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<SEC-DOCUMENT>0001130319-09-000096.txt : 20090219
<SEC-HEADER>0001130319-09-000096.hdr.sgml : 20090219
<ACCEPTANCE-DATETIME>20090219164125
ACCESSION NUMBER:		0001130319-09-000096
CONFORMED SUBMISSION TYPE:	F-10/A
PUBLIC DOCUMENT COUNT:		9
FILED AS OF DATE:		20090219
DATE AS OF CHANGE:		20090219

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:		F-10/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-157385
		FILM NUMBER:		09622125

	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>F-10/A
<SEQUENCE>1
<FILENAME>o53689fv10za.htm
<DESCRIPTION>FORM F-10/A
<TEXT>
<HTML>
<HEAD>
<TITLE>fv10za</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 2pt"><B>As
filed with the Securities and Exchange Commission on February&nbsp;19, 2009</B></DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 3pt"><B>Registration No.&nbsp;333-157385</B>
</DIV>


<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>U.S. SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>AMENDMENT NO. 1<BR>
TO</B>
</DIV>
<DIV align="center" style="font-size: 18pt; margin-top: 0pt"><B>FORM F-10</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

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

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


<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr style="font-size: 10pt">
    <TD align="center" valign="top"><B>Canada</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>1090</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0113090</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Province or Other Jurisdiction
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Primary Standard Industrial Classification)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification Number</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">of Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Code Number (if applicable))
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(if applicable))</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Cameco Corporation<BR>
2121 &#150; 11th Street West,<BR>
Saskatoon, Saskatchewan<BR>
Canada S7M 1J3<BR>
(306)&nbsp;956-6200</B><BR>
<font style="font-size: 8pt">(Address and telephone number of
Registrant&#146;s principal executive offices)</font></DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt"><B>Scott Melbye, Cameco Inc., One Southwest Crossing, Suite&nbsp;210, 11095 Viking Drive, Eden Prairie, Minnesota 55341, (306)&nbsp;956-6200</B><BR>
(Name, address, (including zip code) and telephone number (including area code) of agent for service in the United States)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV><BR>
<B><I>Copies to:</I></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="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="31%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>Christopher W. Morgan, Esq.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Gary M.S. Chad, Q.C.</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Robert Lando, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center" valign="top"><B>Skadden, Arps, Slate, Meagher &#038; Flom LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Senior Vice-President, Governance,</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>James Lurie, Esq.</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>222 Bay Street</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Law and Corporate Secretary</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Osler, Hoskin &#038; Harcourt LLP</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Suite&nbsp;1750, P.O. Box 258</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Cameco Corporation</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>620 Eighth Avenue &#150; 36th Floor</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Toronto, Ontario</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>2121 &#150; 11th Street West,</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>New York, New York 10018</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><B>Canada M5K 1J5</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Saskatoon, Saskatchewan</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Canada S7M 1J3</B></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 8pt; margin-top: 12pt"><B>Approximate date of commencement of proposed sale of the securities to the public:<BR>
As soon as practicable after effectiveness of this Registration Statement.<BR><BR style="font-size: 6pt">
Province of Saskatchewan, Canada</B><BR>
(Principal jurisdiction regulating this offering (if applicable))<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is proposed that this filing shall become effective (check appropriate box):
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">A.<FONT face="Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD> Upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an
offering being made contemporaneously in the United States and Canada)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">B.<FONT face="Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD> At some future date (check the appropriate box below):</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">1.<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to Rule 467(b) on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(designate a time not sooner than 7 calendar days after
filing)</TD>
</TR>

<TR>
    <TD style="font-size: 4pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">2.<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to Rule 467(b) on&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;at&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(designate a time 7 calendar days or sooner after
filing) because the securities regulatory authority in the review jurisdiction has issued
a receipt or notification of clearance on</TD>
</TR>

<TR>
    <TD style="font-size: 4pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">3.<FONT style="font-family: Wingdings">&#111;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>pursuant to Rule 467(b) as soon as practicable after notification of the Commission by
the Registrant or the Canadian securities regulatory authority of the review jurisdiction
that a receipt or notification of clearance has been issued with respect hereto.</TD>
</TR>

<TR>
    <TD style="font-size: 4pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.<FONT style="font-family: Wingdings">&#254;</FONT></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>After the filing of the next amendment to this form (if preliminary material is being
filed).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If any of the securities being registered on this Form are to be offered on a delayed or
continuous basis pursuant to the home jurisdiction&#146;s shelf short form prospectus offering
procedures, check the following box. <FONT face="Wingdings">&#111;</FONT>
</DIV>



<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 5pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>


</DIV>

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

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










<!-- TOC -->
<!-- /TOC -->






<!-- link1 "PART I" -->

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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B>

</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->I-1<!-- /Folio -->
</DIV>

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

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<TABLE style="color: #FF0000" width="100%" border="1" cellpadding="5"><TR><TD>
<FONT style="font-size: 8pt; font-family: Arial, Helvetica; color: #C41E3A">Information
contained herein is subject to completion or amendment. These
securities may not be sold nor may offers to buy be accepted
prior to the time the registration statement becomes effective.
This prospectus shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of
these securities in any State in which such offer, solicitation
or sale would be unlawful prior to registration or qualification
under the securities laws of any such State.<BR>
</FONT>
</TD></TR></TABLE>

<DIV style="margin-top: 1pt; font-size: 1pt">&nbsp;</DIV>
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #C41E3A">SUBJECT TO COMPLETION, DATED
    FEBRUARY&#160;19, 2009</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="color: #C41E3A">AMENDED AND RESTATED PRELIMINARY
    PROSPECTUS</FONT></B>
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <IMG src="o53689o5368900.gif" alt="(CAMECO LOGO)"><B> </B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 24pt">Cameco Corporation</FONT></B>
</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">Cdn$399,999,900</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">23,188,400 Common
    Shares</FONT></B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#160;&#160;&#160;&#160;&#160;</B>This offering (the
    &#147;<B>Offering</B>&#148;) of common shares (&#147;<B>Common
    Shares</B>&#148;) of Cameco Corporation (&#147;<B>us</B>&#148;,
    &#147;<B>Cameco</B>&#148; or the &#147;<B>Company</B>&#148;)
    consists of 23,188,400 Common Shares at a price of Cdn$17.25 per
    Common Share.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;The outstanding Common Shares are
    listed on the Toronto Stock Exchange (the
    &#147;<B>TSX</B>&#148;) under the trading symbol &#147;CCO&#148;
    and the New York Stock Exchange (the &#147;<B>NYSE</B>&#148;)
    under the trading symbol &#147;CCJ&#148;. On February&#160;18,
    2009, the last trading day prior to the date of this prospectus,
    the closing price of the Common Shares on the TSX was Cdn$19.12
    and on the NYSE was US$15.20.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <FONT style="font-size: 12pt">&#160;&#160;&#160;&#160;&#160;<B>You
    should carefully review and evaluate certain risk factors before
    purchasing the Common Shares. See &#147;Risk Factors&#148;,
    beginning on page 6 of this prospectus.</B>
    </FONT>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>&#160;&#160;&#160;&#160;&#160;</B>All dollar amounts in this
    prospectus are in Canadian dollars, unless otherwise indicated.
    See &#147;Currency and Exchange Rate Information&#148;.
</DIV>

<DIV style="margin-top: 2pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=84 -->



<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="75%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="8%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="14%">&nbsp;</TD>	<!-- colindex=03 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Per Share</B>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Total</B>
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Public Offering Price
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Cdn$17.25
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Cdn$399,999,900
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Underwriting Commission
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Cdn$0.69
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Cdn$15,999,996
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Proceeds, before expenses, to the Company
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Cdn$16.56
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    Cdn$383,999,904
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<CENTER style="font-size: 1pt; width: 16%; border-bottom: 1pt solid #000000"></CENTER><!-- callerid=999 iwidth=504 length=84 -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;We have granted to BMO Nesbitt
    Burns Inc. (&#147;<B>BMO</B>&#148;), RBC Dominion Securities
    Inc. (&#147;<B>RBC DS</B>&#148;), CIBC World Markets Inc.,
    Scotia Capital Inc., BNP Paribas (Canada) Securities Inc., TD
    Securities Inc. and National Bank Financial Inc. (collectively,
    the &#147;<B>Underwriters</B>&#148;) a
    <FONT style="white-space: nowrap">30-day</FONT>
    option from the closing date of this Offering (the
    &#147;<B>Over-Allotment Option</B>&#148;) to purchase up to an
    additional 3,478,000 Common Shares to cover over-allotments.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;Delivery of the Common Shares is
    expected to be on or about March&#160;5, 2009.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;<B>We are permitted, under a
    multijurisdictional disclosure system adopted by the United
    States, to prepare this prospectus in accordance with Canadian
    disclosure requirements. You should be aware that such
    requirements are different from those of the United States.
    Financial statements included or incorporated herein have been
    prepared in accordance with Canadian generally accepted
    accounting principles, and they are subject to Canadian auditing
    and auditor independence standards, and thus may not be
    comparable to financial statements of United States
    companies.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;<B>You should be aware that the
    acquisition of the Common Shares offered hereby may have tax
    consequences both in the United States and in Canada. Such
    consequences for investors who are resident in, or citizens of,
    the United States may not be described fully herein. You should
    read the tax discussion in this prospectus and consult your
    local tax advisor.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;<B>Your ability to enforce civil
    liabilities under the U.S. federal securities laws may be
    affected adversely by the fact that we are incorporated under
    the laws of Canada, that some or all of our officers and
    directors may be residents of Canada, that some or all of the
    underwriters or experts named in the registration statement may
    be residents of a foreign country, and that all or a substantial
    portion of our assets and said persons may be located outside
    the United States.</B>
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    &#160;&#160;&#160;&#160;&#160;<B>Neither the SEC nor any state
    or Canadian securities commission or regulator has approved or
    disapproved of these securities, passed upon the accuracy or
    adequacy of this prospectus or determined if this prospectus is
    truthful or complete. Any representation to the contrary is a
    criminal offense.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>Joint Book-Running Managers</I>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">BMO
    Capital Markets</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 18pt; font-family: 'Times New Roman', Times">
    RBC Capital Markets</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">CIBC
    World Markets</FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">
    Scotia Capital</FONT></B></TD>
</TR>

</TABLE>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

<TR>
    <TD width="50%"></TD>
    <TD width="50%"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">BNP
    Paribas </FONT></B></TD>
    <TD nowrap align="right">    <B><FONT style="font-size: 14pt; font-family: 'Times New Roman', Times">
    TD Securities</FONT></B></TD>
</TR>

</TABLE>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B><FONT style="font-size: 14pt">National Bank
    Financial</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The date of this prospectus
    is&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;,
    2009
</DIV>

<P align="left" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV><!-- END PAGE WIDTH -->
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<DIV style="width: 91%; margin-left: 4%"><!-- BEGIN PAGE WIDTH -->
</DIV><!-- END PAGE WIDTH -->
<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<DIV align="left">
<!-- TOC -->
</DIV>

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

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">TABLE OF
    CONTENTS</FONT></B>
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="95%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="1%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=02 type=maindata -->
</TR>
<!-- Table Width Row END -->
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#101'>NOTE&#160;REGARDING FORWARD-LOOKING INFORMATION
    AND STATEMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    2
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#102'>NOTICE TO UNITED STATES INVESTORS REGARDING
    MINERAL RESERVES AND RESOURCES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#103'>ENFORCEABILITY OF CERTAIN CIVIL LIABILITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#104'>CURRENCY AND EXCHANGE RATE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#105'>DOCUMENTS INCORPORATED BY REFERENCE</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#106'>RISK FACTORS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#107'>THE COMPANY</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#108'>RECENT DEVELOPMENTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#109'>CONSOLIDATED CAPITALIZATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#110'>USE OF PROCEEDS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#111'>DESCRIPTION OF SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#112'>PLAN OF DISTRIBUTION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#113'>CERTAIN CANADIAN FEDERAL INCOME TAX
    CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#114'>CERTAIN UNITED STATES FEDERAL INCOME TAX
    CONSIDERATIONS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#115'>PRIOR SALES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    30
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#116'>MARKET FOR SECURITIES</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#117'>LEGAL MATTERS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#118'>INTEREST OF EXPERTS</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#119'>AUDITORS, REGISTRAR AND TRANSFER AGENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#120'>DOCUMENTS FILED AS PART&#160;OF THE REGISTRATION
    STATEMENT</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <A HREF='#121'>WHERE YOU CAN FIND MORE INFORMATION</A>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV align="left">
<!-- /TOC -->
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>In this short form prospectus, references to
    &#147;Cameco&#148;, the &#147;Company&#148;, &#147;we&#148;,
    &#147;us&#148; and &#147;our&#148; refer to Cameco Corporation
    and/or, as applicable, one or more of our subsidiaries. Our
    financial statements that are incorporated by reference into
    this short form prospectus have been prepared in accordance with
    generally accepted accounting principles in Canada and have been
    reconciled to generally accepted accounting principles in the
    United States.</B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>You should only rely on the information contained or
    incorporated by reference in this short form prospectus. Neither
    we nor the underwriters have authorized any other person to
    provide you with different information. If anyone provides you
    with different or inconsistent information, you should not rely
    on it. Neither we nor the underwriters are making an offer to
    sell these securities in any jurisdiction where the offer or
    sale is not permitted. You should assume that the information
    appearing in this short form prospectus or information
    incorporated by reference in this short form prospectus is
    accurate only as of the date of this short form prospectus or
    the incorporated document, as the case may be. Our business,
    operating results, financial condition and prospects may have
    changed since that date.</B>
</DIV>
<A name='101'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTE&#160;REGARDING
    FORWARD-LOOKING INFORMATION AND STATEMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain statements in this short form prospectus and the
    information incorporated herein which are not current statements
    or historical facts constitute &#147;forward-looking
    information&#148; within the meaning of applicable Canadian
    securities laws and &#147;forward-looking statements&#148;
    within the meaning of the United States Private Securities
    Litigation Reform Act of 1995. Forward-looking information and
    statements 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;outlook&#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 any 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 or statements. Discussions
    containing forward-looking statements may be found, among other
    places, in &#147;The Company&#148; and &#147;Recent
    Developments&#148; sections herein and in the &#147;General
    Development of The Business&#148;, &#147;The Nuclear
    Business&#148;, &#147;Bruce<BR>
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    2
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Power LP&#160;&#151; Nuclear Electrical Generation&#148;,
    &#147;Centerra Gold Inc.&#148; and &#147;Risk Factors&#148;
    sections of our Annual Information Form (as defined herein) and
    other documents incorporated by reference herein. Examples of
    forward-looking information and statements in this short form
    prospectus and the Annual Information Form and the other
    documents incorporated by reference herein include, but are not
    limited to: the status of negotiations with the Kyrgyz Republic;
    the target date for the resumption of
    UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
    </SUB>production at Port Hope; mineral resource and mineral
    reserve estimates; our forecasts relating to mining activities
    relating to McArthur River, Rabbit Lake and Inkai; and our
    forecast for sealing the August&#160;12, 2008 water inflow at
    Cigar&#160;Lake.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are risk factors that could cause actual results to differ
    materially from the forward-looking information and statements
    in this short form prospectus and the information incorporated
    herein. Factors that could cause such differences include,
    without limitation: the impact of the sales volume of fuel
    fabrication services, uranium, conversion services, electricity
    and gold; competition; the financial results and operations of
    Bruce Power Limited Partnership (&#147;<B>Bruce Power</B>&#148;)
    and Centerra Gold Inc. (&#147;<B>Centerra</B>&#148;); the impact
    of change in foreign currency exchange rates (such as
    Canadian/U.S. rates), interest rates and costs of reagent
    supplies critical to production; imprecision in production,
    costs (including capital costs), decommissioning, reclamation,
    mineral reserve and tax estimates; the impact of significant
    cost increases, in particular capital cost increases; litigation
    or arbitration proceedings (including as the result of disputes
    with governments (including tax authorities), suppliers,
    customers or joint venture partners); inability to enforce legal
    rights; default by one or more significant customers or critical
    suppliers; defects in title; environmental, safety and
    regulatory risks including increased regulatory burdens,
    long-term waste disposal and the risk of uranium and
    production-associated chemicals affecting the soil and
    groundwater at the Port Hope site and other sites; unexpected or
    challenging geological or hydrological conditions (including at
    the McArthur River, Cigar Lake, Rabbit Lake and Kumtor
    deposits); adverse mining conditions; reduction in mineral
    reserves due to geotechnical or other risks; political risks
    arising from operating in certain developing countries
    (including the Kyrgyz Republic, Kazakhstan and Mongolia);
    nationalization risk; terrorism; sabotage; a possible
    deterioration in political support for nuclear energy; changes
    in government regulations and policies, including tax and trade
    laws and policies (including legislation in Kazakhstan allowing
    the government to renegotiate previously signed agreements);
    demand for nuclear power; replacement of production (including
    through placing Inkai and Cigar Lake into production,
    transitioning to new mining areas at McArthur River beginning in
    2009, and overcoming geotechnical challenges at the Kumtor
    deposit); failure to maintain or construct sufficient tailings
    capacity for uranium and gold production; the risk of uranium
    and conversion service providers failing to fulfill delivery
    commitments or requiring 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 (including flooding
    of McArthur River, Cigar Lake or Rabbit Lake), earthquakes, pit
    wall failure (including further highwall ground movement at the
    Kumtor mine), tailings pipeline and dam failures, and cave-ins;
    ability to maintain and further improve positive labour
    relations; strikes or lockouts; operating performance,
    disruption in the operation of, and life of, our and our
    customers&#146; facilities; availability of reagents and
    supplies critical to production (including the availability of
    acid at our operations in Kazakhstan and hydrofluoric acid at
    our Port Hope
    UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
    conversion plant) at reasonable cost; decrease in electrical
    production due to planned and 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); failure of
    radiation protection plans; the risk of a significant decline in
    general economic conditions; 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
    risk factors that could affect us. Additional risk factors are
    noted elsewhere in this short form prospectus and under the
    heading &#147;Risk Factors&#148; in the Annual Information Form
    and under the heading &#147;Risk and Risk Management&#148; in
    the Management&#146;s Discussion and Analysis (as defined
    herein).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 our business units to supply
    products and services, other than as disclosed; there being no
    disruption of supply from third party sources; there being no
    significant changes in current estimates for sales volume,
    purchases and prices for uranium, conversion services,
    electricity, and gold; the expected spot prices and realized
    prices for uranium; the average gold spot price; our effective
    tax rate; there being no significant adverse change in foreign
    currency exchange rates, interest rates or tax rates; there
    being no significant changes in production, costs (including
    capital costs), decommissioning, reclamation, tax and mineral
    reserve estimates; there being no significant changes in our
    ability to comply with current environmental, safety
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    3
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    and other regulatory requirements, and the absence of any
    material increase in regulatory compliance requirements; our
    ability to obtain regulatory approvals in a timely manner; the
    status of geological, hydrological and other conditions at our
    and Centerra&#146;s mines; the absence of any material adverse
    effects arising as a result of political instability, terrorism,
    sabotage, natural disasters, adverse changes in government
    legislation, regulations or policies, or litigation or
    arbitration proceedings; continuing positive labour relations,
    and that no significant strikes or lockouts will occur; 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
    risk factors that could cause actual results to differ
    materially from the forward-looking information and statements
    will occur.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The forward-looking information and statements included in this
    short form prospectus and the documents incorporated herein by
    reference represent our views as of the date of such documents
    and should not be relied upon as representing our views as of
    any subsequent date. While we anticipate that subsequent events
    and developments may cause our views to change, we specifically
    disclaim 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 short form
    prospectus and the documents incorporated herein by reference
    about prospective results of operations, financial position or
    cash flows that are based upon assumptions about future economic
    conditions and courses of action are presented for the purpose
    of assisting our securityholders in understanding
    management&#146;s current views regarding those future outcomes,
    and may not be appropriate for other purposes.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There can be no assurance that the forward-looking information
    and statements will prove to be accurate, and actual results and
    future events could vary or differ materially from those
    anticipated by them. Accordingly undue reliance should not be
    placed 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 from those for 2009, and are
    consequently subject to greater uncertainty. Therefore, special
    caution should be taken in terms of placing reliance on such
    long-term forward-looking information and statements.
</DIV>
<A name='102'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">NOTICE TO
    UNITED STATES INVESTORS REGARDING MINERAL RESERVES AND
    RESOURCES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This short form prospectus, including the documents incorporated
    by reference herein, has been prepared in accordance with the
    requirements of Canadian securities laws, which differ from the
    requirements of United States securities laws. Unless otherwise
    indicated, all mineral reserve and resource estimates included
    or incorporated by reference in this short form prospectus have
    been, and will be, prepared in accordance with Canadian National
    Instrument
    <FONT style="white-space: nowrap">43-101&#160;&#151;</FONT>
    Standards of Disclosure for Mineral Projects (&#147;<B>NI
    <FONT style="white-space: nowrap">43-101</FONT></B>&#148;)
    and the Canadian Institute of Mining, Metallurgy and Petroleum
    classification system. NI
    <FONT style="white-space: nowrap">43-101</FONT> is a
    rule developed by the Canadian Securities Administrators that
    establishes standards for all public disclosure an issuer makes
    of scientific and technical information concerning mineral
    projects.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Canadian standards, including NI
    <FONT style="white-space: nowrap">43-101,</FONT>
    differ significantly from the requirements of the United States
    Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;),
    and mineral reserve and resource information contained in or
    incorporated by reference into this short form prospectus may
    not be comparable to similar information disclosed by U.S.
    companies. In particular, and without limiting the generality of
    the foregoing, these documents use the terms &#147;measured
    resources&#148;, &#147;indicated resources&#148; and
    &#147;inferred resources&#148;. U.S. investors are advised that,
    while such terms are recognized and required by Canadian
    securities laws, the SEC does not recognize them. Under U.S.
    standards, mineralization may not be classified as a
    &#147;reserve&#148; unless the determination has been made that
    the mineralization could be economically and legally produced or
    extracted at the time the mineral reserve determination is made.
    U.S. investors are cautioned not to assume that any part of a
    &#147;measured resource&#148; or &#147;indicated resource&#148;
    will ever be converted into a &#147;reserve&#148;. U.S.
    investors should also understand that &#147;inferred
    resources&#148; have a great amount of uncertainty as to their
    existence and great uncertainty as to their economic and legal
    feasibility. It cannot be assumed that all or any part of
    &#147;inferred resources&#148; exist, are economically or
    legally mineable or will ever be upgraded to a higher category.
    Under Canadian rules, estimated &#147;inferred resources&#148;
    may not form the basis of feasibility or pre-feasibility studies
    except in rare cases. Disclosure of &#147;contained ounces&#148;
    in a mineral resource is permitted disclosure under Canadian
    regulations. However, the SEC normally only permits issuers to
    report mineralization that does not constitute
    &#147;reserves&#148; by SEC standards as in place tonnage and
    grade, without reference to unit measures. The requirements of
    NI <FONT style="white-space: nowrap">43-101</FONT>
    for identification of &#147;reserves&#148; are also not the same
    as those of the SEC, and mineral reserves reported by us in
    compliance with NI
    <FONT style="white-space: nowrap">43-101</FONT> may
    not qualify as &#147;reserves&#148;
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    4
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    under SEC standards. Accordingly, information concerning mineral
    deposits set forth herein may not be comparable with information
    made public by companies that report in accordance with U.S.
    standards.
</DIV>
<A name='103'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">ENFORCEABILITY
    OF CERTAIN CIVIL LIABILITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are a corporation existing under the laws of Canada. A
    majority of our assets are located outside of the
    United&#160;States and most of our directors and officers and
    some of the experts named in this short form prospectus are
    residents of Canada or otherwise reside outside of the United
    States, and all or a substantial portion of their assets are
    located outside of the United States. As a result, it may be
    difficult for United States investors to effect service of
    process within the United States upon those directors, officers
    or experts who are not residents of the United States, or to
    realize in the United States upon judgments of courts of the
    United States predicated upon civil liability of such directors,
    officers or experts under United States federal securities laws.
    We have been advised by Osler, Hoskin&#160;&#038; Harcourt LLP,
    our Canadian counsel, that a judgment of a United States court
    predicated solely upon civil liability under such laws would
    probably be enforceable in Canada if the United States court in
    which the judgment was obtained had a basis for jurisdiction in
    the matter that was recognized by a Canadian court for such
    purposes. We have also been advised by such counsel, however,
    that there is substantial doubt whether an action could be
    brought in Canada in the first instance on the basis of
    liability predicated solely upon such laws.
</DIV>

<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have filed with the SEC, concurrently with the registration
    statement on
    <FONT style="white-space: nowrap">Form&#160;F-10</FONT>
    relating to the Offering, an appointment of agent for service of
    process on
    <FONT style="white-space: nowrap">Form&#160;F-X.</FONT>
    Under the
    <FONT style="white-space: nowrap">Form&#160;F-X,</FONT>
    we appointed Scott Melbye as our agent for service of process in
    the United States in connection with any investigation or
    administrative proceeding conducted by the SEC and any civil
    suit or action brought against or involving us in a United
    States court arising out of or related to or concerning the
    Offering.
</DIV>
<A name='104'>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CURRENCY
    AND EXCHANGE RATE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 4pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All references to &#147;$&#148;, &#147;Cdn$&#148; and
    &#147;dollars&#148; in this short form prospectus refer to
    Canadian dollars, unless otherwise stated. References to
    &#147;US$&#148; in this short form prospectus refer to United
    States dollars. The following table sets forth, for each of the
    years indicated, the year-end noon exchange rate, the average
    noon exchange rate and the high and low noon exchange rates of
    one Canadian dollar in exchange for U.S. dollars using
    information provided by the Bank of Canada.
</DIV>

<DIV style="margin-top: 8pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="59%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="8%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="10" align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Year ended December 31,</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2007</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>2006</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    High
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.0289
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.0905
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.9099
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Low
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.7711
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.8437
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.8528
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Average
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.9441
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.9348
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.8820
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Year-End
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.8166
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    1.0120
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    0.8581
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The noon exchange rate on February&#160;18, 2009, using
    information provided by the Bank of Canada for the conversion of
    Canadian dollars into United States dollars, was $1.00 equals
    US$0.7939.
</DIV>
<A name='105'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    INCORPORATED BY REFERENCE</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents filed with the securities regulatory
    authorities in each of the provinces of Canada are specifically
    incorporated by reference in this short form prospectus:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (a)&#160;
</TD>
    <TD align="left">
    Our Annual Information Form dated March&#160;28, 2008 (the
    &#147;<B>Annual Information Form</B>&#148;) for the year ended
    December&#160;31, 2007, but expressly excluding the audited
    consolidated financial statements of Cameco as at
    December&#160;31, 2007 and 2006 and for the years ended
    December&#160;31, 2007 and 2006 and management&#146;s discussion
    and analysis of Cameco for the year ended December&#160;31,
    2007, which were incorporated by reference therein;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (b)&#160;
</TD>
    <TD align="left">
    Our Management Proxy Circular dated March&#160;11, 2008 in
    connection with the Annual and Special Meeting of Shareholders
    held on May&#160;15, 2008;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (c)&#160;
</TD>
    <TD align="left">
    Our Audited Consolidated Financial Statements (the
    &#147;<B>Consolidated Financial Statements</B>&#148;) as at
    December&#160;31, 2008 and 2007 and for the years ended
    December&#160;31, 2008 and 2007 and related notes, together with
    the auditors&#146; report thereon;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    5
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="5%"></TD>
    <TD width="91%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (d)&#160;
</TD>
    <TD align="left">
    Our &#147;Reconciliation to United States GAAP&#148; relating to
    the Consolidated Financial Statements and related notes,
    together with the auditors&#146; report thereon filed on
    February 13, 2009;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (e)&#160;
</TD>
    <TD align="left">
    Our Management&#146;s Discussion and Analysis dated February 16,
    2009 in respect of the Consolidated Financial Statements (the
    &#147;<B>Management&#146;s Discussion and Analysis</B>&#148;);
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (f)&#160;
</TD>
    <TD align="left">
    Our Material Change Report dated January&#160;11, 2008 relating
    to the announcement that the Rabbit Lake operation resumed
    normal mining activities after sealing off the source of a water
    inflow;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (g)&#160;
</TD>
    <TD align="left">
    Our Material Change Report dated July&#160;7, 2008 relating to
    our receipt of regulatory approval to pump water out of the
    flooded Cigar Lake mine;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (h)&#160;
</TD>
    <TD align="left">
    Our Material Change Report dated August&#160;15, 2008 relating
    to our completion of the acquisition of a 70% interest in the
    Kintyre uranium exploration project in Western Australia for
    US$346.5&#160;million; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    (i)&#160;
</TD>
    <TD align="left">
    Our Material Change Report dated August&#160;18, 2008 relating
    to the suspension of remediation work at the No.&#160;1 shaft at
    Cigar Lake after an increase in the rate of water inflow in the
    mine.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Any annual information form, annual or interim financial
    statement and related management&#146;s discussion and analysis,
    material change report (other than a confidential material
    change report), business acquisition report, information
    circular or disclosure document filed pursuant to an undertaking
    to a Canadian securities regulatory authority filed by us with
    any securities commission or similar regulatory authority in
    Canada subsequent to the date of this short form prospectus and
    prior to the termination of this Offering shall be deemed to be
    incorporated by reference into this short form prospectus, as
    well as any other document so filed by us which expressly states
    it is to be incorporated by reference into this short form
    prospectus. In addition, any report on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    furnished by us to the SEC pursuant to the United States
    Securities Exchange Act of 1934, as amended (the &#147;<B>U.S.
    Exchange Act</B>&#148;), after the date of this short form
    prospectus, shall be deemed to be incorporated by reference into
    this short form prospectus and the registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-10</FONT>
    of which this short form prospectus forms a part, if and to the
    extent expressly provided in such report. Our periodic reports
    on
    <FONT style="white-space: nowrap">Form&#160;6-K</FONT>
    and our annual reports on
    <FONT style="white-space: nowrap">Form&#160;40-F</FONT>
    are available at the SEC&#146;s website at www.sec.gov.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Any statement contained herein, or in any document
    incorporated or deemed to be incorporated by reference herein,
    shall be deemed to be modified or superseded, for the purposes
    of this short form prospectus, to the extent that a statement
    contained herein or in any other subsequently filed document
    which also is or is deemed to be incorporated by reference
    herein modifies or supersedes that statement. The modifying or
    superseding statement need not state that it has modified or
    superseded a prior statement or include any other information
    set forth in the document that it modifies or supersedes. The
    making of a modifying or superseding statement shall not be
    deemed an admission for any purpose that the modified or
    superseded statement, when made, constituted a
    misrepresentation, an untrue statement of a material fact or an
    omission to state a material fact that is required to be stated
    or that is necessary to make a statement not misleading in light
    of the circumstances in which it was made. Any statement so
    modified or superseded shall not constitute a part of this short
    form prospectus, except as so modified or superseded.</B>
</DIV>
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<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RISK
    FACTORS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    An investment in the Common Shares involves certain risks.
    Before making an investment decision, you should carefully
    consider the following risks, as well as all of the other
    information in this short form prospectus and in the documents
    incorporated herein by reference, including the risk factors
    found in the Annual Information Form (particularly pages
    111&#160;&#151;&#160;131 thereof) and the Management&#146;s
    Discussion and Analysis (particularly pages 81&#160;&#151; 98
    thereof). See &#147;Documents Incorporated by Reference&#148;.
    If any of those risks actually occur, our business, financial
    condition, results of operations, cash flows and prospects could
    be harmed. Such risks and uncertainties are not the only ones we
    face. Additional risks and uncertainties, including those of
    which we are currently unaware or that are deemed immaterial,
    may also adversely affect our business, financial condition,
    results of operations, cash flows and prospects.
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Risks and
    Other Considerations Related to Our Business and this
    Offering</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Current
    Global Financial Condition</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Current global financial conditions have been characterized by
    increased volatility and several financial institutions have
    either gone into bankruptcy or have had to be rescued by
    governmental authorities. Access to public financing and
</DIV>

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    <BR>
    6
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    bank credit has been negatively impacted by both the rapid
    decline in value of
    <FONT style="white-space: nowrap">sub-prime</FONT>
    mortgages and the liquidity crisis affecting the asset-backed
    commercial paper market. These and other factors may affect our
    ability to obtain equity or debt financing in the future on
    favourable terms. Additionally, these factors, as well as other
    related factors, may cause decreases in our asset values that
    may be other than temporary, which may result in impairment
    losses. If such increased levels of volatility and market
    turmoil continue, or if more extensive disruptions of the global
    financial markets occur, our operations could be adversely
    impacted and the trading price of our Common Shares may be
    adversely affected.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Market
    Price of Common Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There can be no assurance that an active market price for the
    Common Shares will be sustained after this Offering. Securities
    of mining companies have experienced substantial volatility in
    the past, and especially since the latter part of 2008, often
    based on factors unrelated to the financial performance or
    prospects of the companies involved. These factors include
    macroeconomic developments in the countries where such companies
    carry on business and globally, and market perceptions of the
    attractiveness of particular industries. The price of our
    securities is also likely to be significantly affected by
    short-term changes in commodity prices, currency exchange
    fluctuation and the political environment in the countries in
    which we do business and globally. Factors such as fluctuations
    in our operating results, the result of any public announcements
    made by us, and general market conditions can also have an
    adverse effect on the market price of our securities, including
    the Common Shares offered hereby. The trading price of our
    Common Shares has been and may continue to be subject to large
    fluctuations, which may result in losses to investors. The high
    and low closing sale prices of our Common Shares on the TSX were
    $48.67 and $36.10 in 2006; $59.46 and $35.49 in 2007; and $43.80
    and $15.46 in 2008, respectively. The high and low closing sale
    prices of our Common Shares on the NYSE were US$44.20 and
    US$31.60 in 2006; US$55.60 and US$35.24 in 2007; and US$43.34
    and US$11.81 in 2008, respectively. (The foregoing Common Share
    information is adjusted for our February&#160;17, 2006
    <FONT style="white-space: nowrap">two-for-one</FONT>
    stock split of the outstanding Common Shares.)
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Potential
    Dilution</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Articles of Incorporation (our &#147;<B>Articles</B>&#148;)
    allow us to issue an unlimited number of Common Shares. Upon the
    completion of this Offering and assuming no stock options are
    exercised during such period, a total of 388,915,123&#160;Common
    Shares will have been issued (392,393,123 Common Shares if the
    Over-Allotment Option is exercised in full). We continually
    evaluate acquisition opportunities, and although we are not
    currently party to any definitive agreements, we may engage in
    acquisitions that result in the issuance of additional Common
    Shares, which issuances may be dilutive. Other issuances of
    additional Common Shares may also result in dilution to the
    holders of the Common Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limits
    on the Holdings of Residents and Non-Residents of
    Canada</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No resident of Canada, alone or together with associates, may
    hold, beneficially own or control, directly or indirectly, other
    than by way of security only or for purposes of distribution by
    an underwriter, voting securities to which are attached more
    than 25% of the votes that may ordinarily be cast to elect our
    directors. Similarly, no non-resident of Canada, alone or
    together with associates, may hold, beneficially own or control,
    directly or indirectly, other than by way of security only or
    for purposes of distribution by an underwriter, voting
    securities to which are attached more than 15% of the votes that
    may ordinarily be cast to elect our directors. Further, the
    votes attaching to our securities held, beneficially owned or
    controlled, directly or indirectly, by all non-residents of
    Canada together, and cast at any meeting of our shareholders,
    will be counted or pro-rated so as to limit the counting of
    those votes to not more than 25% of the total number of votes
    cast by the shareholders at that meeting. In certain prior
    years, including in 2008, we have limited the counting of votes
    cast by non-residents of Canada at our annual shareholder
    meeting to abide by this restriction, which resulted in
    non-residents of Canada receiving less than one vote per share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our Articles contain provisions for the enforcement of the
    restrictions relating to ownership and voting by residents and
    non-residents of Canada described above, including provisions
    for suspension of voting rights, forfeiture of dividends and
    other distributions to shareholders, prohibitions against the
    issue and transfer of securities and suspension of all remaining
    shareholders&#146; rights.
</DIV>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">THE
    COMPANY</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are one of the world&#146;s largest uranium producers. Our
    competitive position is based on our large, high-grade mineral
    reserves and low-cost mining operations, significant market
    position and access to other supplies of uranium and uranium
    conversion services. We are also one of the four significant
    commercial converters of uranium concentrates
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    7
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>(</B>&#147;<B>U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B>&#148;)
    to uranium hexafluoride
    <B>(</B>&#147;<B>UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB></B>&#148;)
    in the western world and the only commercial supplier of
    services to convert uranium concentrates to uranium dioxide
    (&#147;<B>UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB></B>&#148;)
    in the western world and, through a subsidiary, one of two
    Canadian commercial suppliers of fuel fabrication services for
    CANDU reactors. We continue to explore actively for uranium in a
    number of countries.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through subsidiaries, we have a 31.6% limited partnership
    interest in Bruce Power, which leases and operates four reactors
    in Southwestern Ontario.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Through subsidiaries, we also own approximately 52.7% of
    Centerra, the largest western-based gold producer in Central
    Asia and the former Soviet Union. Centerra, which is publicly
    traded, operates and has a 100% interest in two producing gold
    mines, the Kumtor mine in the Kyrgyz Republic and the Boroo mine
    in Mongolia.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Further particulars with respect to our business operations and
    ownership restrictions are contained under the headings
    &#147;General Development of the Business&#148;, &#147;The
    Nuclear Business&#148;, &#147;Bruce Power LP&#160;&#151; Nuclear
    Electrical Generation&#148;, &#147;Centerra Gold Inc.&#148; and
    &#147;Description of Securities&#160;&#151;  Restrictions on
    Ownership and Voting&#148; in the Annual Information Form and in
    the other documents incorporated herein by reference.
</DIV>
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<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">RECENT
    DEVELOPMENTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Credit
    Facilities</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In early February 2009, we reached an agreement with the lenders
    under our $470&#160;million credit facility to increase the
    limit to $500&#160;million and to extend the maturity date of
    the facility to June&#160;16, 2010. We also put in place an
    additional $100&#160;million in short-term bank credit, which
    matures in February 2010 and includes terms similar to those of
    the increased $500&#160;million facility.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Rabbit
    Lake</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2008, we were successful in adding mineral reserves at Rabbit
    Lake, extending the expected mine life by one year, to 2013.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Cigar
    Lake</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to our Cigar Lake property which is under
    development, we have confirmed that the main source of the
    increased water inflow observed on August&#160;12, 2008, is from
    a fissure located in the top of the tunnel on the 420 metre
    level.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have 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 the surface. The equipment necessary to accomplish this has
    been mobilized and some initial work both on the 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 that are commercially
    available for this type of work. We estimate that sealing of the
    August&#160;12, 2008 inflow will take most of 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Remediation of shaft 2 continues following a water inflow at the
    base of the shaft in April 2006. The water inflow resulted in
    flooding and cessation of activities in the shaft, which is not
    connected to the rest of the underground development. During the
    fourth quarter of 2008, dewatering of shaft 2 commenced. Water
    was removed down to the 260&#160;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 removal of all water
    in the shaft will be completed in the second quarter of 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have incurred $359&#160;million in capital costs to develop
    Cigar Lake to the end of 2008. In addition to capital costs, our
    share of remediation expenses is now expected to total
    $92&#160;million, of which $46&#160;million has been expensed to
    the end of 2008. In 2009, we expect to spend $21&#160;million on
    remediation expenses for Cigar Lake. We no longer anticipate
    production in 2011 and are assessing the impact of the August
    inflow on the planned production date and capital cost estimate.
    There can be no assurance as to when production will commence or
    that other occurrences will not further delay production.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    8
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Inkai</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2008, our share of production from Joint Venture Inkai
    (&#147;<B>Inkai</B>&#148;) in Kazakhstan was 0.3&#160;million
    pounds
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
    During 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. Production
    during the year was hampered by a number of operational issues,
    the most significant of which was a shortage of sulphuric acid,
    compounded by a slower uranium dissolution rate than we
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The availability of acid improved through the fourth quarter of
    2008 with delivery of material obtained from outside as well as
    inside Kazakhstan. Currently the project is receiving an
    adequate supply to acidify the wellfields in preparation for
    commercial production in 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A new Kazakh tax code became law on January&#160;1, 2009. Inkai
    has received a letter from the Ministry of Energy and Mineral
    Resources (&#147;<B>MEMR</B>&#148;) requiring that Inkai amend
    the existing Resource Use Contract to reflect the new tax
    regime, despite the fact the Resource Use Contract contains
    provisions stabilizing the tax regime applicable to Inkai to
    that which was in effect at the date the contract was signed in
    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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Kazakh parliament is also considering a draft of a new
    Subsoil Law which would change the framework and procedures
    connected with the granting of subsoil rights, and the
    regulation of activities of subsoil users, which applies to
    Inkai. 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 the regulation of the activities of
    subsoil users, 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, or 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 Inkai&#146;s Resource Use Contract.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Port
    Hope</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our
    UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
    plant at Port Hope, Ontario restarted production in mid-January
    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 our
    UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
    plant.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In late November 2008, Cameco suspended
    UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
    production at Port Hope because it was unable to resolve a
    contract dispute relating to the supply of hydrofluoric acid. We
    continue discussions to broaden our sources of supply. We have
    taken actions that are intended to allow us to meet utility
    delivery commitments through the first half of 2009, and we
    intend to resume
    UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
    production in the second half of 2009.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Centerra</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In August 2007, we and Centerra signed framework agreements with
    the government of the Kyrgyz Republic, which provided for the
    government&#146;s full commitment to and support of
    Centerra&#146;s continuing long-term development of the Kumtor
    project. The agreements were subject to a number of conditions,
    including approval by the parliament of the Kyrgyz Republic. On
    June&#160;2, 2008, we reported that the framework agreements had
    not been ratified by the parliament of the Kyrgyz Republic
    within the time frame agreed to by the parties, and had
    therefore expired.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, litigation both within the Kyrgyz Republic and
    pursuant to international arbitration proceedings has put in
    issue the validity of certain licenses and agreements pursuant
    to which the Kumtor mine is operated and satellite deposits are
    explored and developed. As a result of this litigation, the
    State Agency for Geology and Mineral Resources Management of the
    Kyrgyz Republic has advised Centerra that certain exploration
    and development activities should be temporarily suspended. Gold
    production, however, continues at the central pit of the Kumtor
    mine. Discussions continue with a Kyrgyz government working
    group to resolve outstanding issues relating to the Kumtor
    project.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Finally, in 2008, Kumtor was made the subject of several new tax
    assessments and investigations by the Kyrgyz tax authorities.
    Kumtor is continuing to cooperate with the relevant authorities
    and continues to pay all taxes in accordance
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    9
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    with applicable laws and the original investment agreements and
    Centerra believes there is no basis for these investigations and
    assessments.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    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 mineral reserves in the
    central pit at Kumtor have been reclassified to probable mineral
    reserves. All ore in stockpile inventory as of December&#160;31,
    2008, has been placed in the proven mineral reserve category.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Bruce
    Power</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Bruce Power&#146;s five-year licence to operate the Bruce B
    reactors was to expire on March&#160;31, 2009. After completion
    of day-one hearings, the Canadian Nuclear Safety Commission (the
    &#147;<B>CNSC</B>&#148;) temporarily extended the licence to
    October&#160;31, 2009 to allow completion of the day-two
    hearings.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">McArthur
    River Technical Report</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    McArthur River in northern Saskatchewan is an underground
    uranium mine, in which we have a direct and indirect interest of
    69.805%. It contains the world&#146;s largest known high-grade
    uranium deposit. McArthur River is owned by three joint venture
    partners: us (55.844%); AREVA Resources Canada Inc.
    (&#147;<B>AREVA</B>&#148;) (16.234%); and UEM Inc. (27.922%), a
    company equally owned by us and AREVA. We are the operator.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A technical report on the McArthur River mine (the
    &#147;<B>McArthur River Report</B>&#148;), entitled
    &#147;McArthur River Operation, Northern Saskatchewan,
    Canada&#148;, dated February&#160;16, 2009 with an effective
    date of December&#160;31, 2008, has been prepared under the
    supervision of David Bronkhorst, P. Eng., Charles R. Edwards, P.
    Eng., Alain G. Mainville, P. Geo., Gregory M. Murdock, P. Eng.,
    and Leslie D. Yesnik, P. Eng. in accordance with NI
    <FONT style="white-space: nowrap">43-101.</FONT> A
    copy of the McArthur River Report is available electronically at
    www.sedar.com. Below is a summary of recent developments and
    changes to information in respect of the McArthur River mine
    since the filing of the Annual Information Form.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Mineral
    Reserve and Resource Estimate</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A summary of the estimated mineral reserves and resources at the
    McArthur River mine, and our share thereof, as at
    December&#160;31, 2008 is set out below.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Summary
    of Estimated Mineral Reserves and Resources</FONT></B>
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="58%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="6%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="4%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=05 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=05 type=lead -->
    <TD width="9%" align="right">&nbsp;</TD>	<!-- colindex=05 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=05 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Cameco&#146;s Share<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Category</B><SUP style="font-size: 85%; vertical-align: top">(1)(2)(3)(4)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Tonnes</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Grade</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Lbs
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Lbs
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB></B><SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(thousands)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(%U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(millions)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(millions)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Mineral
    Reserves</B><SUP style="font-size: 85%; vertical-align: top">(6)(7)(8)(9)(10)(11)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Proven
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    449.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.18
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    170.1<SUP style="font-size: 85%; vertical-align: top">(12</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    118.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Probable
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    280.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    26.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    162.5<SUP style="font-size: 85%; vertical-align: top">(12</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    113.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Total</B><SUP style="font-size: 85%; vertical-align: top">(13)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>729.2</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>20.69</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>332.6</B><SUP style="font-size: 85%; vertical-align: top">(12</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>232.2</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    <B>Mineral
    Resources</B><SUP style="font-size: 85%; vertical-align: top">(14)(15)(16)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Measured
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    209.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    42.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Indicated
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    <B>Total</B><SUP style="font-size: 85%; vertical-align: top">(13)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>248.8</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>9.07</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>49.7</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    <B>34.7</B>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Inferred<SUP style="font-size: 85%; vertical-align: top">(17)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    642.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9.81
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    139.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    97.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 0%; width: 12%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=479 length=60 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    We report mineral reserves and mineral resources separately.
    Reported mineral resources do not include amounts identified as
    mineral reserves. Mineral resources do not have demonstrated
    economic viability.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Mineral reserves and mineral resources were estimated based on
    the use of the raisebore, boxhole and blasthole stoping mining
    methods combined with freeze curtains.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    Environmental, permitting, legal, title, taxation,
    socio-economic, political, marketing or other issues are not
    expected to materially affect the above estimates of mineral
    reserves or mineral resources.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;
</TD>
    <TD align="left">    The geological model employed for McArthur River involves
    geological interpretations on sections and plans derived from
    surface and underground drillhole information.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (5)&#160;
</TD>
    <TD align="left">    Our share of total estimated mineral reserves and resources is
    69.805%.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (6)&#160;
</TD>
    <TD align="left">    Mineral reserves have been estimated at a cutoff grade of 0.8%
    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="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (7)&#160;
</TD>
    <TD align="left">    Mineral reserves have been estimated with an average allowance
    of 20% dilution from backfill mined.
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    10
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 3pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (8)&#160;
</TD>
    <TD align="left">    Mineral reserves were estimated using
    <FONT style="white-space: nowrap">3-dimensional</FONT>
    block models.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (9)&#160;
</TD>
    <TD align="left">    Mineral reserves have been estimated based on 95% mining
    recovery, a mining rate which is planned to vary between 110 and
    130 tonnes per day and a full mill production rate of
    18.7&#160;million lbs
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
    per year based on 98.4% mill recovery.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (10)&#160;
</TD>
    <TD align="left">    For the purpose of estimating mineral reserves in accordance
    with NI
    <FONT style="white-space: nowrap">43-101,</FONT> a
    price of US$47 per 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 U.S. Securities and Exchange Commission Industry
    Guide 7, an average price of US$70 per 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 the same at either
    price because of the insensitivity of the mineral reserves to
    the cut-off grade over the range of these two prices.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (11)&#160;
</TD>
    <TD align="left">    The key economic parameters underlying the mineral reserves
    include a conversion from U.S. dollars to Canadian dollars using
    a fixed exchange rate of US$1.00 = Cdn$1.22.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (12)&#160;
</TD>
    <TD align="left">    Lbs
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
    are those contained in mineral reserves and do not include the
    estimated metallurgical recovery of 98.4%.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (13)&#160;
</TD>
    <TD align="left">    Totals may not add up due to rounding.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (14)&#160;
</TD>
    <TD align="left">    Mineral resources have been estimated at a minimum mineralized
    thickness of 1.0 metre and at a cut-off grade of 0.1% to 0.5%
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (15)&#160;
</TD>
    <TD align="left">    Mineral resources have been estimated with no allowance for
    dilution or mining recovery.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (16)&#160;
</TD>
    <TD align="left">    Mineral resources were estimated using cross-sectional method
    and
    <FONT style="white-space: nowrap">3-dimensional</FONT>
    block models.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (17)&#160;
</TD>
    <TD align="left">    Inferred mineral resources have a great amount of uncertainty as
    to their existence and as to whether they can be mined legally
    or economically. It cannot be assumed that all or any part of
    the inferred mineral resources will ever be upgraded to a higher
    category.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Alain G. Mainville, P. Geo., our Director, Mineral Resources
    Management, is the qualified person within the meaning of NI
    <FONT style="white-space: nowrap">43-101</FONT> for
    the purposes of the foregoing mineral reserve and resource
    estimates. There are numerous uncertainties inherent in
    estimating mineral reserves and resources. The reliability of
    any mineral reserve and resource estimate is a function of the
    quality of available data and of engineering and geological
    interpretation and judgment. Results from drilling, testing and
    production, as well as material changes in uranium prices,
    subsequent to the date of the estimate, may justify a revision
    to such estimates.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Production
    Forecast, Mine Life and Payback</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Annual production from McArthur River is forecast at a rate of
    18.7&#160;million pounds of
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
    per year until 2016, and declines thereafter until 2033. We
    estimate that McArthur River will have a mine life of at least
    25&#160;years with an expected pay back of capital invested by
    2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2008, 16.6&#160;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>
    was produced by toll milling McArthur River ore at Key Lake (our
    share was 11.6&#160;million pounds). This was 2.1&#160;million
    pounds less than the licensed annual production limit of
    18.7&#160;million pounds and represents the only time in the
    past five years that McArthur River&#146;s annual production
    target was not achieved. The production shortfall resulted from
    various process and equipment problems experienced throughout
    the year. We believe that these problems have been corrected.
    Average mill metallurgical recovery for 2008 was 98.34%.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Transition
    to New Mining Areas</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We are working on the transition to new mining areas at McArthur
    River, including mine planning, development and freeze hole
    drilling. Mineral reserves at McArthur River occur in four zones
    (Zones 1-4). Since mine startup in 1999, only Zone 2 has been
    mined. Zone 2 is divided into four panels (Panels 1, 2, 3 and
    5). As extraction of Zone 2 (Panels 1, 2 and 3)&#160;progresses,
    we expect to place Zone 1, Zone 2 (Panel 5)&#160;and the lower
    mining area of Zone 4 into production in stages between 2009 and
    late 2010, subject to regulatory approval.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Freeze drilling and raisebore access for lower Zone 1 has been
    developed on the 530 metre level. As a precautionary measure,
    the 560&#160;metre level extraction chamber development will not
    be initiated until the production freeze wall has been
    established. Freeze drilling for lower Zone 1 is scheduled to
    begin in the second quarter of 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    At Zone 2 (Panel 5),&#160;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
    raise bore chamber can be safely developed. We intend to produce
    over 85&#160;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
    second half of 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In November 2008, the lower extraction area for lower Zone 4
    development on the 590 metre level encountered a small inflow of
    water that was captured and controlled. The inflow has not
    caused us to alter any planned mining on the 590&#160;metre
    level, but full grouting of the inflow area is required before
    development resumes. Overall, lower Zone 4 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 lower zone will continue and freeze
    hole drilling is expected to take place. Production from this
    area is now scheduled for 2010.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    During the fourth quarter of 2008, access was successfully
    re-established along the previously backfilled Zone&#160;2
    (Panel 3) freeze wall on the 530&#160;metre level. This mining
    area will be used to extend the life of Panel 3 and is part of
    the revised production plan for 2009 to address the rescheduling
    of production from lower Zone 4.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    11
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Evaluation
    of Alternative Mining Methods</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The mining of the McArthur River deposit faces a number of
    challenges, including groundwater control, weak rock formations
    and radiation. Based on these challenges, non-entry mining
    methods&#160;&#151;  including the raise boring
    method&#160;&#151; will be required to mine the majority of the
    deposit.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We plan to continue using the current raise boring mining method
    to extract ore from lower Zone 1, Zone 2 (Panels 1, 2, 3 and
    5)&#160;and the lower mining area of Zone 4. Alternate mining
    methods planned for other Zones of the ore body include boxhole
    boring and blasthole stoping.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2005, we determined that the boxhole boring mining method
    will be better suited for the upper mining area of Zones 1, 3
    and 4, because it will allow development from a preferred
    location. We plan to use this mining method for production from
    upper Zone 4 beginning in 2013. Boxhole boring is a vertical
    development technique used at a few mines around the world;
    however, this will represent its first application to uranium
    mining as a production method. We have some experience with
    boxhole boring, as we previously tested the method at Rabbit
    Lake and Cigar Lake. Additional testing at McArthur River will
    be required to evaluate the productivity of this method and will
    require additional operational development during test work and
    initial mining phases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Technical challenges associated with boxhole boring include
    reaming through frozen ground, raise stability, controlling
    raise deviation, material handling 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 we have fully developed and tested
    the boxhole boring method at McArthur River, there is
    uncertainty as to future estimated productivity. The first
    boxhole test raise at McArthur River was set up at the end of
    2008, and pilot hole drilling commenced in early January 2009.
    Three raises in waste are planned for 2009 as is completion of
    freeze drilling for a boxhole boring ore extraction test area.
    The brine distribution system for this area will be installed in
    2009 to permit test raise excavation in 2010. We have CNSC
    approval for the boxhole test program in waste and expect to
    provide a second submission for boxhole boring in ore planned
    for 2010.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Permitting</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Three permits must be maintained to operate the mine at McArthur
    River. We hold a &#147;Uranium Mine Facility Operating
    License&#148; from the CNSC and an &#147;Approval to Operate
    Pollutant Control Facilities&#148; and a &#147;Permit to Operate
    Waterworks&#148; from the Saskatchewan Ministry of Environment
    (&#147;<B>SMOE</B>&#148;). The CNSC operating license was
    renewed for a five-year term in 2008 and expires on
    October&#160;31, 2013. The current SMOE permits will require
    renewal in 2009, as they expire on October&#160;31, 2009. The
    renewal process for those permits has been commenced.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Three permits must be maintained to operate the Key Lake uranium
    mill, where ore from McArthur River is processed. We hold a
    &#147;Uranium Mill Operating Licence&#148; from the CNSC and an
    &#147;Approval to Operate Pollutant Control Facilities&#148; and
    a &#147;Permit to Operate Waterworks&#148; both from SMOE. The
    CNSC operating licence was renewed for a five-year term in 2008
    and expires on October&#160;31, 2013. The SMOE permits will
    require renewal in 2009, as they expire on November 30, 2009.
    The renewal process for those permits has been commenced.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Annual
    License Capacity</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have applied to increase the annual licence capacity at both
    the McArthur River mine and the Key Lake mill to 22&#160;million
    pounds
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
    per year (compared to the current 18.7&#160;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>).
    This application has been undergoing a screening level
    environmental assessment (an &#147;<B>EA</B>&#148;) under the
    Canadian Environmental Assessment Act (&#147;<B>CEAA</B>&#148;)
    with the CNSC as the responsible authority. The EA has been
    delayed due to discussions with the CNSC regarding how to
    address the local accumulation of molybdenum and trace amounts
    of selenium in the Key Lake downstream environment.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have developed an action plan to modify Key Lake&#146;s
    effluent treatment process to reduce concentrations of
    molybdenum and selenium discharged into the environment. The
    CNSC operating licence includes a condition for the Key Lake
    mill to implement this action plan.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The action plan to modify the mill effluent treatment process
    was originally planned to be completed in the first part of
    2008, but experienced difficulties in commissioning that
    subsequently required further project changes. We expect the
    project to be complete and the new process changes optimized in
    the first half of 2009. The project includes completing
    mechanical modifications and equipment conditioning necessary to
    increase a molybdenum and selenium removal circuit&#146;s
    availability to greater than 80%. 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 license
    condition may or may not be required.
</DIV>

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    <BR>
    12
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<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to obtaining approval for the EA (which will be
    required to be re-submitted at the appropriate time) and license
    approval to operate at higher production levels, we will need to
    move to new mining zones at McArthur River and to implement
    various mill process modifications at Key Lake in order to
    sustain increased production levels. Mine planning development
    and freeze hole drilling for the McArthur River zone transition
    is ongoing and only after this transition is complete will we be
    in a position to fully assess the production rate capacity of
    the new mining zones. See &#147;&#151;&#160;Transition to New
    Mining Zones&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we receive approval for the increased production limit, we
    expect that annual production will range between current
    forecast production of 18.7&#160;million pounds and
    20&#160;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>
    until such time as revitalization is completed at Key Lake.
    Annual production levels after the mill revitalization is
    complete are expected to be largely dependent on mine
    production. Accordingly, we anticipate it will be a number of
    years before we can achieve a sustainable increased production
    rate at these operations.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Revitalization
    of Key Lake Mill</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A revitalization assessment of the Key Lake mill was completed
    in the first part of 2008. Subsequently, detailed engineering
    commenced and further assessment of alternative options began.
    The revitalization plan includes upgrading circuits to new
    technology for simplified operation, increased nominal
    production capacity, and improved environmental performance. The
    first aspects of the plan involve construction of a new acid
    plant and oxygen plant. Engineering and project planning for
    these replacement plants was advanced in 2008 and construction
    is planned to start in 2009, subject to regulatory approvals.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Tailings
    Management Facilities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    There are two tailings management facilities at the Key Lake
    site. One is an above ground impoundment with tailings stored
    with compacted till embankments. This facility has not received
    tailings since 1996. We are reviewing several decommissioning
    options regarding this facility. The other tailings management
    facility is located within the Deilmann pit (the
    &#147;<B>Deilmann TMF</B>&#148;), which was mined out in the
    1990s. At present, tailings from processing McArthur River ore
    are deposited in the Deilmann TMF.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In February 2009, we received regulatory approval for the
    deposition of tailings to a higher elevation in the Deilmann
    TMF. At current production rates, the approved capacity of the
    Deilmann TMF increases from five years to approximately eight
    years, assuming only minor storage capacity losses due to
    sloughing (or erosion) from the pit walls. Sloughing has
    occurred in the past, resulting in the loss of approved capacity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have 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. We expect 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 style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    With respect to the ongoing operation of the Deilmann TMF, we
    have performed several studies to better understand the pitwall
    sloughing mechanism and initiated engineering work to design and
    build mitigation measures for prevention of sloughing. Sloughing
    has occurred in the past at the Deilmann TMF resulting in the
    loss of approved capacity. Although the situation has recently
    stabilized as a result of stabilizing the water level in the
    pit, there is a risk of further sloughing at the Deilmann TMF.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Decommissioning
    Key Lake and McArthur River</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2003, Preliminary Decommissioning Plans
    (&#147;<B>PDPs</B>&#148;) for both the Key Lake and McArthur
    River operations were prepared by us and approved by both the
    CNSC and SMOE. The estimated cost of implementing these PDPs and
    addressing known environmental liabilities are reflected in two
    other associated documents called preliminary decommissioning
    cost estimates (&#147;<B>PDCEs</B>&#148;). These documents were
    revised in 2008 in support of the federal licence renewal
    process. Financial assurances to cover the 2008 PDCEs for
    McArthur River and for Key Lake operations were posted with SMOE
    in the form of irrevocable standby letters of credit. Based on
    the total estimated decommissioning costs presented and approved
    in these PDCEs, we have increased the financial assurance posted
    with the province of Saskatchewan to $120.7&#160;million and
    $36.1&#160;million for decommissioning the Key Lake and McArthur
    River operations, respectively.
</DIV>

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    <BR>
    13
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Water
    Treatment Capacity</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Following a water inflow incident in 2003 which temporarily
    suspended production at McArthur River, and as a result of a
    series of subsequent capacity improvements, we have increased
    pumping capacity at the McArthur River mine to 1,650
    m<SUP style="font-size: 85%; vertical-align: top">3</SUP>/h,

    with a potential to add additional capacity. We have the ability
    to treat between 750 and 800
    m<SUP style="font-size: 85%; vertical-align: top">3</SUP>/h

    through our conventional water treatment plant. In addition,
    another 750
    m<SUP style="font-size: 85%; vertical-align: top">3</SUP>/h

    contingency water treatment capacity is 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: top">3</SUP> in a

    surface pond which could provide several weeks storage for any
    inflows in excess of hourly treatment capacity.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Current discharge rates are limited by the SMOE, with approvals
    in place to release up to 360
    m<SUP style="font-size: 85%; vertical-align: top">3</SUP>/h

    during the period of April 15 to June 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: top">3</SUP>/h for

    the remainder of the year.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2009, McArthur River plans to upgrade the Read Creek culvert
    to allow fish passage during high flow conditions, apply to SMOE
    for removal of the 360
    m<SUP style="font-size: 85%; vertical-align: top">3</SUP>/h flow

    restriction, and submit an application to CNSC and SMOE for
    formal approval of the McArthur Contingency Water Management
    Plan that would allow us to operate the contingency water
    treatment plant and discharge at rates up to 1500
    m<SUP style="font-size: 85%; vertical-align: top">3</SUP>/h

    during mine inflow conditions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Exploration
    and Drilling</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have been undertaking surface exploration drilling since 2004
    to test the extension of mineralization previously identified
    from historical surface drill holes, to test new targets along
    strike and to evaluate the P2 trend north of McArthur River. As
    at December&#160;31, 2008, approximately 80 surface drill holes
    totalling in excess of 42,000 metres were drilled comprising a
    combination of conventional and directional drilling. The P2
    structure has now been tested at approximately 200 metre
    intervals for a distance of 4.3 kilometres north of McArthur
    River. Results continue to be encouraging and will require
    <FONT style="white-space: nowrap">follow-up</FONT>
    drilling. For 2009, $3.5&#160;million has been budgeted towards
    diamond drilling on extension of the P2 fault both to the north
    and south of McArthur River.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Underground exploration drilling and development continued in
    2008. Since 1993, over 630 underground drill holes, totaling in
    excess of 56,000 metres, have provided detailed information for
    750 metres of strike length. Over 1,400 additional underground
    drill holes, totaling in excess of 85,000 metres, were drilled
    for geotechnical information, probe and grout covers, service
    and drain holes and freeze holes. Activity for 2009 focuses on
    evaluation of mineral resources, both to the north and to the
    south of the current mineral reserves. In 2008, mineral
    resources to the south of McArthur River were considered to have
    greater near term development potential for future mining due to
    established infrastructure and were made a higher priority
    exploration target. Tunneling of a north exploration drift was
    initiated in 2007 and will be followed up with underground
    exploration once sufficient access has been established. Mineral
    resources to the north of McArthur River are planned for further
    evaluation in either late 2009 or 2010, depending on the
    progress made in the south zone.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We continue to be satisfied with the quality of data obtained
    from the surface exploration and underground drilling at
    McArthur River and we consider this data valid for use in our
    estimate of mineral reserves and resources. This is supported by
    the annual reconciliation of the mine production to within 5% of
    the estimate of pounds of uranium for the last five years.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sampling
    and Analysis</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Surface drill hole locations at McArthur River are verified in
    the field by differential GPS or mine site surveyors. Holes are
    generally drilled on sections spaced at between 50 and 200
    metres with 12 to 25 metres between holes on a section where
    necessary. Drilled depths averaged 670 metres. Vertical holes
    generally intersect mineralization at angles of 25 to 45
    degrees, resulting in true widths being about 40% to 70% of the
    drilled width. Angled holes usually intercept the mineralized
    material perpendicularly, giving true width. All holes are
    radiometrically probed. A geologist examines the surface drill
    hole core in the field and determines and logs its overall
    characteristics including lithology, alteration, structure and
    mineralization. Any stratigraphy exhibiting noteworthy
    alteration, structures and radiometric anomalies are sampled for
    assay. Specific basement sampling procedures were based on the
    length of the interval to be sampled, and attempts were made to
    avoid having samples cross lithological boundaries. In addition,
    all core with radioactivity greater than 1000 cps is split and
    sampled for assay.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Detailed delineation drilling has been performed from
    underground drill bays over a strike length of 750 metres in the
    southern portion of the McArthur River deposit. Underground
    development has begun on the northern portion of the deposit,
    which will allow for future delineation drilling. Drilling is
    done from 30 metre spaced drilled stations with three
</DIV>

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    <BR>
    14
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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    fans of holes from each station and provides coverage of about
    10 metres across the deposit which is considered to be adequate
    for mineral resource estimation. Underground drill samples are
    rarely analyzed because each hole is gamma logged with a
    downhole radiometric probe. The drill hole fans provide
    representative access for the gamma probes across the entire
    deposit. Radiometric probing is performed at 0.1 metre spacing
    in the radioactive zones and 0.5 metre spacing in unmineralized
    zones.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For surface drill holes, all uranium grade data is obtained from
    assaying core. Core recovery is generally considered excellent
    with local exceptions. The sample quality and representativeness
    of the surface drill holes is adequate for mineral resource
    estimation and mine planning. This has been validated on a
    number of occasions with underground drilling results in the
    vicinity of mineralized intervals drilled from the surface.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For underground drill holes, a small portion of the assay data
    used for mineral resource estimation is generated by assaying
    core to ascertain the
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
    content past the probe limit of a hole or to provide correlation
    samples to compare against a probed interval. In these
    circumstances, the core is logged, photographed and then sampled
    for uranium analysis. The entire interval is sampled rather than
    splitting the core. This provides very high-quality samples in
    these areas. Core recovery in these areas can be excellent to
    poor. The sample quality and representativeness of the
    underground drill holes is adequate for mineral resource
    estimation and mine planning.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following information is recorded for each sample:
    (a)&#160;hole number, date and name; (b)&#160;sample number;
    (c)&#160;from and to intervals and length; (d)&#160;recovered
    length; (e)&#160;SPP2 range of radioactivity; (f)&#160;weight;
    (g)&#160;core diameter; and (h)&#160;rock type, alteration, and
    mineralization. The sample number is written on a plastic bag
    and the sample is placed within. The bags are placed in a metal
    or plastic shipping drum, scanned by the radiation department
    and shipped to the Saskatchewan Research Council
    (&#147;<B>SRC</B>&#148;) in Saskatoon for analysis in accordance
    with the <I>Transportation of Dangerous Goods</I> regulations.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Sample information is verified by SRC personnel and samples are
    sorted according to radioactivity level. All samples are dried
    and further crushed and ground in secure radioactive facilities
    or in the main laboratory if determined to have minimal
    radioactivity. Samples are diluted and undergo ICP-OES analysis.
    A quality control sample is prepared and analyzed with each
    batch of samples. One of every 40 samples is analyzed in
    duplicate.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A number of quality control measures and data verification
    procedures are taken. Surveyed drillhole collar coordinates and
    hole deviations are entered in the database, displayed in plan
    views and sections and visually compared to the planned location
    of the holes. Core logging information is visually validated on
    plan views and sections and verified against photographs of the
    core or the core itself. Downhole radiometric probing results
    are compared with radioactivity measurements made on the core
    and drilling depth measurements. The uranium grade based on
    radiometric probing is validated with sample assay results when
    available. Comparisons of the information in the database
    against the original data are done, namely paper logs, deviation
    survey films, assay certificates and original probing data
    files. Since 2000, information collected from production
    activities, such as freeze holes, raise bore pilot hole probing,
    radiometric scanning of scooptram buckets and mill feed
    sampling, have been regularly compared to the drillhole data.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Quality assurance/quality control for underground drill hole
    information is focused on quality probing results. This is
    ensured by checks of the calibration of probes prior to use, by
    visually monitoring the radiometric measurements and by
    duplicating probe runs on occasions. Additional quality control
    is obtained through comparisons of the probing results with the
    core measurements and by visual inspection of the radiometric
    profile of each hole by an experienced geologist at the mine
    site or in Saskatoon. Reconciliation of the model to production
    is a very good indicator that grades estimated in the block
    model accurately reflect the mined grades.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We employ a data and quality assurance coordinator
    (&#147;<B>DQAC</B>&#148;) who is responsible for reviewing the
    quality of geochemical data received from laboratory
    contractors. The DQAC reviews the analyses provided by the lab
    using the results of standard reference materials as a
    benchmark. The DQAC together with project geologists determine
    whether re-assaying should be completed.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Security
    of Samples</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All samples collected from McArthur River for determining
    uranium content by chemical analysis are prepared and analyzed
    under close supervision of a qualified geoscientist at the SRC
    which is a restricted access laboratory licensed by the CNSC for
    possession, transfer, import, export, use and storage of
    designation nuclear substances. Sample security is largely
    defined by regulation and all samples are stored and shipped in
    compliance with regulations. Tampering of samples is considered
    unlikely because of the high grades and the fact that core is
    scanned immediately after it is received at a sample preparation
    laboratory and grade is estimated at that point.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    15
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Taxes
    and Provincial Royalties</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We pay both a basic royalty and a tiered royalty to the province
    of Saskatchewan on the sale of uranium extracted from ore bodies
    within the province under the terms of Part&#160;III of the
    <I>Crown Mineral Royalty Schedule, 1986</I> (Saskatchewan) (the
    &#147;<B>Schedule</B>&#148;), as amended. The basic royalty is
    equal to 5% of gross sales of uranium and is reduced by the
    Saskatchewan resource credit, which is equal to 1% of the gross
    sales of uranium.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The tiered royalty applies only when the sales price of uranium
    exceeds levels prescribed by the Schedule. Uranium sales subject
    to the tiered royalty are first reduced by capital allowances,
    as permitted by the Schedule. Both the prices and the capital
    allowances prescribed in the Schedule are adjusted annually.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In 2008, the tiered royalty was calculated based on the positive
    difference between the sales price per pound of
    U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
    and the following prescribed prices:
</DIV>

<DIV style="margin-top: 9pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="53%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="12%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="4%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="24%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>Canadian Dollar<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Royalty Rate</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Sales Price in Excess of:</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    17.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    25.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Plus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5
</TD>
<TD nowrap align="left" valign="bottom">
    %
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="right" valign="bottom">
    34.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The index value to calculate 2009 tiered royalty rates is
    expected to be published in April 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a Saskatchewan resource corporation, we pay a corporate
    resource surcharge of 3.0% of the value of resource sales. For
    federal income tax purposes in Canada, 100% of the corporate
    resource surcharge is deductible.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    16
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='109'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CONSOLIDATED
    CAPITALIZATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table sets forth our cash and cash equivalents and
    consolidated capitalization as at December&#160;31, 2008, the
    date of the Consolidated Financial Statements, both actual and
    as adjusted to reflect the issuance of the Common Shares offered
    hereby (net of estimated Offering expenses) and the application
    of the net proceeds as described under &#147;Use of
    Proceeds&#148;. This table should be read in conjunction with
    the Consolidated Financial Statements and the Management&#146;s
    Discussion and Analysis, which are incorporated by reference
    into this short form prospectus.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="61%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="17%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>December 31, 2008<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>after giving effect<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>December 31, 2008</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>to this
    Offering<SUP style="font-size: 85%; vertical-align: top">(1)</SUP></B>

</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(in thousands, except<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(in thousands, except share<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>share data)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>data)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Cash and cash equivalents
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    269,176
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    652,076
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Short-term
    debt<SUP style="font-size: 85%; vertical-align: top">(2)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    99,992
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    99,992
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Long-term
    debt<SUP style="font-size: 85%; vertical-align: top">(3)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    4.7% Senior Unsecured Debentures, Series&#160;C due 2015
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    298,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    298,177
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Capital Lease Obligation&#160;&#151; Bruce Power
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    170,609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    170,609
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Commercial paper and bank
    debt<SUP style="font-size: 85%; vertical-align: top">(4)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    744,196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    744,196
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total long-term debt
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    1,212,982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    1,212,982
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total indebtedness
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    1,312,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    1,312,974
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Shareholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Share
    capital<SUP style="font-size: 85%; vertical-align: top">(5)</SUP>

</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    1,062,714
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    1,450,252
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 8pt">(365,718,923 shares)
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    <FONT style="font-size: 8pt">(388,907,323 shares)
    </FONT>
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Contributed surplus
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    131,858
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    131,858
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Retained earnings
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2,153,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    2,153,315
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 20pt">
    Accumulated other comprehensive income
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    167,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    167,036
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total shareholders&#146; equity
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3,514,923
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="center" valign="bottom">
    3,902,461
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD style="border-top: 1px solid #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    Total capitalization
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    4,827,897
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
    $
</TD>
<TD nowrap align="center" valign="bottom">
    5,215,435
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="font-size: 1pt">
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD style="border-top: 3px double #000000">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 0%; width: 12%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=479 length=60 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    Assuming no exercise of the Over-Allotment Option.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Short-term debt is comprised of short-term debt and the current
    portion of long-term debt.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (3)&#160;
</TD>
    <TD align="left">    The current portion of long-term debt is included under
    short-term debt. The general terms of the long-term indebtedness
    in the above table are set out in note&#160;9 of the
    Consolidated Financial Statements.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (4)&#160;
</TD>
    <TD align="left">    Our commercial paper program is supported by a $500&#160;million
    unsecured revolving credit facility that matures
    November&#160;30, 2012. Accordingly, our commercial paper has
    been classified as long-term debt. The average interest rate on
    the commercial paper outstanding at December&#160;31, 2008 was
    2.7%.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (5)&#160;
</TD>
    <TD align="left">    An unlimited number of Common Shares, first preferred shares and
    second preferred shares are authorized. At January&#160;31, 2009
    there were 365,720,123 Common Shares outstanding. This does not
    include 18,889,279 Common Shares issuable pursuant to our stock
    option plan. During 2008, we issued 115,640 Common Shares
    pursuant to option exercises under our stock option plan. In
    addition, in 2008, 21,201,495 Common Shares were issued to the
    holders of the 5% Convertible Subordinated Debentures (the
    &#147;<B>Convertible Debentures</B>&#148;) who chose to exercise
    their conversion rights and on October&#160;1, 2008, 3,090
    Common Shares were issued upon redemption of the remaining
    Convertible Debentures.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Between December&#160;31, 2008 and the date of this short form
    prospectus, there has been no material change in our outstanding
    share or debt capital.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    17
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='110'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">USE OF
    PROCEEDS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The estimated net proceeds to us from this Offering, after
    payment of the Underwriters&#146; fee and the estimated expenses
    of this Offering, will be approximately
    $382.9&#160;million&#160;(approximately
    $440.5&#160;million&#160;if the Underwriters exercise the
    Over-Allotment Option in full). The net proceeds of the Offering
    will be used to strengthen our capital position and enhance our
    financial flexibility in order to allow us to take advantage of
    opportunities that may emerge from the current industry
    environment, and for general corporate purposes.
</DIV>
<A name='111'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DESCRIPTION
    OF SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our authorized share capital consists of an unlimited number of
    first preferred shares without nominal or par value (the
    &#147;<B>First Preferred Shares</B>&#148;), issuable in series
    (none of which are outstanding); an unlimited number of second
    preferred shares without nominal or par value (the
    &#147;<B>Second Preferred Shares</B>&#148;), issuable in series
    (none of which are outstanding); an unlimited number of Common
    Shares without nominal or par value, of which, at
    January&#160;31, 2009, 365,720,123 Common Shares were
    outstanding as fully paid and non-assessable shares; and one
    Class&#160;B Share (the &#147;<B>Class&#160;B Share</B>&#148;)
    of which one is outstanding as a fully paid and non-assessable
    share. In addition, as of January&#160;31, 2009 there were stock
    options outstanding to acquire 7,119,355 Common Shares pursuant
    to our stock option plan. Our Articles contain provisions
    imposing restraints on the issue, transfer and ownership of our
    voting securities. See &#147;Restrictions on Ownership and
    Voting&#148; below. The following is a summary of the material
    provisions attaching to these classes of shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Description
    of Share Capital</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Common
    Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the limitations described below, the holders of our
    Common Shares are entitled to one vote per Common Share on all
    matters to be voted on by the shareholders at any meetings of
    shareholders (other than at meetings of only holders of some
    other class or series), and are entitled to receive such
    dividends as may be declared by our board of directors. The
    Common Shares are subordinate to the rights of the holders of
    each series of the First Preferred Shares and Second Preferred
    Shares that may be outstanding as to payment of dividends and to
    the distribution of assets in the event of our liquidation,
    dissolution or winding up or any other distribution of our
    assets among shareholders for the purpose of winding up our
    affairs. The holders of our Common Shares have no pre-emptive,
    redemption, purchase or conversion rights in respect of such
    shares. Except as described under &#147;Restrictions on
    Ownership and Voting&#148; below, non-residents of Canada who
    hold Common Shares have the same rights as shareholders as
    residents of Canada.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Class&#160;B
    Share</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The holder of the Class&#160;B Share, the Province of
    Saskatchewan (the &#147;<B>Province</B>&#148;), is entitled to
    receive notice of and to attend all meetings of shareholders
    including meetings of any class or series thereof but does not
    have the right to vote at any such meeting other than a meeting
    of the holder of the Class&#160;B Share as a class. The holder
    of the Class&#160;B Share does not have the right to vote
    separately as a class, except on any proposal to: (i)&#160;amend
    Part&#160;I of Schedule&#160;B of the Articles;
    (ii)&#160;amalgamate that would effect an amendment to
    Part&#160;I of Schedule&#160;B of the Articles; or
    (iii)&#160;amend the Articles so as to alter the rights attached
    to the Class&#160;B Share. Part&#160;I of Schedule&#160;B of the
    Articles provides that (A)&#160;our registered office and head
    office operations must be located in the Province, (B)&#160;all
    of our executive officers (vice-chairman of the board, chief
    executive officer, chief operating officer, chief financial
    officer and president), except for the chairman of our board,
    and substantially all of our senior officers (vice presidents)
    must be ordinarily resident in the Province, and (C)&#160;all
    annual meetings of our shareholders must be held at a place in
    the Province. The holder of the Class&#160;B Share is entitled
    to request and receive information from us for the purpose of
    determining whether the provisions of Part&#160;I of
    Schedule&#160;B of the Articles are being complied with. The
    holder of the Class&#160;B Share does not have the right to
    receive any dividends declared by us. Subject to the prior
    rights of each series of First Preferred Shares and Second
    Preferred Shares, the holder of the Class&#160;B Share ranks
    equally with holders of our Common Shares with respect to the
    distribution of assets in the event of our liquidation,
    dissolution or winding up. The holder of the Class&#160;B Share
    has no pre-emptive, redemption, purchase or conversion rights in
    respect of such share. The Class&#160;B Share is
    non-transferable.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">First
    Preferred Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The First Preferred Shares are issuable from time to time in one
    or more series and our board of directors may determine by
    resolution the number of shares in, and the designation, rights,
    privileges, restrictions and conditions attaching to, each
    series. The First Preferred Shares of each series will rank
    equally with the shares of every other series of First Preferred
    Shares and prior to the Second Preferred Shares, the Common
    Shares and the Class&#160;B Share with respect to
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    18
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the payment of dividends and the distribution of our assets in
    the event of liquidation, dissolution or winding up and may
    carry voting rights.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Second
    Preferred Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Second Preferred Shares are issuable from time to time in
    one or more series and our board of directors may determine by
    resolution the number of shares in, and the designation, rights,
    privileges, restrictions and conditions attaching to, each
    series. The Second Preferred Shares of each series will rank
    equally with the shares of every other series of Second
    Preferred Shares and prior to the Common Shares and the
    Class&#160;B Share with respect to the payment of dividends and
    the distributions of our assets in the event of liquidation,
    dissolution or winding up and may carry voting rights.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Restrictions
    on Ownership and Voting</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Limits
    on the Holdings of Residents and Non-Residents of
    Canada</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Articles, pursuant to the requirements of the <I>Eldorado
    Nuclear Limited Reorganization and Divestiture Act</I> (Canada),
    as amended (the &#147;<B>ENL Reorganization Act</B>&#148;),
    contain provisions imposing constraints on the issue, transfer
    and ownership, including joint ownership, of our voting
    securities so as to prevent both residents and non-residents of
    Canada from owning or controlling more than a specified
    percentage of voting securities. The constraints affect our
    Common Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Specifically, no resident of Canada, alone or together with
    associates, may hold, beneficially own or control, directly or
    indirectly, other than by way of security only or for purposes
    of distribution by an underwriter, voting securities to which
    are attached more than 25% of the votes that may ordinarily be
    cast to elect our directors. Similarly, no non-resident of
    Canada, alone or together with associates, may hold,
    beneficially own or control, directly or indirectly, other than
    by way of security only or for purposes of distribution by an
    underwriter, voting securities to which are attached more than
    15% of the votes that may ordinarily be cast to elect our
    directors. Further, the votes attaching to our securities held,
    beneficially owned or controlled, directly or indirectly, by all
    non-residents of Canada together, and cast at any meeting of our
    shareholders will be counted or pro-rated so as to limit the
    counting of those votes to not more than 25% of the total number
    of votes cast by the shareholders at that meeting. In certain
    prior years, including in 2008, we have limited the counting of
    votes cast by non-residents of Canada at our annual shareholder
    meeting to abide by this restriction, which resulted in
    non-residents of Canada receiving less than one vote per share.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Enforcement</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In order to give effect to such constraints, the Articles
    contain provisions for the enforcement of the restrictions
    relating to ownership and voting by residents and non-residents
    of Canada described above, including provisions for suspension
    of voting rights, forfeiture of dividends and other
    distributions to shareholders, prohibitions against the issue
    and transfer of securities and suspension of all remaining
    shareholders&#146; rights.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The provisions allow us to require holders, proposed transferees
    or other subscribers for voting securities and certain other
    persons to furnish shareholder declarations as to residence,
    ownership of voting securities and certain other matters
    relative to the enforcement of the restrictions. We are
    precluded from issuing or registering a transfer of any voting
    securities where a contravention of the resident or non-resident
    ownership restrictions would result.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If and when we have reason to believe, whether through
    shareholder declarations filed with us or our books and records
    or those of our registrar and transfer agent or otherwise, that
    voting securities are held by a shareholder in contravention of
    the resident or non-resident ownership restrictions, we have the
    power to suspend all rights of the shareholder in respect of all
    securities held, other than the right to transfer them, not
    earlier than 30&#160;days after first sending of notice to the
    shareholder, unless the voting securities so held have been
    disposed of by the shareholder and we have been so advised.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Other
    Restrictions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The ENL Reorganization Act places certain other restrictions on
    us, including prohibition against applying for continuance in
    another jurisdiction and a prohibition against our enacting
    articles of incorporation or by-laws containing provisions
    inconsistent with the provisions included in the ENL
    Reorganization Act. The ENL Reorganization Act provides that the
    Articles must contain restrictions on us including a prohibition
    against our creating restricted shares (generally a
    participating share containing restrictive voting rights) and
    the requirement that we maintain our registered office and head
    office operations within the Province.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    19
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <I>The Saskatchewan Mining Development Corporation
    Reorganization Act</I> also requires us to maintain our
    registered office and head office operations (generally all
    executive, corporate planning, senior management, administrative
    and general management functions) within the Province.
</DIV>
<A name='112'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PLAN OF
    DISTRIBUTION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Under an underwriting agreement dated as of February&#160;18,
    2009 (the &#147;<B>Underwriting Agreement</B>&#148;) between us
    and the Underwriters for whom BMO and RBC DS are acting as
    representatives (the &#147;<B>Representatives</B>&#148;), we
    have agreed to sell, and the Underwriters have severally agreed
    to purchase from us, the Common Shares offered hereby on or
    about March&#160;5, 2009, or such other date as we and the
    Underwriters may agree, but, in any event, no later than
    March&#160;31, 2009, at a price of $17.25&#160;per Common Share
    for a total consideration of $399,999,900&#160;payable in cash
    against delivery of 23,188,400 Common Shares (assuming no
    exercise of the Over-Allotment Option).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The obligations of the Underwriters under the Underwriting
    Agreement are several and neither joint nor joint and several
    and may be terminated upon the occurrence of certain stated
    events. The Underwriters are, however, obligated to take up and
    pay for all of the Common Shares offered hereby if any of such
    Common Shares are purchased under the Underwriting Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The price of the Common Shares offered hereby was established by
    negotiation between us and the Underwriters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have granted to the Underwriters the Over-Allotment Option,
    which is exercisable at any time, in whole or in part for a
    period of 30&#160;days from the date of closing and pursuant to
    which the Underwriters may purchase up to an additional
    3,478,000 Common Shares on the same terms as set forth above
    solely to cover over-allotments, if any. This short form
    prospectus qualifies the grant of the Over-Allotment Option and
    the issuance of Common Shares on the exercise of the
    Over-Allotment Option. A purchaser who acquires Common Shares
    forming part of the Underwriters&#146; over-allocation position
    acquires those Common Shares under this short form prospectus,
    regardless of whether the over-allocation position is ultimately
    filled through the exercise of the Over-Allotment Option or
    secondary market purchases.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The expenses of this Offering, not including the
    Underwriters&#146; fee, are estimated to be
    $1.1&#160;million&#160;and are payable by us. The Underwriters
    will receive a fee of $15,999,996&#160;($0.69&#160;per Common
    Share or 4% of the gross proceeds) for the services performed in
    connection with this Offering (assuming no exercise of the
    Over-Allotment Option). In respect of the Over-Allotment Option,
    we will pay to the Underwriters a fee equal to 4% of the gross
    proceeds realized on the exercise of the Over-Allotment Option,
    being $0.69&#160;per Common Share.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This Offering is being made concurrently in each of the
    provinces and territories of Canada and in the
    United&#160;States pursuant to the multi-jurisdictional
    disclosure system implemented by securities regulatory
    authorities in the United&#160;States and Canada. Each of the
    Underwriters will offer the Common Shares for sale in the United
    States and Canada either directly or through their respective
    broker-dealer affiliates or agents registered in each
    jurisdiction. No securities will be sold in any province or
    territory of Canada except by a dealer appropriately registered
    under the securities laws of that jurisdiction or pursuant to an
    exemption from the registered dealer requirements of the
    securities laws of that jurisdiction. Subject to applicable law
    and the terms of the Underwriting Agreement, the Underwriters
    may offer the Common Shares outside the United States and Canada.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed to indemnify the Underwriters against certain
    liabilities, including liabilities under the U.S. Securities Act
    of 1933, as amended (the &#147;<B>U.S. Securities
    Act</B>&#148;), and applicable Canadian securities legislation,
    and to contribute to payments that the Underwriters may be
    required to make in respect thereof.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Pursuant to policy statements of certain securities regulators,
    the Underwriters may not, throughout the period of distribution,
    bid for or purchase our Common Shares other than pursuant to the
    Underwriting Agreement. The foregoing restriction is subject to
    certain exceptions including: (i)&#160;a bid or purchase
    permitted under the Universal Market Integrity Rules for
    Canadian Marketplaces of the Investment Industry Regulatory
    Organization of Canada relating to market stabilization and
    passive market making activities; and (ii)&#160;a bid or
    purchase made for and on behalf of a customer where the order
    was not solicited during the period of the distribution,
    provided that the bid or purchase was not engaged in for the
    purpose of creating actual or apparent active trading in, or
    raising the price of, such securities.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In connection with this Offering, the Underwriters may
    over-allot or effect transactions that stabilize or maintain the
    market price of the Common Shares offered hereby at levels other
    than those which otherwise might prevail on the open market,
    including:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    stabilizing transactions;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    20
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    short sales;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    purchases to cover positions created by short sales;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    imposition of penalty bids; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    syndicate covering transactions.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Stabilizing transactions consist of bids or purchases made for
    the purpose of preventing or retarding a decline in the market
    price of our Common Shares while this Offering is in progress.
    These transactions may also include making short sales of the
    Common Shares, which involve the sale by the Underwriters of a
    greater number of Common Shares than they are required to
    purchase in this Offering. Short sales may be &#147;covered
    short sales&#148;, which are short positions in an amount not
    greater than the Over-Allotment Option, or may be &#147;naked
    short sales&#148;, which are short positions in excess of that
    amount.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underwriters may close out any covered short position either
    by exercising the Over-Allotment Option, in whole or in part, or
    by purchasing our Common Shares in the open market. In making
    this determination, the Underwriters will consider, among other
    things, the price of Common Shares available for purchase in the
    open market compared to the price at which they may purchase
    Common Shares through the Over-Allotment Option. The
    Underwriters must close out any naked short position by
    purchasing Common Shares in the open market. A naked short
    position is more likely to be created if the Underwriters are
    concerned that there may be downward pressure on the price of
    the Common Shares in the open market that could adversely affect
    investors who purchase in this Offering.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a result of these activities, the price of the Common Shares
    offered hereby may be higher than the price that otherwise might
    exist in the open market. If these activities are commenced,
    they may be discontinued by the Underwriters at any time. The
    Underwriters may carry out these transactions on the TSX, NYSE,
    in the over-the-counter market or otherwise.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our outstanding Common Shares are listed on the TSX under the
    symbol &#147;CCO&#148; and on the NYSE under the symbol
    &#147;CCJ&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have agreed that we will not, without the prior written
    consent of the Representatives on behalf of the Underwriters,
    such consent not to be unreasonably withheld, from the date of
    the Underwriting Agreement and ending a period of 90&#160;days
    from the closing of the Offering, issue, offer, pledge, sell,
    contract to sell any option or contract to purchase, purchase
    any option or contract to sell, grant any option, right or
    warrant to purchase or otherwise transfer, lend or dispose of
    directly or indirectly, any Common Shares, or any securities
    convertible into or exchangeable for Common Shares; provided
    that the we may (i)&#160;issue Common Shares or securities
    convertible into or exchangeable for Common Shares pursuant to
    any equity incentive plan, stock ownership or purchase plan,
    dividend reinvestment plan or other equity plan in effect on the
    date of the Underwriting Agreement, (ii)&#160;issue Common
    Shares issuable upon the conversion, exchange or exercise of
    convertible or exchangeable securities or the exercise of
    warrants or options outstanding on the date of the Underwriting
    Agreement, or (iii)&#160;issue Common Shares or other securities
    convertible into Common Shares in connection with an acquisition
    of a business or entity, a consolidation, merger, combination or
    plan of arrangement, or a transaction or series of transactions
    entered into in response to an unsolicited bid by a third party
    to engage in any of the foregoing transactions provided that,
    except in the circumstances of an unsolicited bid, any such
    securities issued may not be subsequently disposed of until
    60&#160;days after the date of the Underwriting Agreement.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subscriptions will be received subject to rejection or allotment
    in whole or in part and the right is reserved to close the
    subscription books at any time without notice. It is expected
    that the closing will be held on March&#160;5, 2009 or such
    other date as may be agreed upon by us and the Underwriters,
    but, in any event, not later than March&#160;31, 2009.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underwriters propose to offer the Common Shares initially at
    the offering price specified on the cover of this short form
    prospectus. After the Underwriters have made a reasonable effort
    to sell all such Common Shares at the price specified on the
    cover page, the offering price may be decreased and may be
    further changed from time to time to an amount not greater than
    that set out on the cover page, and the compensation realized by
    the Underwriters will be decreased by the amount that the
    aggregate price paid by purchasers for the Common Shares is less
    than the gross proceeds paid to us by the Underwriters.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    It is expected that delivery of the Common Shares offered hereby
    will be made against payment for them on or about the date
    stated on the cover page of this short form prospectus, which
    will be the fifth business day following the date of pricing of
    such Common Shares (that is, on a &#147;T + 5&#148; settlement
    cycle). Pursuant to
    <FONT style="white-space: nowrap">Rule&#160;15c6-1</FONT>
    under the U.S. Exchange Act, trades in the secondary market
    generally are required to settle in three business days, unless
    the parties to any such
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    21
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    trade expressly agree otherwise. Accordingly, purchasers who
    wish to trade such Common Shares on the date of pricing or the
    next succeeding business day will be required, because such
    Common Shares initially will settle on a T&#160;+ 5 basis, to
    specify an alternate settlement cycle at the time of any such
    trade to prevent a failed settlement and should consult their
    own advisor in connection with that election.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Underwriters have in the past and may in the future provide
    various financial advisory, investment banking and commercial
    banking services for us and our affiliates in the ordinary
    course of business for which they have received and will receive
    customary fees and commissions.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Relationship
    Between Us and the Underwriters</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    BMO, RBC DS, CIBC World Markets Inc. (&#147;<B>CIBC</B>&#148;),
    Scotia Capital Inc. (&#147;<B>Scotia</B>&#148;), BNP Paribas
    (Canada) Securities Inc. (&#147;<B>BNP</B>&#148;) and National
    Bank Financial Inc. are affiliates of Canadian chartered banks
    that, among other lenders, are members of a syndicate of
    financial institutions that have provided us with: (i)&#160;a
    $500&#160;million unsecured revolving credit facility maturing
    in June 2010, and (ii)&#160;a $500&#160;million unsecured
    revolving credit facility maturing in November 2012. TD
    Securities Inc. is an affiliate of a Canadian chartered bank
    that has provided us with a $100&#160;million unsecured
    revolving credit facility maturing in February 2010. RBC DS,
    CIBC, Scotia and BNP are affiliates of Canadian chartered banks
    that have also provided us with unsecured revolving credit
    facilities totalling $526&#160;million.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Consequently, we may be considered to be a &#147;connected
    issuer&#148; of each of the Underwriters under applicable
    securities laws. As at February&#160;18, 2009, we were indebted
    to the affiliated banks of the Underwriters under these credit
    facilities in an aggregate amount of approximately
    $882.7&#160;million. We are currently in compliance in all
    material respects with the terms of these credit facilities and
    no breach of them has been waived by the lenders. Our financial
    position has not changed materially since the indebtedness under
    these credit facilities was incurred.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The decision to distribute the Common Shares, including the
    terms of the Offering, was made through negotiations between us
    and the Underwriters. The affiliated lenders of the Underwriters
    did not have any involvement in that decision or determination.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    As a consequence of the Offering, each of the Underwriters will
    receive a portion of the Underwriters&#146; fee and
    reimbursement of certain expenses.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice to
    Prospective Investors in the European Economic Area</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In relation to each member state of the European Economic Area
    that has implemented the Prospectus Directive (each, a relevant
    member state), with effect from and including the date on which
    the Prospectus Directive is implemented in that relevant member
    state (the relevant implementation date), an offer of the Common
    Shares offered hereby described in this short form prospectus
    may not be made to the public in that relevant member state
    prior to the publication of a prospectus in relation to the
    Common Shares offered hereby that has been approved by the
    competent authority in that relevant member state or, where
    appropriate, approved in another relevant member state and
    notified to the competent authority in that relevant member
    state, all in accordance with the Prospectus Directive, except
    that, with effect from and including the relevant implementation
    date, an offer of securities may be offered to the public in
    that relevant member state at any time:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to any legal entity that is authorized or regulated to operate
    in the financial markets or, if not so authorized or regulated,
    whose corporate purpose is solely to invest in securities;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to any legal entity that has two or more of (a)&#160;an average
    of at least 250 employees during the last financial year;
    (b)&#160;a total balance sheet of more than &#128;43,000,000 and
    (c)&#160;an annual net turnover of more than &#128;50,000,000,
    as shown in its last annual or consolidated accounts;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    to fewer than 100 natural or legal persons (other than qualified
    investors as defined in the Prospective Directive) subject to
    obtaining the prior consent of the Representatives for any such
    offer; or
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    in any other circumstances falling within Article&#160;3(2) of
    the Prospectus Directive, provided that no such offer of Common
    Shares shall result in a requirement for the publication by us
    or any Underwriter of a prospectus pursuant to Article&#160;3 of
    the Prospectus Directive or a supplement to a prospectus
    pursuant to Article&#160;16 of the Prospectus Directive.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each purchaser of the Common Shares offered hereby located
    within a relevant member state will be deemed to have
    represented, acknowledged and agreed that it is a
    &#147;qualified investor&#148; within the meaning of
    Article&#160;2(1)(e) of the Prospectus Directive.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    22
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this provision, the expression an &#147;offer to
    the public&#148; in any relevant member state means the
    communication in any form and by any means of sufficient
    information on the terms of the offer and the securities to be
    offered so as to enable an investor to decide to purchase or
    subscribe for the Common Shares offered hereby, as the
    expression may be varied in that member state by any measure
    implementing the Prospectus Directive in that member state, and
    the expression &#147;<B>Prospectus Directive</B>&#148; means
    Directive 2003/71/ EC and includes any relevant implementing
    measure in each relevant member state.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We have not authorized and do not authorize the making of any
    offer of Common Shares through any financial intermediary on our
    behalf, other than offers made by the Underwriters with a view
    to the final placement of the Common Shares as contemplated in
    this short form prospectus. Accordingly, no purchaser of the
    Common Shares offered hereby, other than the Underwriters, is
    authorized to make any further offer of such Common Shares on
    behalf of us or the Underwriters.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice to
    Prospective Investors in the United Kingdom</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This short form prospectus is for distribution only to persons
    who (i)&#160;have professional experience in matters relating to
    investments falling within Article&#160;19(5) of the Financial
    Services and Markets Act 2000 (Financial Promotion) Order 2005
    (as amended, the &#147;<B>Financial Promotion Order</B>&#148;),
    (ii)&#160;are persons falling within Article&#160;49(2)(a) to
    (d) (&#147;high net worth companies, unincorporated
    associations, etc&#148;) of the Financial Promotion Order,
    (iii)&#160;are outside the United&#160;Kingdom, or (iv)&#160;are
    persons to whom an invitation or inducement to engage in
    investment activity (within the meaning of section&#160;21 of
    the Financial Services and Markets Act 2000)&#160;in connection
    with the issue or sale of any Common Shares may otherwise
    lawfully be communicated or caused to be communicated (all such
    persons together being referred to as &#147;<B>relevant
    persons</B>&#148;). This short form prospectus is directed only
    at relevant persons and must not be acted on or relied on by
    persons who are not relevant persons. Any investment or
    investment activity to which this short form prospectus relates
    is available only to relevant persons and will be engaged in
    only with relevant persons. This short form prospectus and its
    contents are confidential and should not be distributed,
    published or reproduced (in whole or in part) or disclosed by
    recipients to any other persons in the United Kingdom.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Notice to
    Prospective Investors in Switzerland</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Common Shares offered hereby may not and will not be
    publicly offered, distributed or redistributed on a professional
    basis in or from Switzerland, and neither this short form
    prospectus nor any other solicitation for investments in such
    Common Shares may be communicated or distributed in Switzerland
    in any way that could constitute a public offering within the
    meaning of Articles&#160;652a or 1156 of the Swiss Federal Code
    of Obligations or of Article&#160;2 of the Federal Act on
    Investment Funds of March&#160;18, 1994. This short form
    prospectus may not be copied, reproduced, distributed or passed
    on to others without the Underwriters&#146; prior written
    consent. This short form prospectus is not a prospectus within
    the meaning of Articles&#160;1156 and 652a of the Swiss Federal
    Code of Obligations or a listing prospectus according to
    Article&#160;32 of the Listing Rules of the Swiss exchange and
    may not comply with the information standards required
    thereunder. We will not apply for a listing of our securities on
    any Swiss stock exchange or other Swiss regulated market and
    this short form prospectus may not comply with the information
    required under the relevant listing rules. The Common Shares
    offered hereby have not been and will not be approved by any
    Swiss regulatory authority. The Common Shares offered hereby
    have not been and will not be registered with or supervised by
    the Swiss Federal Banking Commission, and have not been and will
    not be authorized under the Federal Act on Investment Funds of
    March&#160;18, 1994. The investor protection afforded to
    acquirers of investment fund certificates by the Federal Act on
    Investment Funds of March&#160;18, 1994 does not extend to
    acquirers of our securities.
</DIV>
<A name='113'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    CANADIAN FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In the opinion of Osler, Hoskin&#160;&#038; Harcourt LLP, our
    counsel, and Borden Ladner Gervais LLP, Canadian counsel to the
    Underwriters, the following summary describes the principal
    Canadian federal income tax considerations generally applicable
    to a purchaser who acquires, as a beneficial owner, the Common
    Shares pursuant to this Offering and who, at all relevant times,
    for the purposes of the application of the <I>Income Tax Act</I>
    (Canada) and the Income Tax Regulations (collectively, the
    &#147;<B>Tax Act</B>&#148;), (1)&#160;deals at arm&#146;s length
    with us; (2)&#160;is not affiliated with us, the Underwriters or
    a subsequent holder of our Common Shares; and (3)&#160;holds the
    Common Shares as capital property (a &#147;<B>Holder</B>&#148;).
    Generally, the Common Shares will be capital property to a
    Holder provided the Holder does not acquire or hold those Common
    Shares in the course of carrying on a business or as part of an
    adventure or concern in the nature of trade.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    23
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary is based on the current provisions of the Tax Act,
    and counsels&#146; understanding of the current administrative
    policies and assessing practices of the Canada Revenue Agency
    (&#147;<B>CRA</B>&#148;) published in writing prior to the date
    hereof. This summary takes into account all specific proposals
    to amend the Tax Act publicly announced by or on behalf of the
    Minister of Finance (Canada) prior to the date hereof (the
    &#147;<B>Proposed Amendments</B>&#148;) and assumes that all
    Proposed Amendments will be enacted in the form proposed.
    However, no assurances can be given that the Proposed Amendments
    will be enacted as proposed, or at all. This summary does not
    otherwise take into account or anticipate any changes in law or
    administrative policy or assessing practice whether by
    legislative, regulatory, administrative or judicial action nor
    does it take into account tax legislation or considerations of
    any province, territory or foreign jurisdiction, which may
    differ from those discussed herein.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary is of a general nature only and is not, and is not
    intended to be, legal or tax advice to any particular purchaser.
    This summary is not exhaustive of all Canadian federal income
    tax considerations. Accordingly, purchasers should consult their
    own tax advisors with respect to their particular circumstances.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Holders
    Resident in Canada</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This portion of the summary is generally applicable to a Holder
    who, at all relevant times, for the purposes of the application
    of the Tax Act is, or is deemed to be, resident in Canada (a
    &#147;<B>Resident Holder</B>&#148;). Certain Resident Holders
    may be entitled to make, or may have already made, the
    irrevocable election permitted by subsection 39(4) of the Tax
    Act the effect of which may be to deem to be capital property
    any Common Shares and all other &#147;Canadian securities&#148;
    (as defined in the Tax Act) owned by such Resident Holder in the
    taxation year in which the election is made and in all
    subsequent taxation years. Resident Holders should consult their
    own tax advisors for advice as to whether an election under
    subsection 39(4) is available and/or advisable in their
    particular circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This portion of the summary is not applicable to (i)&#160;a
    Holder that is a &#147;specified financial institution&#148;;
    (ii)&#160;a Holder, an interest in which is a &#147;tax shelter
    investment&#148;; (iii)&#160;a Holder that is a &#147;financial
    institution&#148; for purposes of the
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    rules contained in the Tax Act; or (iv)&#160;a Holder to whom
    the &#147;functional currency&#148; reporting rules apply, each
    as defined in the Tax Act. Such Holders should consult their own
    tax advisors.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Resident Holder will be required to include in computing its
    income for a taxation year any dividends received or deemed to
    be received on the Common Shares. In the case of a Resident
    Holder that is an individual (other than certain trusts), such
    dividends will be subject to the
    <FONT style="white-space: nowrap">gross-up</FONT> and
    dividend tax credit rules applicable to taxable dividends
    received or deemed to be received from taxable Canadian
    corporations, including the enhanced
    <FONT style="white-space: nowrap">gross-up</FONT> and
    dividend tax credit applicable to any dividends designated by us
    as &#147;eligible dividends&#148; in accordance with the
    provisions of the Tax Act. Although we currently anticipate that
    all dividends to Resident Holders will be designated as
    &#147;eligible dividends&#148;, it is possible that such
    dividends may not be so designated. A dividend received by a
    Resident Holder that is a corporation must be included in
    computing its income but generally will be deductible in
    computing the corporation&#146;s taxable income.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Resident Holder that is a &#147;private corporation&#148;, as
    defined in the Tax Act, or any other corporation controlled,
    whether because of a beneficial interest in one or more trusts
    or otherwise, by or for the benefit of an individual (other than
    a trust) or a related group of individuals (other than trusts)
    will generally be liable to pay a refundable tax of
    33<FONT style="vertical-align: text-top; font-size: 70%;">1</FONT>/<FONT style="font-size: 70%;">3</FONT>%
    under Part&#160;IV of the Tax Act on dividends received on the
    Common Shares to the extent such dividends are deductible in
    computing the Resident Holder&#146;s taxable income for the year.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dispositions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, on a disposition or deemed disposition of a Common
    Share, a Resident Holder will realize a capital gain (or capital
    loss) equal to the amount, if any, by which the proceeds of
    disposition, net of any reasonable costs of disposition, exceed
    (or are less than) the adjusted cost base to the Resident Holder
    of the Common Share immediately before the disposition or the
    deemed disposition.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, a Resident Holder is required to include in computing
    its income for a taxation year one-half of the amount of any
    capital gain (a &#147;<B>taxable capital gain</B>&#148;)
    realized in the year. Subject to and in accordance with the
    provisions of the Tax Act, a Resident Holder is required to
    deduct one-half of the amount of any capital loss (an
    &#147;<B>allowable capital loss</B>&#148;) realized in a
    taxation year from taxable capital gains realized by the
    Resident Holder in the year. Allowable capital losses in excess
    of taxable capital gains may be carried back and deducted in any
    of the three preceding taxation years or carried forward and
    deducted in any subsequent taxation year against net taxable
    capital gains realized in such years, to the extent and under
    the circumstances described in the Tax Act.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    24
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of any capital loss realized by a Resident Holder
    that is a corporation on the disposition or deemed disposition
    of a Common Share may be reduced by the amount of dividends
    received or deemed to have been received by it on such share, to
    the extent and in the circumstances prescribed by the Tax Act.
    Similar rules may apply where a Common Share is owned by a
    partnership or trust of which a corporation, trust or
    partnership is a member or beneficiary. Resident Holders to whom
    these rules may be relevant should consult their own tax
    advisors.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Holder that is throughout the year a &#147;Canadian-controlled
    private corporation&#148;, as defined in the Tax Act, is liable
    for tax, a portion of which may be refundable, on investment
    income, including taxable capital gains realized and dividends
    received in respect of the Common Shares (but not dividends that
    are deductible in computing taxable income).
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Alternative
    Minimum Tax</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Capital gains realized on the disposition of Common Shares by a
    Resident Holder who is an individual may give rise to a
    liability to pay alternative minimum tax.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Eligibility
    for Investment</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Common Shares would, if issued on the date hereof and listed
    on a &#147;designated stock exchange&#148;, as defined in the
    Tax Act, (which includes the TSX and the NYSE) or, if we
    continue to qualify as a &#147;public corporation&#148; for
    purposes of the Tax Act, be qualified investments under the Tax
    Act for a trust governed by a registered retirement savings
    plan, registered retirement income fund, registered education
    savings plan, deferred profit sharing plan, registered
    disability savings plan and a tax-free savings account
    (&#147;<B>TFSA</B>&#148;). Notwithstanding that the Common
    Shares may be a qualified investment for a trust governed by a
    TFSA, the holder of a TFSA will be subject to a penalty tax on
    the Common Shares held in the TFSA if such Common Shares are a
    &#147;prohibited investment&#148; for that TFSA. The Common
    Shares will generally be a &#147;prohibited investment&#148; if
    the holder of the TFSA does not deal at arm&#146;s length with
    us for the purposes of the Tax Act or the holder of the TFSA has
    a &#147;significant interest&#148; (within the meaning of the
    Tax Act) in us or a corporation, partnership or trust with which
    we do not deal at arm&#146;s length for the purposes of the Tax
    Act.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Holders
    Not Resident in Canada</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This portion of the summary is generally applicable to a Holder
    who, at all relevant times, for purposes of the application of
    the Tax Act, is not, and is not deemed to be, resident in Canada
    and does not use or hold, and is not deemed to use or hold, the
    Common Shares in a business carried on in Canada (a
    &#147;<B>Non-Resident Holder</B>&#148;). Special rules, which
    are not discussed in this summary, may apply to a Non-Resident
    Holder that is an insurer that carries on an insurance business
    in Canada and elsewhere.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dividends</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends paid or credited or deemed to be paid or credited to a
    Non-Resident Holder by us will be subject to Canadian
    withholding tax at the rate of 25%, subject to any reduction in
    the rate of withholding to which the Non-Resident Holder is
    entitled under any applicable income tax convention between
    Canada and the country in which the Non-Resident Holder is
    resident. For example, where the Non-Resident Holder is a
    resident of the United States and is entitled to benefits under
    the
    <FONT style="white-space: nowrap">Canada-United</FONT>
    States Income Tax Convention (1980)&#160;and is the beneficial
    owner of the dividends, the applicable rate of Canadian
    withholding tax is generally reduced to 15%.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Dispositions</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    A Non-Resident Holder will not be subject to tax under the Tax
    Act on any capital gain realized on a disposition of a Common
    Share, unless the Common Share is or is deemed to be
    &#147;taxable Canadian property&#148; to the Non-Resident Holder
    for the purposes of the Tax Act and the Non-Resident Holder is
    not entitled to relief under an applicable income tax convention
    between Canada and the country in which the Non-Resident Holder
    is resident.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, provided the Common Shares are listed on a
    &#147;designated stock exchange&#148; as defined in the Tax Act
    (which includes the TSX and the NYSE) at the time of
    disposition, the Common Shares will not constitute taxable
    Canadian property of a Non-Resident Holder, unless at any time
    during the
    <FONT style="white-space: nowrap">60-month</FONT>
    period immediately preceding the disposition, the Non-Resident
    Holder, persons with whom the Non-Resident Holder did not deal
    at arm&#146;s length, or the Non-Resident Holder together with
    all such persons, owned 25% or more of the issued Common Shares
    or any other class of our shares. Notwithstanding the foregoing,
    in certain circumstances set out in the Tax Act, the Common
    Shares would be deemed to be taxable Canadian property.
    Non-Resident Holders whose Common Shares constitute taxable
    Canadian property should consult with their own tax advisors.
</DIV>

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<A name='114'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">CERTAIN
    UNITED STATES FEDERAL INCOME TAX CONSIDERATIONS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following is a general summary of material U.S. federal
    income tax consequences to a U.S. Holder (as defined below)
    relating to the acquisition, ownership, and disposition of
    Common Shares acquired pursuant to this short form prospectus.
    This summary provides only general information and does not
    purport to be a complete analysis or listing of all potential
    U.S. federal income tax consequences that may apply to a U.S.
    Holder. In addition, this summary does not take into account the
    individual facts and circumstances of any particular U.S. Holder
    that may affect the U.S. federal income tax consequences
    applicable to such U.S. Holder. Accordingly, this summary is not
    intended to be, and should not be construed as, legal or U.S.
    federal income tax advice with respect to any U.S. Holder. Each
    U.S. Holder should consult its own tax advisor regarding the
    U.S. federal, state and local, and foreign tax consequences
    arising from or relating to the acquisition, ownership and
    disposition of the Common Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    No ruling from the Internal Revenue Service
    (&#147;<B>IRS</B>&#148;) has been requested, or is expected to
    be obtained, regarding the U.S. federal income tax consequences
    to U.S. Holders of the acquisition, ownership, or disposition of
    the Common Shares. Because the authorities on which this summary
    is based are subject to various interpretations, the IRS could
    successfully challenge one or more of the positions taken in
    this summary.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Scope of
    this Disclosure</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Authorities</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary is based on the Internal Revenue Code of 1986, as
    amended (the &#147;<B>Code</B>&#148;), its legislative history,
    U.S. Treasury Regulations promulgated under the Code, published
    IRS rulings and administrative positions, U.S. judicial
    decisions, and the Convention between Canada and the United
    States of America with Respect to Taxes on Income and on
    Capital, as amended (the &#147;<B>Canada-U.S. Tax
    Treaty</B>&#148;), in each case, as in effect and available as
    of the date of this short form prospectus. Any of the
    authorities on which this summary is based could be changed in a
    material and adverse manner at any time, and any such change
    could be applied on a retroactive basis. This summary does not
    discuss the potential effects, whether adverse or beneficial, of
    any proposed legislation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this summary, a &#147;U.S. Holder&#148; is a
    beneficial owner of Common Shares that, for U.S. federal income
    tax purposes, is (a)&#160;an individual who is a citizen or
    resident of the U.S., (b)&#160;a corporation, or other entity
    classified as a corporation for U.S. federal income tax
    purposes, that is created or organized in or under the laws of
    the U.S., any state in the U.S. or the District of Columbia,
    (c)&#160;an estate if the income of the estate is subject to
    U.S. federal income tax regardless of the source of such income,
    or (d)&#160;a trust if (i)&#160;the trust has validly elected to
    be treated as a U.S. person for U.S. federal income tax purposes
    or (ii)&#160;a U.S. court is able to exercise primary
    supervision over the administration of the trust and one or more
    U.S. persons have the authority to control all substantial
    decisions of the trust.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times"><FONT style="white-space: nowrap">Non-U.S.</FONT>
    Holders</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For purposes of this summary, a
    <FONT style="white-space: nowrap">&#147;non-U.S.</FONT>
    Holder&#148; is a beneficial owner of Common Shares other than a
    U.S. Holder. This summary does not address the U.S. federal
    income tax consequences to
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    Holders arising from and relating to the acquisition, ownership
    and disposition of the Common Shares. Accordingly, a
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    Holder should consult its own tax advisor regarding the U.S.
    federal, state and local, and foreign tax consequences
    (including the potential application of and operation of any tax
    treaties) arising from and relating to the acquisition,
    ownership, and disposition of Common Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">U.S.
    Holders Subject to Special U.S. Federal Income Tax
    Rules&#160;Not Addressed</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary does not address the U.S. federal income tax
    consequences applicable to U.S. Holders that are subject to
    special provisions under the Code, including the following U.S.
    Holders: (a)&#160;U.S. Holders that are tax-exempt
    organizations, qualified retirement plans, individual retirement
    accounts, or other tax-deferred accounts; (b)&#160;U.S. Holders
    that are financial institutions, insurance companies, real
    estate investment trusts, or regulated investment companies;
    (c)&#160;U.S. Holders that are dealers in securities or
    currencies or U.S. Holders that are traders in securities that
    elect to apply a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    accounting method; (d)&#160;U.S. Holders that have a functional
    currency other than the U.S. dollar; (e)&#160;U.S. Holders
    subject to the alternative minimum tax provisions of the Code;
    (f)&#160;U.S. Holders that own the Common Shares as part of a
    straddle, hedging transaction, conversion transaction,
    constructive sale, or other arrangement involving more than one
    position; (g)&#160;U.S. Holders that acquired the Common Shares
    through the exercise of employee stock options or otherwise as
    compensation for services; (h)&#160;U.S. Holders that hold the
    Common Shares other than as a capital asset within
</DIV>

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<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    the meaning of Section&#160;1221 of the Code; and (i)&#160;U.S.
    Holders that own directly, indirectly or constructively, 10% or
    more of our voting securities. A U.S. Holder that is subject to
    special provisions under the Code, including a U.S. Holder
    described above, should consult its own tax advisor regarding
    the U.S. federal, state and local, and foreign tax consequences
    arising from and relating to the acquisition, ownership, and
    disposition of Common Shares.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If an entity that is classified as a partnership for U.S.
    federal income tax purposes holds Common Shares, the U.S.
    federal income tax consequences to the partnership and the
    partners of the partnership generally will depend on the
    activities of the partnership and the status of its partners. A
    partner of an entity that is classified as a partnership for
    U.S. federal income tax purposes should consult its own tax
    advisor regarding the U.S. federal income tax consequences
    arising from and relating to the acquisition, ownership and
    disposition of Common Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Tax
    Consequences Other than U.S. Federal Income Tax Consequences Not
    Addressed</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    This summary does not address the U.S. estate, state, local or
    foreign tax consequences to U.S. Holders of the acquisition,
    ownership, and disposition of the Common Shares. Each U.S.
    Holder should consult its own tax advisor regarding the U.S.
    estate, state, local and foreign tax consequences arising from
    and relating to the acquisition, ownership, and disposition of
    the Common Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">U.S.
    Federal Income Tax Consequences of the Acquisition, Ownership,
    and Disposition of Common Shares</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Distributions
    on Common Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the possible application of the passive foreign
    investment company (&#147;<B>PFIC</B>&#148;) rules described
    below at &#147;&#151;&#160;Passive Foreign Investment Company
    Rules,&#148; a U.S. Holder that receives a distribution,
    including a constructive distribution or a taxable stock
    distribution, with respect to the Common Shares generally will
    be required to include the amount of such distribution in gross
    income as a dividend (without reduction for any Canadian income
    tax withheld from such distribution) to the extent of our
    current or accumulated earnings and profits (as computed for
    U.S. federal income tax purposes). To the extent that the amount
    of any distribution exceeds our current and accumulated earnings
    and profits for the taxable year, the distribution will first be
    treated as a tax-free return of capital, reducing the adjusted
    basis of the Common Shares with regard to which the distribution
    was made, and to the extent in excess of such basis, will be
    treated as gain from the sale or exchange of such Common Shares.
    We do not intend to maintain calculations of earnings and
    profits in accordance with U.S. federal income tax principles.
    Therefore, a U.S. Holder should expect that a distribution will
    generally be treated as a dividend even if that distribution
    would otherwise be treated as a non-taxable return of capital or
    as capital gain under the rules described above.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividends paid on the Common Shares will not be eligible for the
    dividends received deduction allowed to corporations under the
    Code with respect to dividends received from U.S. corporations.
    Dividends will be income from sources outside the United States,
    which may be relevant in calculating the U.S. Holder&#146;s
    foreign tax credit limitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    For taxable years beginning before January&#160;1, 2011, a
    dividend paid by us generally will be taxed at the preferential
    tax rates applicable to long-term capital gains if, among other
    requirements, (a)&#160;we are a &#147;qualified foreign
    corporation&#148; (a &#147;<B>QFC,</B>&#148; as defined below),
    (b)&#160;the U.S. Holder receiving such dividend is an
    individual, estate, or trust, and (c)&#160;such dividend is paid
    on Common Shares that have been held by such U.S. Holder for at
    least 61&#160;days during the
    <FONT style="white-space: nowrap">121-day</FONT>
    period beginning 60&#160;days before the &#147;ex-dividend
    date&#148; (i.e., the first date that a purchaser of such Common
    Shares will not be entitled to receive such dividend). We
    generally will be a QFC if (a)&#160;we are eligible for the
    benefits of the Canada-U.S. Tax Treaty, or (b)&#160;the Common
    Shares are readily tradable on an established securities market
    in the U.S., within the meaning provided in the Code. However,
    even if we satisfy one or both of such requirements, we may not
    be treated as a QFC if we are classified as a PFIC (as discussed
    below at &#147;&#151;&#160;Passive Foreign Investment Company
    Rules&#148;) for the taxable year during which we pay the
    applicable dividend or for the preceding taxable year. As
    discussed below at &#147;&#151;&#160;Passive Foreign Investment
    Company Rules,&#148; we believe that we should not be treated as
    a PFIC for the 2008 taxable year, our current taxable year or in
    future years, and accordingly, dividends paid on the Common
    Shares are expected to be eligible for such preferential tax
    rates. If we are not a QFC, a dividend paid by us to a U.S.
    Holder that is an individual, estate, or trust generally will be
    taxed at ordinary income tax rates (and not at the preferential
    tax rates applicable to long-term capital gains).
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The dividend rules are complex, and each U.S. Holder should
    consult its own tax advisor regarding the application of such
    rules to such holder&#146;s particular circumstances.
</DIV>

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    <BR>
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<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Distribution
    of Canadian Dollars</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The amount of a distribution paid in Canadian dollars generally
    will be equal to the U.S. dollar value, based on the spot
    Canadian dollar/U.S. dollar exchange rate of such distribution
    on the date the distribution is includible in the U.S.
    Holder&#146;s income. A U.S. Holder that does not convert
    Canadian dollars received as a distribution into U.S. dollars on
    the date of the distribution is includible in income generally
    will have a tax basis in such Canadian dollars equal to the U.S.
    dollar value of such Canadian dollars on that date. Such a U.S.
    Holder generally will recognize ordinary gain or loss on the
    subsequent sale or other taxable disposition of such Canadian
    dollars (including an exchange for U.S. dollars). Such gain or
    loss will generally be treated as income or loss from sources
    within the United States, which may be relevant in calculating
    the U.S. Holder&#146;s foreign tax credit limitation.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Sale,
    Exchange or Other Taxable Disposition of Common
    Shares</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Subject to the possible application of the PFIC rules described
    below at &#147;&#151;&#160;Passive Foreign Investment Company
    Rules,&#148; a U.S. Holder will recognize gain or loss on the
    sale, exchange or other taxable disposition of Common Shares
    that is treated as a sale or exchange for U.S. federal income
    tax purposes equal to the difference, if any, between
    (a)&#160;the U.S. dollar value of the amount realized on such
    sale or exchange and (b)&#160;such U.S. Holder&#146;s adjusted
    tax basis in the Common Shares. A U.S. Holder&#146;s adjusted
    tax basis in its Common Shares will generally be the cost to the
    holder of the shares, determined in U.S. dollars. Any such gain
    or loss generally will be capital gain or loss, which will be
    long-term capital gain or loss if the Common Shares are held for
    more than one year. Such gain or loss will generally be treated
    as income or loss from sources within the United States, which
    may be relevant in calculating the U.S. Holder&#146;s foreign
    tax credit limitation.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In certain circumstances, amounts received by a U.S. Holder upon
    the redemption of Common Shares may be treated as a distribution
    with respect to Common Shares, rather than as a payment in
    exchange for Common Shares that results in the recognition of
    capital gain or loss, as described above. In these
    circumstances, the redemption payment would be included in gross
    income as a dividend to the extent that such payment is made out
    of our current or accumulated &#147;earnings and profits&#148;
    (for a discussion regarding the U.S. federal income tax
    treatment of distributions with respect to Common Shares, see
    &#147;&#151;&#160;Distributions on Common Shares&#148; above).
    The determination of whether a redemption of Common Shares will
    be treated as a distribution with respect to Common Shares
    rather than as a payment in exchange for Common Shares, will
    depend upon whether and to what extent the redemption reduces
    the U.S. Holder&#146;s percentage ownership interest in us. The
    rules applicable to redemptions are complex, and each U.S.
    Holder should consult its own tax advisor to determine whether
    in the U.S. Holder&#146;s own particular case a redemption of
    Common Shares will be treated as a distribution with respect to
    Common Shares or as a payment in exchange for the Common Shares.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Foreign
    Tax Credit</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    U.S. Holders may be subject to Canadian withholding tax on
    payments received from us with respect to the Common Shares. A
    U.S. Holder may be eligible, for U.S. federal income tax
    purposes, for a deduction or credit for such taxes paid. The
    foreign tax credit rules are complex, and each U.S. Holder
    should consult its own tax advisor regarding the application of
    the foreign tax credit rules to such holder.
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><I><FONT style="font-family: 'Times New Roman', Times">Passive
    Foreign Investment Company Rules</FONT></I></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Special, generally unfavorable rules apply to the ownership and
    disposition of the stock of a PFIC. For U.S. federal income tax
    purposes, a foreign corporation is classified as a PFIC if
    (a)&#160;at least 75% of its gross income in a taxable year is
    &#147;passive&#148; income, or (b)&#160;at least 50% of the
    value of its assets in a taxable year (based on an average of
    the quarterly values of its assets for the taxable year) is
    attributable to assets that produce passive income or are held
    for the production of passive income. Passive income generally
    includes dividends, royalties, rents, annuities, interest, gains
    from commodities transactions and net gains from the sale or
    exchange of property that gives rise to dividends, interest,
    royalties, rents, or annuities. Active business gains arising
    from the sale of commodities generally are excluded from
    &#147;passive income&#148; if (i)&#160;the gains arise from the
    sale of the commodity in the active conduct of a commodities
    business and (ii)&#160;substantially all of the
    corporation&#146;s commodities are comprised of stock in trade
    and inventory, real and depreciable property used in its trade
    or business, or supplies of a type normally consumed in the
    course of its business. In determining whether we are a PFIC, we
    are required to take into account a pro rata portion of the
    income and assets of each corporation of which we own, directly
    or indirectly, at least 25% by value.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Based on our current estimates and projections of the
    composition of our income and the value of our assets, we
    believe that we should not be treated as a PFIC for U.S. federal
    income tax purposes for the 2008 taxable year, for our
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    28
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    current taxable year or in future years. However, this
    conclusion is a factual determination made annually and thus may
    be subject to change. Since our PFIC status depends upon the
    composition of our income and assets and the market value of our
    assets from time to time and generally cannot be determined
    until the end of the taxable year, there can be no assurance
    that we will not be considered a PFIC for the current taxable
    year. Moreover, we cannot predict whether the composition of our
    income and assets will cause us to be treated as a PFIC in any
    future taxable year. Accordingly, no assurance can be given that
    we are not, or will not become, a PFIC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, if we are or have been treated as a PFIC for any
    taxable year during a U.S. Holder&#146;s holding period of
    Common Shares, unless the holder has made a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election or a qualified electing fund election (&#147;<B>QEF
    Election</B>&#148;) (as described below), any &#147;excess
    distribution&#148; with respect to Common Shares would be
    allocated rateably over the U.S. Holder&#146;s holding period.
    The amounts allocated to the taxable year of the &#147;excess
    distribution&#148; and to any year before we became a PFIC would
    be taxed as ordinary income. The amount allocated to each other
    taxable year would be subject to tax at the highest rate in
    effect for individuals or corporations in such taxable year, as
    appropriate, and an interest charge would be imposed on the
    amount allocated to that taxable year. Distributions made in
    respect of Common Shares during a taxable year will be
    &#147;excess distributions&#148; to the extent they exceed 125%
    of the average of the annual distributions on Common Shares
    received by the U.S. Holder during the preceding three taxable
    years or the U.S. Holder&#146;s holding period, whichever is
    shorter. Special rules apply for calculating the amount of the
    foreign tax credit with respect to excess distributions by a
    PFIC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Generally, if we are treated as a PFIC for any taxable year
    during which a U.S. Holder owns Common Shares, unless the holder
    made a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election or QEF Election (as described below), any gain on the
    disposition of the Common Shares would be treated as an excess
    distribution and would be allocated rateably over the U.S.
    Holder&#146;s holding period and subject to taxation and
    interest charges in the same manner as described in the
    preceding paragraph.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition, if we are a PFIC and we own shares of another
    foreign corporation that is also a PFIC, under certain indirect
    ownership rules, a disposition (or deemed disposition) of the
    shares of such other foreign corporation or a distribution
    received by us from such other corporation generally may be
    treated as an indirect disposition by a U.S. Holder or an
    indirect distribution received by a U.S. Holder, respectively.
    Any such indirect disposition or indirect distribution would
    generally be subject to the excess distribution rules described
    above. To the extent that a U.S. Holder is subject to tax with
    respect to an indirect distribution or indirect disposition as
    described above, certain coordination rules apply that are
    intended to prevent a U.S. Holder from being subject to
    additional U.S. federal income tax with respect to such amounts.
    The indirect distribution and indirect disposition rules are
    complex and each U.S. Holder should consult with its own tax
    advisor regarding the classification of any of our subsidiaries
    as PFICs and the potential application of such rules to them in
    their particular circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we were a PFIC and a U.S. Holder made a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election with respect to our Common Shares, some of the adverse
    tax consequences of holding stock in a PFIC described above may
    be mitigated. A U.S. holder that holds stock of a PFIC generally
    may make a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election with respect to its stock if the stock constitutes
    marketable stock. Marketable stock is stock that is regularly
    traded (other than in de minimis quantities) on a U.S. or
    <FONT style="white-space: nowrap">non-U.S.</FONT>
    exchange or other market that the U.S. Treasury Department
    determines has trading, listing, financial disclosure, and other
    rules adequate to carry out the purposes of the
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election. The Common Shares should constitute marketable stock
    with respect to which a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election could be made. In such case, a U.S. holder would
    generally include as ordinary income or loss the difference
    between the fair market value of the Common Shares at the end of
    the taxable year and the adjusted tax basis of the Common Shares
    (but loss could only be included to the extent of the net amount
    of previously included income as a result of the
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election). If a U.S. holder made the election, the U.S.
    holder&#146;s tax basis in the Common Shares would be adjusted
    to reflect any such income or loss amounts. Any gain recognized
    on the sale or other disposition of Common Shares would be
    treated as ordinary income. A
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election may not be made with respect to the stock of any
    subsidiary of ours that is a PFIC and that such U.S. Holder is
    treated as owning. Hence, the
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election is not expected to be effective to eliminate the
    interest charge described above with respect to such subsidiary
    PFICs if we are a PFIC. U.S. Holders should consult their own
    tax advisors regarding the availability and advisability of
    making a
    <FONT style="white-space: nowrap">mark-to-market</FONT>
    election with respect to the Common Shares in their particular
    circumstances.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    If we were a PFIC and a U.S. Holder made a QEF Election with
    respect to our Common Shares, some of the adverse tax
    consequences of holding stock in a PFIC described above may be
    mitigated. If a U.S. Holder were eligible for and timely made a
    valid QEF Election, such holder would be required to include in
    income on a current basis its pro rata share
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    29
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    of our ordinary income and net capital gains, but not losses. We
    do not currently intend to provide U.S. Holders with the
    information that would be required to make a QEF Election
    effective.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Each U.S. Holder should consult its own tax advisor regarding
    our status as a PFIC, the possible effect of the PFIC rules to
    such holder, as well as the availability of any election that
    may be available to such holder to mitigate adverse U.S. federal
    income tax consequences of holding shares in a PFIC.</B>
</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">Information
    Reporting; Backup Withholding</FONT></B>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Dividend payments with respect to Common Shares and proceeds
    from the sale, exchange or redemption of Common Shares may be
    subject to information reporting to the IRS and possible U.S.
    backup withholding tax (currently at a 28% rate). Backup
    withholding will not apply to a U.S. Holder who furnishes a
    correct taxpayer identification number and makes any other
    required certification or to a U.S. Holder who is otherwise
    exempt from backup withholding. Any amounts withheld under the
    U.S. backup withholding tax rules will generally be allowed as a
    credit against a U.S. Holder&#146;s U.S. federal income tax
    liability, if any, or will be refunded, if a U.S. Holder
    furnishes required information to the IRS in a timely manner.
    Each U.S. Holder should consult its own tax advisor regarding
    the application of the information reporting and backup
    withholding rules to such holder.
</DIV>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>
<A name='115'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">PRIOR
    SALES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following table summarizes our issuances of Common Shares
    within the 12&#160;months prior to the date of this short form
    prospectus, all of which reflect issuances pursuant to the
    exercise of rights attached to stock options or the Convertible
    Debentures.
</DIV>

<DIV style="margin-top: 15pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="47%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="13%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Date</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Security</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Price per Security ($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Number of Securities</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 3pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February 1&#160;&#150;&#160;18, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    6.178
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32,500
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.513
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,600
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    October 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(2</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    25.240
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,090
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(2</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.830
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21,047,991
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.805
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    1,800
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(2</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.830
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    127,198
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.051
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    9,480
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(2</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.830
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,922
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    5.620
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    7.143
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13,200
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(2</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.830
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,692
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.030
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10,140
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(2</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    10.830
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    3,692
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8.544
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    8,920
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    Common
    Shares<SUP style="font-size: 85%; vertical-align: top">(1</SUP>

</TD>
<TD nowrap align="left" valign="bottom">
    <SUP style="font-size: 85%; vertical-align: top">)</SUP>

</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    4.925
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18,000
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV style="font-size: 2pt; margin-left: 0%; width: 12%;  align: left; border-bottom: 1pt solid #000000"></DIV><!-- callerid=999 iwidth=479 length=60 -->



<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="96%"></TD>
</TR>

<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (1)&#160;
</TD>
    <TD align="left">    Issued upon exercise of our previously issued stock options.
    Price per security with respect to the exercise of stock options
    is based on the weighted monthly average.
</TD>
</TR>


<TR style="line-height: 3pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 8pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>    (2)&#160;
</TD>
    <TD align="left">    Issued to holders of the Convertible Debentures upon exercise of
    conversion rights.
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Within the 12&#160;months prior to the date of this short form
    prospectus, we granted 1,154,015 stock options at an average
    exercise price of $38.82. An aggregate of 426,850 stock options
    were either expired, terminated or were satisfied through cash
    payments or the issuance of Common Shares during the
    12&#160;months prior to the date of this short form prospectus.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    30
</DIV><!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->
<A name='116'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">MARKET
    FOR SECURITIES</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our outstanding Common Shares are listed for trading on the TSX
    under the symbol &#147;CCO&#148; and on the NYSE under the
    symbol &#147;CCJ&#148;.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The total monthly volume of trading and the monthly
    <FONT style="white-space: nowrap">intra-day</FONT>
    price ranges of our Common Shares on the TSX and the NYSE,
    respectively, for the period from February&#160;1, 2008 to
    February&#160;18, 2009 are set forth in the following tables:
</DIV>

<DIV style="margin-top: 12pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="69%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="3%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>Toronto Stock Exchange</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High ($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low ($)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Monthly Volume</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(approximately in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>millions of shares)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 2pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February 1&#160;&#150;&#160;18, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.37
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.82
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.90
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    24.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.95
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.55
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.46
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    October 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    23.96
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    57.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    21.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.4
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.15
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.25
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    28.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.20
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.30
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.38
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.07
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.74
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.36
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    35.6
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.26
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.13
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.28
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    37.3
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    39.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    45.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>

<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<TABLE border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
<!-- Table Width Row BEGIN -->
<TR style="font-size: 1pt" valign="bottom">
    <TD width="65%">&nbsp;</TD>	<!-- colindex=01 type=maindata -->
    <TD width="2%">&nbsp;</TD>	<!-- colindex=02 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=02 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=02 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=02 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=03 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=03 type=lead -->
    <TD width="5%" align="right">&nbsp;</TD>	<!-- colindex=03 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=03 type=hang1 -->
    <TD width="3%">&nbsp;</TD>	<!-- colindex=04 type=gutter -->
    <TD width="1%" align="right">&nbsp;</TD>	<!-- colindex=04 type=lead -->
    <TD width="11%" align="right">&nbsp;</TD>	<!-- colindex=04 type=body -->
    <TD width="1%" align="left">&nbsp;</TD>	<!-- colindex=04 type=hang1 -->
</TR>
<!-- Table Width Row END -->
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="left" valign="bottom">
<DIV style="border-bottom: 1px solid #000000; width: 1%; padding-bottom: 1px">
    <B>New York Stock Exchange</B>
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>High (US$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Low (US$)</B>
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom" style="border-bottom: 1px solid #000000">
    <B>Monthly Volume</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>(approximately in<BR>
    </B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom" align="center">
<TD nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD colspan="2" nowrap align="center" valign="bottom">
    <B>millions of shares)</B>
</TD>
<TD>
&nbsp;
</TD>
</TR>
<TR style="line-height: 2pt; font-size: 1pt">
<TD>&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February 1&#160;&#150;&#160;18, 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    17.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    14.06
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    January 2009
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.97
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    15.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    60.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    December 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    18.80
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    13.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    November 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    19.11
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    11.78
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    October 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    22.62
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    12.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    129.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    September 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    29.54
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    20.39
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    98.5
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    August 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36.16
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    27.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    70.2
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    July 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.50
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    34.73
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    74.0
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    June 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    43.60
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    36.33
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    65.8
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    May 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    44.00
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    33.65
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    58.1
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    April 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    38.87
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    32.56
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    52.7
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    March 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.45
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.48
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    53.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
<TR valign="bottom" style="background: #CCEEFF">
<TD nowrap align="left" valign="bottom">
<DIV style="text-indent: -10pt; margin-left: 10pt">
    February 2008
</DIV>
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    40.63
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    31.21
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD>
&nbsp;
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
<TD nowrap align="right" valign="bottom">
    69.9
</TD>
<TD nowrap align="left" valign="bottom">
&nbsp;
</TD>
</TR>
</TABLE>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">

</DIV>
<A name='117'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">LEGAL
    MATTERS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Certain legal matters relating to this Offering will be passed
    upon on our behalf by Osler, Hoskin&#160;&#038; Harcourt LLP.
    The Underwriters have been represented by Borden Ladner Gervais
    LLP as to Canadian legal matters and Skadden, Arps, Slate,
    Meagher&#160;&#038; Flom LLP as to U.S. legal matters. At the
    date hereof, partners and associates of Osler,
    Hoskin&#160;&#038; Harcourt LLP and Borden Ladner Gervais LLP
    own beneficially, directly or indirectly, less than 1% of any
    outstanding class of our securities.
</DIV>
<A name='118'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">INTEREST
    OF EXPERTS</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All technical and scientific disclosure relating to McArthur
    River described in this short form prospectus is derived from
    the McArthur River Report, which was prepared under the
    supervision of David Bronkhorst, P. Eng., Charles R. Edwards, P.
    Eng., Alain G. Mainville, P. Geo., Gregory M. Murdock, P. Eng.,
    and Leslie D. Yesnik, P. Eng., and has been included in reliance
    on the expertise of such individuals. All other technical and
    scientific disclosure relating to McArthur River and Key Lake
    incorporated by reference in this short form prospectus was also
    prepared by, or under the supervision of, one or more of these
    individuals. Each of these individuals is our employee, except
    for Mr.&#160;Edwards, who is our former employee.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    31
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<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All technical and scientific disclosure relating to Cigar Lake
    incorporated by reference in this short form prospectus was
    prepared by, or under the supervision of, one or more of C.
    Scott Bishop, P. Eng., Charles R. Edwards, P. Eng., Grant J.H.
    Goddard, P.&#160;Eng., Doug McIlveen, P.&#160;Geo., and Alain
    G.&#160;Mainville, P.&#160;Geo. Each of these individuals is our
    employee, except for Mr.&#160;Edwards, who is our former
    employee.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    All technical and scientific disclosure relating to the Kumtor
    Mine incorporated by reference from the Annual Information Form
    is based on a technical report on the Kumtor mine dated
    March&#160;28, 2008, which was prepared under the supervision of
    Strathcona Mineral Services Limited
    (&#147;<B>Strathcona</B>&#148;) and was written by Henrik
    Thalenhorst, P. Geo., Iain Bruce, P. Eng., and Dan Redmond, P.
    Geo., and has been included in reliance on the expertise of such
    persons. All other technical and scientific disclosure relating
    to the Kumtor Mine incorporated by reference in this short form
    prospectus was prepared by, or under the supervision of, Ian
    Atkinson, P. Geo. Messrs. Atkinson and Redmond are employees of
    Centerra.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Each of the individuals referenced above is a qualified person,
    as such term is defined in NI
    <FONT style="white-space: nowrap">43-101.</FONT>
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    None of the persons referenced above, and in the case of
    Strathcona none of its directors, officers, employees or
    partners, received or will receive a direct or indirect interest
    in our property or in the property of any of our associates or
    affiliates. As at the date hereof, each of the persons
    referenced above, and in the case of Strathcona its directors,
    officers, employees and partners, beneficially own, directly or
    indirectly, less than 1% of any outstanding class of our
    securities.
</DIV>
<A name='119'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">AUDITORS,
    REGISTRAR AND TRANSFER AGENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    Our auditors are KPMG LLP, Chartered Accountants, 600,
    128&#160;&#151;
    4<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Avenue South, Saskatoon, Saskatchewan S7K&#160;1M8. KPMG LLP
    reports that they are independent of us in accordance with the
    Rules of Professional Conduct of the Institute of Chartered
    Accountants of Saskatchewan and in accordance with the
    applicable rules and regulations of the SEC. KPMG LLP is
    registered with the Public Company Accounting Oversight Board.
    The Consolidated Financial Statements and our
    &#147;Reconciliation to United States GAAP&#148; relating to the
    Consolidated Financial Statements have been audited by KPMG LLP
    and are incorporated by reference herein in reliance on the
    authority of said firm as experts in auditing and accounting.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The Canadian registrar and transfer agent for our Common Shares
    is CIBC Mellon Trust&#160;Company through its offices at 320 Bay
    Street, P.O. Box 1, Toronto, Ontario M5H&#160;4A6. The U.S.
    registrar and transfer agent for our Common Shares is Mellon
    Investor Services LLC through its offices at 480 Washington
    Blvd.,
    27<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Floor, Jersey City, New Jersey 07310.
</DIV>
<A name='120'>
<DIV style="margin-top: 18pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">DOCUMENTS
    FILED AS PART&#160;OF THE REGISTRATION STATEMENT</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    The following documents have been or will be filed with the SEC
    as part of the registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-10</FONT>
    of which this short form prospectus forms a part:
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the documents referred to under the heading &#147;Documents
    Incorporated by Reference&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    the underwriting agreement referred to under the heading
    &#147;Plan of Distribution&#148;;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of David Bronkhorst, P. Eng.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Charles R. Edwards, P. Eng.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Alain G. Mainville, P. Geo.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Gregory M. Murdock, P. Eng.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Leslie D. Yesnik, P. Eng.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Ian Atkinson, P. Geo.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Doug McIlveen, P. Geo.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of C. Scott Bishop, P. Eng.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Henrik Thalenhorst, P. Geo.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Dan Redmond, P. Geo.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Iain Bruce, P. Eng.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Grant J.H. Goddard, P. Eng.;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Strathcona;
</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    32
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="width: 89%; margin-left: 5%"><!-- BEGIN PAGE WIDTH -->

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR>
    <TD width="4%"></TD>
    <TD width="3%"></TD>
    <TD width="93%"></TD>
</TR>

<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of KPMG LLP;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Osler, Hoskin&#160;&#038; Harcourt LLP;
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    consent of Borden Ladner Gervais LLP; and
</TD>
</TR>


<TR style="line-height: 6pt; font-size: 1pt"><TD>&nbsp;</TD></TR>


<TR valign="top" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <TD>&nbsp;</TD>
    <TD>    &#149;&#160;
</TD>
    <TD align="left">
    powers of attorney (included on the signature pages of the
    registration statement).
</TD>
</TR>

</TABLE>

<DIV style="margin-top: 24pt; font-size: 1pt">&nbsp;</DIV>
<A name='121'>
<DIV align="center" style="margin-left: 0%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #FFFFFF">

    <B><FONT style="font-family: 'Times New Roman', Times">WHERE YOU
    CAN FIND MORE INFORMATION</FONT></B>
</DIV>
</A>
<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <B>Information has been incorporated by reference in this short
    form prospectus from documents filed with the securities
    commissions or similar authorities in Canada and with the
    SEC.</B> Copies of this short form prospectus and the documents
    incorporated herein by reference may be obtained on request
    without charge from our Corporate Secretary, 2121&#160;&#150;
    11<SUP style="font-size: 85%; vertical-align: top">th</SUP>

    Street West, Saskatoon, Saskatchewan S7M&#160;1J3 (Telephone
    <FONT style="white-space: nowrap">(306)&#160;956-6200);</FONT>
    Attention: Director, Legal Affairs, Securities Compliance.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    In addition to the continuous disclosure obligations under the
    securities laws of the provinces of Canada, we are subject to
    the information reporting requirements of the U.S. Exchange Act,
    and in accordance therewith file reports with, and furnish other
    information to, the SEC. Under a multi-jurisdictional disclosure
    system adopted by the United States and Canada, these reports
    and other information (including financial information) may be
    prepared in accordance with the disclosure requirements of
    Canada, which differ in certain respects from those in the
    United States. As a foreign private issuer, we are exempt from
    the rules under the U.S. Exchange Act prescribing the furnishing
    and content of proxy statements, and our officers, directors and
    principal shareholders are exempt from the reporting and
    short-swing profit recovery provisions contained in
    Section&#160;16 of the U.S. Exchange Act. In addition, we are
    not required to publish financial statements as promptly as U.S.
    companies.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    You may read any document we file with or furnish to the
    securities commissions and authorities of the provinces of
    Canada through SEDAR and any document we file with or furnish to
    the SEC at the public reference facilities maintained by the SEC
    at 100 F Street, N.E., Washington, D.C. 20549. Prospective
    investors may call the SEC at
    <FONT style="white-space: nowrap">1-800-SEC-0330</FONT>
    for further information regarding the public reference
    facilities. The SEC also maintains a website, at www.sec.gov,
    that contains reports and other information we file with the SEC.
</DIV>

<DIV style="margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

<DIV align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 4%; font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    We will file with the SEC under the U.S. Securities Act a
    registration statement on
    <FONT style="white-space: nowrap">Form&#160;F-10</FONT>
    relating to the securities being offered hereunder and of which
    this short form prospectus forms a part. This short form
    prospectus does not contain all of the information set forth in
    such registration statement, certain items of which are
    contained in the exhibits to the registration statement as
    permitted or required by the rules and regulations of the SEC.
    Items of information omitted from this short form prospectus but
    contained in the registration statement will be available on the
    SEC&#146;s website at www.sec.gov.
</DIV>

<P align="center" style="font-size: 10pt; font-family: 'Times New Roman', Times; color: #000000; background: #FFFFFF">
    <BR>
    33
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<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "PART II" -->

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>INFORMATION NOT REQUIRED TO BE DELIVERED TO OFFEREES OR PURCHASERS</B>
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the <I>Canada Business Corporations Act </I>(the &#147;CBCA&#148;), a corporation may indemnify a present
or former director or officer of the corporation or another individual who acts or acted at the
corporation&#146;s request as a director or officer, or an individual acting in a similar capacity, of
another entity, against all costs, charges and expenses, including an amount paid to settle an
action or satisfy a judgment, reasonably incurred by the individual in respect of any civil,
criminal, administrative, investigative or other proceeding in which the individual is involved
because of that association with the corporation or other entity. A corporation may not indemnify
an individual unless the individual (a)&nbsp;acted honestly and in good faith with a view to the best
interests of the corporation, or, as the case may be, to the best interests of the other entity for
which the individual acted as a director or officer or in a similar capacity at the corporation&#146;s
request and (b)&nbsp;in the case of a criminal or administrative action or proceeding that is enforced
by a monetary penalty, the individual had reasonable grounds for believing that the individual&#146;s
conduct was lawful. The indemnification may be made in connection with an action by or on behalf of
the corporation or other entity to procure a judgment in its favor, to which the individual is made
a party because of the individual&#146;s association with the corporation or other entity as described
above, only with court approval and provided the individual fulfills the conditions set out in
clauses (a)&nbsp;and (b)&nbsp;above. The aforementioned individuals are entitled to indemnification from the
corporation in respect of all costs, charges and expenses reasonably incurred by the individual in
connection with the defense of any civil, criminal, administrative, investigative or other
proceeding to which the individual is subject because of the individual&#146;s association with the
corporation or other entity as described above if the individual was not judged by the court or
other competent authority to have committed any fault or omitted to do anything that the individual
described above ought to have done and provided the individual fulfills the conditions set out in
clauses (a)&nbsp;and (b)&nbsp;above. A corporation may advance moneys to an individual described above for
the costs, charges and expenses of a proceeding described above; however, the individual shall
repay the moneys if the individual does not fulfill the conditions set out in clauses (a)&nbsp;and (b)
above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by the CBCA or otherwise by law, Bylaw No.&nbsp;6 of the Registrant
provides that the Registrant shall indemnify a director or officer of the Registrant, a former
director or officer of the Registrant, or another individual who acts or acted at the Registrant&#146;s
request as a director or officer or an individual acting in a similar capacity of another entity,
against all costs, charges and expenses, including an amount paid to settle an action or satisfy a
judgment, reasonably incurred by the individual in respect of any civil, criminal, administrative,
investigative or other proceeding in which the individual is involved because of that association
with the Registrant or other entity, provided the individual:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>acted honestly and in good faith with a view to the best interests of the
Registrant, or, as the case may be, to the best interests of the other entity for which
the individual acted as director or officer or in a similar capacity at the Registrant&#146;s
request; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the case of a criminal or administrative action or proceeding that is enforced
by a monetary penalty, the individual had reasonable grounds for believing that the
individual&#146;s conduct was lawful.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant shall advance moneys to a director, officer or other individual for the costs,
charges and expenses of such proceedings. The individual shall repay the moneys if the individual
does not fulfill the conditions of (a)&nbsp;and (b)&nbsp;above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bylaw No.&nbsp;6 of the Registrant further provides that the above described indemnification
provisions shall be an amplification of and in addition to, and not by way of limitation of or
substitution for, any rights, immunities or protection conferred upon any director, officer or
other person by any statute, law, matter or thing whatsoever.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant maintains policies of insurance for its directors and officers and those of its
subsidiaries. In aggregate the policy limit under current policies, which expire in June&nbsp;2009, is
Cdn$150&nbsp;million, of which Cdn$50 million is available solely for
reimbursement to directors and officers. Reimbursement
coverage is subject to a Cdn$2.5&nbsp;million deductible for each claim.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->II-1<!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Insofar as indemnification for liabilities arising under the U.S. Securities Act of 1933, as
amended (the &#147;Securities Act&#148;), may be permitted to directors, officers or persons controlling the
Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the
opinion of the U.S. Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is therefore unenforceable.
</DIV>
<!-- link1 "EXHIBITS" -->

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits have been filed as part of this registration statement.
</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="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement by and among the Registrant and BMO Nesbitt Burns
Inc. and RBC Dominion Securities Inc., as Representatives of the several
Underwriters.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual Information Form of the Registrant for the year ended December
31, 2007 dated March&nbsp;28, 2008, but expressly excluding the Registrant&#146;s
audited consolidated financial statements as at December&nbsp;31, 2007 and
2006 and for the years ended December&nbsp;31, 2007 and 2006 and management&#146;s
discussion and analysis of the Registrant for the year ended December
31, 2007, which were incorporated by reference therein (incorporated by
reference to the Registrant&#146;s annual report on Form&nbsp;40-F (Commission
File No.&nbsp;1-14228) dated March&nbsp;31, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Proxy Circular of the Registrant dated March&nbsp;11, 2008 in
connection with the Annual and Special Meeting of Shareholders held on
May&nbsp;15, 2008 (incorporated by reference to the Registrant&#146;s report on
Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated April&nbsp;9, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Audited Consolidated Financial Statements (the &#147;Consolidated Financial
Statements&#148;) of the Registrant as at December&nbsp;31, 2008 and 2007 and for
the years ended December&nbsp;31, 2008 and 2007 and related notes, together
with the auditors&#146; report thereon (incorporated by reference to the
Registrant&#146;s report on Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated
February&nbsp;17, 2009).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Reconciliation to United States GAAP&#148; relating to the Consolidated
Financial Statements and related notes, together with the auditors&#146;
report thereon (incorporated by reference to the Registrant&#146;s report on
Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated February&nbsp;17, 2009).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s Discussion and Analysis of the Registrant in respect of the
Consolidated Financial Statements (incorporated by reference to the
Registrant&#146;s report on Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated
February&nbsp;17, 2009).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated January&nbsp;11, 2008 relating to the
announcement that the Registrant&#146;s Rabbit Lake operation resumed normal
mining activities after sealing off the source of a water inflow
(incorporated by reference to the Registrant&#146;s report on Form&nbsp;6-K
(Commission File No.&nbsp;1-14228) dated January&nbsp;11, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated July&nbsp;7, 2008 relating to the receipt by the
Registrant of regulatory approval to pump water out of the flooded Cigar
Lake mine (incorporated by reference to the Registrant&#146;s report on Form
6-K (Commission File No.&nbsp;1-14228) dated July&nbsp;7, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated August&nbsp;15, 2008 relating to the completion
by the Registrant of its acquisition of a 70% interest in the Kintyre
uranium exploration project in Western Australia for US$346.5&nbsp;million
(incorporated by reference to the Registrant&#146;s report on Form&nbsp;6-K
(Commission File No.&nbsp;1-14228) dated August&nbsp;15, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated August&nbsp;18, 2008 relating to the suspension
of remediation work at the No.&nbsp;1 shaft at Cigar Lake after an increase
in the rate of water inflow in the mine (incorporated by reference to
the Registrant&#146;s report on Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated
August&nbsp;18, 2008).</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->II-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="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Osler, Hoskin &#038; Harcourt LLP.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Borden Ladner Gervais LLP.*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of David Bronkhorst, P. Eng.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Charles R. Edwards, P. Eng.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Alain G. Mainville, P. Geo.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Gregory M. Murdock, P. Eng.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Leslie D. Yesnik, P. Eng.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ian Atkinson, P. Geo.*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Doug McIlveen, P. Geo.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of C. Scott Bishop, P. Eng.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Henrik Thalenhorst, P. Geo.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Dan Redmond, P. Geo.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Iain Bruce, P. Eng.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Grant J.H. Goddard, P. Eng.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Strathcona Mineral Services Limited.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney.**</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>to be filed by amendment</TD>
</TR>

<TR valign="top">
    <TD>&nbsp;</TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>previously filed</TD>
</TR>

</TABLE>


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

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

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





<!-- link1 "PART III" -->

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


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

<!-- link2 "Item&nbsp;1. Undertaking" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;1. Undertaking.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant undertakes to make available, in person or by telephone, representatives to
respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so
by the Commission staff, information relating to the securities registered pursuant to Form F-10 or
to transactions in said securities.
</DIV>
<!-- link2 "Item&nbsp;2. Consent to Service of Process" -->

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;2. Consent to Service of Process.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant has previously filed with the Commission a written irrevocable consent and power of attorney on Form F-X. Any
change to the name or address of the agent for service of the Registrant shall be communicated
promptly to the Commission by amendment to Form F-X referencing the file number of this
registration statement.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->III-1<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link1 "SIGNATURES" -->

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


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has
duly caused this Amendment No. 1 to the Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of Saskatoon, Province of Saskatchewan, Country of Canada, on the
19th day of February, 2009.
</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;<BR>&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>CAMECO CORPORATION</B><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/
GERALD W. GRANDEY</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Gerald W. Grandey<br>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">President and Chief Executive Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

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


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

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the
Securities Act, this Amendment No. 1 to the Registration Statement has been
signed by or on behalf of the following persons in the capacities indicated, on the 19th day of February, 2009.
</DIV>
<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/
GERALD W. GRANDEY
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer and Director
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Gerald W. Grandey
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">/s/
O. KIM GOHEEN
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">Senior Vice-President and Chief Financial Officer<BR>
(Principal Financial Officer and Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
O. Kim Goheen
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>

<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John S. Auston
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John H. Clappison
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Joe F. Colvin
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Harry D. Cook
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
James R. Curtiss
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
George S. Dembroski
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Nancy E. Hopkins
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Oyvind Hushovd
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
J.W. George Ivany
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;

</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
A. Anne McLellan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
A. Neil McMillan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert W. Peterson
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Victor J. Zaleschuk
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">*&nbsp;By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ GERALD W. GRANDEY</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Gerald W. Grandey&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Attorney-in-Fact&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->III-4<!-- /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="center" style="font-size: 10pt; margin-top: 10pt"><B>AUTHORIZED REPRESENTATIVE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of Section 6(a) of the U.S. Securities Act of 1933, as amended,
the undersigned has signed this Amendment No. 1 to the Registration Statement, solely in the capacity of the duly
authorized representative of the Registrant in the United States, in the City of Eden Prairie,
State of Minnesota, on February&nbsp;19, 2009.
</DIV>
<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<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"><DIV style="border-BOTTOM: 1px solid #000000">/s/ SCOTT MELBYE</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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">Name: Scott Melbye</TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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 align="left" 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">Title: Authorized Representative</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<!-- link1 "EXHIBIT INDEX" -->

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">3.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Underwriting Agreement by and among the Registrant and BMO Nesbitt Burns
Inc. and RBC Dominion Securities Inc., as Representatives of the several
Underwriters.</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Annual Information Form of the Registrant for the year ended December
31, 2007 dated March&nbsp;28, 2008, but expressly excluding the Registered
audited consolidated financial statements as at December&nbsp;31, 2007 and
2006 and for the years ended December&nbsp;31, 2007 and 2006 and management&#146;s
discussion and analysis of the Registrant for the year ended December
31, 2007, which were incorporated by reference therein (incorporated by
reference to the Registrant&#146;s annual report on Form&nbsp;40-F (Commission
File No.&nbsp;1-14228) dated March&nbsp;31, 2008).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management Proxy Circular of the Registrant dated March&nbsp;11, 2008 in
connection with the Annual and Special Meeting of Shareholders held on
May&nbsp;15, 2008 (incorporated by reference to the Registrant&#146;s report on
Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated April&nbsp;9, 2008).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Audited Consolidated Financial Statements (the &#147;Consolidated Financial
Statements&#148;) of the Registrant as at December&nbsp;31, 2008 and 2007 and for
the years ended December&nbsp;31, 2008 and 2007 and related notes, together
with the auditors&#146; report thereon (incorporated by reference to the
Registrant&#146;s report on Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated
February&nbsp;17, 2009).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&#147;Reconciliation to United States GAAP&#148; relating to the Consolidated
Financial Statements and related notes, together with the auditors&#146;
report thereon (incorporated by reference to the Registrant&#146;s report on
Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated February&nbsp;17, 2009).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Management&#146;s Discussion and Analysis of the Registrant in respect of the
Consolidated Financial Statements (incorporated by reference to the
Registrant&#146;s report on Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated
February&nbsp;17, 2009).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated January&nbsp;11, 2008 relating to the
announcement that the Registrant&#146;s Rabbit Lake operation resumed normal
mining activities after sealing off the source of a water inflow
(incorporated by reference to the Registrant&#146;s report on Form&nbsp;6-K
(Commission File No.&nbsp;1-14228) dated January&nbsp;11, 2008).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated July&nbsp;7, 2008 relating to the receipt by the
Registrant of regulatory approval to pump water out of the flooded Cigar
Lake mine (incorporated by reference to the Registrant&#146;s report on Form
6-K (Commission File No.&nbsp;1-14228) dated July&nbsp;7, 2008).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated August&nbsp;15, 2008 relating to the completion
by the Registrant of its acquisition of a 70% interest in the Kintyre
uranium exploration project in Western Australia for US$346.5&nbsp;million
(incorporated by reference to the Registrant&#146;s report on Form&nbsp;6-K
(Commission File No.&nbsp;1-14228) dated August&nbsp;15, 2008).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Material Change Report dated August&nbsp;18, 2008 relating to the suspension
of remediation work at the No.&nbsp;1 shaft at Cigar Lake after an increase
in the rate of water inflow in the mine (incorporated by reference to
the Registrant&#146;s report on Form&nbsp;6-K (Commission File No.&nbsp;1-14228) dated
August&nbsp;18, 2008).</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of KPMG LLP.</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Osler, Hoskin &#038;
Harcourt LLP.</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Borden Ladner Gervais
LLP.*</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of David Bronkhorst, P. Eng.**</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Charles R. Edwards, P. Eng.**</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Alain G. Mainville, P. Geo.**</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Gregory M. Murdock, P. Eng.**</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Leslie D. Yesnik, P. Eng.**</TD>
</TR>
<TR style="font-size: 6pt" valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Ian Atkinson, P. Geo.*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="6%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>Exhibit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Description</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Doug McIlveen, P. Geo.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of C. Scott Bishop, P. Eng.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Henrik Thalenhorst, P.
Geo.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.13
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Dan Redmond, P. Geo.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Iain Bruce, P. Eng.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.15
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Grant J.H. Goddard, P.
Eng.**</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">5.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Strathcona Mineral
Services Limited.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">6.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney.**</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>to be filed by amendment</TD>
</TR>
<TR valign="top">
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">**</TD>
    <TD>&nbsp;</TD>
    <TD>previously filed</TD>
</TR>

</TABLE>




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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-3.1
<SEQUENCE>2
<FILENAME>o53689exv3w1.htm
<DESCRIPTION>EXHIBIT 3.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv3w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT
3.1</B></DIV>


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


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">February 18, 2009
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation<BR>
2121-11th Street West<BR>
Saskatoon, Saskatchewan<BR>
S7M 1J3

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Attention:</TD>
    <TD>&nbsp;</TD>
    <TD>Mr.&nbsp;O. Kim Goheen<BR>
<U>Senior Vice President and Chief Financial Officer</U></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dear Sirs:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BMO Nesbitt Burns Inc.
(&#147;<B>BMO</B>&#148;), RBC Dominion Securities Inc. (&#147;<B>RBC DS</B>&#148;) and together with BMO, the (&#147;<B>Representatives</B>&#148;),
CIBC World Markets Inc., Scotia Capital Inc., BNP Paribas (Canada) Securities Inc., TD Securities Inc. and
National Bank Financial Inc. (each of the foregoing underwriters, an &#147;<B>Underwriter</B>&#148; and, collectively, the &#147;<B>Underwriters</B>&#148;)
hereby severally, and not jointly nor jointly and severally, offer to purchase from Cameco
Corporation (the &#147;<B>Corporation</B>&#148;) in the respective percentages set forth in Section&nbsp;22 hereof, an
aggregate of 23,188,400 common shares of the Corporation (each, a
&#147;<B>Common Share</B>&#148;) at a price of $17.25 per
Common Share (the &#147;<B>Offering Price</B>&#148;). The aggregate of 23,188,400 Common Shares being purchased by the
Underwriters as described in the first sentence of this paragraph are referred to herein as the
&#147;<B>Firm Shares</B>&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon and subject to the terms and conditions contained herein, the Corporation hereby grants
to the Underwriters an option (the &#147;<B>Over-Allotment Option</B>&#148;) to purchase severally, and not jointly
nor jointly and severally, in the respective percentages set forth in Section&nbsp;22 hereof, up to an
additional 3,478,000 Common Shares (the &#147;<B>Additional Shares</B>&#148;) at a price of $17.25 per Common Share for the
purposes of covering over-allotments. The Over-Allotment Option may be exercised in accordance with
Section&nbsp;15 hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has filed under and as required by Canadian Securities Laws (as hereinafter
defined) a preliminary short form prospectus with each of the Canadian Securities Commissions (as
hereinafter defined) relating to the distribution of the Common Shares in both the English and
French languages (such short form prospectus, including the Documents Incorporated by Reference (as
hereinafter defined), the &#147;<B>Initial Canadian Preliminary
Prospectus</B>&#148;) and has obtained a Dual
Prospectus Receipt (as hereinafter defined) therefor. In addition, the Corporation has filed with
the United States Securities and Exchange Commission (the &#147;<B>SEC</B>&#148;) a registration statement on Form
F-10 (File No.&nbsp;333-157385) registering the Common Shares under the United States Securities Act of 1933,
as amended (the &#147;<B>U.S. Securities Act</B>&#148;), and the rules and regulations of the SEC thereunder, in
connection with the offers and sales contemplated hereby, including the English-language Initial
Canadian Preliminary Prospectus (with such deletions therefrom and additions thereto as are
permitted or required by Form F-10 and the applicable rules and regulations of the SEC) (such
registration statement, including the exhibits and any schedules thereto, the Documents
Incorporated by Reference and the documents otherwise deemed under applicable rules and regulations
of the SEC to be a part thereof or included therein, the &#147;<B>Initial Registration Statement</B>&#148;).
</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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation shall, as soon as possible after the execution of this Agreement and on a
basis acceptable to the Underwriters, acting reasonably, prepare and file under and as required by
Canadian Securities Laws with each of the Canadian Securities Commissions in both the English and
French languages an amended and restated Initial Canadian Preliminary Prospectus (such short form
prospectus, including the Documents Incorporated by Reference, the &#147;<B>Amended and Restated Canadian
Preliminary Prospectus</B>&#148;) and all other required documents and obtain a Dual Prospectus Receipt
therefor no later than 5:00 p.m. (E.S.T.) on February&nbsp;19, 2009. The Corporation shall also,
immediately after the filing of the Amended and Restated Canadian Preliminary Prospectus and on a
basis acceptable to the Underwriters, acting reasonably, prepare and file with the SEC a
pre-effective amendment to the Initial Registration Statement, including the English-language
Amended and Restated Canadian Preliminary Prospectus (with such deletions therefrom and additions
thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the
SEC) (such amended Initial Registration Statement, including the exhibits and any schedules
thereto, the Documents Incorporated by Reference and the documents otherwise deemed under
applicable rules and regulations of the SEC to be a part thereof or included therein, the
&#147;<B>Amendment No.&nbsp;1 to the Registration Statement</B>&#148;).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will prepare and file forthwith after any comments with respect to the Amended
and Restated Canadian Preliminary Prospectus have been received from, and have been resolved with,
the Commission (as hereinafter defined), and on a basis acceptable to the Underwriters, acting
reasonably, and on the terms set out below, under and as required by Canadian Securities Laws with
each of the Canadian Securities Commissions in both the English and French languages a (final)
short form prospectus (such short form prospectus, including the Documents Incorporated by
Reference, the &#147;<B>Canadian Final Prospectus</B>&#148;) and all other required documents, including any
document incorporated by reference therein that has not previously been filed, in order to qualify
for distribution to the public the Common Shares in each of the provinces and territories of Canada
(the &#147;<B>Qualifying Jurisdictions</B>&#148;) through the Underwriters or any other investment dealer or broker
registered to transact such business in the applicable Qualifying Jurisdictions contracting with
the Underwriters and obtain a Dual Prospectus Receipt therefor no later than February&nbsp;26, 2009 (or
such later date as may be agreed to in writing by the Corporation and the Underwriters). The
Corporation will also, immediately after the filing of the Canadian Final Prospectus and on a basis
acceptable to the Underwriters, acting reasonably, file with the SEC a second pre-effective
amendment to the Initial Registration Statement, including the English-language Canadian Final
Prospectus (with such deletions therefrom and additions thereto as are permitted or required by
Form F-10 and the applicable rules and regulations of the SEC) (such amended registration
statement, including the exhibits and any schedules thereto, the Documents Incorporated by
Reference and the documents otherwise deemed under applicable rules and regulations of the SEC to
be a part thereof or included therein, the &#147;<B>Amendment No.&nbsp;2 to the Registration Statement</B>&#148;) and
cause the Amendment No.&nbsp;2 to the Registration Statement to become effective under the U.S.
Securities Act unless it became effective automatically upon filing (the Initial Registration
Statement, as amended at the time it becomes effective, including the exhibits and any schedules
thereto, the Documents Incorporated by Reference and the documents otherwise deemed under
applicable rules and regulations of the SEC to be a part thereof or included therein, the
&#147;<B>Registration Statement</B>&#148;).
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation has also prepared and filed with the SEC an appointment of agent for service
of process upon the Corporation on Form F-X (the &#147;<B>Form&nbsp;F-X</B>&#148;) in conjunction with the filing of the
Initial Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation and the Underwriters agree that any offers or sales of the Common Shares in
the United States will be conducted through the Underwriters, or one or more affiliates of the
Underwriters, duly registered as a broker-dealer in compliance with applicable U.S. Securities Laws
and the requirements of the Financial Industry Regulatory Authority (FINRA).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In consideration of the agreement on the part of the Underwriters to purchase the Common
Shares and in consideration of the services rendered and to be rendered by the Underwriters
(including but not limited to: acting as advisor to the Corporation; assisting in the preparation
of the Offering Documents (as hereinafter defined), and the related documentation in order to
qualify the Common Shares for Distribution (as hereinafter defined); and performing administrative
work in connection with the Distribution of the Common Shares), the Corporation agrees to pay to
the Representatives on behalf of the Underwriters, at the Closing Time (as hereinafter defined),
and at the Option Closing Time (as hereinafter defined), if any, the fee specified in Schedule &#147;A&#148;
hereto (the &#147;<B>Underwriting Fee</B>&#148;), the payment of such fee to be reflected by the Underwriters making
payment of the gross proceeds of the sale of the Firm Shares or the Additional Shares, as the case
may be: (a)&nbsp;to the Company, an amount equal to the gross proceeds of the sale less the amount of
the Underwriting Fee; and (b)&nbsp;to the Representatives on behalf of the Underwriters, at the
Company&#146;s direction, of an amount equal to the Underwriting Fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be subject to the following terms and conditions:
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Section&nbsp;1 Interpretation</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Definitions</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Where used in this Agreement or in any amendment hereto, the following terms shall have the
following meanings, respectively:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Additional Shares</B>&#148; has the meaning given to it in the second paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>affiliate</B>&#148; has the meaning given to it in <I>The Securities Act, 1988 </I>(Saskatchewan);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Agreement</B>&#148; means the agreement resulting from the acceptance by the Corporation of the offer
made by the Underwriters by this letter;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Amended and Restated Canadian Preliminary Prospectus</B>&#148; has the meaning given to it in the
fourth paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Amendment No.&nbsp;1 to the Registration Statement</B>&#148; has the meaning given to it in the fourth
paragraph of this Agreement;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Amendment No.&nbsp;2 to the Registration Statement</B>&#148; has the meaning given to it in the fifth
paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Applicable Securities Laws</B>&#148; means the Canadian Securities Laws and the U.S. Securities Laws;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Beneficiaries</B>&#148; has the meaning given to it in Section&nbsp;10(4);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Bruce LP</B>&#148; means Bruce Power Limited Partnership;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Canadian Final Prospectus</B>&#148; has the meaning given to it in the fifth paragraph of this
Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Canadian Offering Documents</B>&#148; means each of the Canadian Preliminary Prospectus, the Amended
and Restated Canadian Preliminary Prospectus, the Canadian Final Prospectus, and any Canadian
Prospectus Amendment, including the Documents Incorporated by Reference;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Canadian Preliminary Prospectus</B>&#148; means the Initial Canadian Preliminary Prospectus, as
amended by the Amended and Restated Canadian Preliminary Prospectus, including the Documents
Incorporated by Reference;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Canadian Prospectus Amendment</B>&#148; means any amendment to the Canadian Preliminary Prospectus or
the Canadian Final Prospectus, including the Documents Incorporated by Reference;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Canadian Securities Commissions</B>&#148; means the securities regulatory authorities in each of the
Qualifying Jurisdictions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Canadian Securities Laws</B>&#148; means all applicable securities laws of each of the Qualifying
Jurisdictions and the respective rules and regulations under such laws together with applicable
published national, multilateral and local policy statements, instruments, notices, blanket orders
and rulings of the securities regulatory authorities in the Qualifying Jurisdictions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing Date</B>&#148; means March&nbsp;5, 2009 or such earlier or later date as may be agreed to in
writing by the Corporation and the Underwriters;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Closing Time</B>&#148; means 8:00 a.m. E.S.T. on the Closing Date;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Commission</B>&#148; means the Saskatchewan Financial Services Commission, Securities Division;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Common Shares</B>&#148; means the common shares in the capital of the Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Corporation</B>&#148; means Cameco Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Distribution</B>&#148; means &#147;<B>distribution</B>&#148; or &#147;<B>distribution to the public</B>&#148; as those terms are defined
in the Applicable Securities Laws;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Documents Incorporated by Reference</B>&#148; means all interim and annual financial statements,
management&#146;s discussion and analysis, business acquisition reports, management information
circulars, annual information forms, material change reports and other documents that are or are
required by Canadian Securities Laws or U.S. Securities Laws to be incorporated by reference into
the Offering Documents, as applicable;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Dual Prospectus Receipt</B>&#148; means the receipt issued by the Commission, which is deemed to also
be a receipt of the other Canadian Securities Commissions and evidence of the receipt of the
Ontario Securities Commission pursuant to Multilateral Instrument 11-102 &#151;<I>Passport System </I>and
National Policy 11-202 &#151; <I>Process for Prospectus Reviews in Multiple Jurisdictions</I>, for the
Canadian Preliminary Prospectus, the Amended and Restated Canadian Preliminary Prospectus, the
Canadian Final Prospectus and any Canadian Prospectus Amendment, as the case may be;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Effective Time</B>&#148; means the time the Registration Statement is declared or becomes effective;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Environmental Laws</B>&#148; has the meaning given to it in Section&nbsp;8(28);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Financial Information</B>&#148; has the meaning given to it in Section&nbsp;6(3)(a)(i);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Financial Statements</B>&#148; means the annual financial statements of the Corporation included in
the Documents Incorporated by Reference, including the notes to such statements and the related
auditors&#146; report on such statements, where applicable and including the Corporation&#146;s
Reconciliation to United States GAAP in respect of such financial statements and the auditors&#146;
report thereon;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Firm Shares</B>&#148; has the meaning given to it in the first paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Form&nbsp;F-X</B>&#148; has the meaning given to it in the sixth paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Governmental Licenses&#148; </B>has the meaning given to it in Section&nbsp;8(27);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Hazardous Materials</B>&#148; has the meaning given to it in Section&nbsp;8(28);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnified Party</B>&#148; has the meaning given to it in Section&nbsp;9(3);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Indemnifying Party</B>&#148; has the meaning given to it in Section&nbsp;9(3);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Canadian Preliminary Prospectus</B>&#148; has the meaning given to it in the third paragraph
of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Initial Registration Statement</B>&#148; has the meaning given to it in the third paragraph of this
Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Issuer Free Writing Prospectus</B>&#148; means an &#147;issuer free writing prospectus&#148; as defined in Rule
433 under the U.S. Securities Act relating to the Common Shares that (i)&nbsp;is required to be filed
with the SEC by the Corporation, (ii)&nbsp;is a &#147;road show that is a written communication&#148;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">within the meaning of Rule&nbsp;433(d)(8)(i) whether or not required to be filed with the SEC or
(iii)&nbsp;is exempt from filing pursuant to Rule&nbsp;433(d)(5)(i) because it contains a description of the
Common Shares or of the Offering that does not reflect the final terms, in each case in the form
filed or required to be filed with the SEC or, if not required to be filed, in the form retained in
the Corporation&#146;s records pursuant to Rule&nbsp;433(g);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>JV Inkai</B>&#148; means Joint Venture Inkai Limited Liability Partnership;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Adverse Effect</B>&#148; has the meaning given to it in Section&nbsp;8(10);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>material change</B>&#148; means a material change in or relating to the Corporation for the purposes
of Applicable Securities Laws or any of them, or where undefined under the Applicable Securities
Laws of an Offering Jurisdiction means a change in or relating to the business, operations or
capital of the Corporation and its subsidiaries taken as a whole that would reasonably be expected
to have a significant effect on the market price or value of any securities of the Corporation and
includes a decision to implement such a change made by the board of directors of the Corporation or
by senior management who believe that confirmation of the decision by the board of directors of the
Corporation is probable;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Corporate Entities</B>&#148; means collectively, UEM, Inc., Centerra Gold Inc., Kumtor
Mountain Corporation, Kumtor Gold Company, Cameco Gold Inc., Cameco Europe Ltd., Cameco Bruce
Holdings Inc. and Cameco Bruce Holdings II Inc.;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Material Entities</B>&#148; means the Material Corporate Entities, and Bruce LP and JV Inkai;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>material fact</B>&#148; means a material fact for the purposes of Applicable Securities Laws or any of
them, or where undefined under the Applicable Securities Laws of an Offering Jurisdiction means a
fact that would reasonably be expected to have a significant effect on the market price or value of
any securities of the Corporation;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>misrepresentation</B>&#148; means a misrepresentation for the purposes of the Applicable Securities
Laws of an Offering Jurisdiction or any of them, or where undefined under the Applicable Securities
Laws of an Offering Jurisdiction means: (i)&nbsp;an untrue statement of a material fact, or (ii)&nbsp;an
omission to state a material fact that is required to be stated or that is necessary to make a
statement not misleading in the light of the circumstances in which it was made;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>NI 43-101</B>&#148; means National Instrument 43-101 &#151; <I>Standards for Disclosure for Mineral Projects</I>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>NI 44-101</B>&#148; means National Instrument 44-101 &#151; <I>Short Form&nbsp;Prospectus Distributions</I>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>NI 51-102</B>&#148; means National Instrument 51-102 &#151; <I>Continuous Disclosure Obligations</I>;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>NYSE&#148; </B>means the New York Stock Exchange;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Offering</B>&#148; means the sale of Common Shares pursuant to this Agreement;
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Offering Documents</B>&#148; means the Canadian Offering Documents and the U.S. Offering Documents;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Offering Jurisdictions</B>&#148; means the United States and the Qualifying Jurisdictions;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Offering Price</B>&#148; has the meaning given to it in the first paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Option Closing Date</B>&#148; has the meaning given to it in Section&nbsp;15;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Option Closing Time</B>&#148; has the meaning given to it in Section&nbsp;15(1);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Over-Allotment Option</B>&#148; has the meaning given to it in the second paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Permitted Free Writing Prospectus</B>&#148; has the meaning given to it in Section&nbsp;11(2);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Qualifying Jurisdictions</B>&#148; has the meaning given to it in the fifth paragraph of this
Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Registration Statement</B>&#148; has the meaning given to it in the fifth paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>SEC</B>&#148; means the United States Securities and Exchange Commission;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Selling Firm</B>&#148; has the meaning given to it in Section&nbsp;3(1);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Shares</B>&#148; means, collectively, the Firm Shares and the Additional Shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Tax Act</B>&#148; means the <I>Income Tax Act </I>(Canada) and the regulations thereunder;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Terminating Underwriters</B>&#148; has the meaning given to it in Section&nbsp;12(1);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>TSX</B>&#148; means the Toronto Stock Exchange;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Underwriters</B>&#148; has the meaning given to it in the first paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Underwriters&#146; Matters</B>&#148; has the meaning given to it in Section&nbsp;9(1)(a);
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>Underwriting Fee</B>&#148; has the meaning given to it in the eighth paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Amended Prospectus</B>&#148; means a prospectus included in any U.S. Registration Statement
Amendment;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Exchange Act</B>&#148; means the United States Securities Exchange Act of 1934, as amended;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Final Prospectus</B>&#148; means the English-language Canadian Final Prospectus with such
deletions therefrom and additions thereto as are permitted or required by Form F-10 and the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">applicable rules and regulations of the SEC, included in the Registration Statement at the
time it becomes effective, including the Documents Incorporated by Reference;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Offering Documents</B>&#148; means the Initial Registration Statement, the Amendment No.&nbsp;1 to the
Registration Statement, the Amendment No.&nbsp;2 to the Registration Statement, the Registration
Statement, any U.S. Registration Statement Amendment, the U.S. Preliminary Prospectus, the U.S.
Final Prospectus and any U.S. Amended Prospectus;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Preliminary Prospectus</B>&#148; means, as of any time prior to the Effective Time, the
English-language Canadian Preliminary Prospectus with such deletions therefrom and additions
thereto as are permitted or required by Form F-10 and the applicable rules and regulations of the
SEC, included in the Initial Registration Statement as amended at such time, including the
Documents Incorporated by Reference therein;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Registration Statement Amendment</B>&#148; means any amendment to Amendment No.&nbsp;1 to the
Registration statement (other than Amendment No.&nbsp;2 to the Registration Statement) and any
post-effective amendment to the Registration Statement filed with the SEC during the distribution
of the Common Shares;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Securities Act</B>&#148; has the meaning given to it in the third paragraph of this Agreement;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>U.S. Securities Laws</B>&#148; means all applicable United States federal securities laws, including,
without limitation, the U.S. Securities Act, the U.S. Exchange Act and the rules and regulations
promulgated thereunder; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;<B>United States</B>&#148; means the United States of America, its territories and possessions, any State
of the United States and the District of Columbia.
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Capitalized terms used but not defined herein have the meanings ascribed to them in the
Canadian Preliminary Prospectus.</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%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any reference in this Agreement to a Section or Subsection shall refer to a section or
subsection of this Agreement.</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%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All words and personal pronouns relating thereto shall be read and construed as the number and
gender of the party or parties referred to in each case required and the verb shall be construed as
agreeing with the required word and/or pronoun.</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%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any reference in this Agreement to &#147;$&#148; or to &#147;dollars&#148; shall refer to the lawful currency of
Canada, unless otherwise specified.</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%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following are the schedules to this Agreement, which schedules are deemed to be a part
hereof and are hereby incorporated by reference herein:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 5%; margin-top: 6pt">Schedule &#147;A&#148; &#151; Term Sheet<BR>
Schedule &#147;B&#148; &#151; Matters to be Addressed in the Corporation&#146;s Canadian and U.S. Counsel Opinion<BR>
Schedule &#147;C&#148; &#151; Matters to be Addressed in the Corporation&#146;s Foreign Counsel Opinion
</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>Section&nbsp;2 Filing of Prospectus</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Corporation shall, all on a basis which meets the time requirements below and is otherwise
satisfactory to the Underwriters, acting reasonably:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not later than February&nbsp;19, 2009, have obtained a Dual Prospectus Receipt
with respect to the Initial Canadian Preliminary Prospectus and, not later than
February&nbsp;20, 2009, have obtained a Dual Prospectus Receipt with respect to the
Amended and Restated Canadian Preliminary Prospectus;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>not later than February&nbsp;20, 2009, have filed the Amendment No.&nbsp;1 to the
Registration Statement with the SEC;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>forthwith after any comments with respect to the Canadian Preliminary
Prospectus have been received from, and have been resolved with, the Commission, but
not later than February&nbsp;26, 2009 (or such later time and date as may
be agreed to in writing by the Corporation and the Underwriters), have obtained a Dual
Prospectus Receipt with respect to the Canadian Final Prospectus or otherwise fulfilled
all legal requirements to enable the Common Shares to be offered and sold to the public
in the Qualifying Jurisdictions through the Underwriters or any other investment dealer
or broker registered to transact such business in the applicable Qualifying
Jurisdictions contracting with the Underwriters; 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>immediately after filing of the Canadian Final Prospectus referenced in
subparagraph (c)&nbsp;above, file the Amendment No.&nbsp;2 to the Registration Statement with the
SEC, which shall become effective upon filing pursuant to Rule 467(a) under the U.S.
Securities Act.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;3 Distribution of the Shares</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Underwriter shall be permitted to appoint additional investment dealers or brokers
(each, a &#147;<B>Selling Firm</B>&#148;) as its agents in the Offering and each such Underwriter may determine
the remuneration payable to such Selling Firm. The Underwriters may offer the Shares,
directly and through Selling Firms or any affiliate of an Underwriter, in the Offering
Jurisdictions for sale to the public (subject to Section&nbsp;7 hereof) in accordance with
Applicable Securities Laws and in any jurisdiction outside of the Offering Jurisdictions to
purchasers permitted to purchase the Shares in accordance with applicable securities laws in
such jurisdiction, and upon the terms and conditions set forth in the Offering Documents and
in this Agreement and in accordance with Applicable Securities Laws in the Offering
Jurisdictions and with applicable securities laws in any such other jurisdiction; each
Underwriter shall require any Selling Firm appointed by such Underwriter to agree to the
foregoing and such Underwriter shall be severally responsible for the compliance by such
Selling Firm with the provisions of this Agreement.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For purposes of this Section&nbsp;3, the Underwriters shall be entitled to assume that the Shares
are qualified for Distribution in any Qualifying Jurisdiction where a Dual</TD>
</TR>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Prospectus Receipt shall have been obtained following the filing of the Canadian Final
Prospectus, unless otherwise notified in writing by the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriters shall use all reasonable best efforts to complete and to cause the other
Selling Firms to complete the Distribution of the Shares as soon as possible after the Closing
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="4%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Representatives shall notify the Corporation when, in their opinion, the Distribution of
the Shares has terminated and will provide to the Corporation, as soon as practicable after
the Distribution of the Shares has terminated, a breakdown of the number of Shares distributed
in each of the Qualifying Jurisdictions where such breakdown is required for the purpose of
calculating fees payable to the Canadian Securities Commissions.</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%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notwithstanding the foregoing provisions of this Section&nbsp;3, no Underwriter will be liable to
the Corporation under this Section&nbsp;3 with respect to a default by another Underwriter or
another Underwriter&#146;s duly registered broker-dealer affiliate in the United States or any
Selling Firm, as the case may be, if the former Underwriter is not also in default.</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%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriters acknowledge that the Corporation is not taking any steps to qualify the
Shares for Distribution outside of the Offering Jurisdictions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;4 Preparation of Prospectus; Due Diligence</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the period of the Distribution of the Shares, the Corporation shall co-operate in all
respects with the Underwriters to allow and assist the Underwriters to participate fully in the
preparation of, and allow the Underwriters to approve the form and content of, the Offering
Documents and shall allow the Underwriters to conduct all &#147;due diligence&#148; investigations which the
Underwriters may reasonably require to fulfil the Underwriters&#146; obligations under Applicable
Securities Laws as underwriters and, in the case of the Canadian Preliminary Prospectus, the
Amended and Restated Canadian Preliminary Prospectus, the Canadian Final Prospectus and any
Canadian Prospectus Amendment, to enable the Underwriters responsibly to execute any certificate
required to be executed by the Underwriters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;5 Material Changes</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the period from the date of this Agreement to the completion of the Distribution of
the Shares the Corporation covenants and agrees with the Underwriters that it shall promptly
notify the Underwriters in writing of:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any material change or anticipated, contemplated or threatened material change,
in or relating to the Corporation and its subsidiaries taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any material fact which has arisen or been discovered and would have been
required to have been stated in any of the Offering Documents or any Issuer Free
Writing Prospectus had the fact arisen or been discovered on or prior to the date of
such document;</TD>
</TR>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any change in any material fact (which for purposes of this Agreement shall be
deemed to include the disclosure of any previously undisclosed material fact) contained
in the Canadian Offering Documents, as they exist immediately prior to such change,
which fact or change is, or may be, of such a nature as to render any statement in such
Canadian Offering Documents, as they exist immediately prior to such change, misleading
or untrue in any material respect or which would result in the Canadian Offering
Documents, as they exist immediately prior to such change, containing a
misrepresentation or which would result in the Canadian Offering Documents, as they
exist immediately prior to such change, not complying with the laws of any Qualifying
Jurisdiction in which the Shares are to be offered for sale or which change would
reasonably be expected to have a significant effect on the market price or value of any
securities of the Corporation; 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the occurrence of any event as a result of which (i)&nbsp;the Initial Registration
Statement, the Amendment No.&nbsp;1 to the Registration Statement, the Amendment No.&nbsp;2 to
the Registration Statement, the Registration Statement, or any U.S. Registration
Statement Amendment, in each case as amended immediately prior to such occurrence,
would include any untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary in order to make the statements therein not
misleading, or (ii)&nbsp;the U.S. Preliminary Prospectus, the U.S. Final Prospectus, any
U.S. Amended Prospectus or any Issuer Free Writing Prospectus as then amended or
supplemented would include any untrue statement of a material fact or omit to state a
material fact required to be stated therein or necessary in order to make the
statements therein, in the light of the circumstances in which they are made, not
misleading.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriters agree, and will require each Selling Firm to agree, to cease the
Distribution of the Shares, including any solicitations to sell the Shares, upon the
Underwriters receiving written notification of any change or material fact with respect to any
Offering Document contemplated by this Section&nbsp;5 and to not recommence the Distribution of the
Shares in any Offering Jurisdiction until a Canadian Prospectus Amendment or U.S. Registration
Statement Amendment disclosing such change is filed in such Offering Jurisdiction.</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%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall, to the reasonable satisfaction of the Underwriters&#146; counsel, promptly
comply with all applicable filing and other requirements under Applicable Securities Laws
whether as a result of such change, material fact or otherwise. In addition, if during the
Distribution of the Shares there is any change in any Applicable Securities Laws, which, in
the reasonable opinion of the Underwriters, results in a requirement to file a Canadian
Prospectus Amendment or U.S. Registration Statement Amendment, the Corporation shall, to the
reasonable satisfaction of the Underwriters&#146; counsel, make any such filing under Applicable
Securities Laws as soon as possible.</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%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall in good faith discuss with the Underwriters any fact or change in
circumstances (actual, anticipated, contemplated or threatened, financial or otherwise)</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-11-<!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is of such a nature that there is reasonable doubt whether written notice need be
given under this Section&nbsp;5.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If a material change, material fact or a change in a material fact contemplated by this
Section&nbsp;5 occurs subsequent to the filing of the Canadian Final Prospectus and the
Registration Statement but prior to the Closing Time, then, subject to Section&nbsp;12, the Closing
Date shall be, unless the Corporation and the Underwriters otherwise agree in writing, the
fifth business day following the later of:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date on which all applicable filings or other requirements of the
Applicable Securities Laws with respect to such material change, material fact or
change in a material fact have been complied with in all Offering Jurisdictions and any
appropriate receipts obtained for such filings and notice of such filings from the
Corporation or the Corporation&#146;s counsel have been received by the Underwriters; 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the date upon which the commercial copies of any Canadian Prospectus Amendment
or U.S. Prospectus Amendment have been delivered in accordance with Section&nbsp;6(2);</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>however, in no event shall the Closing Date be later than March&nbsp;31, 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;6 Deliveries to the Underwriters</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall deliver or cause to be delivered to the Underwriter, forthwith:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the Canadian Preliminary Prospectus, in the English and French
languages, in each case duly signed as required by the laws of all of the Qualifying
Jurisdictions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the Initial Registration Statement, the Amendment No.&nbsp;1 to the
Initial Registration Statement and the Amendment No.&nbsp;2 to the Initial Registration
Statement, in each case signed as required by the U.S. Securities Act and the rules and
regulations of the SEC thereunder and any documents included as exhibits to the Initial
Registration Statement, as amended;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of the Canadian Final Prospectus, in the English and French languages,
in each case duly signed as required by the laws of all of the Qualifying
Jurisdictions;</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and forthwith after the preparation thereof:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>copies of any Canadian Prospectus Amendment, in the English and French
languages, required to be filed under Section&nbsp;5 hereof, in each case duly signed as
required by the laws of all of the Qualifying Jurisdictions; 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any U.S. Registration Statement Amendment signed as required by the U.S.
Securities Act and the rules and regulations of the SEC thereunder and any</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-12-<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>documents included as exhibits to the U.S. Registration Statement Amendment required
to be filed under Section&nbsp;5 hereof.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall forthwith cause to be delivered to the Underwriters in such cities in
the Offering Jurisdictions as they may reasonably request, without charge, such numbers of
commercial copies of the Canadian Preliminary Prospectus and Canadian Final Prospectus in the
English and French languages and the U.S. Preliminary Prospectus and U.S. Final Prospectus,
excluding in each case the Documents Incorporated by Reference, as the Underwriters shall
reasonably require. The Corporation shall similarly cause to be delivered to the Underwriters
commercial copies of any Canadian Prospectus Amendment or U.S. Amended Prospectus, excluding
in each case the Documents Incorporated by Reference. The Corporation agrees that such
deliveries shall be effected as soon as possible and, in any event, (i)&nbsp;in Toronto and New
York not later than 12:00&nbsp;noon E.S.T. on February&nbsp;20, 2009, and in all other cities by
12:00&nbsp;noon local time, on the next business day, with respect to the Canadian Preliminary
Prospectus, the Amended and Restated Canadian Preliminary Prospectus, the U.S. Preliminary
Prospectus and Amendment No.&nbsp;1 to the U.S. Registration Statement, and (ii)&nbsp;in Toronto and New
York with respect to the Canadian Final Prospectus and the U.S. Final
Prospectus, by 12:00&nbsp;noon
E.S.T. on the business day (which shall be any day, other than a Saturday or Sunday,
on which banks are open for business in Saskatoon, Saskatchewan) following the delivery by the
Commission of the Dual Prospectus Receipt for the Canadian Final Prospectus, and in all other
cities by 12:00&nbsp;noon local time, on the next business day, provided that the Underwriters
have given the Corporation written instructions as to the number of copies required and the
places to which such copies are to be delivered not less than 24 hours prior to the time
requested for delivery. Such delivery shall also confirm that the Corporation consents to the
use by the Selling Firms of the Offering Documents in connection with the Distribution of the
Shares in compliance with the provisions of this Agreement.</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%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation shall also deliver or cause to be delivered to the Underwriters:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Appropriate legal opinions of the Corporation&#146;s Qu&#233;bec counsel addressed to the
Underwriters, acceptable in all reasonable respects to the Underwriters&#146; counsel:</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dated and delivered on the date of each of the Canadian
Offering Documents, to the effect that, except for the Financial Statements and
certain other financial information, including management&#146;s discussion and
analysis, contained in or incorporated by reference in the Canadian Offering
Documents (collectively, the &#147;<B>Financial Information</B>&#148;), the French language
version of each of the Canadian Offering Documents including any Documents
Incorporated by Reference in the French language version of the Canadian
Offering Documents is in all material respects a complete and proper
translation of the English language versions thereof; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-13-<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>dated and delivered on the Closing Date, relating to the use of
the French language in connection with the documents delivered to purchasers of
the Common Shares in the Province of Qu&#233;bec;</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By the Corporation&#146;s auditors:</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an opinion addressed to the Underwriters acceptable in all
reasonable respects to the Underwriters&#146; counsel dated and delivered on the
date of each of the Canadian Offering Documents, to the effect that the French
language version of the Financial Information is in all material respects a
complete and proper translation of the English language version thereof; 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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a comfort letter addressed to the Underwriters dated and
delivered at the Effective Time (with the requisite procedures to be completed
by such auditor within two business days of the date of such letter) in form
and substance satisfactory to the Underwriters, acting reasonably, and covering
financial and accounting information relating to the Corporation and its
material subsidiaries and affiliates contained in the Offering Documents.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;7 Regulatory Approvals.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation will make all necessary filings, obtain all necessary consents and approvals
(if any) and pay all filing fees required to be paid in connection with the transactions
contemplated by this Agreement. The Corporation will cooperate with the Underwriters in connection
with the qualification of the Shares for offering and sale under the Applicable Securities Laws of
the Offering Jurisdictions and such other jurisdictions as the Underwriters may designate and in
maintaining such qualifications in effect for so long as required for the Distribution of the
Shares; provided, however, that (i)&nbsp;the Corporation shall not be obligated to make any material
filing, file any prospectus, registration statement or similar document, consent to service of
process, or qualify as a foreign corporation or as a dealer in securities in any of such other
jurisdictions, or to subject itself to taxation in respect of doing business in any of such other
jurisdictions in which it is not otherwise so subject, or become subject to any additional
statutory liabilities in respect of the Offering Documents, or become subject to any additional
periodic reporting or continuous disclosure obligations, and (ii)&nbsp;the Underwriters and the Selling
Firms shall comply with the applicable laws in any such designated jurisdiction in making offers
and sales of Shares therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;8 Representations and Warranties</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation represents and warrants to each of the Underwriters that as of the date
hereof, as at the respective dates of the filing of the Canadian Final Prospectus and the U.S.
Final Prospectus and as at the Closing Time (with the same force and effect as if made on and as at
such times):
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Documents Incorporated by Reference complied or will comply when so filed in all
material respects with Canadian Securities Laws and, to the extent applicable,</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-14-<!-- /Folio -->
</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="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>with the requirements of the U.S. Exchange Act and the rules and regulations of the SEC
promulgated under the U.S. Exchange Act.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Canadian Offering Documents at the time such document was filed or at such time
as such document will be filed complied or will comply in all material respects with the
requirements of Canadian Securities Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the time it becomes effective the Registration Statement will, and at the Effective Time
the U.S. Final Prospectus will, conform in all material respects to the applicable
requirements of the U.S. Securities Act and the rules and regulations of the SEC thereunder.</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%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Canadian Offering Documents do not contain or, with respect to Canadian Offering
Documents to be filed after the date hereof, will not contain any misrepresentation (as
defined under Canadian Securities Laws) and constitute or, with respect to Canadian Offering
Documents to be filed after the date hereof, will constitute full, true and plain disclosure
of all material facts relating to the Corporation and its subsidiaries, taken as a whole, and
to the Shares, as required by Canadian Securities Laws; provided, however, that this
representation and warranty shall not apply to any Underwriters&#146; Matters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registration Statement, at the time it becomes effective, will not contain an untrue
statement of a material fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading; and the U.S. Final Prospectus, as of
the Effective Time and as of the Closing Time, will not contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in the light of the circumstances under which they were made, not
misleading; provided, however, that this representation and warranty shall not apply to any
Underwriters&#146; Matters.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of the Effective Time and as of the Closing Time, the U.S. Final Prospectus, when
considered together with each Issuer Free Writing Prospectus, if any, will not include any
untrue statement of a material fact or omit to state any material fact necessary in order to
make the statements therein, in the light of the circumstances under which they were made, not
misleading.</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%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each Issuer Free Writing Prospectus, as of its issue date and at all subsequent times through
the completion of the Distribution of the Common Shares, did not, does not and will not
include any information that conflicted, conflicts or will conflict with the information
contained in the Registration Statement, the U.S. Preliminary Prospectus or the U.S. Final
Prospectus.</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%" nowrap align="left">(8)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is eligible to file a prospectus in the form of Form&nbsp;44-101F1 &#151; Short Form
Prospectus under NI 44-101 of the Canadian Securities Administrators and, at the time of
filing of the Canadian Final Prospectus, there will be no documents required to have been
filed under the Canadian Securities Laws in connection with the Distribution of the Common
Shares at or prior to such time that will not have been filed as required.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-15-<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(9)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is subject to Section 13(a) or 15(d) of the U.S. Exchange Act, and the
Corporation meets the general eligibility requirements for use of Form F-10.</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%" nowrap align="left">(10)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Material Corporate Entities and the Corporation has been duly incorporated and is
validly subsisting under the laws of its jurisdiction of incorporation with corporate power
and authority to own, lease and operate its properties and to conduct its business as now
conducted by it and the Corporation and each of the Material Corporate Entities is duly
qualified as a foreign or extra-provincial corporation, as the case may be, to transact
business and is in good standing in each jurisdiction in which such qualification is required,
whether by the ownership or leasing of property or the conduct of business, except where the
failure to so qualify would not have a material adverse effect on the business, general
affairs, management, condition, financial position, shareholders&#146; equity, results of
operations, properties of the Corporation and its consolidated interest in the Material
Entities, taken as a whole (a &#147;<B>Material Adverse Effect</B>&#148;); and except as otherwise disclosed in
the Offering Documents, all of the issued and outstanding share capital of each of the
Material Corporate Entities has been duly authorized and validly issued, is fully paid and
non-assessable and is owned by the Corporation, directly or indirectly, free and clear of any
security interest, mortgage, pledge, lien, encumbrance or claim.</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%" nowrap align="left">(11)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bruce LP has been formed and is existing under the laws of Ontario, with power and authority
to own, lease and operate its properties and to conduct its business as now conducted by it
and the Corporation holds a 31.6% limited partnership interest in Bruce LP.</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%" nowrap align="left">(12)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>JV Inkai has been formed and is existing under the laws of Kazakhstan, with power and
authority to own, lease and operate its properties and to conduct its business as now
conducted by it and the Corporation holds a 60.0% limited partnership interest in JV Inkai.</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%" nowrap align="left">(13)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation has all necessary corporate power and authority and all authorizations,
approvals, consents, orders, licenses, certificates and permits to enter into, deliver and
perform this Agreement and to issue the Common Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(14)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation has an authorized capitalization as set forth in the Offering Documents of
which, as of January&nbsp;31, 2009, 365,720,123 Common Shares have been duly and validly authorized
and issued and are fully paid and non-assessable.</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%" nowrap align="left">(15)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Shares have been duly authorized for issuance, sale and delivery to the Underwriters
pursuant to this Agreement and, when issued and delivered by the Corporation against payment
of the consideration set forth herein, the Shares will be validly issued and fully paid and
non-assessable and will conform to the description thereof contained in the Offering
Documents; the issuance of the Shares is not subject to the preemptive or similar rights of
any person.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(16)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as disclosed in the Offering Documents, no person has any agreement or option, or
right or privilege (whether pre-emptive or contractual) capable of becoming an</TD>
</TR>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agreement or an option (including convertible or exchangeable securities or warrants) for
the purchase, subscription for or issuance of securities of any kind of the Corporation,
other than pursuant to this Agreement.</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%" nowrap align="left">(17)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the execution, delivery or performance of this Agreement by the Corporation nor the
consummation of any of the transactions contemplated hereby will give rise to a right to
terminate or accelerate any payment due under, or conflict with or result in the breach of any
term or provision of, or constitute a default under, or require any consent or waiver under,
or result in the execution or imposition of any lien, charge or encumbrance upon any
properties or assets of the Corporation or any of the Material Entities pursuant to the terms
of any indenture, mortgage, deed or trust or other agreement or instrument to which the
Corporation or any of the Material Entities is a party or by which any of them or any of their
respective properties or businesses is bound, or any franchise, license, permit, judgment,
decree, order, law, statute, rule, regulation or by-law applicable to the Corporation or any
of the Material Entities, except where such right, conflict, breach, default, consent or
waiver requirement, execution or imposition would not have a Material Adverse Effect, or
violate any provisions of the articles, by-laws or other constating documents of the
Corporation or any of the Material Entities.</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%" nowrap align="left">(18)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement has been duly authorized, executed and delivered by the Corporation and is a
legal, valid and binding obligation of the Corporation enforceable against the Corporation in
accordance with its terms subject to bankruptcy, insolvency, creditor arrangement laws and
laws affecting creditors&#146; rights generally and equitable relief and except as rights to
indemnity and contribution may be limited by applicable laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(19)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The audited financial statements of the Corporation as at December&nbsp;31, 2008 and 2007 and for
the years ended December&nbsp;31, 2008 and 2007 incorporated by reference in the Offering Documents
have been prepared in accordance with Canadian generally accepted accounting principles
applied on a basis consistent with those of previous periods, unless otherwise noted, and such
audited consolidated financial statements have been reconciled to generally accepted
accounting principles in the United States in accordance with Item&nbsp;18 of Form 20-F under the
U.S. Exchange Act and present fairly:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the assets, liabilities (whether accrued, absolute, contingent or otherwise)
and the consolidated financial position of the Corporation as at December&nbsp;31, 2008 and
2007; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the consolidated earnings and retained earnings and the changes in consolidated
cash resources of the Corporation for the periods then ended.</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%" nowrap align="left">(20)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other than as set forth in or incorporated by reference in the Offering Documents, there are
no claims, actions, suits, investigations, notices or proceedings (including, without
limitation, by aboriginal groups) pending or, to the best of the Corporation&#146;s knowledge,
threatened by or against or affecting the Corporation or any of the Material Entities in any
court or before or by any federal, provincial, state, municipal or other governmental
department, commission, board or agency, domestic or foreign, which would have a</TD>
</TR>

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


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</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Material Adverse Effect or which would affect or may affect the Distribution of the Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(21)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation does not believe that it is a &#147;passive foreign investment company&#148;, as such
term is defined in the United States Internal Revenue Code of 1986, as amended.</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%" nowrap align="left">(22)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>KPMG LLP, who have audited the Financial Statements and have audited the Corporation&#146;s
management&#146;s assessment of the Corporation&#146;s internal control over financial reporting, are
independent within the meaning of the Rules of Professional Conduct/Code of Ethics of the
various provincial institutes/ordre, the <I>Canada Business Corporations Act</I>, the U.S. Securities
Act and the applicable rules and regulations thereunder adopted by the SEC and the Public
Company Accounting Oversight Board (United States) (PCAOB).</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%" nowrap align="left">(23)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation maintains a system of internal control over financial reporting (as such term
is defined in Rule&nbsp;13a-15(f) under the U.S. Exchange Act) that complies in all material
respects with the requirements of the U.S. Exchange Act and has been designed by the
Corporation&#146;s principal executive officer and principal financial officer, or under their
supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles in Canada. Management of the Corporation assessed internal
control over financial reporting of the Corporation as of December&nbsp;31, 2008 and concluded
internal control over financial reporting was effective as of such date. The Corporation is
not aware of any material weaknesses in its internal control over financial reporting.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(24)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation maintains disclosure controls and procedures (as such term is defined in Rule
13a-15(e) under the U.S. Exchange Act) that comply with the requirements of the U.S. Exchange
Act; such disclosure controls and procedures have been designed to ensure that information
required to be disclosed by the Corporation in the reports that it files or submits under the
U.S. Exchange Act is recorded, processed, summarized and reported within the time periods
specified in the SEC&#146;s rules and forms; such disclosure controls and procedures were effective
as of December&nbsp;31, 2008.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(25)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Corporation nor any of the Material Entities has taken, nor will the Corporation
or any Material Entity take, directly or indirectly, any action which is designed to or which
has constituted, or which might reasonably be expected to cause or result in, the
stabilization or manipulation of the price of any security of the Corporation in connection
with the Offering.</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%" nowrap align="left">(26)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Corporation nor any of its subsidiaries nor, to the knowledge of the Corporation,
any director, officer, agent, employee, affiliate or other person acting on behalf of the
Corporation or any of its subsidiaries is aware of or has (i)&nbsp;made any unlawful contribution
to any candidate for non-United States or Canadian office, or failed to disclose fully any
such contribution in violation of law, or (ii)&nbsp;made any payment to any federal or state
governmental officer or official, or other person charged with similar public or quasi-public
duties, other than payments required or permitted by the laws of</TD>
</TR>

</TABLE>
</DIV>
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</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the United States or Canada of any jurisdiction thereof. Without limiting the generality of
the foregoing, none of the Corporation, its subsidiaries or, to the knowledge of the
Corporation, any director, officer, agent, employee or affiliate of the Corporation or any
of its subsidiaries is aware of or has taken any action, directly or indirectly, that would
result in a violation by such persons of the Canadian Corruption of Foreign Public Officials
Act or the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (collectively the &#147;<B>Foreign Corruption Laws</B>&#148;), including, without limitation,
making use of the mails or any means or instrumentality of interstate commerce corruptly in
furtherance of an offer, payment, promise to pay or authorization of the payment of any
money, or other property, gift, promise to give, or authorization of the giving of anything
of value to any &#147;foreign official&#148; (as such term is defined in the Foreign Corruption Laws)
or any foreign political party or official thereof or any candidate for foreign political
office, in contravention of the Foreign Corruption Laws; and the Corporation and each of its
subsidiaries have conducted their businesses in compliance with the Foreign Corruption Laws
and have instituted and maintain policies and procedures designed to ensure, and which are
reasonably expected to continue to ensure, continued compliance therewith. The operations
of the Corporation and each of its subsidiaries are and have been conducted at all times in
compliance with applicable financial record-keeping and reporting requirements of the
Proceeds of Crime (Money Laundering) and Terrorist Financing Act (Canada) and the U.S.
Currency and Foreign Transactions Reporting Act of 1970, as amended, the money laundering
statutes of all applicable jurisdictions, the rules and regulations thereunder and any
related or similar rules, regulations or guidelines issued, administered or enforced by any
governmental agency (collectively, the &#147;Money Laundering Laws&#148;) and no action, suit or
proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Corporation or any Subsidiary with respect to the Money Laundering
Laws is pending or, to the best knowledge of the Corporation, threatened.</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%" nowrap align="left">(27)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation and the Material Entities possess such permits, licenses, approvals, consents
and other authorizations (collectively, &#147;<B>Governmental Licenses</B>&#148;) issued by the appropriate
federal, state, provincial, local or foreign regulatory agencies or bodies necessary to
conduct the business now operated by them, except where the failure so to possess would not,
singly or in the aggregate, result in a Material Adverse Effect; the Corporation and the
Material Entities are in compliance with the terms and conditions of all such Governmental
Licenses, except where the failure so to comply would not, singly or in the aggregate, result
in a Material Adverse Effect; all of the Governmental Licenses are valid and in full force and
effect, except where the invalidity of such Governmental Licenses or the failure of such
Governmental Licenses to be in full force and effect would not, singly or in the aggregate,
result in a Material Adverse Effect; and neither the Corporation nor any of the Material
Entities has received any notice of proceedings relating to the revocation or modification of,
failure to renew or imposition of a burdensome restriction under any such Governmental
Licenses which, singly or in the aggregate, if the subject of an unfavourable decision, ruling
or finding, would result in a Material Adverse Effect.</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%" nowrap align="left">(28)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as described in the Offering Documents and except such matters as would not result in
a Material Adverse Effect, (A)&nbsp;neither the Corporation nor any of the Material</TD>
</TR>

</TABLE>
</DIV>
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</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Entities is in violation of any federal, state, provincial, local or foreign statute, law,
rule, regulation, ordinance, legal code, or any legally binding judicial or administrative
interpretation thereof, including any judicial or administrative order, consent, decree or
judgment, relating to pollution or protection of the environment (including, without
limitation, ambient air, surface water, groundwater, land surface or subsurface strata) or
wildlife, including, without limitation, laws and regulations relating to the release or
threatened release of chemicals, pollutants, contaminants, wastes, toxic substances,
hazardous substances, petroleum or petroleum products, asbestos-containing materials or
mould (collectively, &#147;<B>Hazardous Materials</B>&#148;) or to the manufacture, processing, distribution,
use, treatment, storage, disposal, transport or handling of Hazardous Materials
(collectively, &#147;<B>Environmental Laws</B>&#148;), (B)&nbsp;the Corporation and the Material Entities have all
permits, authorizations and approvals required under any applicable Environmental Laws for
their respective businesses as presently conducted and are each in substantial compliance
with their requirements, (C)&nbsp;there are no pending or, to the Corporation&#146;s knowledge,
threatened administrative, regulatory or judicial actions, suits, claims, liens, actions
concerning any noncompliance or violation, investigations or adversarial legal proceedings
pursuant to any Environmental Law against the Corporation or any of the Material Entities,
(D)&nbsp;there are no orders for clean-up or remediation, or actions, suits or proceedings by any
private party or governmental body or agency, against or affecting the Corporation or any of
the Material Entities alleging releases of Hazardous Materials or any violation of
Environmental Laws, and (E)&nbsp;there has been no disposal, discharge, emission contamination or
other release of any kind at, onto or from any property now or previously owned, operated,
used or leased by the Corporation or any Material Entity or into the environment surrounding
any such property of any Hazardous Materials with respect to which the Corporation or any
Material Entity has knowledge, except as could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect or as set forth in the Canadian
Final Prospectus or the U.S. Final Prospectus, or any of the Documents Incorporated by
Reference (exclusive of any supplement thereto).</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%" nowrap align="left">(29)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>With respect to information set forth in the Offering Documents: (i)&nbsp;information relating to
the Corporation&#146;s estimates of mineral reserves and mineral resources contained in the
Offering Documents has been reviewed and verified by the Corporation or independent
consultants to the Corporation for consistency with the Corporation&#146;s most recently prepared
mineral reserve and mineral resource estimates; (ii)&nbsp;the mineral reserve and mineral resource
estimates have been prepared in all material respects in accordance with NI 43-101 by or under
the supervision of a qualified person as defined therein; (iii)&nbsp;the methods used in estimating
the Corporation&#146;s mineral reserves and mineral resources are in accordance with accepted
mineral reserve and mineral resource estimation practices; and (iv)&nbsp;the Corporation has duly
filed with the applicable Canadian Securities Commissions in compliance with applicable
Canadian Securities Laws all technical reports required by NI 43-101 to be filed with the
Canadian Securities Commissions and all such reports (as amended) comply in all material
respects with the requirements thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(30)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation has not since January&nbsp;1, 2008, completed any acquisition that is a
&#147;significant acquisition&#148; for the purpose of Part&nbsp;8 of NI 51-102, nor is it proposing to</TD>
</TR>

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


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</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complete any acquisition that has progressed to a state where a reasonable person would
believe that the likelihood of the Corporation completing the acquisition is high and such
acquisition would be a &#147;significant acquisition&#148; for the purposes of Part&nbsp;8 of NI 51-102 if
completed as of the date of the Canadian Final Prospectus.</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%" nowrap align="left">(31)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Since December&nbsp;31, 2008, except as disclosed in the Offering Documents, neither the
Corporation nor any of the Material Entities has incurred any indebtedness that is material to
the Corporation on a consolidated basis for borrowed money, or guaranteed the repayment
thereof, except for such indebtedness or guarantees incurred in the ordinary course of
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%" nowrap align="left">(32)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is a &#147;reporting issuer&#148; not in default of any requirement under the Canadian
Securities Laws of the Qualifying Jurisdictions and has filed in each of the Qualifying
Jurisdictions its Annual Information Form for the year ended December&nbsp;31, 2007 under NI
44-101. In particular, without limiting the foregoing, no material change relating to the
Corporation has occurred with respect to which the requisite material change report has not
been filed on a non-confidential basis with all relevant securities regulatory authorities
(unless originally filed on a confidential basis and subsequently made non-confidential).</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%" nowrap align="left">(33)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Commission, the SEC, any other securities regulatory authority, any stock
exchange nor any similar regulatory authority has issued any order which is currently
outstanding preventing or suspending trading in any securities of the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(34)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation&#146;s Common Shares that are currently issued and outstanding are listed and
posted for trading on the TSX and are listed on the NYSE and the Corporation is not in default
of its listing requirements on the TSX or the NYSE.</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%" nowrap align="left">(35)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of the Corporation and the Material Entities holds title to its properties and assets as
described in the Offering Documents, including, without limitation, mineral leases, surface
rights or leases, mining rights or claims or other conventional proprietary interests or
rights recognized in the jurisdiction in which a particular property is located, free and
clear of all liens, encumbrances and defects, except such as (i)&nbsp;are described therein, (ii)
have been created in the ordinary course of business in connection with financing
arrangements, (iii)&nbsp;do not materially affect the value of such properties or assets and do not
materially interfere with the use made and proposed to be made of such properties and assets
by the Corporation or such Material Entity, or (iv)&nbsp;are not material to the Corporation and
its subsidiaries taken as a whole. Except as disclosed in the Offering Documents, and except
as would not have a Material Adverse Effect: (i)&nbsp;no other property rights are necessary for
the conduct of the Corporation&#146;s business as presently conducted or as proposed to be
conducted by the Corporation as described in the Offering Documents, and (ii)&nbsp;there are no
material restrictions on the ability of the Corporation and the Material Entities to use or
otherwise exploit any existing property rights. Neither the Corporation nor any Material
Entity has received any notice of any claim adverse to its ownership of any such properties or
assets or of any claim against the continued possession of any such properties or assets,
whether owned or held under lease</TD>
</TR>

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


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</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or sublease by the Corporation or any Material Entity, except as could not have a Material
Adverse Effect.</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%" nowrap align="left">(36)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is not and, after giving effect to the Offering and the application of the
proceeds thereof as described in the Offering Documents under the heading &#147;Use of Proceeds,&#148;
will not be required to be registered as an investment company under the Investment Company
Act of 1940, as amended.</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%" nowrap align="left">(37)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No filing with, or authorization, approval, consent, license, order, registration,
qualification or decree of, any court or governmental authority or agency is necessary or
required for the performance by the Corporation of its obligations hereunder or in connection
with the offering, issuance or sale of the Shares or the consummation of the transactions
contemplated by this Agreement, except (i)&nbsp;such as have been obtained or as may be required
under the U.S. Securities Laws (including state &#147;blue sky&#148; securities laws) and (ii)&nbsp;such as
have been obtained or as may be required under the Canadian Securities Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(38)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Corporation nor, to the knowledge of the Corporation, any director, officer,
agent, employee, affiliate or person acting on behalf of the Corporation is currently subject
to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S.
Treasury Department (&#147;<B>OFAC</B>&#148;); and the Corporation will not directly or indirectly use the
proceeds of the Offering, or lend, contribute or otherwise make available such proceeds to any
subsidiary, joint venture partner or other person or entity, for the purpose of financing the
activities of any person currently subject to any U.S. sanctions administered by OFAC.</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%" nowrap align="left">(39)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as would not, individually or in the aggregate, have a Material Adverse Effect, no
labour disturbance by or dispute with employees of the Corporation or any of the Material
Entities exists or, to the knowledge of the Corporation, is contemplated or threatened, and
the Corporation is not aware of any existing or imminent labour disturbance by, or dispute
with, the employees of any of its or the Material Entities&#146; principal suppliers, contractors
or customers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(40)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation and the Material Corporate Entities are insured by recognized insurers, all
of which insurance is in full force or effect, or are self insured against such losses and
risks and in such amounts as are reasonable and consistent with sound business practice.</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%" nowrap align="left">(41)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Neither the Corporation nor any Material Entities has sustained, since the date of the latest
audited Financial Statements included or incorporated by reference in the Offering Documents,
any loss or interference with its business or properties from fire, explosion, flood,
hurricane, accident or other calamity, whether or not covered by insurance, or from any labour
dispute or any legal or governmental proceeding, other than as set forth in the Offering
Documents that would be material to the Corporation on a consolidated basis.</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%" nowrap align="left">(42)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The material agreements to which the Corporation or a Material Entity is a party in relation
to the McArthur River, Cigar Lake, Key Lake and Inkai joint ventures are in good standing and
there has been no default under any such agreements (except for minor</TD>
</TR>

</TABLE>
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</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and temporary arrears and other similar temporary defaults which occur in the ordinary
course of business or which would not, individually or in the aggregate, constitute or
result in a Material Adverse Effect).</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%" nowrap align="left">(43)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>CIBC Mellon Inc. through its offices in the city of Toronto, Ontario has been duly appointed
as the Canadian registrar and transfer agent for the Common Shares, and Mellon Investor
Services LLC through its offices in Jersey City, New Jersey has been duly appointed as the
U.S. registrar and transfer agent for the Common Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(44)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation and each of the Material Corporate Entities has duly and timely paid all
taxes thereon and all assessments received by it to the extent required to be paid and not
being contested in good faith, except where the failure to do so would not have a Material
Adverse Effect; and to the Corporation&#146;s knowledge, except as otherwise disclosed in the
Offering Documents, there is no tax deficiency that has been asserted in writing against the
Corporation or any of the Material Entities or any of their respective properties or assets
that if ultimately upheld would have a Material Adverse Effect.</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%" nowrap align="left">(45)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All outlooks or projections disclosed in the Offering Documents including any of the
Documents Incorporated by Reference, have been prepared based upon reasonable assumptions in
the circumstances and, with respect to financial outlooks or projections, using accounting
principles consistent with the audited financial statements of the Corporation for the year
ended December&nbsp;31, 2008.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;9 Indemnification</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation agrees to and shall protect and indemnify the Underwriters, their respective
affiliates and each of the directors, officers and employees of the Underwriters and their
respective affiliates and each person, if any, who controls any Underwriter or any of their
respective affiliates from and against all losses (other than losses of profits in connection
with the distribution of the Common Shares), claims, costs, damages and liabilities, to which
the Underwriters, their respective affiliates and such director, officer and employee of the
Underwriters and their respective affiliates and such person, if any, who controls any
Underwriter or any of their respective affiliates, may become subject that is caused by or
arises by reason of:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any information or statement (except any statement relating solely to the
Underwriters or any of them as provided in writing to the Corporation by the
Representatives on behalf of the Underwriters for use in the Offering Documents
(collectively, the &#147;<B>Underwriters&#146; Matters</B>&#148;)) contained in the Canadian Offering
Documents, the U.S. Preliminary Prospectus, the U.S. Final Prospectus, any U.S.
Prospectus Amendment or any Issuer Free Writing Prospectus which at the time and in the
light of the circumstances under which it was made contains or is alleged to contain an
untrue statement of a material fact;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any information or statement (except any Underwriters&#146; Matters) contained in
the Initial Registration Statement, the Amendment No.&nbsp;1 to the Registration Statement,
the Amendment No.&nbsp;2 to the Registration Statement, the Registration</TD>
</TR>

</TABLE>
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</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Statement or any U.S. Registration Amendment which at the time it was made contains
or is alleged to contain an untrue statement of a material fact;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any omission or alleged omission to state in the Canadian Offering Documents,
the U.S. Preliminary Prospectus, the U.S. Final Prospectus, any U.S. Prospectus
Amendment or any Issuer Free Writing Prospectus or any certificate of the Corporation
delivered pursuant to this Agreement, any fact (except any Underwriters&#146; Matters)
required to be stated in such document or necessary to make any statement in such
document not misleading in the light of the circumstances under which it was made;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any omission or alleged omission to state in the Initial Registration
Statement, the Amendment No.&nbsp;1 to the Registration Statement, the Amendment No.&nbsp;2 to
the Registration Statement, the Registration Statement or any U.S. Registration
Amendment any fact (except any Underwriters&#146; Matters) required to be stated in such
document or necessary to make any statement in such document not misleading;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation not complying with any requirement of the Applicable Securities
Laws; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any order made or inquiry, investigation or proceeding commenced or threatened
by any securities regulatory authority or other competent authority based upon any
untrue statement, omission or misrepresentation or alleged untrue statement, omission
or misrepresentation (except Underwriters&#146; Matters) in the Offering Documents or any
Issuer Free Writing Prospectus preventing or restricting trading in the Shares or any
of them or the Distribution of the Shares in any of the Offering Jurisdictions;</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and will reimburse the parties entitled to indemnification hereunder for all reasonable
costs, charges and expenses (including reasonable legal expenses), as incurred, which any of
them may pay or incur in connection with investigating or disputing any such claim or
action. This indemnity is in addition to any liability which the Corporation may otherwise
have.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriters, severally and not jointly nor jointly and severally, agree to and shall
protect and indemnify the Corporation and each of the directors, officers and employees of the
Corporation from and against all losses (other than loss of profit), claims, costs, damages
and liabilities, to which the Corporation, and such director, officer and employee of the
Corporation, may become subject that is caused by or arises by reason of:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any information or statement relating to any Underwriters&#146; Matters contained in
the Canadian Offering Documents, the U.S. Preliminary Prospectus, the U.S. Final
Prospectus, any U.S. Prospectus Amendment or any Issuer Free Writing Prospectus which
at the time and in the light of the circumstances under which it was made contains or
is alleged to contain an untrue statement of a material fact;</TD>
</TR>

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

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


<DIV 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any information or statement relating to any Underwriters&#146; Matters contained in
the Initial Registration Statement, the Amendment No.&nbsp;1 to the Registration Statement,
the Amendment No.&nbsp;2 to the Registration Statement, the Registration Statement or any
U.S. Registration Amendment which at the time it was made contains or is alleged to
contain an untrue statement of a material fact;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any omission or alleged omission to state in the Underwriters&#146; Matters
contained in the Canadian Offering Documents, the U.S. Preliminary Prospectus, the U.S.
Final Prospectus, any U.S. Prospectus Amendment or any Issuer Free Writing Prospectus,
any fact or information relating to the Underwriters required to be stated therein or
necessary to make any of the information or statements contained the Underwriters&#146;
Matters not misleading in the light of the circumstances in which they are made;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any omission or alleged omission to state in the Underwriters&#146; Matters
contained in the Initial Registration Statement, the Amendment No.&nbsp;1 to the
Registration Statement, the Amendment No.&nbsp;2 to the Registration Statement, the
Registration Statement or any U.S. Registration Amendment any fact or information
relating to the Underwriters required to be stated therein or necessary to make any of
the information or statements contained in the Underwriters&#146; Matters not misleading;
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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters or the Selling Firms (provided that no Underwriter shall be
responsible for any Selling Firm not engaged by such Underwriter or by the
Representatives on behalf of the Underwriters as a group) not complying with Applicable
Securities Laws, or any other applicable securities laws in connection with their
marketing and selling activities in the offering and sale of the Shares.</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Underwriters will reimburse the parties entitled to indemnification hereunder for all
reasonable costs, charges and expenses (including reasonable legal expenses), as incurred,
which any of them may pay or incur in connection with investigating or disputing any such
claim or action. This indemnity is in addition to any liability which the Underwriters may
otherwise have.</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%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any claim contemplated by this Section&nbsp;9 shall be asserted against any of the parties
entitled to indemnification under this Section&nbsp;9, or if any potential claim contemplated by
this Section&nbsp;9 shall come to the knowledge of any of the parties entitled to indemnification
under this Section&nbsp;9 in respect thereof, such party will notify the Corporation and the
Representatives on behalf of the Underwriters in writing as soon as possible of the nature of
such claim (provided that any failure to so notify in respect of any potential claim shall not
affect the liability of the Corporation or the Underwriters, as the case may be, under this
Section&nbsp;9 and provided further that any failure to so notify in respect of any actual claim
shall affect the liability of the Corporation or the Underwriters, as the case may be, under
this Section&nbsp;9 only to the extent that the Corporation or the Underwriters, as the case may
be, are prejudiced by such failure). The party liable to make indemnification pursuant to
this Section&nbsp;9 (the &#147;<B>Indemnifying Party</B>&#148;) shall be entitled to participate in the defence of
any claim so asserted and, after</TD>
</TR>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>written notice to the party or
parties claiming indemnification (the
&#147;<B>Indemnified Party</B>&#148;), to assume the
defence thereof. No Indemnifying
Party shall, without the written
consent of the Indemnified Party,
such consent not to be unreasonably
withheld, effect the settlement or
compromise of, or consent to the
entry of any judgment with respect
to, any pending or threatened action
or claim in respect of which
indemnification or contribution may
be sought hereunder (whether or not
the Indemnified Party is an actual or
potential party to such action or
claim) unless such settlement,
compromise or judgment (i)&nbsp;includes
an unconditional release of the
Indemnified Party from all liability
arising out of such action or claim,
and (ii)&nbsp;does not include a statement
as to or an admission of fault,
culpability or a failure to act, by
or on behalf of any Indemnified
Party. If the Indemnifying Party
does not elect to participate in or
assume the defence of such claim, the
Indemnified Party shall have the
right to employ counsel and the
Indemnifying Party shall bear the
reasonable fees, costs and expenses
of such counsel. If the Indemnifying
Party does elect to participate in or
assume the defence of such claim, the
Indemnified Party shall have the
right to participate in the defence
of such claim and have separate
counsel at its own expense provided
that, if the Indemnified Party has
reasonably concluded that there may
be legal defences available to it
which are different from or
additional to those available to the
Indemnifying Party, the Indemnifying
Party shall bear the reasonable fees,
costs and expenses of such separate
counsel with respect to such
different or additional defences or,
if the Indemnified Party has
reasonably concluded that the
representation of the Indemnified
Party and the Indemnifying Party by
the same counsel would be
inappropriate due to actual or
potential differing interests between
them, the Indemnifying Party shall
bear the reasonable fees, costs and
expenses of such separate counsel
with respect to the entire defence.
It is understood, however, that the
Indemnifying Party shall not, in
connection with any one action or
separate but substantially similar or
related actions in the same
jurisdiction, be liable for the
reasonable fees, costs and expenses
of more than one separate law firm
(in addition to any local counsel)
for all such Indemnified Parties
unless, in the opinion of counsel to
any such Indemnified Parties,
representation of all or any of such
Indemnified Parties by the same
counsel would be inappropriate due to
actual or potential differing
interests between any of them.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;10 Contribution</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In order to provide for just and equitable contribution as between the Corporation and the
Underwriters in circumstances in which the indemnity provided in Section&nbsp;9 would otherwise be
available in accordance with its terms but is, for any reason, held to be unavailable to or
unenforceable by the Underwriters or the Corporation or any of their respective affiliates,
directors, officers, employees and agents or controlling persons, or enforceable otherwise
than in accordance with its terms, the Corporation and the Underwriters shall contribute to
the aggregate of all claims, expenses, costs and liabilities and all losses (other than loss
of profits) of the nature contemplated in Section&nbsp;9 and suffered or incurred by them (which,
in the case of the Underwriters, shall include any such claims, expenses, costs, liabilities
and losses paid or incurred to the Corporation pursuant to any claim for contribution or
indemnity by the Corporation or any of its directors, officers, employees or agents against
the Underwriters) on the basis that the Underwriters shall be responsible in the aggregate for
that portion represented by the</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-26-<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>percentage that the aggregate fees payable by the Corporation to the Underwriters hereunder
bears to the purchase price paid by the Underwriters for the Shares and the Corporation
shall be responsible for the balance, provided that:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall not in any event be liable to contribute, in the
aggregate, any amount in excess of such aggregate fee or any portion thereof actually
received; 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no person guilty of misrepresentation as defined in the Applicable Securities
Laws that is fraudulent shall be entitled to contribution from any person who was not
guilty of such fraudulent misrepresentation.</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rights to contribution provided in this Section&nbsp;10 shall be in addition to and not in
derogation of any other right to contribution which the Indemnified Parties may have by
statute or otherwise at law. If an Indemnified Party has reason to believe that a claim for
contribution may arise, it shall give other parties hereto notice thereof in writing, but
failure to give such notice shall relieve a party of any obligation which it may have to the
Indemnified Party under this Section&nbsp;10 only to the extent that it is materially prejudiced
as a result.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The indemnity and contribution agreement contained in Section&nbsp;9 and Section&nbsp;10 hereof shall
remain operative and in full force and effect regardless of any investigation made by or on
behalf of the Underwriters, acceptance by the Underwriters of any of the Shares and payment
therefor, or any termination of this Agreement.</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%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any provision of Section&nbsp;9 or Section&nbsp;10 hereof is determined to be void, voidable or
unenforceable, in whole or in part, such determination shall not affect or impair or be deemed
to affect or impair the validity of any other provision of this Agreement and such void,
voidable or unenforceable provision shall be severable from this Agreement.</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%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation hereby acknowledges and agrees that, with respect to Section&nbsp;9 and Section&nbsp;10
hereof, the Underwriters are contracting on their own behalf and as agents for their
respective affiliates, directors, officers, employees and controlling persons (collectively,
the &#147;<B>Beneficiaries</B>&#148;). In this regard, each of the Underwriters shall act as trustee for the
Beneficiaries of the Corporation&#146;s covenants under Section&nbsp;9 and Section&nbsp;10 hereof with
respect to the Beneficiaries and accepts these trusts and shall hold and enforce the covenants
on behalf of the Beneficiaries.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;11 Covenants of the Corporation</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation covenants and agrees with the Underwriters that:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation will advise the Underwriters, promptly after receiving notice
thereof, of the time when each Offering Document has been filed and any Dual Prospectus
Receipt has been obtained, and will provide evidence satisfactory to the Underwriters
of each such filing and a copy of each such Dual Prospectus Receipt;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-27-<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>between the date hereof and the date of completion of the Distribution of the
Shares, the Corporation will advise the Underwriters, promptly after receiving notice
or obtaining knowledge thereof, of:</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="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance by any Canadian Securities Commission or the SEC
of any order suspending or preventing the use of any of the Offering Documents,
including without limitation the issuance by the SEC of any stop order
suspending the effectiveness of the Registration Statement, or, to the
knowledge of the Corporation, the threatening of any such order;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the issuance by any Canadian Securities Commission, the SEC,
the TSX or the NYSE of any order having the effect of ceasing or suspending the
Distribution of the Common Shares or the trading in any securities of the
Corporation, or of the institution or, to the knowledge of the Corporation,
threatening of any proceeding for any such purpose; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any requests made by any Canadian Securities Commission or the
SEC for amending or supplementing any of the Offering Documents or for
additional information;</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>and the Corporation will use its best efforts to prevent the issuance of any order referred
to in subparagraph (b)(i) above or subparagraph (b)(ii) above and, if any such order is
issued, to obtain the withdrawal thereof at the earliest possible time;</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation will use its best efforts to obtain the conditional listing of
the Shares on the TSX by the Closing Time, subject only to the official notice of
issuance, and the Corporation will use its best efforts to have the Shares listed and
admitted and authorized for trading on the NYSE by the Closing 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>as soon as practicable, but in any event not later than eighteen months after
the effective date of the Registration Statement (as defined in Rule 158(c) under the
U.S. Securities Act), the Corporation will make generally available to its security
holders and to the Representatives an earnings statement or statements of the
Corporation and its subsidiaries which will satisfy the provisions of Section 11(a) of
the U.S. Securities Act and Rule&nbsp;158 under the U.S. Securities Act; 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation will use the net proceeds from the Offering as described in the
Initial Canadian Preliminary Prospectus.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation agrees that, unless it obtains the prior consent of the Representatives, and
each Underwriter represents and agrees that, unless it obtains the prior consent of the
Corporation and the Representatives, not to be unreasonably withheld, it has not made and will
not make any offer relating to the Shares that would constitute an &#147;issuer free writing
prospectus,&#148; as defined in Rule&nbsp;433 under the U.S. Securities Act, or that would otherwise
constitute a &#147;free writing prospectus,&#148; as defined in Rule&nbsp;405 under the U.S. Securities Act,
required to be filed with the SEC. Any such free writing prospectus consented to by the
Corporation and the Representatives is hereinafter referred to as a &#147;<B>Permitted Free Writing
Prospectus</B>.&#148; The Corporation represents that it has treated or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-28-<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>agrees that it will treat each Permitted Free Writing Prospectus as an &#147;issuer free writing
prospectus,&#148; as defined in Rule&nbsp;433 under the U.S. Securities Act, and has complied and will
comply with the requirements of Rule&nbsp;433 applicable to any Permitted Free Writing
Prospectus, including timely filing with the SEC where required, legending and record
keeping.</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%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation will not, without the prior written consent of the Representatives on behalf
of the Underwriters, such consent not to be unreasonably withheld, during the period from the
date hereof and ending 90&nbsp;days following the Closing Date, issue, offer, pledge, sell,
contract to sell any option or contract to purchase, purchase any option or contract to sell,
grant any option, right or warrant to purchase or otherwise transfer, lend or dispose of
directly or indirectly, any Common Shares, or any securities convertible into or exchangeable
for Common Shares; provided that the Corporation may (i)&nbsp;issue Common Shares or securities
convertible into or exchangeable for Common Shares pursuant to any equity incentive plan,
stock ownership or purchase plan, dividend reinvestment plan or other equity plan in effect on
the date hereof, (ii)&nbsp;issue Common Shares issuable upon the conversion, exchange or exercise
of convertible or exchangeable securities or the exercise of warrants or options outstanding
on the date hereof, or (iii)&nbsp;issue Common Shares or other securities convertible into Common
Shares in connection with an acquisition of a business or entity, a consolidation, merger,
combination or plan of arrangement, or a transaction or series of transactions entered into in
response to an unsolicited bid by a third party to engage in any of the foregoing transactions
provided that, except in the circumstances of an unsolicited bid, any such securities issued
may not be subsequently disposed of until 60&nbsp;days after the date of this Agreement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;12 Termination by Underwriters</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the election of any Underwriter or Underwriters (such Underwriter or Underwriters being
hereafter in this Section&nbsp;12 referred to as the &#147;<B>Terminating Underwriter(s)</B>&#148;), the obligations
of such Terminating Underwriter(s) under this Agreement may be terminated and cancelled,
without liability on their part, if, at any time prior to the Closing Time or, with respect
only to its obligations relating to Additional Shares, at or prior to the Option Closing Time:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any inquiry, action, suit, investigation or other proceeding (whether formal or
informal) is threatened, announced or commenced or any order or ruling is issued under
or pursuant to any statute of Canada or the United States or of any province or
territory of Canada, or state of the United States (including, without limitation, the
Commission, the securities regulatory authority in each of the other Qualifying
Jurisdictions, the TSX, NYSE or the SEC), which in the reasonable opinion of such
Terminating Underwriter(s) would be expected to operate to prevent or materially
restrict trading in or distribution of the Shares or any other securities of the
Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there should occur any material change or any change in any material fact or a
new material fact shall arise, or there should be discovered any previously undisclosed
material fact, or a nuclear accident or significant nuclear</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-29-<!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>environmental incident at a nuclear facility which, in each case, in the opinion of
such Terminating Underwriter(s), could reasonably be expected to have a significant
adverse effect on the market price or value of the Common Shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>there should develop, occur or come into effect or existence any event, action,
state, condition or major financial occurrence of national or international
consequence, or any law or regulation, which, in the opinion of such Terminating
Underwriter(s), acting reasonably, seriously adversely affects, or involves, or will
seriously adversely affect, or involve, the Canadian or United States financial
markets, or the business, operations or affairs of the Corporation and its subsidiaries
taken as a whole;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any order to cease or suspend trading in any securities of the Corporation, or
prohibiting or restricting the distribution of the Shares, is made, or proceedings are
announced or commenced for the making of any such order, by any securities commission,
stock exchange or listing authority, and has not been rescinded, revoked or withdrawn;
or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it comes to the knowledge of a Terminating Underwriter(s) that any of the
representations or warranties of the Corporation in this Agreement was untrue or
inaccurate or misleading in any material respect when made or that any of the
representations or warranties of the Corporation has ceased to be true or accurate in
any material respect or has become misleading in any material respect by reference to
the facts and circumstances from time to time subsisting, and such breach has not been
remedied within one business day of notification to the Corporation of the breach by
the Terminating Underwriter(s) or by the Closing Time whichever is the earlier,</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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>by such Terminating Underwriter(s) giving the Corporation written notice to that effect not
later than the Closing 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="4%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The foregoing rights of termination are in addition to any other rights or remedies the
Underwriters or any of them may have in respect of any default, act or failure to act or
non-compliance by the Corporation in respect of any of the matters contemplated by this
Agreement. In the event of any such termination, each remaining Underwriter who has not
elected to terminate shall be deemed contemporaneously to have terminated its obligations
hereunder unless such Underwriter shall have been given written notice by the Corporation of
such termination and shall within 24 hours of receipt of such notice have given the
Corporation written notice to the effect that such remaining Underwriter shall assume the
obligations of the Terminating Underwriter, provided, that such remaining Underwriter shall
have the right to postpone the Closing Date for such period, not exceeding ten business days,
as it shall determine and notify the Corporation in order that any required changes in the
Canadian Final Prospectus and the U.S. Final Prospectus may be effected. If any Underwriter
or Underwriters terminate its or their obligations hereunder pursuant to this Section&nbsp;12 or,
unless as a result of a default within the control of the Corporation, Section&nbsp;14, the
Corporation&#146;s liability hereunder to such Underwriter</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-30-<!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B></B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>or Underwriters shall be limited
to its obligations under Section
9, Section&nbsp;10 and Section&nbsp;16
hereof, as applicable.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;13 Closing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The closing of the purchase and sale of the Firm Shares herein provided for shall be completed
at 8:00 a.m. (E.S.T.), March 5, 2009, or such other date and/or time not later than March&nbsp;31,
2009 as may be agreed upon in writing (respectively, the &#147;<B>Closing Time</B>&#148; and the &#147;<B>Closing Date</B>&#148;), at
the offices of Osler, Hoskin &#038; Harcourt LLP, 1 First Canadian Place, Toronto, Ontario. In the
event that the Closing Time has not occurred on or before March&nbsp;31, 2009, this Agreement shall,
subject to the last sentence of Section&nbsp;12(2) hereof, terminate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;14 Conditions of Closing</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Underwriters under this Agreement are subject to the accuracy of the
representations and warranties of the Corporation contained in this Agreement both as of the date
of this Agreement and as of the Closing Time, the performance by the Corporation of its obligations
under this Agreement and receipt by the Underwriters of, at the Closing Time:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a favourable legal opinion, dated the Closing Date, from Osler, Hoskin &#038; Harcourt LLP, the
Corporation&#146;s Canadian and U.S. counsel as to matters of Canadian federal and provincial law
and as to matters of New York law and United States federal law (who may rely on the opinions of local
counsel acceptable to them and to the Underwriters&#146; counsel as to matters governed by the laws
of jurisdictions in Canada other than the Provinces of Ontario, Alberta and Qu&#233;bec), addressed
to the Underwriters and the Underwriters&#146; counsel such matters to be as set out in the attached Schedule&nbsp;B, which
shall be accompanied by a letter addressed to the Underwriters to the effect that
such counsel has participated in the preparation of the Registration Statement, the Canadian
Final Prospectus and the U.S. Final Prospectus and in conferences with officers and other
representatives of the Corporation, representatives of the independent accountants for the
Corporation, counsel for the Underwriters and representatives of the Underwriters at which the
contents of the Registration Statement, the Canadian Final Prospectus and the U.S. Final
Prospectus and related matters were discussed and, subject to customary qualifications,
confirming that no facts have come to such counsel&#146;s attention which have caused such counsel
to believe that these documents contained an untrue statement of a material fact or omitted to
state a material fact required to be stated therein or necessary to make the statements
therein not misleading, or to make the statements therein not misleading in the light of the
circumstances under which they were made;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a favourable legal opinion, dated the Closing Date, from the Corporation&#146;s counsel in the
countries of Switzerland, Kazakhstan and Kyrgystan, in form and substance satisfactory to the
Underwriters, with respect to the matters set forth in Schedule&nbsp;C;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a favourable legal opinion, dated the Closing Date, from Underwriters&#146; Canadian counsel,
Borden Ladner Gervais LLP (who may rely on the opinions of Canadian counsel to the Corporation
and on the opinions of local counsel acceptable to them as to matters</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-31-<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>governed by the laws of jurisdictions other than the Province of Ontario), containing such
opinions relating to the Offering as the Underwriters may reasonably require;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a favourable legal opinion, date the Closing Date, from Underwriters&#146; U.S. counsel, Skadden,
Arps, Slate, Meagher &#038; Flom LLP, containing such opinions relating to the Offering as the
Underwriters may reasonable require;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>certificates representing, in the aggregate, the Firm Shares represented by one or more
global certificates in the name of CDS &#038; CO. or its nominee or in such other name(s) as the
Representatives on behalf of the Underwriters, shall have directed;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the auditor&#146;s comfort letter dated the Closing Date updating the comfort letter referred to
in Section&nbsp;6(3)(a)(ii) above with such changes as may be necessary from the comfort letter
delivered previously to bring the information therein forward to a date which is within two
business days of the Closing Date;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriting Fee paid in accordance with the eighth paragraph of this Agreement;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evidence satisfactory to the Representatives that the Shares shall have been (A)&nbsp;listed and
admitted and authorized for trading on the NYSE, and (B)&nbsp;conditionally approved for listing on
the TSX, subject only to the official notice of issuance;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a certificate, dated the Closing Date and signed by the President and Chief Executive Officer
and by the Senior Vice-President and Chief Financial Officer of the Corporation, or such other
officers of the Corporation as may be reasonably acceptable to the Underwriters, certifying
that: (i)&nbsp;the Corporation has complied with all covenants and satisfied all terms and
conditions hereof to be complied with and satisfied by the Corporation at or prior to the
Closing Time; (ii)&nbsp;all the representations and warranties of the Corporation contained herein
are true and correct as of the Closing Time with the same force and effect as if made at and
as of the Closing Time after giving effect to the transactions contemplated hereby; (iii)&nbsp;to
the knowledge of such officers, there has been no material change relating to the Corporation
and its Material Entities, on a consolidated basis, since the date hereof which has not been
generally disclosed, except for the offering of the Shares, and with respect to which the
requisite material change statement or report has not been filed and no such disclosure has
been made on a confidential basis; and (iv)&nbsp;that, to the best of the knowledge, information
and belief of the persons signing such certificate, after having made reasonable inquiries, no
order, ruling or determination having the effect of ceasing or suspending trading in the
Common Shares or any other securities of the Corporation has been issued and no proceedings
for such purpose are pending or are contemplated or threatened;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(j)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the documents described in Section&nbsp;6(3) above that are to be delivered by or on behalf of the
Corporation on the Closing Date; 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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(k)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>counsel for the Underwriters shall have been furnished with such documents as they may
reasonably require for the purpose of enabling them to pass upon the issuance and sale of the
Shares, or in order to evidence the accuracy of any of the representations or warranties, or
the fulfillment of any of the conditions, herein contained; and all</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-32-<!-- /Folio -->
</DIV>

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proceedings taken by the Corporation in
connection with the issuance and sale of the
Shares shall be satisfactory in form and
substance to the Representatives and counsel
for the Underwriters, acting reasonably.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;15 Over-Allotment Option</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Over-Allotment Option may be exercised by the Underwriters at any time, in whole or in
part by delivering notice to the Corporation not later than 5:00 p.m. on the 30<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
day after the Closing Date, which notice will specify the number of Additional Shares to be
purchased by the Underwriters and the date (the &#147;<B>Option Closing Date</B>&#148;) and time (the &#147;<B>Option
Closing Time</B>&#148;) on and at which such Additional Shares are to be purchased. Such Option
Closing Date may be the same as (but not earlier than) the Closing Date and will not be
earlier than three Business Days nor later than five Business Days after the date of delivery
of such notice. Upon the Underwriters furnishing this notice, the Underwriters will be
committed to purchase, in the respective percentages set forth in Section&nbsp;22 and the
Corporation will be committed to issue and sell in accordance with and subject to the
provisions of this Agreement, the number of Additional Shares indicated in the notice.
Additional Shares may be purchased by the Underwriters only for the purpose of satisfying
over-allotments made in connection with the Offering.</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%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the event that the Over-Allotment Option is exercised in accordance with its terms, the
closing of the issuance and sale of that number of Additional Shares in respect of which the
Underwriters are exercising the Over-Allotment Option shall take place at the Option Closing
Time at the offices of the Corporation&#146;s Counsel in Toronto, Ontario or at such other place as
may be agreed to by the Underwriters and the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the Option Closing Time, the Corporation shall issue to the Underwriters that number of
Additional Shares in respect of which the Underwriters are exercising the Over-Allotment
Option and deliver or cause to be delivered to the Representatives, on behalf of the
Underwriters one global certificate in definitive form representing the Additional Shares in
respect of which the Underwriters are exercising the Over-Allotment Option, registered in the
name of CDS &#038; Co. (or such other name or names as the Underwriters notify the Corporation not
less than 24 hours prior to the Option Closing Time) against delivery of a receipt for those
certificates and payment by the Underwriters to the Corporation of $17.25 per Additional Share
in respect of which the Underwriters are exercising the Over-Allotment Option.</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%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Concurrently with the deliveries and payment under paragraph (3), the Corporation shall pay
the Underwriting Fee applicable to the Additional Shares in the manner provided in the eighth
paragraph of this letter against delivery of a receipt for that payment.</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%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The obligation of the Underwriters to make any payment or delivery contemplated by this
Section&nbsp;15 is subject to the following conditions being fulfilled at or prior to the Option
Closing Time:</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received a certificate dated the Option Closing
Date, addressed to the Underwriters and the Underwriters&#146; Counsel, signed by the</TD>
</TR>

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

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>President and Chief Executive Officer and the Chief Financial Officer of the
Corporation, or such other officers of the Corporation as the Underwriters may
approve, certifying for and on behalf of the Corporation, without personal
liability, the matters set out in Section&nbsp;14(a);</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received a favourable legal opinions from the
Corporation&#146;s Counsel, addressed to the Underwriters and the Underwriters&#146; Counsel and
dated the Option Closing Date, in form and substance satisfactory to the Underwriters&#146;
Counsel, acting reasonably, with respect to all such matters as the Underwriters may
reasonably request, including the matters described in Section 14(a) and (b), it being
understood that the Corporation&#146;s Counsel may rely, to the extent appropriate in the
circumstances, on certificates of officers of the Corporation or its subsidiaries with
respect to factual matters not independently established, and on the opinions of local
counsel (which shall be addressed to the Underwriters and Underwriters&#146; Counsel and
signed copies of which shall be delivered to the Underwriters and Underwriters&#146;
Counsel) acceptable to the Underwriters&#146; Counsel, acting reasonably, with respect to
matters other than those governed by the laws of Ontario, Alberta and Qu&#233;bec and the
federal laws of Canada applicable therein, and that Underwriters&#146; Counsel may rely on
the opinion of the Corporation&#146;s Counsel as to matters which relate specifically to the
Corporation and its Subsidiaries;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received favourable legal opinions from the
Underwriters&#146; Counsel, addressed to the Underwriters and dated the Option Closing Date,
in form and substance to the Underwriters, acting reasonably, with respect to all such
matters as the Underwriters may reasonably request relating to the distribution of the
Additional Shares, it being understood that Underwriters&#146; Counsel may rely, to the
extent appropriate in the circumstances, on certificates of officers of the Corporation
or its subsidiaries with respect to factual matters not independently established;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="4%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Underwriters shall have received an auditor&#146;s comfort letter dated the
Option Closing Date, in form and substance satisfactory to the Underwriters, acting
reasonably, based on a review not more than two business days prior to the Option
Closing Date updating the comfort letter to be delivered to the Underwriters and the
directors of the Corporation pursuant to Section&nbsp;6(3)(b)(ii) and any similar comfort
letters to be delivered pursuant to Section&nbsp;14(f).</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;16 Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Whether or not the transactions contemplated hereby shall be completed, except as provided
below, all reasonable expenses of or incidental to the delivery and sale of the Shares and of or
incidental to all other matters in connection with the transactions herein set out shall be borne
by the Corporation including, without limitation, filing fees and other expenses payable in
connection with the qualification of the Common Shares for sale to the public in the Offering
Jurisdictions, the direct costs of the Corporation, the fees and expenses of the Corporation&#146;s
counsel, including U.S. counsel, and of the external auditors of the Corporation directly
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-34-<!-- /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">applicable to the Offering, the costs incurred in connection with the preparation,
translation, printing and delivery of this Agreement, the Offering Documents including commercial
copies thereof, and of the definitive certificate(s) representing the Common Shares and any stock
exchange listing fees. The fees and disbursements of the Underwriters&#146; counsel and the
Underwriters &#147;out-of-pocket&#148; expenses (other than those referred to above) shall be borne by the
Underwriters except that the Underwriters will be reimbursed by the Corporation for the
Underwriters&#146; reasonable fees, disbursements and expenses (including the fees and disbursements of
the Underwriters&#146; counsel) if the Offering is not completed, other than by reason of a default by
the Underwriters.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;17 No Advisory or Fiduciary Relationship</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Corporation acknowledges and agrees that (a)&nbsp;the purchase and sale of the Common Shares
pursuant to this Agreement, including the determination of the Offering Price of the Common Shares
and any related discounts and commissions, is an arm&#146;s-length commercial transaction between the
Corporation, on the one hand, and the several Underwriters, on the other hand, (b)&nbsp;in connection
with the Offering and the process leading to such transaction each Underwriter is and has been
acting solely as a principal and is not the agent or fiduciary of the Corporation or its
shareholders, creditors, employees or any other party, (c)&nbsp;no Underwriter has assumed or will
assume an advisory or fiduciary responsibility in favour of the Corporation with respect to the
Offering or the process leading thereto (irrespective of whether such Underwriter has advised or is
currently advising the Corporation on other matters) and no Underwriter has any obligation to the
Corporation with respect to the Offering except the obligations expressly set forth in this
Agreement, (d)&nbsp;the Underwriters and their respective affiliates may be engaged in a broad range of
transactions that involve interests that differ from those of the Corporation, and (e)&nbsp;the
Underwriters have not provided any legal, accounting, regulatory or tax advice with respect to the
Offering and the Corporation has consulted its own legal, accounting, regulatory and tax advisors
to the extent it deems appropriate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;18 Notices</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any notice or other communication to be given hereunder shall, in the case of notice to the
Corporation, be addressed to Cameco Corporation, 2121-11th Street West, Saskatoon, Saskatchewan S7M
1J3, Attention: Mr.&nbsp;O. Kim Goheen, Senior Vice-President and Chief Financial Officer, Telecopier
No. (306)&nbsp;956-6312 and, in the case of notice to the Underwriters, be addressed to: BMO, Attention: Egizio Bianchini, Telecopier (416)&nbsp;359-4459; RBC DS, Attention: Gary A. Sugar,
Telecopier (416)&nbsp;842-7527; CIBC World Markets Inc., Attention:
David Scott, Telecopier (416)&nbsp;594-8848; Scotia Capital
Inc., Attention: Jeffrey W. Richmond, Telecopier (416)&nbsp;863-7117;
BNP Paribas (Canada) Securities Inc., Attention: Daniel Grenier,
Telecopier (514)&nbsp;285-7517; TD Securities Inc., Attention:
Ewan Mason, Telecopier (416)&nbsp;308-3099; and National Bank Financial
Inc., Attention: Steven Farber, Telecopier (416)&nbsp;869-0813. Any such notice or other communication shall be in writing, and unless
delivered personally to a responsible officer of the addressee, shall be given by courier service
or by facsimile and shall be deemed to have been received, if given by facsimile, on the day of
sending (if such day is a business day or, if not, on the next day following the sending thereof
which is a business day) and if given by courier service, on the next business day following the
sending thereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;19 Actions on Behalf of the Underwriters</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All steps which must or may be taken by the Underwriters in connection with this Underwriting
Agreement, with the exception of the matters contemplated by Section&nbsp;9 or Section&nbsp;12, shall be
taken by the Representatives on the Underwriters&#146; behalf and the execution of the
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->-35-<!-- /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">Agreement by the Underwriters shall constitute the Corporation&#146;s authority for accepting
notification of any such steps from, and for giving notice to, and for delivering the definitive
certificate(s) representing the Shares to, or to the order of, the Representatives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;20 Waiver, etc.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All terms and conditions of the Agreement shall be construed as conditions and any breach or
failure by the Corporation to comply with any such terms and conditions shall entitle any
Underwriter, without limitation of any other remedies of the Underwriters, to terminate such
Underwriter&#146;s obligations to purchase the Common Shares by giving written notice to that effect to
the Corporation at or prior to the Closing Time. It is understood that any Underwriter may waive
in whole or in part, or extend the time for compliance with, any of such terms and conditions
without prejudice to such Underwriter&#146;s rights in respect of any other such terms and conditions or
any other or subsequent breach or non-compliance, provided that to be binding on such Underwriter
any such waiver or extension must be in writing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;21 Survival</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The representations, warranties, obligations and agreements of the Corporation and of the
Underwriters contained herein or delivered pursuant to this Agreement shall survive the purchase by
the Underwriters of the Shares and shall continue in full force and effect notwithstanding any
subsequent disposition by the Underwriters of the Shares and the Underwriters shall be entitled to
rely on the representations and warranties of the Corporation contained in or delivered pursuant to
this Agreement notwithstanding any investigation which the Underwriters may undertake or which may
be undertaken on the Underwriters&#146; behalf.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;22 Underwriters&#146; Obligations</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="4%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the terms of this Agreement, the Underwriters&#146; obligations under this Agreement to
purchase the Common Shares shall be several and not joint and several and the liability of
each of the Underwriters to purchase the Shares shall be limited to the following percentages
of the purchase price paid for the Shares:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="70%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BMO Nesbitt Burns Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RBC Dominion Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CIBC World Markets Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Scotia Capital Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BNP Paribas (Canada) Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">TD Securities Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">National Bank Financial Inc.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any of the Underwriters fails to purchase its applicable percentage of the Shares at the
Closing Time or the Option Closing Time, as the case may be, then the other Underwriters who
shall be willing and able to purchase their applicable percentage of the Firm Shares or
Additional Shares, as the case may be, shall have the right, but not the obligation, to
purchase, on a pro rata basis, all but not less than all of the Shares not purchased by the
defaulting Underwriter, and to receive the defaulting Underwriter&#146;s portion of the
Underwriting Fee in respect thereof, and such non-defaulting Underwriters</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->-36-<!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>shall have the right, by notice to the
Corporation, to postpone the Closing Date
or Option Closing Date, as the case may
be, by not more than three business days
to effect such purchase. In the event
that such right is not exercised, the
other Underwriters that are not in
default shall be relieved of all
obligations to the Corporation and the
Corporation shall not be obligated to
sell less than all the Firm Shares or
Additional Shares with respect to which
the Over-Allotment Option is exercised,
as the case may be, and the Corporation
shall be entitled to terminate its
obligations under this Agreement except
for those under Section&nbsp;9, Section&nbsp;10 and
Section&nbsp;16 hereof, provided that in the
case of Additional Shares, such
termination shall apply only with respect
to such Additional Shares and not to any
Firm Shares. Nothing in this paragraph
shall oblige the Corporation to sell to
any or all of the Underwriters less than
all of the Firm Shares or Additional
Shares, as applicable, or relieve from
liability to the Corporation any
Underwriter which shall be so in default.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;23 Entire Agreement</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any and all previous agreements with respect to the purchase and sale of the Shares, whether
written or oral, are terminated and this Agreement constitutes the entire agreement between the
Corporation and the Underwriters with respect to the purchase and sale of the Common Shares.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;24 Governing Law</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Agreement shall be governed by and construed in accordance with the laws in force in the
Province of Ontario and the federal laws of Canada applicable therein and the parties hereby attorn
to the non-exclusive jurisdiction of the courts of the Province of Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Section&nbsp;25 Time of the Essence</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time shall be of the essence of this Agreement. This Agreement may be executed in
counterparts, each of which when so executed shall be deemed to be an original and such
counterparts together shall constitute one and the same instrument.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>&#151; REMAINDER OF PAGE INTENTIONALLY BLANK &#151;</B>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->-37-<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the foregoing is in accordance with your understanding and is agreed to by you, will you
please confirm your acceptance by signing the enclosed copies of this letter at the place indicated
and returning the same to us on or before February 18, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 24pt; margin-left: 50%">Yours
truly,<BR>&nbsp;
</DIV>

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

    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>

</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B>BMO NESBITT BURNS INC.</B></TD>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD align="left">&nbsp;</TD>
    <TD colspan="2"><B>RBC DOMINION SECURITIES INC.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Egizio Bianchini&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Gary A. Sugar&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Egizio Bianchini&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Gary A. Sugar&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="8">&nbsp;<BR>&nbsp;</TD>
</TR>


<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B>CIBC WORLD MARKETS INC.</B></TD>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD align="left">&nbsp;</TD>
    <TD colspan="2"><B>SCOTIA CAPITAL INC.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;David Scott&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Jeffrey W. Richmond&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">David Scott&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Jeffrey W. Richmond&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="8">&nbsp;<BR>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B>BNP PARIBAS (CANADA)<BR>SECURITIES INC.</B></TD>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD align="left">&nbsp;</TD>
    <TD colspan="2"><B>TD SECURITIES INC.</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Daniel Grenier&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Ewan Mason&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Daniel Grenier&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Ewan Mason&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director &#150; Capital Markets&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Managing Director&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="8">&nbsp;<BR>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD colspan="2"><B>NATIONAL BANK FINANCIAL INC.</B></TD>
    <TD valign="top" align="left">&nbsp;</TD>

    <TD align="left">&nbsp;</TD>
    <TD colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>

<TR>
    <TD valign="top">By:&nbsp;&nbsp;</TD>

<TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Steven
Farber&nbsp;</TD>
    <TD>&nbsp;</TD>

    <TD valign="top">&nbsp;&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>

</TR>
<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Steven Farber&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="8">&nbsp;</TD>
</TR>



</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-1<!-- /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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing is in accordance with our understanding and is accepted by us.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><BR><B>CAMECO
CORPORATION</B><BR>&nbsp;<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/&nbsp;&nbsp;O. Kim Goheen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">O. Kim Goheen&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice-President and<BR>Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;George B. Assie
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">George B. Assie&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Senior Vice-President, Marketing and<BR>Business
Development&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->S-2<!-- /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>SCHEDULE &#147;A&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAMECO CORPORATION<BR>
TERM SHEET<BR>
Common Shares</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="5%">&nbsp;</TD>
    <TD width="75%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">Issuer:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cameco Corporation</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Issue:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23,188,400 Common Shares.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Offering Price:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$17.25 per Common Share.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Amount of Issue:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">$399,999,900</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Over Allotment Option:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Company has granted the Underwriters an option,
exercisable at any time, in whole or in part for a
period of 30&nbsp;days from the date of the closing, to
purchase up to an additional 3,478,000 Common
Shares at the Offering Price.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Form of Offering:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Bought deal by way of a short form prospectus
qualifying the Common Shares for public
distribution in all provinces and territories of
Canada and by way of registered offering in the
United States under the multi-jurisdictional
disclosure system.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Use of Proceeds:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The net proceeds of the offering will be used to
strengthen the Company&#146;s capital position and
enhance its financial flexibility in order to allow
it to take advantage of opportunities that may
emerge from the current industry environment, and
for general corporate purposes.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Listing:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">The Common Shares will be listed on the New York
Stock Exchange and the Toronto Stock Exchange.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Black Out:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">During the 90&nbsp;days following the Closing Date, the
Company will not issue additional Common Shares, or
securities convertible into or exchangeable
therefor, subject to exceptions stated in
Underwriting Agreement.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Closing Date:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">March&nbsp;5, 2009 or such other date as the
Underwriters and the Company mutually agree.</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Commission:
</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">4% of the gross proceeds of the offering.</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->A-1<!-- /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>SCHEDULE &#147;B&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MATTERS TO BE ADDRESSED IN THE CORPORATION&#146;S<BR>
CANADIAN AND U.S. COUNSEL OPINIONS</B>
</DIV>


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements under the heading &#147;Certain Canadian Federal
Income Tax Considerations&#148; in the Canadian Final Prospectus and the U.S. Final
Prospectus are true and correct in all material respects, subject to the
qualifications described therein and based on the assumptions described
therein;</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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is a corporation existing under the federal
laws of Canada. Each of the Material Corporate Entities, other than Kumtor Gold
Company and Cameco Europe Ltd., is a corporation existing under the laws of its
jurisdiction of incorporation. There are no restrictions on the corporate power
and capacity of the Corporation to own and lease its property and assets and to
carry on its business as described in the Canadian Final Prospectus and the
U.S. Final Prospectus. There are no restrictions on the corporate power and
capacity of any of the Material Corporate Entities, other than Kumtor Gold
Company and Cameco Europe Ltd., to own and lease its property and assets and to
carry on its business as described in the Canadian Final Prospectus and the
U.S. Final Prospectus. There are no restrictions on the corporate power and
capacity of the Corporation to enter into this Agreement or to carry out its
obligations under this Agreement.</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Bruce LP is a limited partnership formed under the <I>Limited
Partnerships Act </I>(Ontario). The general partner of Bruce LP (<B>&#147;Bruce GP&#148;</B>) is a
corporation existing under the laws of its jurisdiction of incorporation. Bruce
GP has all necessary corporate power and capacity to own its property and
assets and to act as general partner of Bruce LP.</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The authorized capital of the Corporation is as described in
the Canadian Final Prospectus and the U.S. Final Prospectus.</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is qualified or registered to carry on business
as an extra-provincial corporation in the Provinces of Saskatchewan, Ontario,
Alberta and Qu&#233;bec. Each of UEM Inc. and Cameco Gold Inc. is qualified or
registered to carry on business as an extra-provincial corporation in the
Provinces of Ontario and Saskatchewan. Each of Centerra Gold Inc., Kumtor
Mountain Corporation, Cameco Bruce Holdings Inc. and Cameco Bruce Holdings II
Inc. is qualified or registered to carry on business as an extra-provincial
corporation in the Province of Ontario.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->B-1<!-- /Folio -->
</DIV>

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

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

<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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Corporation is not a party to, bound or affected by or
subject to any provision in its constating documents or by-laws which is
violated, contravened or breached by the execution and delivery by it of this
Agreement or the performance by it of any of the terms thereof. The Corporation
is not bound or affected by or subject to any statutory law or regulation of
the Province of Saskatchewan, the Province of Ontario or the federal laws of
Canada applicable in such provinces which is violated, contravened or breached
by the execution and delivery by it of this Agreement or the performance by it
of any of the terms thereof.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution and delivery of, and the performance of its
obligations under, this Agreement have been duly authorized by all necessary
corporate action on the part of the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(viii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The execution and delivery by the Corporation of each of the Initial Canadian
Preliminary Prospectus, the Amended and Restated Canadian Preliminary
Prospectus and the Canadian Final Prospectus and the filing thereof with the
Canadian Securities Commissions and the filing of the Registration Statement
with the SEC have been duly authorized by all necessary corporate action on the
part of the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This Agreement has been duly executed and delivered by the
Corporation and is a valid and legally binding obligation of the Corporation,
enforceable against the Corporation in accordance with its terms (which opinion
will be subject to the usual qualifications with respect to laws of general
application relating to creditors&#146; rights and equitable principles and the
usual qualification with respect to rights to indemnity and contribution).</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">(x)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No consent, authorization, approval, license or order of, or
filing, registration or qualification by the Corporation or any of its
subsidiaries with, any court or governmental or regulatory agency or body in
the Province of Ontario under the laws of the Province of Ontario or the
federal laws of Canada applicable therein is necessary or required in
connection with the execution and delivery by the Corporation of, and
performance by the Corporation of its obligations under, this Agreement, except
for such as may be required under Canadian Securities Laws.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>No consent, authorization, approval, license or order of, or
filing, registration or qualification by the Corporation or any of its
subsidiaries with, any court or governmental or regulatory agency or body in
the Province of Saskatchewan under the laws of the Province of Saskatchewan or
the federal laws of Canada applicable therein is necessary or required in
connection with the execution and delivery by the Corporation of, and
performance by the Corporation of its obligations under, this Agreement, except
for such as may be required under Canadian Securities Laws.</TD>
</TR>

</TABLE>
</DIV>

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


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

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

<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">(xii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The listing of the Shares on the TSX has been approved by the
TSX, subject only to the filing of documents in accordance with the
requirements of the TSX on or before the date specified by the TSX.</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">(xiii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuance of the Firm Shares has been duly authorized by the Corporation
and, upon receipt by the Corporation of consideration therefor in accordance
with the terms of this Agreement, the Firm Shares will be validly issued,
fully-paid and non-assessable shares of the Corporation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xiv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All necessary documents have been filed, all necessary
proceedings have been taken and all necessary authorizations, approvals,
permits, consents and orders have been obtained under Canadian Securities Laws
to qualify the Shares for distribution and sale in the Qualifying Jurisdictions
by or through investment dealers or brokers duly registered under the
applicable Canadian Securities Laws who comply with the relevant provisions of
such laws and the terms of such registration;</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">(xv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Each of CIBC Mellon Trust Company and Mellon Investor Services
LLC has been duly appointed the transfer agent and registrar for the Common
Shares.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(xvi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements under the heading &#147;Enforceability of Certain
Civil Liabilities&#148; in the Canadian Final Prospectus and the U.S. Final
Prospectus insofar as such statements constitute a summary of the legal matters
described therein fairly summarize such legal matters in all material respects.</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">(xvii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The statements in the Registration Statement under &#147;Part&nbsp;II &#151; Information
not Required to be Delivered to Offerees &#151; Indemnification&#148; insofar as such
statements constitute a summary of the legal matters or documents described
therein fairly summarize such legal matters and documents in all material
respects.</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">(xviii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provisions of the Shares conform, in all material respects, with the
description thereof contained under the heading &#147;Description of Securities&#148; in
the Canadian Final Prospectus and the U.S. Prospectus.</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">(xix)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the form of the definitive share certificate representing the
Shares to be delivered at the Closing Time complies in all material respects
with the provisions of the <I>Canada Business Corporations Act </I>and has been
authorized and approved by the Corporation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><U><B>U.S. Counsel Opinion</B></U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Registration Statement is effective under the U.S.
Securities Act. Based solely upon the oral advice of a member of the staff of
the SEC, no stop order suspending the effectiveness of the Registration
Statement has been issued, and to such counsel&#146;s knowledge no proceedings for
that purpose have been initiated or are pending or threatened by the SEC;</TD>
</TR>

</TABLE>
</DIV>

</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-3<!-- /Folio -->
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

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

<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">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>based solely on the letter dated February &#091;<B>&#149;</B>&#093;, 2009 from the
NYSE, the Shares have been approved for listing on the New York Stock Exchange
subject to notice of issuance;</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">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>although the statements in the Canadian Final Prospectus and
the U.S. Final Prospectus under the caption &#147;Certain United States Federal
Income Tax Considerations&#148; do not purport to be a complete description of all
possible United States federal income tax consequences of the purchase,
ownership and disposition of the Common Shares by U.S. Holders (as defined
under such caption), such statements constitute a fair and accurate summary of
the material United States federal income tax consequences of the purchase,
ownership and disposition of the Common Shares by U.S. Holders;</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">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no consent, approval, authorization or order of, or filing,
registration or qualification with (collectively, &#147;Consents&#148;), any Governmental
Authority is required by the Corporation under any Applicable Law for the
issuance or sale of the Common Shares or the performance by the Corporation of
its obligations under this Agreement except such as have been obtained or made
under the U.S. Securities Act and except that we express no opinion as to any
such Consents that may be required to be obtained from or made to the United
States Financial Industry Regulatory Authority. For the purposes of this
opinion, the term &#147;Governmental Authority&#148; means any executive, legislative,
judicial, administrative or regulatory body of the State of New York or the
United States of America. For the purposes of this opinion, the term
&#147;Applicable Law&#148; means those laws, rules and regulations of the State of New
York (but not including any statutes, ordinances, administrative decisions,
rules or regulations of any political subdivision of the State of New York) and
the federal laws of the United States of America, in each case which in such
counsel&#146;s experience are normally applicable to the transactions of the type
contemplated by this Agreement, except that &#147;Applicable Law&#148; does not include
the anti-fraud provisions of the securities laws of any applicable jurisdiction
or any state securities or blue sky laws of the various states;</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">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the execution and delivery of this Agreement by the Corporation
and the performance by the Corporation of any of the terms hereof, including
issuance and sale of the Shares by the Corporation, will not violate Applicable
Law, except that we express no opinion in this clause (v)&nbsp;with respect to the
indemnity and contributions provisions contained in the Agreement. For the
purposes of this opinion, the term &#147;Applicable Law&#148; means those laws, rules and
regulations of the State of New York (but not including any statutes,
ordinances, administrative decisions, rules or regulations of any political
subdivision of the State of New York) and the federal laws of the United States
of America, in each case which in such counsel&#146;s experience are normally
applicable to the transactions of the type contemplated by this Agreement,
except that &#147;Applicable Law&#148; does not include the anti-fraud provisions of the
securities laws of any
applicable jurisdiction or any state securities or blue sky laws of the
various states; and</TD>
</TR>

</TABLE>
</DIV>

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

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

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

<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">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Corporation is not, and, after giving effect to the
Offering and the application of the proceeds thereof as described in the
Canadian Final Prospectus and the U.S. Final Prospectus under the heading &#147;Use
of Proceeds,&#148; will not be, required to be registered as an investment company
under the United States Investment Company Act of 1940, as amended.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->B-5<!-- /Folio -->
</DIV>
<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SCHEDULE &#147;C&#148;</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>MATTERS TO BE ADDRESSED IN THE CORPORATION&#146;S<BR>
FOREIGN COUNSEL OPINIONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Opinions are to include the following:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Incorporation and existence; 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">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Qualification to carry on business.</TD>
</TR>

</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->C-1<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.1
<SEQUENCE>3
<FILENAME>o53689exv5w1.htm
<DESCRIPTION>EXHIBIT 5.1
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

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


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Board of Directors<BR>
Cameco Corporation:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We
consent to the incorporation by reference in this Amendment No. 1 to the Registration Statement on Form F-10 of
Cameco Corporation (the &#147;Company&#148;) of:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our report to the shareholders of the Company on the consolidated balance sheets of
the Company as at December&nbsp;31, 2008 and 2007 and the consolidated statements of
earnings, shareholders&#146; equity, comprehensive income,
accumulated other comprehensive income and cash flows for each of the
years then ended, dated February 12, 2009; 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>our report to the board of directors of the Company on the
reconciliation to United States GAAP, dated February 12, 2009</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">and to the reference to our firm under the heading &#147;Auditors, Registrar and Transfer Agent&#148; in the
prospectus.
</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="1%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->



<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ KPMG LLP
<DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" colspan="3"><DIV style="margin-left:0px; text-indent:-0px">Chartered Accountants</DIV></TD>
</TR>


<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Saskatoon, Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">February&nbsp;19, 2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.2
<SEQUENCE>4
<FILENAME>o53689exv5w2.htm
<DESCRIPTION>EXHIBIT 5.2
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT
5.2</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CONSENT OF OSLER, HOSKIN &#038; HARCOURT LLP</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;19, 2009
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We hereby
consent to the references to and use of our name contained under the headings &#147;Enforceability of
Certain Civil Liabilities&#148;, &#147;Certain Canadian Federal Income Tax Considerations&#148; and &#147;Legal
Matters&#148; and the inclusion of our opinion contained under the
heading &#147;Certain Canadian Federal Income Tax Considerations&#148; in the prospectus included in the Registration Statement on Form F-10 dated
February&nbsp;18, 2009 and the amendments thereto relating to the public offering of common shares of
Cameco Corporation.
</DIV>

<DIV align="center" style="margin-top: 6pt">
<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="1%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sincerely,</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" 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>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Osler, Hoskin &#038; Harcourt LLP
<DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Osler, Hoskin &#038; Harcourt LLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.12
<SEQUENCE>5
<FILENAME>o53689exv5w12.htm
<DESCRIPTION>EXHIBIT 5.12
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w12</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt"><B>EXHIBIT 5.12</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="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatchewan Financial Services Commission, as Principal Regulator<br>
Alberta Securities Commission<br>
British Columbia Securities Commission<br>
Ontario Securities Commission<br>
Manitoba Securities Commission<br>
Autorit&#233; des march&#233;s financiers<br>
New Brunswick Securities Commission<br>
Nova Scotia Securities Commission<br>
PEI Securities Office, Consumer, Corporate and Insurance Services Division, Office
of the Attorney General<br>
Securities Commission of Newfoundland and Labrador<br>
Northwest Territories Registrar of Securities<br>
Government of Nunavut Securities Registry<br>
Yukon Department of Community Services Securities Registrar<br></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Securities and Exchange Commission</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs and Mesdames:
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Short Form&nbsp;Prospectus and Registration Statement of Cameco Corporation (the &#147;Corporation&#148;)</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In
connection with the Corporation&#146;s short form prospectus dated
February&nbsp;18, 2009, and any
amendments thereto and any documents incorporated by reference therein (the &#147;<B>Short Form
Prospectus</B>&#148;) and with the Corporation&#146;s registration statement on Form F-10 dated
February&nbsp;18,
2009, and any amendments thereto and any registration statements filed pursuant to Rule&nbsp;429 under
the United States Securities Act of 1933, as amended, and any documents incorporated by reference
therein (the &#147;<B>Registration Statement</B>&#148;), the undersigned does hereby consent to reference to my name
and my involvement in the preparation of or supervision of the preparation of, scientific and
technical information, in the following instances:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Interests of Experts&#148; in the Short Form&nbsp;Prospectus; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;Centerra Gold Inc. &#151; Kumtor Mine&#148;, &#147;Centerra Gold Inc. -
Reserves and Resources&#148;, and &#147;Interests of Experts<B>&#148; </B>in the Corporation&#146;s Annual
Information Form for the year ended December&nbsp;31, 2007 dated March&nbsp;28, 2008 for the
Kumtor property,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;<B>Technical Information</B>&#148;) in the Short Form&nbsp;Prospectus and Registration Statement,
and to the inclusion and incorporation by reference of information derived from the Technical
Information in the Short Form&nbsp;Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned does hereby confirm that I have read the Short Form&nbsp;Prospectus and all information
specifically incorporated by reference therein and that I have no reason to believe that there are
any misrepresentations as defined in the <I>Securities Act </I>(Saskatchewan) contained therein that is
derived from the Technical Information prepared by or under my supervision, nor are there any
misrepresentations within my knowledge as a result of the services I have performed for the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated
this 18th day of February, 2009.
</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="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Henrik Thalenhorst
<DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>
Henrik Thalenhorst, P. Geo.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.13
<SEQUENCE>6
<FILENAME>o53689exv5w13.htm
<DESCRIPTION>EXHIBIT 5.13
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w13</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT
5.13</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="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatchewan Financial Services Commission, as Principal Regulator<br>
Alberta Securities Commission<BR>
British Columbia Securities Commission<BR>
Ontario Securities Commission<BR>
Manitoba Securities Commission<BR>
Autorit&#233; des march&#233;s financiers<BR>
New Brunswick Securities Commission<BR>
Nova Scotia Securities Commission<BR>
PEI Securities Office, Consumer, Corporate and Insurance Services Division, Office
of the Attorney General<BR>
Securities Commission of Newfoundland and Labrador<BR>
Northwest Territories Registrar of Securities<BR>
Government of Nunavut Securities Registry<BR>
Yukon Department of Community Services Securities Registrar<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Securities and Exchange Commission<BR></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco Corporation<BR></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs and Mesdames:
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Short Form&nbsp;Prospectus and Registration Statement of Cameco Corporation (the &#147;Corporation&#148;)</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In
connection with the Corporation&#146;s short form prospectus dated
February&nbsp;18, 2009, and any
amendments thereto and any documents incorporated by reference therein (the &#147;<B>Short Form
Prospectus</B>&#148;) and with the Corporation&#146;s registration
statement on Form F-10 dated February&nbsp;18,
2009, and any amendments thereto and any registration statements filed pursuant to Rule&nbsp;429 under
the United States Securities Act of 1933, as amended, and any documents incorporated by reference
therein (the &#147;<B>Registration Statement</B>&#148;), the undersigned does hereby consent to reference to my name
and my involvement in the preparation of or supervision of the preparation of, scientific and
technical information, in the following instances:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Interests of Experts&#148; in the Short Form&nbsp;Prospectus; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;Centerra Gold Inc. &#150; Kumtor Mine&#148;, &#147;Centerra Gold Inc. &#150;
Reserves and Resources&#148;, and &#147;Interests of Experts<B>&#148; </B>in the Corporation&#146;s Annual
Information Form for the year ended December&nbsp;31, 2007 dated March&nbsp;28, 2008 for the
Kumtor property,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(collectively the &#147;<B>Technical Information</B>&#148;) in the Short Form&nbsp;Prospectus and Registration Statement,
and to the inclusion and incorporation by reference of information derived from the Technical
Information in the Short Form&nbsp;Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The undersigned does hereby confirm that I have read the Short Form&nbsp;Prospectus and all information
specifically incorporated by reference therein and that I have no reason to believe that there are
any misrepresentations as defined in the <I>Securities Act </I>(Saskatchewan) contained therein that is
derived from the Technical Information prepared by or under my supervision, nor are there any
misrepresentations within my knowledge as a result of the services I have performed for the
Corporation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated this 19th day of February, 2009.
</DIV>

<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Dan Redmond
<DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>
Dan Redmond, P. Eng.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.14
<SEQUENCE>7
<FILENAME>o53689exv5w14.htm
<DESCRIPTION>EXHIBIT 5.14
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w14</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="right" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT
5.14</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="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="89%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatchewan Financial Services Commission, as Principal Regulator<br>
Alberta Securities Commission<br>
British Columbia Securities Commission<br>
Ontario Securities Commission<br>
Manitoba Securities Commission<br>
Autorit&#233; des march&#233;s financiers<br>
New Brunswick Securities Commission<br>
Nova Scotia Securities Commission<br>
PEI Securities Office, Consumer, Corporate and Insurance Services Division, Office
of the Attorney General<br>
Securities Commission of Newfoundland and Labrador<br>
Northwest Territories Registrar of Securities<br>
Government of Nunavut Securities Registry<br>
Yukon Department of Community Services Securities Registrar</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Securities and Exchange Commission</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>AND TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs and Mesdames:
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Short Form&nbsp;Prospectus and Registration Statement of Cameco Corporation (the &#147;Corporation&#148;)</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In
connection with the Corporation&#146;s short form prospectus dated
February&nbsp;18, 2009, and any
amendments thereto and any documents incorporated by reference therein (the &#147;<B>Short Form
Prospectus</B>&#148;) and with the Corporation&#146;s registration
statement on Form F-10 dated February&nbsp;18,
2009, and any amendments thereto and any registration statements filed pursuant to Rule&nbsp;429 under
the United States Securities Act of 1933, as amended, and any documents incorporated by reference
therein (the &#147;<B>Registration Statement</B>&#148;), the undersigned does hereby consent to reference to my name
and my involvement in the preparation of or supervision of the preparation of, scientific and
technical information, in the following instances:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the heading &#147;Interests of Experts&#148; in the Short Form&nbsp;Prospectus; 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)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;Centerra Gold Inc. &#151; Kumtor Mine&#148;, &#147;Centerra Gold Inc. -
Reserves and Resources&#148;, and &#147;Interests of Experts<B>&#148; </B>in the Corporation&#146;s Annual
Information Form for the year ended December&nbsp;31, 2007 dated March&nbsp;28, 2008 for the
Kumtor property,</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;<B>Technical Information</B>&#148;) in the Short Form&nbsp;Prospectus and Registration Statement,
and to the inclusion and incorporation by reference of information derived from the Technical
Information in the Short Form&nbsp;Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The undersigned does hereby confirm that I have read the Short Form&nbsp;Prospectus and all information
specifically incorporated by reference therein and that I have no reason to believe that there are
any misrepresentations as defined in the <I>Securities Act </I>(Saskatchewan) contained therein that is
derived from the Technical Information prepared by or under my supervision, nor are there any
misrepresentations within my knowledge as a result of the services I have performed for the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dated
this 19th day of February, 2009.
</DIV>

<DIV align="center" style="margin-top: 6pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Iain Bruce
<DIV style="font-size: 1pt; border-top: 0px solid #000000">&nbsp;</DIV>
Iain Bruce, P. Eng.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5.16
<SEQUENCE>8
<FILENAME>o53689exv5w16.htm
<DESCRIPTION>EXHIBIT 5.16
<TEXT>
<HTML>
<HEAD>
<TITLE>exv5w16</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">

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


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="91%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Saskatchewan Financial Services Commission, as Principal Regulator</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">Alberta Securities Commission</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">British Columbia Securities Commission</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">Ontario Securities Commission</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">Manitoba Securities Commission</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">Autorit&#233; des march&#233;s financiers</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">New Brunswick Securities Commission</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">Nova Scotia Securities Commission</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">PEI Securities Office, Consumer, Corporate and Insurance Services Division, Office
of the Attorney General</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">Securities Commission of Newfoundland and Labrador</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">Northwest Territories Registrar of Securities</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">Government of Nunavut Securities Registry</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">Yukon Department of Community Services Securities Registrar</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>AND TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">U.S. Securities and Exchange Commission</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px"><B>AND TO:</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cameco Corporation</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Sirs and Mesdames:
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Re:</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Short Form&nbsp;Prospectus and Registration Statement of Cameco Corporation (the &#147;Corporation&#148;)</B></TD>
</TR>
</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In connection with the Corporation&#146;s short form prospectus
dated February&nbsp;18, 2009, and any
amendments thereto and any documents incorporated by reference therein (the &#147;<B>Short Form
Prospectus</B>&#148;) and with the Corporation&#146;s registration statement on Form F-10 dated February&nbsp;18,
2009, and any amendments thereto and any registration statements filed pursuant to Rule&nbsp;429 under
the United States Securities Act of 1933, as amended, and any documents incorporated by reference
therein (the &#147;<B>Registration Statement</B>&#148;), the undersigned does hereby consent to reference to our
name and our involvement in the preparation of or supervision of the preparation of scientific and
technical information, in the following instances:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;Interests of Experts&#148; in the Short Form&nbsp;Prospectus; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the headings &#147;Centerra Gold Inc.- Kumtor Mine&#148;, &#147;Centerra Gold Inc. &#151;
Boroo Mine&#148;, Centerra Gold Inc. &#151; Reserves and Resources&#148;, and &#147;Interests of Experts&#148;
in the Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2007 dated
March&nbsp;28, 2008 in connection with a technical report for the Boroo deposit dated May
13, 2004 and technical report for the Kumtor mine dated as of March&nbsp;28, 2008,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">(collectively the &#147;<B>Technical Information</B>&#148;) in the Short Form&nbsp;Prospectus and Registration Statement,
and to the inclusion and incorporation by reference of information derived from the Technical
Information in the Short Form&nbsp;Prospectus and Registration Statement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The undersigned does hereby confirm that we have read the Short Form&nbsp;Prospectus and all information
specifically incorporated by reference therein and that we have no reason to believe that there are
any misrepresentations as defined in the <I>Securities Act </I>(Saskatchewan) contained therein that is
derived from the Technical Information prepared by or under our supervision, nor are there any
misrepresentations within our knowledge as a result of the services we have performed for the
Corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated
this 19<sup>th</sup> day of February, 2009.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 15pt"><B>STRATHCONA MINERAL SERVICES LIMITED</B>
</DIV>

<DIV align="center" style="margin-top: 3pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="65%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 10pt; border-bottom: 1px solid #000000">/s/ Graham Farquharson</DIV>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized Signatory
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



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