
</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="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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>volume &#151; sales, production and purchases,</TD>
</TR>

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

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

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Prices &#151; Spot/Long-Term (Conversion Services)</I></B>
</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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next 10&nbsp;years, the majority of our contract commitments, totalling about 90&nbsp;million kgU
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 two to four years after the agreement has been finalized. Therefore, in the
coming years, Cameco&#146;s contract portfolio will benefit from higher fixed-price contracts signed in
the recent higher-priced environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Volumes &#151; Sales, Production, Purchases</I></B>
</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 14.8&nbsp;million kgU of fuel services in 2008, down 13% from
the 17.0&nbsp;million kgU sold in 2007.
Even though Port Hope
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production was suspended in July&nbsp;2007 through September 2008, we have met our UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> delivery obligations (see &#147;<I>Production Volume&#148; </I>below).
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 through the first half of 2009.
</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 currency hedging program can be found under the heading &#147;Foreign
Exchange&#148; in this MD&#038;A.<BR>
</DIV>

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</DIV>

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Port Hope fuel services production and SFL supply totalled 8.3&nbsp;million kgU in 2008 compared to
12.9&nbsp;million kgU in 2007. The decrease in 2008 is mainly due to the shut down of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
plant during most of the year. 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: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Conversion Services</U></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco received regulatory approval and safely restarted the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant in late September
2008 after making significant upgrades to structures and equipment related to liquid management
practices. We believe that the combination of upgrades inside the plant and installation of a
groundwater management system outside the plant will enable us to ensure no further sub-surface
leaks can occur as well as to contain, recover and treat affected groundwater. In late November
2008, Cameco once again suspended UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production because it was unable to resolve a
contract dispute and obtain commercially viable supplies of hydrofluoric acid (HF)&nbsp;from its sole
supplier. Also because of logistical issues, alternative supplies could not be quickly established.
We continue discussions to broaden our sources of supply at competitive prices and plan to resume
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production in the second half of 2009. Suspending production resulted in temporary
layoffs for about 50 employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has completed a site-wide environmental investigation of subsurface contamination and is in
the process of conducting a site-wide risk assessment that will identify contaminants that could
pose a potential risk to the environment. The assessment is expected to be complete in the second
quarter of 2009. It will be used to guide the completion of an environmental management plan that
is intended to assure that corrective actions, largely in place already, mitigate potential risks.
The findings of 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, indicate that the health
and safety of employees and the public have not been and will not be adversely affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant restarted in mid-January&nbsp;2009 after being shut down for an extended
planned maintenance period. Floors and in-floor structures have been brought up to the new
standards 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"><I>The statements above regarding the 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 risks that could cause results to differ materially: 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 and that we will be able to obtain adequate
supplies of hydrofluoric acid and at a reasonable cost, 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 will be shut down, the risk that there will
be a delay in or failure to procure the required contractors, equipment and suppliers (including of
hydrofluoric acid), 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; 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.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Port Hope Conversion Facility Project</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Port Hope conversion facility project proposes to clean up and modernize the Port Hope
conversion facility site. The CNSC held a one-day public hearing to
consider the proposed environmental assessment guidelines for this project and concluded the proposed guidelines were
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">suitable. They recommended to the federal Minister of Environment that the guidelines be accepted
and a comprehensive environmental assessment was the appropriate process for the project. Subject
to the Minister&#146;s approval, the environmental assessment will proceed as per the guidelines. A
licence amendment would be required following acceptance of the environmental assessment. Design
and preliminary engineering for the project are continuing.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Kazatomprom entered into a memorandum of understanding in 2007 to co-operate on the
development of uranium conversion capacity and to pursue additional uranium production. Kazatomprom
is owned by the Kazakh government<I>.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2008, following the completion of a scoping study the two parties announced the
establishment of Ulba Conversion LLP, to further advance the development work through the first
stage feasibility study of a 12,000-tonne, UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion facility at the Ulba
Metallurgical plant in Ust-Kamenogorsk, Kazakhstan. Ulba Conversion is owned 51% by Kazatomprom and
49% by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, in light of current market and economic conditions, the partners have decided to
discontinue the feasibility work and conduct a further review of the project to define the best way
to achieve the desired scope of the initiative by revisiting and developing a range of options,
including alternate plant locations.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At our Blind River refinery, we produced 10.6&nbsp;million kgU of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>in 2008 compared to 9.5
million kgU for 2007. As in 2007, Cameco continued to limit production of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>in 2008
because of the suspension of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at Port Hope.
</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 was approved by the CNSC in the fall of 2008, and a
written request for a licence amendment was submitted to the regulators in December&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Fuel Manufacturing </U></FONT>
</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 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 modifying our fuel manufacturing plant in Port Hope to produce fuel bundles containing
slightly enriched uranium (SEU), and an agreement has been reached
with BALP for supply of these bundles. Cameco received approval of both its environmental assessment and
</DIV>

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">licence amendment
to produce these fuel bundles and construction of the SEU production line has now been restarted.
The line will be in place in ample time to meet BALP&#146;s requirements.
</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>

<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 conversion services purchase commitments, which primarily reflect the conversion
component of the low enriched uranium from Russian HEU, re-enriched tails product and the company&#146;s
agreement to purchase SFL&#146;s conversion services. Cameco&#146;s UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion purchase
commitments at December&nbsp;31, 2008, total about 53&nbsp;million kgU, most as conversion services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Costs</I></B>
</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 $323&nbsp;million (US)&nbsp;at December&nbsp;31, 2008. Refer to note 24 in the financial
statements. A significant portion of these purchases have 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:

</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>remain a sustainable competitive 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="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="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">The company&#146;s strategies 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="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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>secure a long term supply of HF,</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>restart the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant and gradually increase 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>continue to focus on lowering operating costs, 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>complete construction of the new SEU manufacturing line.</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 have taken action to
enhance our plant and operating practices which we believe will ensure sustainable economic
production for the long term.
</DIV>

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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 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 seeking to ensure 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="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="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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capital is readily available over the longer term to support our operations, 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>critical production supplies are available.</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We continue to strengthen our community outreach program in Port Hope through a series of ongoing
community liaison forums, presentations to the municipal council, community newsletters, newspaper
advertising, public displays and open houses, and a Port Hope community dedicated website. The
response from the community has been positive. Our forums, public displays and open houses have
been well attended. Annual public opinion research shows that Cameco continues to enjoy a strong
level of support in the community.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Human Resources</I></B>
</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, 2008, 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"><B><I>Ready Access to Capital</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For
information on this topic, refer to the 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"><B><I>Availability of Supplies</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s production is dependent upon the availability of certain critical supplies. For example,
at Port Hope, production is dependent on an adequate supply of hydrofluoric acid. We are examining
our entire supply chain to reduce vulnerability to shortages in any of our critical supplies.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange rate between the Canadian and US dollar affects the 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.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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">During 2008, the US dollar strengthened against the Canadian dollar from $1.00 (US)&nbsp;for $0.99 (Cdn)
at December&nbsp;31, 2007 to $1.00 (US)&nbsp;for $1.22 (Cdn) at December&nbsp;31, 2008. Over the course of the
year, the exchange rate averaged $1.00 (US)&nbsp;for $1.07 (Cdn).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, we had foreign currency contracts of $975&nbsp;million (US)&nbsp;and EUR 36&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The US currency contracts had an average effective exchange rate of $1.00 (US)&nbsp;for $1.12 (Cdn) at
December&nbsp;31, 2008, 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, 2008, the mark-to-market loss on all foreign exchange contracts was $105&nbsp;million
compared to a $140&nbsp;million gain at December&nbsp;31, 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, 2008, net deferred
gains totalled $76&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="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>Deferred Gains (Charges)</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"><FONT style="font-variant: SMALL-CAPS">$ </FONT>millions<FONT style="font-variant: SMALL-CAPS"> (Cdn</FONT>)</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">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</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: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, 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 2008, the effective exchange rate, after
allowing for hedging, was unchanged at $1.00 (US)&nbsp;for $1.11 (Cdn) compared to 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For sensitivity of our net earnings in 2009 to changes in the US to Canadian dollar exchange rate,
see the section titled &#147;Consolidated Outlook for 2009&#148; in this MD&#038;A.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective August&nbsp;1, 2008, we voluntarily chose to discontinue designating our foreign currency
forward sales contracts as accounting hedges of anticipated US dollar and Euro-denominated cash
inflows. A significant portion of our portfolio of derivative instruments did not qualify for hedge
accounting. We concluded that the transparency of our financial reporting would be improved by
applying a consistent approach in our accounting treatment for all of our foreign currency sales
contracts. Since August&nbsp;1, 2008, all future changes in the fair value of these contracts have been
recorded in earnings rather than in other comprehensive income. Mark-to-market gains and losses recorded in other comprehensive
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">income prior to August&nbsp;1, 2008, will be
recognized in net earnings at the time when the previously hedged transactions are anticipated to
occur. The voluntary de-designation for accounting purposes only impacts reported earnings in
future periods and does not impact our underlying risk management activities or future cash flows.
See note 3 in the financial statements.
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="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>4.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR PERFORMANCE AND OUTLOOK</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Consolidated Financial Results</B></FONT>
</DIV>


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

</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2008, our net earnings were $450&nbsp;million ($1.28 per share diluted),
$34&nbsp;million higher than net earnings of $416&nbsp;million ($1.13 per share diluted) recorded in 2007.
The increase was due largely to higher earnings in the gold and electricity businesses. Earnings
from the uranium business increased marginally over the prior year as a 5% increase in the realized
selling price was offset by higher costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate gross profit margin decreased in 2008 to 37% from 38% in 2007 due to higher costs in
all business segments. (Gross profit equals revenue less products and services sold less
depreciation, depletion and reclamation.)
</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"><B><I>Administration</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, direct administration costs were $177&nbsp;million, an increase of $48&nbsp;million compared to 2007
due to business development costs at BPLP, an increase in the workforce, higher charges for
recruiting and retention programs and systems enhancements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also recorded a net recovery of $61&nbsp;million in 2008 for stock compensation expense as a
result of the decline in the share price during 2008. A recovery of $2&nbsp;million was recorded in
2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>$ millions</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>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">Direct administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>177</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">129</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: 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">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="center"><B>(61)</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(2)</TD>
    <TD nowrap>&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" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>116</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">127</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 style="border-top: 3px solid double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px solid 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: 8pt">
<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 20 to the financial statements.</TD>
</TR>

</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, interest and other charges were $333&nbsp;million higher than in 2007 due to an increase of
$42&nbsp;million in realized losses on financial instruments and a $14&nbsp;million reduction in interest
income related to lower average cash balances during the year. There was also a $277&nbsp;million
increase in unrealized losses on financial instruments, as a result of the significant decline in
the value of the Canadian dollar against the US dollar from 2007.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco voluntarily de-designated its foreign currency forward sales contracts as hedges effective
August&nbsp;1, 2008. See note 3 to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, gross interest charges of $53&nbsp;million were $10&nbsp;million higher than the $43&nbsp;million
recorded in 2007 while interest capitalized increased to $39&nbsp;million from $31&nbsp;million in 2007. See
note 13 to the financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, we recorded a net recovery of income taxes of $25&nbsp;million compared to an expense of $29
million for 2007. This change was due largely to a recovery of tax expense related to the
restructuring of the gold business. See note 16 to the financial statements for more complete
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, as part of the ongoing annual audits of Cameco&#146;s Canadian tax returns, Canada Revenue
Agency (CRA)&nbsp;disputed the transfer pricing methodology used by Cameco and its wholly-owned Swiss
subsidiary, Cameco Europe Ltd. (CEL), in respect of sale and purchase agreements for uranium
products for the year 2003. We believe it is likely that CRA will reassess Cameco&#146;s tax returns for
the years 2004 through 2008 on a similar basis. Our view is that CRA is incorrect and we intend to
contest their position. However, to reflect the uncertainties of CRA&#146;s appeals process and
litigation, Cameco has decided to increase its reserve for uncertain tax positions and recognize an
income tax expense of $15&nbsp;million in 2008 for the years 2003 through 2008. See note 16 to the
financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2008, our adjusted net earnings were $589&nbsp;million ($1.67 per share
adjusted and diluted), $17&nbsp;million higher than the adjusted net earnings of $572&nbsp;million ($1.54 per
share adjusted and diluted) recorded in 2007. In 2008, based on
adjusted net earnings, we recorded a
tax expense of $50&nbsp;million compared to $28&nbsp;million for 2007. Our effective tax rate increased to 7%
from 5% in 2007. This change was due to a higher proportion of taxable income being earned in
Canada where tax rates are higher.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco uses the measure &#147;adjusted earnings&#148; in order to provide a more meaningful basis for
period-to-period comparisons of the financial results. For a description of the adjustments, see
&#147;Use of Non-GAAP Financial Measures&#148; on page 101. 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>

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

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

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco generated cash from operations of $708&nbsp;million compared to $801&nbsp;million in 2007.
The decrease of $93&nbsp;million reflects an increase in working capital requirements that more than
offset the benefits of higher revenues. Trade receivables were $221&nbsp;million higher than at the end
of 2007 due to the timing of sales in the uranium and fuel services businesses. Materials
inventories and prepaid expenses were also higher compared to 2007.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, cash used in investing activities was $1,145&nbsp;million compared to $527&nbsp;million in 2007.
Total expenditures for property, plant and equipment in 2008 were $629&nbsp;million, an increase of $135
million over 2007 due to increased capital expenditures at the Saskatchewan uranium operations. In
2008, Cameco spent $503&nbsp;million in the acquisition of its interests in Kintyre ($351&nbsp;million), GLE
($124&nbsp;million) and GoviEx ($28&nbsp;million).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, expenditures for property, plant and equipment included $112&nbsp;million for sustaining
capital at McArthur River/Key Lake, $86&nbsp;million for sustaining capital at Rabbit Lake, $57&nbsp;million
in development costs at Cigar Lake and $39&nbsp;million in capitalized interest charges.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco&#146;s financing activities provided $540&nbsp;million compared to a net use of $437&nbsp;million
in 2007 due largely to financing of acquisitions in the year. In 2007, Cameco spent $429&nbsp;million to
repurchase and cancel 9.6&nbsp;million shares. In 2008, the company paid a record total of $80&nbsp;million
in dividends, up from $67&nbsp;million in 2007.
</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"><B><I>Cash</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, our consolidated cash balance totalled $269&nbsp;million with Centerra holding
$205&nbsp;million of this amount.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our total product inventories increased by $56&nbsp;million to $493&nbsp;million compared to the end of 2007.
The increase in the inventory value was attributable to higher gold inventories. The total carrying
value of the uranium and fuel services inventories was similar to 2007 as declines in the
quantities in inventory were offset by higher unit costs. The average cost of our uranium rose
predominantly 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"><B><I>Debt</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, our total debt was $1,313&nbsp;million, representing an increase of $587&nbsp;million
compared to December&nbsp;31, 2007. Included in the December&nbsp;31, 2008, balance was $181&nbsp;million, which
represents our proportionate share of BPLP&#146;s capital lease obligation. At
December&nbsp;31, 2008, our consolidated net debt to capitalization ratio was 23%, up from 18% at the
end of 2007. Refer to notes 8 and 9 in the financial statements.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Off-Balance Sheet Arrangements</I></B>
</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="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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2008 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="4%" 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="4%" 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notes 8, 9, 23 and 25 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="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="4%" 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="4%" 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="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Note 24 of the financial statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2006-2008 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>2008</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>
</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="center"><B>2,859</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,832</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: 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>
    <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">Earnings from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>524</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">335</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: 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>
    <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">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">376</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: 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>
    <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:30px; text-indent:-15px">&#151; per common share (basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.07</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: 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>
    <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:30px; text-indent:-15px">&#151; per common share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.28</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.02</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: 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>
    <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">Adjusted net earnings<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">274</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: 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>
    <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">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>708</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">418</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: 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>
    <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 assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>7,011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5,140</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: 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>
    <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">Long-term financial liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2,024</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,592</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: 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>
    <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">Dividends per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>&nbsp;</B></TD>
    <TD align="center"><B>0.24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">0.16</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: 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>
    <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: 8pt">
<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, 2007 and 2008 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>



<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 2006 through 2008.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue has trended higher over the three-year period, rising by 56% over 2006 to a record
$2,859&nbsp;million in 2008. This increase was primarily the result of an increase in the realized
selling price for uranium, which averaged $43.91 per pound (Cdn) in 2008 compared to $24.72
per pound (Cdn) in 2006. Revenue from the gold business has also risen significantly over the
three-year period due to improved 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="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 direct administration charges and greater investment in exploration. The increase in the cost of sales was attributable</TD>
</TR>

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

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

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


<DIV style="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="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to higher costs for purchased and produced uranium and conversion services, driven by rising spot
prices, lower production and higher royalty charges for uranium. Our administration costs have
risen over the three-year period due to growth in the workforce, higher costs for regulatory
compliance and business development activities.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net earnings have trended with revenue but our results have been significantly influenced
by unusual items over the past three years. In 2006, we recorded income tax recoveries of $73
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 $65
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. In 2008, we ceased to apply hedge accounting to our portfolio of foreign
exchange contracts and as a result, we recorded $166&nbsp;million in unrealized mark-to-market
losses due to the decline in the Canadian dollar relative to the US dollar. We also recorded
$30&nbsp;million in charges to reduce the carrying value of certain investments.</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>Adjusted net earnings for 2008 have more than doubled to $589&nbsp;million compared to the $274
million recorded in 2006. The 109% increase to $572&nbsp;million in 2007 from 2006 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. Adjusted net earnings rose to $589&nbsp;million
in 2008 compared to $572&nbsp;million in 2007 due to improvement in the realized prices for gold
and 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2008, Cameco generated cash from operations of $708&nbsp;million compared to $801&nbsp;million in
2007. This decrease of $93&nbsp;million was mainly attributable to the higher working capital
requirements in 2008, which were related to normal variations in our accounts receivable
balance. Cash from operations of $801&nbsp;million in 2007 represented an increase of $383&nbsp;million
compared to the $418&nbsp;million recorded in 2006. This increase was mainly due to higher revenues
in the 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="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 2008, Cameco&#146;s total long-term financial
liabilities increased to $2,024&nbsp;million from $1,633&nbsp;million at the end of 2007 due to a $69
million increase in our provision for reclamation and a $587&nbsp;million increase in debt,
partially offset by a $181&nbsp;million reduction in future income taxes.</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>At the end of 2008, Cameco&#146;s total assets amounted to $7,011&nbsp;million, an increase of $1,640
million over the previous year. Most of the change was due to investments in long-term assets
including the acquisitions of interests in Kintyre, GLE and GoviEx. A $221&nbsp;million increase in
accounts receivable also contributed to the change.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Uranium Business Financial Results</B></FONT>
</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 United States, the Inkai ISR test mine in
Kazakhstan, the Cigar Lake development project in Saskatchewan and uranium exploration projects
located primarily in Canada, Australia and Kazakhstan. The uranium business also involves the
purchase and sale of uranium concentrates.
</DIV>


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



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


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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>2008</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>% 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 ($&nbsp;millions)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,512</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>665</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</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="center"><B>44</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(14)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>567</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(1)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>39.52</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">37.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>43.91</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">41.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</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="center"><B>34.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">30.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million lbs)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>17.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(14)</TD>
    <TD nowrap>&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: 8pt">
<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 in the amount of $85&nbsp;million on 2.6&nbsp;million pounds previously deferred due to
a standby product loan was recognized in 2008 as a result of the cancellation of the product
loan agreement. In 2007, previously deferred revenue in the amount of $44&nbsp;million was
recognized on 2.9&nbsp;million pounds.</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>Excludes Inkai production, which is not considered commercial.</TD>
</TR>



</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to 2007, revenue from our uranium business rose by 19% to $1,512&nbsp;million due to a 13%
increase in sales volume and a 5% increase in the realized selling price. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracts include market-related and fixed pricing (escalated by inflation) mechanisms.
Market-related contracts reference either spot or long-term price indicators at the time of
delivery. The increase in our average realized price in 2008 was the result of higher prices under
both market-related and fixed-price 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 2008, the cost of products and services sold was $712&nbsp;million ($20.88 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 $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>)
in 2007, due to higher costs for produced material and higher charges for royalties. In 2008, the
unit cost for produced uranium increased significantly compared to 2007 due to lower production,
which declined by 14%. Increased costs for labour, propane and reagents also contributed to the
rise in production costs. In 2008, Cameco recorded total royalty expenses of $82&nbsp;million compared
to $60&nbsp;million in 2007 due to the increase in realized selling price, resulting in higher overall
royalty payments and the recognition of $29&nbsp;million in tiered royalty charges.
</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 2008, depreciation, depletion and reclamation (DD&#038;R) charges were $135&nbsp;million compared to $105
million in 2007 due largely to the 13% increase in volume. On a per unit basis, DD&#038;R costs were
about 14% higher than in 2007 due to increased estimates for reclamation for the Saskatchewan mine
sites.
</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 2008, our gross profit from the uranium business amounted to $665&nbsp;million compared to $648
million in 2007, an increase of 3%. This was attributable to the 5%
increase in the realized price for uranium being largely offset by the higher production costs and charges for royalties. The
gross profit margin fell to 44% from 51% due to the increase in the unit cost of product sold.
</DIV>

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Fuel Services Business Financial Results</B></FONT>
</DIV>


<DIV align="center" 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>2008</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>% 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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>252</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(23)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">135</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="center"><B>3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(10)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">130</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="center"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(23)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">126</TD>
    <TD>&nbsp;</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="center"><B>14.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">17.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(13)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million kgU)<SUP style="font-size: 85%; vertical-align: text-top">1, 2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>8.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(35)</TD>
    <TD nowrap>&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: 8pt">
<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"><B>Revenue and Realized Price</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, revenue from our fuel services business rose by 5% to $252&nbsp;million compared to 2007 as the
impact of a decline in sales volumes was offset by an increase in the realized price. Compared to
2007, sales volumes were 13% lower due to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production constraints in 2008. The
average realized selling price for our fuel services products was 21% higher than in 2007. 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> long-term market 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 2008, the cost of products and services sold was $218&nbsp;million compared to $238&nbsp;million in 2007,
a decrease of 8% due largely to lower sales volumes. The cost of product sold was also impacted by
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 have been expensed as incurred. In 2008, we
expensed $43&nbsp;million in operating costs compared to $27&nbsp;million in 2007. The cost of product sold
for 2007 also reflected an accrual of $15&nbsp;million that was recorded as a provision for the cleanup
of the contaminated material.
</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 2008, DD&#038;R charges were $27&nbsp;million compared to $24&nbsp;million in 2007 due largely to increased
estimates for asset retirement obligations and increased investments in fixed assets. Late in 2006,
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.
</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 2008, Cameco recorded gross profit from the fuel services business of $8&nbsp;million compared to a
loss of $23&nbsp;million in 2007 due largely to the increase in realized price. The gross profit margin
was 3% in 2008 compared to a loss of 10% for 2007.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Nuclear Electricity Generation Business Results</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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>2008</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>% 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="center"><B>24.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">25.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(2)</TD>
    <TD nowrap>&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="center"><B>87</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(2)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>($&nbsp;millions)</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,409</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</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="center"><B>900</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">&#151; operating &#038; maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>585</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; fuel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>78</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; supplemental rent<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>116</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</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="center"><B>121</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(1)</TD>
    <TD nowrap>&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="center"><B>509</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">16</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="center"><B>41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">N/A</TD>
    <TD>&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>&nbsp;</TD>
    <TD align="center"><B>468</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</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="center"><B>547</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9</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="center"><B>85</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(13)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions<SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>329</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(28)</TD>
    <TD nowrap>&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="center"><B>36</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</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: 8pt">
<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 $29&nbsp;million per operating reactor for 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">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Distributions for 2008 exclude the full repayment of the partner loans of $225
million. Cameco&#146;s share of the debt repayment was $75&nbsp;million.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bruce Power&#146;s five-year licence to operate the Bruce B reactors was to expire on March&nbsp;31, 2009.
After completion of day-one hearings, in December, 2008, the CNSC
temporarily extended the licence to October&nbsp;31, 2009
to allow completion of the day-two hearings.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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>2008</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>% 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="center"><B>468</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</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="center"><B>148</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</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="center"><B>(7)</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(1)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(600)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-tax earnings from BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>141</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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: 6pt"><B>Earnings Before Taxes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2008, BPLP earnings before taxes were $468&nbsp;million compared to $438
million in 2007. The higher earnings are a result of higher realized prices, partially offset by
lower electricity generation and higher operating costs. For the year, Cameco&#146;s earnings before
taxes from BPLP amounted to $141&nbsp;million compared to $137&nbsp;million in 2007.
</DIV>

<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 2008, the BPLP units achieved a capacity factor of 87% compared with 89% last year. These units
produced 24.7 TWh in 2008, a decrease of 0.6 TWh over 2007 due to an
increased number of outage days. In 2008,
there were 100 planned outage days compared to 80&nbsp;days in 2007 and unplanned outages increased to
65&nbsp;days from 45&nbsp;days in the prior year.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, BPLP&#146;s electricity revenue totalled $1,409&nbsp;million compared to $1,319&nbsp;million in 2007.
During the year, BPLP&#146;s realized price averaged $57 per MWh from a mix of contract and spot sales
compared with $52 per MWh in 2007. The Ontario electricity spot price averaged about $49 per MWh in
2008, up $1 per MWh from 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, about 67% of BPLP&#146;s output was sold under fixed-price contracts compared to 38% in
2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2008, Cameco provided guarantees to customers under these contracts of up to $38
million. In addition, Cameco has agreed to provide up to $133&nbsp;million in guarantees to CNSC and $58
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, 2008.
</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 2008, operating costs were $900&nbsp;million compared with $881&nbsp;million in 2007. This increase
reflects the additional costs associated with the unit B5 planned outage, higher fuel costs,
additional overtime to maintain the base work programs and winter storm coverage during the first
quarter.
</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 2008, BPLP generated $547&nbsp;million in cash from operations compared to $503&nbsp;million in 2007 due
largely to the higher revenues, partially offset by an increase in operating costs.
</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 2008, capital expenditures were $85&nbsp;million, down $13&nbsp;million from $98&nbsp;million in 2007. The
amounts for both 2008 and 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 $329&nbsp;million to the partners in 2008. Cameco&#146;s share was $104&nbsp;million. The
partners have agreed that 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 -->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"><FONT style="font-variant: SMALL-CAPS"><B>2008 Gold Business Results </B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns about 53% of Centerra, a publicly traded gold company with two operating mines.
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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developing new mineral 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="1%" 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="1%" 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">As of December&nbsp;31, 2008, Centerra&#146;s proven and probable mineral reserves totalled 5.8&nbsp;million
ounces of contained gold. For more information see &#147;Our Mineral Reserves and Resources&#148; section of
this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will look for the right opportunity to divest of its investment in Centerra.
</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="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&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>2008</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>% 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 ($&nbsp;millions)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top"><B>677</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">405</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gross profit ($&nbsp;millions)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top"><B>219</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">108</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">103</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="center" valign="top"><B>32</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">19</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="center" valign="top"><B>853</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">691</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">23</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="center" valign="top"><B>746,000</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">541,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</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="center" valign="top"><B>749,000</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">555,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2008 Gold Financial Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2008, revenue from our gold business increased by $272&nbsp;million to
$677&nbsp;million compared to 2007. The increase in revenue was due to a higher realized selling price and higher sales volumes. The realized price for gold rose to $853 (US)&nbsp;per ounce in 2008 compared
to $691 (US)&nbsp;per ounce in 2007, due to higher spot prices.
</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">Kumtor&#146;s production was 556,000 ounces compared to 301,000 ounces in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at Boroo in 2008 was 193,000 ounces compared to 254,000 ounces in 2007. The average head
grade of ore fed to the mill was 2.7 g/t compared to 3.6 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 32% in 2008 compared to 27% in 2007 due to the higher
realized price, partially offset by higher operating costs.
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Kumtor, a new 30-month collective agreement was ratified in November&nbsp;2008. The new contract is
retroactive to July&nbsp;1, 2008, and will expire on January&nbsp;1, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current pit design at Kumtor assumes that the glacial till and bedrock will be hydrologically
depressurized to permit mining at the planned pitwall slope angles. Geotechnical work to date has indicated
that the till is amenable to depressurization. A program to hydrologically depressurize the till
and bedrock was implemented in 2008. Therefore, to reflect the technical risks associated with
implementing the depressurization program, all remaining reserves in the central pit have been
reclassified to probable reserves at Kumtor. All ore in stockpile inventory as of December&nbsp;31,
2008, is placed in the proven reserve category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra expects mining activity to expose the unfrozen glacial tills in the second quarter of
2009. The depressurization and dewatering programs will need to be fully functional to allow for
the geotechnical consolidation of the tills and to permit mining at the planned pitwall angles in
2009 and thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor pit highwall has been studied extensively by Centerra since the SB Zone was developed in
2007. During 2008, vertical and horizontal drilling established dewatering and depressurization of
the till lithography. The dewatering program was established, in consultation with a third-party
consultant, to extract perched water and melt waters from the pit. Centerra reports the resulting
higher strengths in the unfrozen till structure and the dewatered rock structures will improve the
geotechnical characteristics in the pit walls as the mine is further developed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the third quarter of 2009, Centerra anticipates a two-week shutdown of the Kumtor mill to change
the ball mill ring gear and to replace the SAG mill liner.
</DIV>

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


<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">These agreements were subject to a number of conditions, including the approval by Parliament of
the Kyrgyz Republic. However, the agreements expired on June&nbsp;1, 2008, without receiving
parliamentary approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Discussions continue with the Kyrgyz government working group responsible for the negotiations in
order to resolve outstanding issues regarding the Kumtor project. To allow for such discussions to
continue and for the parties to concentrate on resolving outstanding issues related to the project,
Centerra agreed to suspend the international arbitration proceedings it had previously initiated
and that suspension continues. In the arbitration proceedings, the Kyrgyz Republic has taken the
position that the 2003 Investment Agreement required, but did not receive, parliamentary approval
and therefore is not in effect. As part of a lawsuit filed against the Kyrgyz government, a Kyrgyz
court issued an order invalidating the Southwest and Sarytor mining licences. Centerra has appealed
the decision.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has resumed negotiations with respect to an investment agreement for the Gatsuurt project.
In December&nbsp;2008, the parliament enacted a change to the windfall profits tax in respect of gold
sales. A new threshold price in excess of $850 (US)&nbsp;per ounce was enacted, up from $500 (US)&nbsp;per
ounce.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Outlook for 2009</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is a table summarizing Cameco&#146;s 2009 consolidated outlook as well as the outlook for each of
our business segments. Following the table is a more detailed discussion of the outlook for 2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2009 Financial Outlook</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="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nuclear</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2009 Outlook</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Consolidated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Uranium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fuel Services</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Gold</B></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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revenue
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decline<BR>
slightly</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decrease 5% to
10%</B><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 5% to 10%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 2% to 5%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administration costs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decrease 5% to 10%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
      </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax rate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>5% to 10%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sales volume
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>31 to 33&nbsp;million lbs</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decline slightly</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Unit cost of
product sold
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 5% to 10%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase slightly</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capacity factor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>About 90%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20.1&nbsp;million lbs</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>8 to 12&nbsp;million kgU</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>720,000 to 770,000
oz.</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="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital expenditures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$367&nbsp;million</B><SUP style="font-size: 85%; vertical-align: text-top"><B>4</B></SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$38&nbsp;million</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$96&nbsp;million (US)</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: 8pt">
<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>Cameco only provides outlook for the select items shown in the table. For all other
items listed in the table, no outlook is provided.</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>This is the revenue outlook for the uranium, fuel services and nuclear electricity
businesses and does not include gold.</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>Based on a uranium spot price of $47.00 (US)&nbsp;per pound, reflecting the UxC spot price
as of February&nbsp;9, 2009.</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>Cameco&#146;s consolidated outlook for capital expenditures does not include Bruce Power
or Centerra capital expenditures.</TD>
</TR>

</TABLE>


<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: 12pt"><B>2009 Consolidated Outlook</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, Cameco expects consolidated revenue to decline slightly compared to 2008, due largely to
an expected decline in revenue from the uranium business, where sales volumes are projected to be
5% to 10% lower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administration costs, excluding stock-based compensation, are projected to be about 5% to 10% lower
than in 2008. Uranium exploration costs are expected to range from $50&nbsp;million to $55&nbsp;million in
2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, the effective tax rate is expected to be in the range of 5% to 10% compared to 7% in
2008. The rate for 2008 is calculated on adjusted net earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, 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 $4&nbsp;million (Cdn) related
to unhedged exposures and about a $7&nbsp;million (Cdn) decrease/increase related to mark-to-market
exposure on hedges that do not qualify for hedge accounting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Price Sensitivity (2009)</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, a $10.00 (US)&nbsp;per pound change in the uranium spot price from $47.00 (US)&nbsp;per pound
(reflecting the UxC spot price at February&nbsp;9, 2009) would change revenue by $87&nbsp;million (Cdn) and
net earnings by $57&nbsp;million (Cdn). This sensitivity is based on an expected effective exchange rate
of $1.00 (US)&nbsp;being equivalent to about $1.22 (Cdn), which was the rate on February&nbsp;9, 2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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"><B><I>(Cameco&#146;s share in $ millions)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008 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="center">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</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="center" style="border-bottom: 1px solid #000000">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Growth</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000"><B>104</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Sustaining Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">112</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="center">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">42</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="center">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">86</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="center">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#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="center">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">77</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="center" style="border-bottom: 1px solid #000000">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">38</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="center"><B>260</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>355</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="center" style="border-bottom: 1px solid #000000">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">39</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="center" style="border-bottom: 3px solid double #000000"><B>367</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>498</B></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="center">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gold ($US)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">95</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: 8pt">
<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 as well as investments made by the three major partners in 2008.<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>


<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">For 2008, our capital expenditures of $498&nbsp;million for uranium and fuel services were $36&nbsp;million
lower than our planned expenditures for the year, due largely to curtailed activity at our Key Lake
operation. Projects to revitalize the operation were deferred to 2009 and future years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, we expect total capital expenditures for uranium and fuel services to decrease by 26% to
$367&nbsp;million. The decrease is largely the result of lower growth expenditures at Cigar Lake and
Inkai. In addition, sustaining capital expenditures will decrease at fuel services and Rabbit Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major 2009 sustaining expenditures 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>McArthur River/Key Lake</B>. For McArthur River, the largest component is mine development work
at about $40&nbsp;million. Other projects include installation of freezing and distribution
systems, and work on dewatering equipment and mine ventilation. The program continues to test
the boxhole boring method and we expect to take delivery of two new raisebore drills early in
the year. At Key Lake, mill revitalization is the largest project at approximately $25
million. The purpose of this multi-year project is to enhance the mill&#146;s capability to produce
over the long term. For more information refer to &#147;Uranium Operations &#151; McArthur River/Key
Lake&#148; in this MD&#038;A.</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><B>US in situ recovery (ISR)</B>. Wellfield construction and well installation is the largest
project at approximately $25&nbsp;million. Work on Reynolds Ranch satellite operation and
infrastructure is also planned.</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><B>Rabbit Lake</B>. Mine development activity at Eagle Point is the largest project at about $15
million. Other projects include mine ventilation system, completion of the low pH clarifier,
and work to complete the expansion of the pit crest and to study options for long-term
tailings placement.</TD>
</TR>

</TABLE>
</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
incurred 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 $57
million in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This consolidated outlook for 2009 is forward-looking information and is based upon the key
assumptions and subject to the material risks 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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 Outlook for Uranium</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, 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 10% lower than in 2008
due to the expected decrease in reported sales volume. For an indication of our expected realized price for
2009, please see the section titled &#147;Uranium Price Sensitivity (2009 to 2013) in this MD&#038;A.
</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">Cameco&#146;s share of uranium production for 2009 is projected to total about 20.1&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>, up significantly compared to 2008 due to stronger operating performance
and the anticipated ramp-up of 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 expected higher
tiered royalty costs and increased production costs in 2009.
</DIV>

<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 2009. 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"><B>Calculation of Tiered Royalties</B><BR>
(2008 rates; index value to determine rates for 2009 not available until April&nbsp;2009)
</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="1%" 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>

</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>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="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><b>Sales Price</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><b>Total Tiered</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" 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>Tier 1 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>Tier 2 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>Tier 3 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 align="center">&nbsp;</TD>
    <TD align="center">$25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">$47,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">$47,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">107,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">$37,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">$3,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">147,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD>&nbsp;</TD>
    <TD align="center">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">167,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">77,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">53,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">297,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">227,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">117,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">103,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">447,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD>&nbsp;</TD>
    <TD align="center">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">287,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">157,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">153,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">597,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">347,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">197,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">203,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">747,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD>&nbsp;</TD>
    <TD align="center">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">407,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">237,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">253,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">897,430</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




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

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<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; $17.16) x 100,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>4% x (Sales Price &#151; $25.74) 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; $34.33) x 100,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This uranium business outlook for 2009 is forward-looking information and is based upon the key
assumptions and subject to the material risks that could cause results to differ materially and
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 $47.00 (US)&nbsp;per pound reflecting the UxC spot price as of February&nbsp;9, 2009. Material risks
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>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Price Sensitivity (2009 to 2013)</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The prices shown in our expected average realized uranium price table below 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 market prices. The table shows an indicative range of average prices at
this time that Cameco would expect to realize under its uranium sales portfolio over the period
2009 to 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The expected realized prices reported in this table may change from quarter to quarter based on
changes in a number of variables, 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>new contracts entered into during the 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>variations in the actual spot price or long-term price during the most recent quarter from
the price assumptions in the table published in the previous 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>changes in inflation 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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in delivery plans from those assumed in the table published in the previous quarter
as a result of requirements contracts or volume flexibility terms contained in some contracts,
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>changes in the volume of uncommitted material.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the number of variables affecting Cameco&#146;s realized prices, we have made a simplifying
assumption by setting the spot price at the levels noted, and calculating our expected realized
prices accordingly. For example, under the $60.00 (US)&nbsp;spot price scenario, the calculation of
realized prices assumes the spot price reaches $60.00 (US)&nbsp;at January&nbsp;1, 2009, and remains at that
level through 2013. 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 generally beginning on average two to four years after contract
signing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Many of the contracts we are delivering into during the period 2009 to 2013 were finalized in 2003
to 2005 when industry market prices were in the range of about $11 to $31 (US) (see table below for
industry average uranium market prices from 2003 to 2008). To the extent these contracts are fixed
at historic uranium prices or have low ceiling prices, they will yield lower prices than current
market prices. As these older contracts expire over the next few years and we begin delivering into
more contracts signed since 2006, our average realized price will benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below outlines the industry average uranium market prices over the past few years which
may help put our average realized prices into perspective.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Industry Average Uranium Market Prices ($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><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="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" 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>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Spot price indicator</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term price
indicator</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82.50</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium price sensitivity table for the period 2009 to 2013 below has been updated to reflect
deliveries made and contracts entered into up to December&nbsp;31, 2008.
</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="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Expected Average Realized Uranium Price (Rounded to the nearest $1)<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 nowrap align="left"><B>Spot Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$20</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$40</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$60</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$80</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$100</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$120</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><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>2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</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">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</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"><B>2010</B></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">39</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">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2012</B></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">40</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">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2013</B></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">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</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">88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><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="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>sales volume of 32&nbsp;million pounds for 2009 (which has been adjusted for the accounting
requirements of the product loan agreement) 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>

</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>utilities take the maximum quantities allowed under their contracts, unless a delivery
notice has been provided, which is subject to the risk that they take lower quantities
resulting in materially different realized prices,</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>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>

</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>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>

</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 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>

</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>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: 10pt"><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>Fuel Services Outlook for 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco expects 2009 revenue from the fuel services business to be 5% to 10% higher than that
reported in 2008. The average realized selling price for our fuel services products is expected to
increase by 5% to 10%, while the reported sales volumes are expected to be slightly lower than
those reported in 2008.
</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 8 and 12&nbsp;million
kgU in 2009 compared to 8.3&nbsp;million kgU in 2008. Cameco expects the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion plant will restart production in the second half of 2009. We anticipate annual
production for 2009 at Blind River to be about 10&nbsp;million kgU.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Fuel Services Price Sensitivity Analysis</I></B>
</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, we expect our contract portfolio for
conversion services will be positively impacted by these higher fixed-price contracts.
</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"><I>This fuel services business outlook for 2009 is forward-looking information and is based upon the
key assumptions and subject to the material risks that could cause results to differ materially and
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 mid-2009. Material risks 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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BPLP&#146;s Outlook for 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, we anticipate BPLP revenue to be 2% to 5% higher than in 2008 due primarily to higher
generation. The realized price for electricity is expected to be similar to the $57 per MWh
recorded in 2008. In 2009, capacity factors for the B units are expected to average about 90%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, the average unit cost (net of cost recoveries) is expected to increase marginally over
the $36 per MWh reported in 2008. Total operating costs are expected to rise by about 5% in 2009
over 2008, due primarily to increases in fuel and staff costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2009 BPLP Capital Expenditures (100% Basis)</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s sustaining capital is expected to total $119&nbsp;million in 2009. 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"><B><I>Electricity Price Sensitivity Analysis</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, BPLP has about 12.5 TWh under contract, which would represent about 49% of Bruce B
generation at its planned capacity factor. For 2009, 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 2009 outlook for BPLP is forward-looking information and is based upon the key assumptions and
subject to the material risks that could cause results to differ materially and 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 risks 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>Gold Outlook for 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Overall, 2009 production is expected to total between 720,000 to 770,000 ounces of gold. At Kumtor,
production for 2009 is expected to be about 560,000 to 600,000 ounces of gold, 40% of which is
expected to occur in the fourth quarter. At Boroo, we expect production in the range of 160,000 to
170,000 ounces of gold in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra currently plans to leave its gold production unhedged.
</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><I>Gold Price Sensitivity Analysis</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, 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). This sensitivity is based on an expected effective exchange rate of
$1.00 (US)&nbsp;being equivalent to about $1.22 (Cdn), which was the rate on February&nbsp;9, 2009.
</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 risks that could cause results to differ
materially and which are discussed under the heading &#147;Caution Regarding Forward-Looking Information
and Statements&#148;. In particular, we have assumed Centerra&#146;s planned 2-week shutdown of the Kumtor
mill in the third quarter of 2009 to change the ball mill ring gear and to replace the SAG mill
liner is successfully completed on time, but that is subject to a number of risks including the
risk of delay, or unforeseen difficulty which could result in disruption or reduction in planned
gold production; we have assumed the dewatering and depressurization programs at Kumtor continue to
function properly and the management system works as planned, but that is subject to a number of
risks including lack of success of these programs and systems or equipment failure; we have assumed
that the grade and recoveries at Kumtor will increase in the fourth quarter of 2009 in accordance
with mine plan and block model, but that is subject to the risk that grade and recoveries are not
as anticipated; and we have assumed there is no disruption or reduction in planned gold production
due to natural phenomena, labour disputes, political risks 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"><FONT style="font-variant: SMALL-CAPS"><B>2008
Fourth Quarter Consolidated Results</B></FONT>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>2008 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 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>2008</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>% 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="center"><B>918</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">86</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="center"><B>65</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(4)</TD>
    <TD nowrap>&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="center"><B>340</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">496</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="center"><B>31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(49)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share (EPS) &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(56)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(53)</TD>
    <TD nowrap>&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="center"><B>0.49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">227</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="center"><B>179</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">238</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: 8pt">
<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, 2007 and 2008 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>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended December&nbsp;31, 2008, our adjusted net earnings were $179&nbsp;million ($0.49
per share diluted), $126&nbsp;million higher than the adjusted net earnings of $53&nbsp;million ($0.15 per
share diluted) recorded in the fourth quarter of 2007. The increase was due to higher earnings in
the uranium and gold businesses driven by increases in sales volumes and realized selling prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to the fourth quarter of 2007, exploration expenditures were $8&nbsp;million higher, at $25
million, with uranium exploration expenditures up $4&nbsp;million to $15&nbsp;million (focused in
Saskatchewan, Australia and Nunavut). Gold exploration expenditures at Centerra were $4&nbsp;million
higher compared to the fourth quarter of 2007.
</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">In the fourth quarter of 2008, we recorded an income tax expense of $31&nbsp;million, based on adjusted
earnings, compared to an $8&nbsp;million recovery in the same period of 2007. Our effective income tax
rate was 13% in the fourth quarter of 2008 compared to a 16% recovery in the same period in 2007
due to an increase in the proportion of income taxable in Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, our costs for direct administration were $62&nbsp;million, an increase of
$23&nbsp;million compared to 2007. The increase reflects higher costs for BPLP business development
activities as well as an increase in the workforce.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>$ millions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</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">Direct administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</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"><B>(7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24</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>&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">Total administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</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: 9pt">
<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 20 to the financial statements.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2007-2008 Quarterly Consolidated Financial Highlights</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($ millions except</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>per share amounts)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q4</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q2</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q4</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q2</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q1</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="center">918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">410</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="center">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.16</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="center">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">139</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following points are intended to assist the reader in analyzing the trends in the quarterly
financial highlights for 2008:
</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 2008 accounted for 53% of annual consolidated revenues.</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>Revenue of $918&nbsp;million in the fourth quarter of 2008 represented an all-time record and
was 26% higher than in the third quarter due to increased sales volumes in the uranium and
gold businesses. 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>
<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 style="margin-top: 6pt"><TABLE width="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>

<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>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>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Fourth Quarter Business Segment Financial Results</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>2008 Fourth Quarter Uranium Business Financial 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="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&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="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"><B>Highlights</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>2007</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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>193</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">138</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="center"><B>43</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($
millions)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>168</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">167</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:30px; text-indent:-15px">($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>35.31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">38.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(9)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>42.77</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">39.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">8</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"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>10.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">91</TD>
    <TD>&nbsp;</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="center"><B>5.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(4)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to the fourth quarter of 2007, revenue from our uranium business increased by $231&nbsp;million
to $450&nbsp;million due to a 91% increase in reported sales volumes and an 8% increase in the realized
selling price (in Canadian dollars). 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 increase in the average realized price (in Canadian dollars) was related to
higher prices under fixed-price contracts and a more favourable foreign exchange rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our total cost of products and services sold, including DD&#038;R, increased to $257&nbsp;million in the
fourth quarter of 2008 from $138&nbsp;million in the fourth quarter of 2007 due to the 91% increase in
reported sales volumes. In 2008, unit cost of product and services sold was similar to 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our earnings before taxes from the uranium business increased to $168&nbsp;million from $63&nbsp;million in
the fourth quarter of last year. The gross profit margin increased to 43% compared to 37% in the
fourth quarter of 2007.
</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>2008 Fourth Quarter Fuel Services Business Financial 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 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"><B>Highlights</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>2007</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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>70</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</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>19</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(47</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140</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>12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</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>4.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production
volume (million
kgU)<SUP style="font-size: 85%; vertical-align: text-top">1, 2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.6</B></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">53</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: 9pt">
<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"><B>Fuel Services Financial Results</B>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, revenue from our fuel services business was $70&nbsp;million, a decrease
of $7&nbsp;million compared to the same period in 2007 due to a 28% decrease in reported sales volumes,
partially offset by a 25% increase 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, decreased to $56&nbsp;million from $113
million in 2007. 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. In 2007, all costs associated with the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion plant ($18
million) were expensed as incurred in the fourth quarter. In addition, an estimate of $15&nbsp;million
related to the cleanup of contaminated material was recorded in the fourth quarter of 2007. In
2008, the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was operational in the fourth quarter and operating costs were
inventoried rather than expensed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, the company recorded earnings before taxes in fuel services of $12
million compared to a loss of $36&nbsp;million in 2007.
</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: 12pt"><B>2008 Fourth Quarter Nuclear Electricity Generation Business Financial Results</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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="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>2008</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>% 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="center"><B>7.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4</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="center"><B>97</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>($&nbsp;millions)</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>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>399</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11</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="center"><B>207</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">&#151; operating &#038; maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>124</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(5)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; fuel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>23</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; supplemental rent<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</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="center"><B>31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</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="center"><B>192</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">26</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="center"><B>11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">N/A</TD>
    <TD>&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>&nbsp;</TD>
    <TD align="center"><B>181</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</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="center"><B>176</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</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="center"><B>19</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(54)</TD>
    <TD nowrap>&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="center"><B>205</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11</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="center"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(3)</TD>
    <TD nowrap>&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: 9pt">
<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 $29&nbsp;million per operating reactor for 2008.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, BPLP generated cash from operations of $176&nbsp;million compared to $165
million in the fourth quarter of 2007. The increase reflects higher revenues, output and realized
prices, partially offset by increased working capital requirements. Capital expenditures for the
fourth quarter of 2008 totalled $19&nbsp;million compared to $41&nbsp;million during the same period in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also distributed $205&nbsp;million to the partners in the fourth quarter, with Cameco&#146;s share being
$65&nbsp;million. The partners have agreed that excess cash is to 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 -->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>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>&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"><B>($ millions)</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>2007</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="center"><B>181</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</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="center"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</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="center"><B>(2)</B></TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(2)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-tax earnings from BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>55</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">20</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Fourth Quarter</I></B>
</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 $55&nbsp;million during the fourth quarter compared to
$46&nbsp;million in 2007. This increase in 2008 was due to improved generation and higher realized
prices 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 97% in the fourth quarter of 2008 compared to 93% in the same
period of 2007. During the fourth quarter of 2008, the BPLP units generated 7.0 TWh of electricity
compared to 6.7 TWh in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Revenue and Realized Price</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the fourth quarter of 2008, BPLP&#146;s electricity revenue increased to $399&nbsp;million from $359
million over the same period in 2007 due to higher output and a $3 per MWh increase in the 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 $57 per MWh in the
quarter, which was 6% higher than the realized price last year. During the quarter, the Ontario
electricity spot price averaged $49 per MWh compared to $48 per MWh in the fourth quarter of 2007.
</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 2008, about 76% of BPLP output was sold under fixed-price contracts,
up from the 40% level during the same period in 2007.
</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 2008, unchanged
compared to the same period of 2007. 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 2008 was $30 compared to $31 in the fourth quarter of 2007.
</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="center" style="font-size: 10pt; margin-top: 18pt"><B>2008 Fourth Quarter Gold 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 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"><B>Highlights</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>2007</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 ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>277</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">386</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="center"><B>37</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">54</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="center"><B>806</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</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="center"><B>299,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">113,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">165</TD>
    <TD>&nbsp;</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="center"><B>284,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">133,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">114</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: 9pt">
<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"><B>Gold Financial Results</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended December&nbsp;31, 2008, revenue from our gold business increased by $189
million to $277&nbsp;million compared to the fourth quarter of 2007. The increase in revenue was due
mainly to higher sales, which increased by 165% due to higher production. The realized price for
gold rose modestly to $806 (US)&nbsp;per ounce in the quarter compared to $789 (US)&nbsp;per ounce in the
fourth quarter of 2007, due to higher spot prices. Centerra produced 284,000 ounces of gold in the
fourth quarter of 2008, which was 151,000 ounces more than the 133,000 ounces of gold reported in
the fourth quarter of 2007. The higher gold production was mainly due to higher output at the
Kumtor mine, where production increased to 237,000 ounces from 74,000 ounces in 2007 as the result
of a higher ore grade, averaging 5.6 g/t in the fourth quarter of 2008 compared to the 2.6 g/t
milled in the same quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Liquidity and Capital Resources</B></FONT>
</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">During 2008, Cameco arranged for a $470&nbsp;million short-term credit facility in support of two
significant acquisitions, entered into a standby product loan facility with one of its customers,
expanded its letter of credit facilities and redeemed its 5% convertible subordinated debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Discussion of Impact of Current Economic Conditions</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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has large, reliable customers that continue to require uranium regardless of the current
world financial situation and we have built a uranium contract portfolio that we expect will
provide a solid revenue stream for years to come.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, the timing of Cameco&#146;s cash receipts does not necessarily coincide with the timing of
disbursements. Therefore, we rely on short-term debt predominately to fund these fluctuations in
working capital. We also use short-term debt to provide flexibility for funding longer-term
requirements until the balance accumulates to a level that warrants refinancing.
</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">Recent uncertainty in the global financial markets has constrained the ability of most companies,
including Cameco, to access capital markets funding as had been done previously. However, we have
relied on strong operating cash flows and our existing bank credit facilities to provide liquidity.
We are also enhancing our liquidity by scaling back the pace of capital programs, reducing
discretionary expenditures where prudent, and pursuing additional sources of bank credit capacity
on reasonable terms. We continue to monitor the capital markets and, when market conditions are
appropriate, we may undertake a public offering of securities in order to further strengthen our
financial position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In early February&nbsp;2009, we reached an agreement with the lenders of our $470&nbsp;million credit
facility to expand the facility to $500&nbsp;million and to extend the maturity date of the facility to
June&nbsp;16, 2010. We also put in place an additional $100&nbsp;million in short-term bank credit, which
matures in February&nbsp;2010 and includes terms similar to the $470&nbsp;million facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of these efforts are directed towards establishing an improved margin of safety during the
current credit crisis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some important measures of liquidity are summarized in the table below.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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>2008</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">Cash provided by operations ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">801</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="center">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">135</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="center">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">18</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: 9pt">
<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"><B>Indicators Defined</B>
</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>

<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>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 and senior debt
as of December&nbsp;31, 2008:
</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="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>S&#038;P</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <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>
<!-- 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: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A-1 (low)&nbsp;is the Canadian National Scale Rating while the Global Scale Rating is A-2.</TD>
</TR>

</TABLE>



<DIV 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 unsecured lines of credit totalling about
$1,564&nbsp;million, which include the following facilities:
</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, 2008, there was $153&nbsp;million issued under the commercial paper program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lenders have provided a $500&nbsp;million unsecured revolving credit facility that matures November&nbsp;30,
2012. Upon mutual agreement, the facility can be extended for an additional year on the anniversary
date. 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 referred to above. The
facility ranks equally with all of Cameco&#146;s other senior debt. At December&nbsp;31, 2008, $150&nbsp;million
was outstanding under this credit facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has in place a $500&nbsp;million, unsecured revolving credit facility, maturing June&nbsp;16, 2010,
and extendable for an additional 364-day term upon mutual agreement with the lenders. The facility
ranks equally with all of Cameco&#146;s other senior debt. At December&nbsp;31, 2008, there was $30&nbsp;million
(Cdn) and $336&nbsp;million (US)&nbsp;outstanding under this credit facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has in place a $100&nbsp;million unsecured revolving credit facility, maturing February&nbsp;5,
2010, and extendable for two additional 364-day terms upon mutual agreement with the lender. There
is no amount outstanding under this credit agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Various financial institutions have entered into agreements to provide Cameco up to approximately
$464&nbsp;million in short-term borrowings and letters of credit. Letters of credit are predominantly
used to fulfill regulatory requirements to provide financial assurance for future decommissioning
and reclamation of our operating sites and as overdraft protection. At December&nbsp;31, 2008,
outstanding letters of credit amounted to $429&nbsp;million under these facilities.
</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, we believe that our conservative
</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">financial structure and stable cash flows support our ability to operate and grow in the current
economic environment.
</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 arranged for a standby product loan facility with one of its customers. The arrangement,
which became effective April&nbsp;1, 2008, allows Cameco to borrow up to 2.4&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent over the period April&nbsp;1, 2008, to December&nbsp;31, 2011, with
repayment in 2012 through 2014. Under the loan facility, standby fees of 2.0% are payable based on
the long-term market value of the facility at the time the agreement was executed. Interest is
payable on any amounts drawn at the rate of 5.0%. Any borrowings will be repayable in kind. As at
December&nbsp;31, 2008, Cameco did not have any loan amounts outstanding under the facility.
</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 announced on August&nbsp;14, 2008, that it would redeem all of the outstanding 5% convertible
subordinated debentures due October&nbsp;1, 2013, (the &#147;Debentures&#148;). Subsequent to the announcement,
the majority of holders exercised their right to convert their Debentures into common shares prior
to the October&nbsp;1, 2008, redemption date. The remainder were redeemed by Cameco on October&nbsp;1, 2008.
The Debentures converted into a total of approximately 21.2&nbsp;million common shares. The conversion
reduced Cameco&#146;s outstanding debt by $207&nbsp;million and increased shareholders equity by $207
million.
</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 revolving credit facilities. The significant financial
covenants require a funded debt<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> to tangible net worth ratio equal to or less than 1:1
and tangible net worth greater than $1,250&nbsp;million. The revolving credit facilities are also
subject to other customary covenants and events of default. Non-compliance with any of these
covenants could result in accelerated payment and termination of the revolving credit facility. At
December&nbsp;31, 2008, Cameco was in compliance with all covenants and does not expect its operating
and investment activities in 2009 to be constrained by them.
</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: 9pt">
<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>Funded debt is comprised substantially of total debt
exclusive of non-recourse debt, guarantees, mark-to-market exposure on hedge
agreements, letters of credit in excess of $100&nbsp;million less cash on hand.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /Folio -->
</DIV>

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

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





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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</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"><B>Less</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="center"><B>As at December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Than 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due After</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" 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"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1 - 3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>4 - 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5 Yrs</B></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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,223</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">413</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="center"><B>223</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">52</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="center"><B>556</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">485</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="center"><B>216</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">199</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">1, 2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,158</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">92</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="center"><B>3,376</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,241</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: 9pt">
<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>Denominated in US dollars, converted to Canadian dollars at the December&nbsp;31, 2008
rate of $1.2246.</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>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, 2008 increased to $511&nbsp;million from $385&nbsp;million at December
31, 2007, through increases in standby letters of credit. Financial guarantees supporting BPLP
remained unchanged at $82&nbsp;million.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>As at December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total amounts committed</B></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="center">429</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="center">82</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>
</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="center">511</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>
</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: 9pt">
<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 2009 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, 2008, Cameco&#146;s total commitment for financial assurances given on
behalf of BPLP was estimated to be $82&nbsp;million. Refer to note 24 in the financial statements.</TD>
</TR>

</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At January&nbsp;31, 2009, there were 365,720,123 common shares and one Class&nbsp;B share outstanding. In
addition, there were 7,119,355 stock options outstanding with exercise prices ranging from $4.80 to
$54.50 per share.
</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 style="margin-top: 6pt">
<TABLE width="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>5.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR MINERAL RESERVES AND RESOURCES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Mineral
Reserves and Resources</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Canadian Securities Administrators&#146; National Instrument 43-101 (NI 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 uranium 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
NI 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 -->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>Uranium Mineral Reserves</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium reserves as at December&nbsp;31, 2008, 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="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>
    <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><font style="font-size: 8pt"><B>RESERVES</B></font></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>PROVEN</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>PROBABLE</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>TOTAL RESERVES</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Metallurgical</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Recovery %</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Method</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11">(tonnes in thousands; pounds in millions)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
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    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
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    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
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    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">703.2</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">2.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,483.4</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">5.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,859.0</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,859.0</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246.6</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">0.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410.1</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">1.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656.7</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">1.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,415.0</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,080.0</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">128.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,495.0</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">141.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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">Key Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">729.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,879.1</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,879.1</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">776.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757.9</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">1.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757.9</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">1.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066.5</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">3.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066.5</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">3.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">855.1</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">855.1</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908.5</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">2.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,006.6</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">2.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,915.1</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">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,394.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>416.8</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>103,674.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>348.5</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>114,068.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>765.3</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>495.0</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">Notes:
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<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">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>Estimated metallurgical 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>. Cameco&#146;s share 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>
content is not adjusted for the estimated metallurgical recovery
factor.</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.
</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, an average
uranium price of $47 (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,
an average uranium price of $70 (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=$1.22 Cdn (reflecting the exchange rate at December&nbsp;31, 2008).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">8.</TD>
    <TD>&nbsp;</TD>
    <TD>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 mineral 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>. 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. 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 it is reasonably likely that all permits
and approvals required for the construction and operation of its new ISR mine at Inkai &#151;
including approvals for increased annual production to 5.2&nbsp;million pounds &#151; will be
obtained. However, there can be no certainty that permits or approvals will be forthcoming.
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 -->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>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 US Investors Concerning Estimates of Measured and Indicated Resources</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 mineral 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,
2008, on a property basis and Cameco&#146;s share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><B>RESOURCES</B></TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED AND</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>INDICATED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>INDICATED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 #ffffff">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11">(tonnes in thousands; pounds in millions)</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.4</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,316.6</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">6.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,381.0</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">6.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,015.3</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,550.5</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">2.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,565.8</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">5.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">866.3</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.1</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">913.4</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">1.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">995.2</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">1.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,138.2</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">6.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,133.4</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,952.7</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,952.7</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,395.0</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">8.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,440.7</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">8.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.0</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">0.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108.8</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">0.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148.8</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">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125.5</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">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225.5</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.2</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">0.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,638.2</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,727.4</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,615.6</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">3.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,776.2</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">6.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,391.8</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">9.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,040.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53.7</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,145.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>132.1</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40,186.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>185.8</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>127.6</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">Notes:
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<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">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>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 -->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: 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 US Investors Concerning Estimates of Inferred Resources</FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, 2008, 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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>INFERRED RESOURCES</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><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 #ffffff"><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 #ffffff"><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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="15">(tonnes in thousands; pounds in millions)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,539.3</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">6.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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">Gas Hills-Peach</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812.9</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">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108.4</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">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">665.1</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627.0</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289.4</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">5.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,036.3</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">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.9</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210.9</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">508.0</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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598.4</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">0.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>267,321.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>544.4</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>335.6</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&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 style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&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>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">Notes:
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<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">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>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 -->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: 12pt"><B>Uranium Mineral 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 2008. The net change to mineral reserves primarily results from the amount of
throughput or mill feed during 2008. The more noteworthy of these changes is at Rabbit Lake, where
4.1&nbsp;million pounds of mineral reserves were added as a result of new development. At Smith Ranch
and Highland, 4.0&nbsp;million pounds of mineral reserves were moved to resources as a result of
re-evaluation and reclassification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Mineral 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 2008. The more
noteworthy of these changes are:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At McArthur River, 19.8&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> were added to the
measured resources due to re-interpretation of zone 4 south. Inferred resources increased
by 30.9&nbsp;million pounds due to the remodelling of zones A and 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>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Rabbit Lake, following underground development, 4.1&nbsp;million pounds of measured and
indicated resources were converted to 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Smith Ranch and Highland, measured and indicated resources
increased by 4.6&nbsp;million
pounds due to re-evaluation of mine unit 10 and reclassification from mineral reserves to
resources where production patterns are not yet designed.</TD>
</TR>

</TABLE>
</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 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>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, 2008,
on a property basis and Cameco&#146;s share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reserves</b><sup>(1)</sup> (Tonnes and Ounces in Thousands)<sup>(11)(12)</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="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="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="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco 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">Grade (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">Grade (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">Grade (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">(6)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,412</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">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,008</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">3,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,120</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">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,015</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">232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,440</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">546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">410</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</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&#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" style="border-bottom: 1px solid #000000">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">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" style="border-bottom: 1px solid #000000">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">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" style="border-bottom: 1px solid #000000">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">529</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"><B>Total</B><SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>12,427</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" style="border-bottom: 3px solid double #000000"><B>382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>50,549</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" style="border-bottom: 3px solid double #000000"><B>5,426</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>62,976</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" style="border-bottom: 3px solid double #000000"><B>5,808</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>3,059</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" style="font-size: 10pt; margin-top: 12pt"><B>Measured and Indicated Resources</b><sup>(2)</SUP> (Tonnes and Ounces in Thousands)<sup>(11)(12)</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="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <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>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 nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&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">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco 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">Grade (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">Grade (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">Grade (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)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,966</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">1,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,509</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">2.2</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">4,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</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" style="border-bottom: 1px solid #000000">&#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" style="border-bottom: 1px solid #000000">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">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" style="border-bottom: 1px solid #000000">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">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" style="border-bottom: 1px solid #000000">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">408</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"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>19,418</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" style="border-bottom: 3px solid double #000000"><B>1,721</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>28,682</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" style="border-bottom: 3px solid double #000000"><B>3,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>48,100</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" style="border-bottom: 3px solid double #000000"><B>4,934</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>2,364</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" style="font-size: 10pt; margin-top: 12pt"><B>Inferred Resources</b><sup>(2)</SUP> (Tonnes and Ounces in Thousands)<sup>(11)(12)</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>&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)(7)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255</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">7,323</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">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</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">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">
    <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" style="border-bottom: 1px solid #000000">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" style="border-bottom: 1px solid #000000">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">144</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"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>15,955</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" style="border-bottom: 3px solid double #000000"><B>3,305</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>1,657</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: 9pt">
<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>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 $675 (US)&nbsp;per ounce.</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>Mineral resources are in addition to mineral reserves. Mineral resources that are not
mineral reserves do not have demonstrated economic viability when estimated using mineral
reserve assumptions.</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>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%. Cameco&#146;s equity is based on gold
content and does not include the estimated metallurgical recovery factor.</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>&#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"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Open pit mineral resources occur outside the current pits, which have been designed
using a gold price of $675 (US)&nbsp;per ounce.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The open pit mineral reserves and resources at Kumtor are estimated based on a cut-off
grade of 1.0 gram 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"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP></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"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves and resources at Boroo are estimated at
a cut-off grade of 0.5 grams of gold per
tonne.</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">9</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves and resources at Gatsuurt are estimated using either a 1.2 or 1.8
grams of gold per tonne cut-off grade depending on the process method.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">10</SUP></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"><SUP style="font-size: 85%; vertical-align: text-top">11</SUP></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"><SUP style="font-size: 85%; vertical-align: text-top">12</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Numbers 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"><SUP style="font-size: 85%; vertical-align: text-top">13</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Kumtor mineral reserves and resources include Sarytor reserves of 2.8&nbsp;million tonnes
grading 3.4 g/t for 311,000 contained ounces, Sarytor and Southwest indicated resources of 8.5
million tonnes grading 2.2 g/t for 598,000 contained ounces and Sarytor inferred resources of
0.52&nbsp;million tonnes grading 1.7 g/t for 29,000 contained ounces. The mining licenses for these
deposits were invalidated by the Bishkek Inter District Court on June&nbsp;17, 2008. That order is
under appeal by Centerra. The Company believes that current negotiations with the Kyrgyz Republic
are reasonably likely to lead to the resolution of outstanding issues, and to the reinstatement of
the Sarytor and Southwest licences. Therefore the Sarytor and Southwest reserves and resources are
included in this statement. See &#147;2008 Gold Business Results &#151; Political Update&#148; in this MD&#038;A.</TD>
</TR>

</TABLE>




<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 style="margin-top: 6pt">
<TABLE width="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>6.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR RISKS AND RISK MANAGEMENT, PLUS CONTROLS AND PROCEDURES AND CRITICAL ACCOUNTING ESTIMATES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Risks and Risk Management</B></FONT>
</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 mineral
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 risks 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 risks 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"><B><I>Regulatory Approval and Expediency</I></B>

</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 adverse 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.
</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">The
environmental assessment was delayed due to the discussions with the regulator regarding how to
deal with the local accumulation of molybdenum and trace amounts of selenium in the downstream
discharge environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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). In
2008, Cameco requested regulatory approval to deposit tailings to a moderately higher elevation
within the Deilmann TMF, sufficient to secure tailings capacity for the medium term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February of 2009, we received regulatory approval for the moderately higher tailings elevation.
The approved capacity of the Deilmann TMF at current production rates increases to approximately
eight years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also initiated technical pre-feasibility work to secure long-term tailings capacity at Key
Lake that will be sufficient to hold all tailings generated from processing of McArthur River
mineral reserves as well as substantial additional capacity to allow for other potential sources of
production. This tailings option study is considering the feasibility of further extending the
capacity of the Deilmann TMF and options for new tailings management facilities. Cameco expects to
submit a project description to regulatory agencies in 2009 that will initiate the environmental
assessment process for securing long-term tailings capacity at Key Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There was also significant progress in 2008 in terms of securing increased tailings capacity at
Rabbit Lake. Increased tailings capacity by means of expanding the
Rabbit Lake in-pit TMF pit crest
was assessed as part of the environmental assessment to process uranium solution from Cigar Lake
phase 1 mining. 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. Refer to the section titled &#147;Uranium Operations &#151; Rabbit
Lake&#148; in this MD&#038;A for more information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, Cameco has undertaken a study to examine adding new tailings management capacity at
Rabbit Lake to support longer-term production growth potential. A new tailings management facility
would require an environmental assessment.
</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>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Kumtor Tailings Management and Facility</I>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor tailings management facility is located in the Kumtor River valley and consists of twin
tailings pipelines, 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. In 2008, the
tailings dam height was raised, which is expected to increase the capacity to store tailings until
the end of 2010. An additional capacity increase is planned for construction between 2009 and
2012. Centerra expects this will extend the life of the facility to the end of the current
reserves. If all necessary permits and authorizations are not obtained, or all work is not
successfully completed to further increase the capacity of the tailings dam by 2012, delays in,
interruptions or cessation of Centerra&#146;s production from Kumtor may occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Centerra&#146;s management of environmental issues, Centerra assesses the physical
characteristics of its tailings storage facilities. In 2003, Centerra undertook work in order to
proactively deal with some minor horizontal movement of the tailings dam. In 2007 and 2008,
additional construction work was completed and test pits were excavated to confirm that sound
foundations had been achieved.
</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.
</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 was approved and a letter requesting a
regulatory licence amendment was sent to the CNSC in December&nbsp;2008. Approval of the licence
amendment will allow construction of modifications to meet the new licensed capacity to be
completed. If we do not receive approval for the licence amendment, it will 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
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">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: 6pt">Failure to receive the licence amendment at Cigar Lake could delay completion of the remediation
work and the eventual startup of production. The financial impact would be the loss of future
uranium sales revenue and earnings.
</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">Inkai mineral 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>, Cameco&#146;s share being 3.1&nbsp;million pounds. 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
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">annual production to 5.2&nbsp;million pounds was made in 2005. 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 it is reasonably likely that all permits and approvals
required for the construction and operation of its new ISR mine at Inkai &#151; including approvals for
increased annual production to 5.2&nbsp;million pounds &#151; will be obtained. However, there can be no
certainty that permits or approvals will be forthcoming. 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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Environmental Regulations</I></B>
</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 has significantly impacted our costs is the requirement to
reduce the concentrations of molybdenum and selenium in the effluent released from the Key Lake
mill. In recent years the CNSC and other regulators have increasingly focused on indicators of
potential longer-term environmental impact in the downstream receiving environments from our
facilities. For example, the CNSC raised concerns regarding the local accumulation of molybdenum
and selenium in the Key Lake mill downstream environment. To address these concerns of potential
impact, Cameco proposed an action plan to further reduce molybdenum and selenium discharges in the
mill effluent. The action plan was agreed to by the CNSC and subsequently included as a condition
in the Key Lake facility operating licence since January&nbsp;2007. For more information refer to the
section titled &#147;Uranium Operations &#151; McArthur River/Key Lake&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The costs to Cameco of this regulatory requirement are substantial in many aspects. Total capital
expenditures to add the molybdenum and selenium removal circuit are
forecast at $30&nbsp;million. The remainder of these capital
expenditures, approximately $5&nbsp;million, are expected to be
incurred in 2009. The
environmental assessment to increase the annual production licence capacity at McArthur River and
Key Lake has been on hold since 2006, pending the demonstration of the effectiveness of the
molybdenum and selenium removal circuit. The addition of the molybdenum and selenium removal
circuit adds further process complexity to the effluent treatment process and increases the
potential for effluent treatment upsets that can interfere with safe production. Finally, annual
operating costs are anticipated to increase by as much as $2&nbsp;million for additional reagents to
ensure removal of selenium to extremely low concentrations in the effluent.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco 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, McArthur River is taking proactive steps to reduce molybdenum that is discharged to
the environment ahead of regulatory limits that may be imposed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Early in the start up of the McArthur River operation, we recognized that the three shafts at the
site produced quantities of water that would exceed the needs of the underground operations.
Capture of the shaft seepage eliminated the need to pipe surface water down for underground mining
activities. The shafts produce water of good quality, and at shaft three, the water quality has
been assessed and approved for discharge to the environment, without treatment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By mid-2009, Cameco expects direct discharge to the environment will be achieved at shaft three,
thereby preventing that source of water from contacting our underground processes. Accordingly,
molybdenum loadings should be reduced. In addition, we are targeting to have excess water from the
other shafts sent in a more direct manner to the surface effluent treatment plant. These two
actions are expected to reduce effluent treatment volume by approximately 5% to 10% and reduce the
molybdenum concentration in our effluent by an additional 5% to 10%. Combined, reduced loadings to
the environment in the second half of 2009 could see a 10% to 20% overall reduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Going forward, since regulatory requirements change frequently, are subject to changing
interpretations and may be enforced in varying degrees, we are unable to predict the ultimate cost
of compliance with these requirements or their effect on operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Limited Number of Customers</I></B>
</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 electricity
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 2009 through 2011, our five largest customers are anticipated to account for about
47% 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 2009 through 2011, our
five largest UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion customers are anticipated to account for approximately 37%
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 46% of the company&#146;s UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> sales
in 2008. For 2008, sales to one customer of Cameco&#146;s uranium and fuel services segments amounted to
$107&nbsp;million or 7% of our combined revenue from those businesses. As well, sales to BPLP and BALP
represented a substantial portion of our fuel manufacturing business.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have worked hard to build long-term 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. Our current contract portfolio for
uranium and conversion services has contract terms averaging about 10&nbsp;years. Cameco has never had a
customer default on payment for a delivery.
</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. Cameco is one of two suppliers of Candu fabricated fuel bundles.
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 2008, 81% of the estimated world production of 115&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
marketed by seven producers. Cameco accounted for about 15% of world production in 2008.
</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</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also relies on some major customers for its electricity sales. During 2008, electricity
revenue from one of BPLP&#146;s customers represented about 4% of BPLP&#146;s total revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Ontario, during periods of peak demand, there is a shortage of available electrical generation
capacity. BPLP, as a baseload supplier, is well positioned and has the capacity to supply about 15%
of Ontario&#146;s electricity.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our uranium mineral reserves are the foundation of the company and fundamental to our success.
Uranium mineral reserves and resources are estimated on a number of variables and assumptions,
including geological interpretation, extraction plans, commodity prices and operating and capital
costs. If our mineral 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
mineral 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 mineral 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">McArthur River has about 25&nbsp;years of mineral reserves at the planned production rate. At Rabbit
Lake, the mineral reserves are expected to sustain mill production through 2013. We are seeking to
extend the mine life at both operations by conducting exploration drilling near the mine. At Rabbit
Lake, addition of further mineral reserves will also be dependent on identifying additional
tailings capacity beyond the currently planned expansion. For more information refer to the section
titled &#147;Uranium Operations &#151; Rabbit Lake&#148; in this MD&#038;A.
</DIV>

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

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</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2008, Cameco&#146;s share of proven mineral 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. However, the planned
production rate may change as a result of a new mining plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai is expected to reach commercial production in 2009. 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 2012. At the end of 2008,
Inkai had 141.8&nbsp;million pounds of proven and probable mineral reserves. Cameco&#146;s share of
production and mineral reserves is 60%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Centerra&#146;s Kumtor gold mine, the existing mineral reserves of the Kumtor mine and Sarytor
deposit should support gold production activities until 2014. The combined Boroo and Gatsuurt
mineral reserves are expected to provide mill and heap leach production for approximately seven
years if a bio-oxidation circuit is added to the current Boroo mill facility. The decision to add a
bio-oxidation circuit to the current Boroo mill facility is subject to Centerra reaching an
acceptable investment agreement for the Gatsuurt property.
</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 mineral reserves and disclose them in a manner that conforms to industry practices and
applicable regulations, including NI 43-101.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While we believe the mineral 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"><B><I>Labour Relations</I></B>
</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. The collective agreement at the fuel manufacturing facility will
expire on June&nbsp;1, 2009, and the collective agreement covering unionized employees at McArthur River
and Key Lake will expire December&nbsp;31, 2009. The collective agreement with unionized employees at
the conversion facility in Port Hope expires on June&nbsp;30, 2010.
</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 that expires on
December&nbsp;31, 2009. The Society of Energy Professionals&#146; collective agreement, which began January
1, 2005, expires December&nbsp;31, 2009. Under the 2005 restructuring agreements, all employees remain
with BPLP and all employee costs are apportioned between BPLP and BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine is unionized and all of Centerra&#146;s national employees in the Kyrgyz Republic are
subject to a collective agreement between the Kumtor Operating Company (KOC)&nbsp;and the Trade Union
Committee (TUC). This collective agreement was ratified by the membership in November&nbsp;2008 and will
expire January&nbsp;1, 2011.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Boroo, Centerra negotiated a collective agreement, effective December&nbsp;10, 2007, with the 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"><B><I>Counterparty Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco
takes measures that are intended to ensure its customers, suppliers
and hedging counterparties can fulfill their
contractual obligations. However, due to the current global economic situation the risk of default by
these parties has increased. Default by one or more significant
customers, critical
suppliers or hedging counterparties could be material to Cameco&#146;s financial condition, liquidity and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Customers</I>
</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. 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, 2008, about 3% of Cameco&#146;s forecast revenue under contract
for the period 2009 to 2011 is with customers whose creditworthiness does not meet Cameco&#146;s
standards for unsecured payment terms. As well, Cameco&#146;s purchase of uranium product and conversion
services, such as under the HEU Commercial Agreement and Springfields toll-conversion agreement,
exposes the company to the risk of the supplier&#146;s failure to fulfill its delivery commitment.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco purchases reagents and other production inputs and supplies from numerous suppliers around
the world, and is therefore exposed to risk should any of these suppliers default on their
contractual commitments to Cameco. There are a number of instances where Cameco has been reliant on
a sole supplier, for example, the supply of hydrofluoric acid to the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion facility and the supply of sulphuric acid to the Inkai operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Port Hope, Cameco suspended UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production in late November&nbsp;2008 due to a contract
dispute with its sole supplier of hydrofluoric acid. For more information refer to the section
titled &#147;Our Fuel Services Business &#151; Volumes &#151; Sales, Production, Purchases &#151; Production Volume
&#151; Conversion Services&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Inkai project, during the third quarter of 2007 a fire at one acid plant in Kazakhstan and a
delay in the startup of a new plant limited the availability of sulphuric acid required for mining.
For more information refer to the section titled &#147;Uranium Projects &#151; Inkai&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is examining its entire supply chain, looking to diversify or add inventory where we are
vulnerable.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco employs the use of derivative financial and commodity instruments to reduce exposure to
fluctuations in foreign currency exchange rates, interest rates and commodity prices. 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 inflows attributable to, the hedged item and the
hedging item.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Counterparty risk on hedging arrangements is managed by dealing with highly-rated counterparties
with reasonable exposure limits. At December&nbsp;31, 2008, all counter-parties to foreign exchange
hedging contracts had a Standard and Poor's credit rating of A or better. As Cameco is in a
mark-to-market loss position on its foreign exchange contracts, there is likely no counterparty
default risk on Cameco&#146;s hedging arrangements at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Canadian dollar decreases significantly against the US dollar and a counterparty defaults
under its contract there is an increased risk of financial loss to Cameco. For more information on
our hedging activities, see the section titled &#147;Foreign Exchange&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Aboriginal Title and Consultation Issues</I></B>
</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. It is generally accepted that pursuant to historical treaties, First Nation
bands in northern Saskatchewan ceded title to most of the lands in northern Saskatchewan in
exchange for various treaty lands including Reserve land.
</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 surface lands covering the Millennium uranium deposit. The Saskatchewan government
recently rejected this selection (December&nbsp;2008). However, the ERFN has challenged that rejection
in the courts. 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"><B><I>Product Prices</I></B>

</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.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 less than $20 (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> (constant<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>dollars) 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. In the last few years, the spot price has been more volatile. The following graph shows the month-end uranium spot prices
since 1988 in current (i.e. non-inflation adjusted) dollars.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>Uranium Spot Price 1988-2008</b><BR>
<b>(Industry Average Price &#151; Ux &#038; TradeTech)</b>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o53422o5342205.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Deliveries under new contracts typically do not begin for, on average, two to four years after the
contract is signed. As a result, many of the contracts in our current portfolio have limited
sensitivity to spot price changes in the near term. For information on Cameco&#146;s sensitivity to spot
prices, see &#147;Uranium Price Sensitivity (2009)&#148; and Uranium Price Sensitivity (2009 to 2013)&#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. For more
information on uranium contracting, see &#147;Uranium Strategies&#148; in this MD&#038;A.
</DIV>

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<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. For more
information on fuel services contracting, see &#147;Fuel Services Price Sensitivity Analysis&#148; in this
MD&#038;A.
</DIV>

<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. For more
information on Bruce Power&#146;s contracting, see &#147;Electricity Price Sensitivity Analysis&#148; in this
MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the BPLP restructuring agreement provides for a floor price that was $47.45 per MWh in
2008 (escalated by inflation) for the electricity sold into the spot market. In 2009, the estimated
floor price is $48.38 per MWh. 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">For more information refer to the section titled &#147;Gold Price Sensitivity Analysis&#148; in this MD&#038;A.
</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"><B><I>Overview</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has ownership interests in mining operations and development projects in the Republic of
Kazakhstan, the Kyrgyz Republic and Mongolia. All three countries are developing countries and have
experienced varying degrees of political and economic difficulties in recent years. Potential risks
could develop from actions by governmental authorities or internal unrest or political instability.
This could result in an adverse impact on Cameco&#146;s future cash flows, earnings, and financial
condition.
</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">Cameco owns about 53% of Centerra. Kyrgyzaltyn, a Kyrgyz joint stock company whose shares are 100%
owned by the Government of the Kyrgyz Republic, owns about 16% of Centerra. The president of
Kyrgyzaltyn is currently a member of Centerra&#146;s board of
directors. Kyrgyzaltyn has agreed to maintain ownership of at least 5% of the outstanding Centerra common shares as long as
the Kyrgyz government continues to control Kyrgyzaltyn.

</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Discussions continue with the Kyrgyz government working group responsible for the negotiations in
order to resolve outstanding issues regarding the Kumtor project. If the outstanding issues cannot
be resolved, the risks to Cameco&#146;s investment in Centerra may increase significantly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more
information refer to the section titled &#147;2008 Gold Business
Results &#151; Kyrgyz Republic&#148;
in this MD&#038;A.
</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">On June&nbsp;29, 2008, Mongolia held a parliamentary election. A coalition government was formed and, as
a result of government restructuring a new ministry of mining was established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has resumed negotiations with respect to an investment agreement for the Gatsuurt project.
In December&nbsp;2008, the parliament enacted a change to the windfall profits tax affecting gold sales.
A new threshold price in excess of $850 per ounce was enacted, up from $500 per ounce.
</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">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 $300&nbsp;million (US)&nbsp;to the
Joint Venture Inkai for project development. We have also invested at least $4&nbsp;million (US)&nbsp;over
the last several years on sustainable development activities. To date, the Kazakhstan government
has supported the project. In the event of a dispute arising at Inkai with our partner Kazatomprom,
the dispute will be submitted to international arbitration. The provision for settlement of
disputes with the government under the Resource Use Contract pursuant to international arbitration
is threatened by the proposed draft Subsoil Law which directs disputes to Kazakh courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The political risk in Kazakhstan is increasing. In 2007, amendments to the Subsoil Law allow the
government to reopen subsoil use agreements in certain circumstances. At the end of 2008, the
Kazakh Parliament adopted a new tax code and is currently considering a new Subsoil Law, both of
which either challenge or abolish the tax stabilization regime contained in contracts previously
signed with the Kazakh government. The Kazakh government has requested that Inkai agree to amend
its Resource Use Contract to adopt the new tax code. In addition, the Kazakh government has
rejected Inkai&#146;s request that the 2009 production targets contemplated by its Resource Use Contract
be reduced. Due to lack of sulphuric acid and other operational challenges, Inkai does not believe
it will be able to achieve the 2009 production target currently required under the contract. Inkai
is in discussions with the government to resolve this and other matters relating to its Resource
Use Contract and changes to the tax code and the proposed new Subsoil Law, which we believe we will
be able to do. If we are unable to satisfactorily resolve these matters, the risks to Cameco&#146;s
investment in Kazakhstan may increase significantly.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra practise the principles of sustainable development &#151; to be a leader in business
ethics, workplace safety, environmental protection and community economic development. As a result,
we believe our commitment to sustainable development will further enhance our goal of becoming a
partner of choice for governments and state-owned enterprises where we operate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra have entered into agreements with the governments of these countries in an
effort to mitigate the political risk. In addition, Cameco and Centerra have made an assessment of
the political risk associated with their foreign investments and have purchased political risk
insurance to partially mitigate losses. There can be no assurance that these agreements will prove
to be enforceable or provide adequate protection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Losses due to political risk could be material to Cameco&#146;s future cash flows, earnings, results of
operations and financial condition.
</DIV>

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

<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;ministerial 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.
</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"><B><I>Overview</I></B>

</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 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. In addition, we are exposed to
transportation risks related to the transport of chemicals used in
our processing facilities. 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>

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<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"><B><I>Engineering and Technical</I></B>
</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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Starting in 2006, three water inflows have occurred at Cigar Lake. 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>

<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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding these operational controls, inflows do occur. The controls aim to reduce the
likelihood of a large uncontrolled inflow and to improve the contingency preparation to deal with
an inflow if it occurs. Examples of smaller inflows that were successfully managed include a
November&nbsp;2007 inflow at Rabbit Lake and a November&nbsp;2008 inflow at McArthur River. Both of these
inflows were in the range of 100 cubic metres per hour (m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr), an order of magnitude
less than the McArthur River 2003 and Cigar Lake 2006 mine inflows and were quickly managed through
site contingency plans. The source of the Rabbit Lake inflow was fully plugged early in 2008. At
McArthur River, the 2008 inflow area was quickly secured and work is ongoing in the early part of
2009 to fully grout the inflow area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco increased pumping capacity at the McArthur River mine to 1,650 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr
from the previous level of 1,500 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr. We have the ability to treat between 750 and 800
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr through our regular water treatment plant. In addition, we have another 750
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr contingency water treatment capacity available which requires regulatory approval
to use. Beyond that, we have water storage capability of 50,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> in a surface pond,
which could provide several weeks storage for any inflows in excess of hourly treatment capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Current discharge rates are limited by the SMOE with the approval to release up to 360
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr during the period of April&nbsp;15 to June&nbsp;15 to allow passage of spawning fish through
the downstream Read Creek culvert and up to 833 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr for the remainder of the year.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are working on obtaining regulatory clarity for contingency water treatment and release in the
event of a large water inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River, in 2009, we plan 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 the Read Creek culvert to allow fish passage during high flow conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR 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>apply to SMOE for removal of the 360 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr flow restriction; 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>submit an application to CNSC and SMOE for formal approval of the McArthur Contingency
Water Management Plan that would allow Cameco to operate the contingency water treatment
plant and discharge at rates up to 1,500 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr during mine inflow conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake project has pumping capacity of 1,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr. We plan to increase the
pumping capacity to 2,300 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr after the mine has been dewatered and secured. We will
continue to examine the pumping capacity and adjust as required. Currently, we have the ability to
treat and release 550
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr and
have an additional 74,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> of storage capacity
at surface. We are early in the process of applying for regulatory approval to increase treatment
and release limits to handle future potential inflows. Cameco has proposed using an approach that
establishes expected and upper bound limits for potential inflows. Today, the system is modelled to
be in the order of 3,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr.
</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 have mined
exclusively in these areas since production commenced at McArthur River in 1999. In 2009, we expect
to transition production to panel 5 of zone 2 and plan to bring lower zone 4 into operation in
2010. All production from these zones will continue to come from our mining 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>

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

<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 2013. 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 vertical development technique used at a few mines in 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 raise stability in the new mining areas,
controlling raise deviation, material handling, ore containment 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">Presently we are actively drilling the pilot hole for the first test hole in waste and we are
nearing completion of the freeze drilling for the test raises in ore planned for 2010. 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">The highwall ground movement at the Kumtor mine in July of 2002 resulted in a temporary suspension
of mining operations and a significant shortfall in gold production. Since that event, additional
ground movements in 2004, 2006 and 2007 have been detected in various areas of the mine. Some of
these ground movements have impacted production in the years in which they occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that there will not be any further ground movements. A ground movement
could result in a significant interruption of operations. 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: 12pt"><B><I>Reclamation and Decommissioning</I></B>
</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 -->95<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Periodically, Cameco re-estimates its total decommissioning and reclamation costs, based on current
operations to date, for its operating assets. At the end of 2008, the total estimate was $556
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 2008, Cameco&#146;s accounting provision for future reclamation costs totalled $353
million, which represents the present value of the $556&nbsp;million mentioned above. At the end of
2007, the accounting provision for reclamation costs was $285&nbsp;million. The provision increased by
$68&nbsp;million in 2008 due to higher estimates for decommissioning of the US ISR minesites and
accretion expense. 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 10 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 $429&nbsp;million at the end of 2008 (2007 &#151; $300&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: 6pt">In
addition, Cameco owns or operates certain facilities where historic
soil and groundwater conditions are the subject of ongoing
investigation and/or remediation and planning. For example, Cameco is
addressing issues related to historic soil and groundwater
contamination at the Port Hope conversion facility, the Blind River
refinery, the Welcome waste site, the Port Granby waste site, the
Rabbit Lake mine and milling complex and at its fuel manufacturing
facility. While the management of these issues is ongoing and in some
cases subject to agreements limiting the company&#146;s financial
commitment, the ultimate costs of future investigation or remediation
at these sites or with respect to other sites that it owns or operates
affected by historic contamination are uncertain and may be material.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Safety, Health, Environment and Quality</I></B>
</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 incorporates 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 2008, we
invested about $137&nbsp;million for environmental monitoring, protection and assessment programs; and
$24&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.
</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 -->96<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any one or more of the safety, health, environmental and quality risks may have a
material impact upon Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Electricity Business</I></B>
</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 a lower capacity factor is reduced electricity sales
and revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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">BPLP 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 2009, BPLP plans to invest $119&nbsp;million in sustaining capital.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2008, we evaluated our disclosure controls and procedures as defined in the
rules of 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 as of such
date Cameco&#146;s disclosure controls and procedures were effective to provide a reasonable level of
assurance that the information Cameco is required to disclose in reports it files or submits under
applicable securities laws is recorded, processed, summarized and reported within the time periods
specified by applicable securities laws. No significant changes were made in our internal control
over financial reporting during the year ended December&nbsp;31, 2008, 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"><FONT style="font-variant: SMALL-CAPS"><B>Critical Accounting Estimates</B></FONT>
</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
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->97<!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">recoverable ore reserves. Estimates of lifetime production and amounts of recoverable reserves are
subject to judgment and significant change over time. If actual mineral reserves prove to be
significantly different than the estimates, there could be a material impact on the amounts of
depreciation and depletion charged to earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant decommissioning and reclamation activities are often not undertaken until substantial
completion of the useful lives of the productive assets. Regulatory requirements and alternatives
with respect to these activities are subject to change over time. A significant change to either
the estimated costs or recoverable reserves may result in a material change in the amount charged
to earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco assesses the carrying values of property, plant and equipment, and goodwill annually or more
frequently if warranted by a change in circumstances. If it is determined that carrying values of
assets or goodwill cannot be recovered, the unrecoverable amounts are written off against current
earnings. Recoverability is dependent upon assumptions and judgments regarding future prices, costs
of production, sustaining capital requirements and economically recoverable ore reserves. A
material change in assumptions may significantly impact the potential impairment of these assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco uses derivative financial and commodity instruments to reduce exposure to fluctuations in
foreign currency exchange rates, interest rates and commodity prices. As long as these instruments
are effective, they have the effect of offsetting future changes in these underlying rates and
prices. Future earnings may be adversely impacted should these instruments become ineffective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco operates in a number of tax jurisdictions and is, therefore, required to estimate its income
taxes in each of these tax jurisdictions in preparing its 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"><FONT style="font-variant: SMALL-CAPS"><B>New Accounting Pronouncements</B></FONT>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2009, Cameco adopted the new Canadian standard, Handbook Section&nbsp;3064,
Goodwill and Intangible Assets, which replaces Handbook Section&nbsp;3062, Goodwill and Other Intangible
Assets and Section&nbsp;3450, Research and Development Costs. The standard introduces guidance for the
recognition, measurement and disclosure of goodwill and intangible assets, including internally
generated intangible assets. The standard harmonizes Canadian standards with International
Financial Reporting Standards and applies to annual and interim
financial statements for fiscal years beginning on or after October&nbsp;1, 2008. Cameco is assessing the impact
of the new standard on its consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->98<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>International Financial Reporting Standards (IFRS)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Accounting Standards Board has announced that Canadian publicly accountable enterprises will be
required to adopt IFRS effective January&nbsp;1, 2011. Although IFRS employs a conceptual framework that
is similar to Canadian GAAP, there are significant differences in recognition, measurement and
disclosure. Cameco has undertaken a project to assess the potential impacts of the transition to
IFRS and has established a project team led by finance management to plan for and achieve a smooth
transition to IFRS. The project team has developed a detailed project plan to ensure compliance
with the new standards. Regular progress reports on the status of Cameco&#146;s IFRS implementation
project are provided to senior management and to the audit committee
of the board. A major public accounting
firm has been engaged to provide technical accounting advice and project management guidance in the
conversion to IFRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s implementation project consists of three principal phases:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Phase 1:
Preliminary Study and Diagnostic &#151; This phase included performing a high-level impact
assessment to identify key areas that may be impacted by the adoption of IFRS. This analysis
resulted in the prioritization of areas to be evaluated in the next phase of the project plan. The
information obtained from the assessment was also used to develop a detailed plan for convergence
and implementation. During phase 1, an analysis was also performed to assess whether information
technology systems used to collect and report financial data required modification in order to meet
new reporting requirements under IFRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Phase 2: Detailed Component Evaluation &#151; In this phase, further evaluation of the financial
statement areas impacted by IFRS will be completed. This will involve a more detailed, systematic
gap analysis of accounting and disclosure differences between Canadian GAAP and IFRS. This detailed
assessment will facilitate final decisions around accounting policies and overall conversion
strategy. This phase also involves specification of changes required to existing business
processes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Phase 3: Embedding &#151; This phase includes execution of changes to business processes impacted by
Cameco&#146;s transition to IFRS and formal approval of recommended accounting policy changes. Also
included in this phase is the delivery of necessary IFRS training to
Cameco&#146;s audit committee of the board, board of directors and staff. This phase will culminate with the collection of financial
information necessary to compile IFRS compliant financial statements and audit committee approval
of IFRS financial statements commencing in 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco
completed the preliminary study and diagnostic phase in June&nbsp;2008 and is now in the detailed
component evaluation phase. Cameco&#146;s analysis of the areas that may be impacted by the adoption of
IFRS has identified a number of differences. Cameco is currently assessing the impact of the
adoption of IFRS on our results of operations, financial position and financial statement
disclosures. In addition, Cameco continues to assess the impact of the conversion on internal
controls over financial reporting and disclosure controls and procedures. Cameco has and will
continue to invest in training and resources throughout the transition period.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->99<!-- /Folio -->
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Noncontrolling Interests in Consolidated Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2009, Cameco adopted the new Canadian standard, Handbook Section&nbsp;1602,
Noncontrolling Interests in Consolidated Financial Statements. This section specifies that
noncontrolling interests be treated as a separate component of equity, not as a liability or other
item outside of equity. Section&nbsp;1602 is effective for periods beginning on or after January&nbsp;1, 2011
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 standard will have a material
impact on its consolidated financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2009, Cameco adopted the new Canadian standard, Handbook Section&nbsp;1601,
Consolidated Financial Statements, which replaces the existing standard. This section establishes
the standards for preparing consolidated financial statements and is effective for periods
beginning on or after January&nbsp;1, 2011. Cameco does not expect the adoption of this standard will
have a material impact on its consolidated financial statements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2009, Cameco will adopt the new Canadian standard, Handbook Section&nbsp;1582,
Business Combinations. This section 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. Section&nbsp;1582 applies prospectively to business combinations occurring on or
after January&nbsp;1, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Use of Non-GAAP Financial Measures</B></FONT>
</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. See note 3
to the financial statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->100<!-- /Folio -->
</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><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="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="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Year ended</B></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="7" style="border-bottom: 1px solid #000000"><B>December 31</B></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>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>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>Net earnings (per GAAP)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$61</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$416</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: 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>
    <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"><B>Adjustments (after tax)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <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">Restructuring of the gold business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(20)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">153</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: 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>
    <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:30px; text-indent:-15px">Stock option expense (recovery)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(12)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(31)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">65</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: 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>
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses (gains)&nbsp;on
financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(37)</TD>
    <TD nowrap>&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: 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>
    <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:30px; text-indent:-15px">Writedown of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#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: 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>
    <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" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in income tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(25)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(25)</TD>
    <TD nowrap>&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 double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjusted net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$179</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$53</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$572</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" 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="3%" 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>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>David Bronkhorst, general manager, McArthur River, Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chuck Edwards, director, metallurgy, AMEC.</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, 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>Les Yesnik, general manager, Key Lake, 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="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>Scott Bishop, chief mine engineer, Cigar Lake, Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chuck Edwards, director, metallurgy, AMEC.</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.</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>Grant J.H. Goddard, general manager, Cigar Lake, 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="3%" 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">
<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: 9pt">
<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 director, mineral resources management at Cameco, Mr.&nbsp;Mainville oversees and coordinates
the work performed by Cameco qualified persons on the estimation of mineral reserves and
resources and reports to management and Cameco&#146;s reserve oversight committee of the board on
matters relating thereto.</TD>
</TR>

</TABLE>



<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</I>
</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"><I>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 2009; the volume of
uranium production in 2009 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
expected date for completion of sealing the 2008 water inflow at Cigar Lake; our estimates
regarding future annual production levels at Inkai; our uranium production outlook for 2009 through
2013; our 2009 outlook for uranium, including the calculation of tiered royalties, uranium price
sensitivity for 2009 and the price sensitivity table for 2009 through 2013 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 2009 fuel services
outlook; the BPLP outlook for 2009; the gold outlook for 2009; and our consolidated outlook for
2009.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>There are material risks 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), interest
rates and costs of reagent supplies critical to production; imprecision in
production, decommissioning, reclamation, reserve and tax estimates; litigation or arbitration
proceedings (including as the result of disputes with government (including tax authorities),
suppliers, customers or joint venture partners) and the adverse outcome of such proceedings;
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><I> conversion
plant and other operating sites); unexpected or challenging geological or hydrological or mining
conditions (including at the McArthur River, Cigar Lake, Rabbit Lake and Kumtor deposits); adverse
mining conditions; political risks, including nationalization 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 agreement and a new tax code);
demand for nuclear power; replacement of production (including through placing Inkai and Cigar Lake
into production and transitioning to new mining areas 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 of acid at the
company&#146;s operations in Kazakhstan and hydrofluoric acid at the company&#146;s Port Hope operation);
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);the risk of a significant decline in general economic conditions; 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</I>
</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"><I>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
$47.00 (US)&nbsp;per pound, which was the UxC spot price as of February&nbsp;9, 2009, for the purposes of
certain uranium price sensitivity information); the assumptions discussed under the heading
&#147;Uranium Price Sensitivity (2009 to 2013)&#148;; the average gold spot price; Cameco&#146;s effective tax
rate; there being no significant adverse change in foreign currency
exchange rates, interest
rates and the cost of supplies critical to production; 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; 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,
nationalization, terrorism, sabotage, natural disasters, adverse changes in government legislation,
regulations or policies, litigation or arbitration proceedings or tax reassessments; 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; and that general economic conditions do not deteriorate beyond currently anticipated
levels. Forward-looking information and statements are also based upon the assumption that none of
the identified material risks 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 are 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>

<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 2009 involve greater risks and require longer-term assumptions and estimates
than those for 2009, 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 -->103<!-- /Folio -->
</DIV>




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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
