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<SEC-DOCUMENT>0001130319-09-000163.txt : 20090327
<SEC-HEADER>0001130319-09-000163.hdr.sgml : 20090327
<ACCEPTANCE-DATETIME>20090327160140
ACCESSION NUMBER:		0001130319-09-000163
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		36
CONFORMED PERIOD OF REPORT:	20081231
FILED AS OF DATE:		20090327
DATE AS OF CHANGE:		20090327

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		09710420

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

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>o54391e40vf.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
<TITLE>40-F</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<DIV style="font-family: 'Times New Roman',Times,serif">


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




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

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

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B><FONT style="border-bottom: 0px solid #000000"><U>FORM 40-F</U></FONT></B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>ANNUAL REPORT PURSUANT TO SECTION 13(a) or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 10%"><B>For the fiscal year ended December&nbsp;31, 2008</B></DIV>

<DIV align="right" style="font-size: 10pt; margin-top: -12pt; margin-right: 10%"><B>Commission file number: 1-14228</B></DIV>

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

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


<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CANADA</B><BR>
(Province or other jurisdiction of incorporation or organization)</DIV>

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>98-0113090</B><BR>
(I.R.S. Employer Identification)</DIV>

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

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

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

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

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

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

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

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

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>365,718,923 Common Shares outstanding as of December&nbsp;31, 2008</B></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Indicate by check mark whether the Registrant by filing the information contained in this
Form is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under
the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="25%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp; Yes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#254;</FONT> &nbsp;&nbsp; No</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="25%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="Wingdings">&#254;</FONT> &nbsp;&nbsp; Yes
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT face="Wingdings">&#111;</FONT> &nbsp;&nbsp; No</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Certain statements in this Form 40-F constitute &#147;forward-looking statements&#148; within the meaning of
the U.S. Private Securities Litigation Reform Act of 1995. In Exhibit&nbsp;99.1 see &#147;Caution Regarding
Forward-Looking Information and Statements&#148;.
</DIV>


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



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

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Certifications and Disclosure Regarding
Controls and Procedures</B>.
</DIV>


<DIV style="margin-top: 9pt">
<TABLE width="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><I><B>Certifications regarding controls and procedures</B></I><I>. </I>See Exhibits 99.9 and
99.10.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I><B>Evaluation of disclosure controls and procedures</B></I>. As of the end of the
period covered by this report, an evaluation of the effectiveness of Cameco
Corporation&#146;s &#147;disclosure controls and procedures&#148; (as such term is defined in Rules
13a-15(e) and 15d-15(e) of the United States Securities Exchange Act of 1934, as amended
(the &#147;Exchange Act&#148;)), was carried out by Cameco Corporation&#146;s Chief Executive Officer
(&#147;CEO&#148;) and Chief Financial Officer (&#147;CFO&#148;). Based on that evaluation, the CEO and CFO
have concluded that as of such date Cameco Corporation&#146;s disclosure controls and
procedures are effective to provide a reasonable level of assurance that information
required to be disclosed by Cameco Corporation in reports that it files or submits under
the Exchange Act is recorded, processed, summarized and reported within the time periods
specified in United States Securities and Exchange Commission (the &#147;Commission&#148;) rules
and forms.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>It should be noted that while the CEO and CFO believe that Cameco Corporation&#146;s
disclosure controls and procedures provide a reasonable level of assurance that they are
effective, they do not expect the disclosure controls and procedures or internal control
over financial reporting to be capable of preventing all errors and fraud. A control
system, no matter how well conceived or operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system are met.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I><B>Management&#146;s annual report on internal control over financial reporting</B></I><I>.</I>
Management, including Cameco Corporation&#146;s CEO and CFO, is responsible for establishing
and maintaining adequate internal control over financial reporting (as that term is
defined in Rules&nbsp;13a-15(f) and 15d-15(f) of the Exchange Act) for Cameco Corporation.
Management conducted an evaluation of the effectiveness of internal control over
financial reporting based on the Internal Control &#151; Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission. Based on this
evaluation, management concluded that Cameco Corporation&#146;s internal control over
financial reporting was effective as of December&nbsp;31, 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I><B>Attestation report of the registered public accounting firm</B></I><I>. </I>The
effectiveness of Cameco Corporation&#146;s internal control over financial reporting as of
December&nbsp;31, 2008 was audited by KPMG LLP, an independent registered public accounting
firm, as stated in their report in Exhibit&nbsp;99.2 &#151; 2008 Consolidated Audited Financial
Statements and their report in Exhibit&nbsp;99.6 &#151; Report of Independent Registered Public
Accounting Firm.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I><B>Changes in internal control over financial reporting</B></I>. During the fiscal
year ended December&nbsp;31, 2008, there were no changes in Cameco Corporation&#146;s internal
control over financial reporting that have materially affected, or are reasonably likely
to materially affect, Cameco Corporation&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Audit Committee Financial Expert</B>. Cameco Corporation&#146;s board of directors has determined that an
audit committee financial expert serves on its audit committee. The audit committee financial
expert is John H. Clappison. Mr.&nbsp;Clappison is an &#147;independent&#148; director as such term is used in
the rules of the New York Stock Exchange (the &#147;NYSE&#148;). Information concerning the relevant
experience of Mr.&nbsp;Clappison is included in his biographical information contained in Cameco
Corporation&#146;s Annual Information Form in Exhibit&nbsp;99.1. The Commission has indicated that the
designation of a person as an
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">audit committee financial expert does not make such person an
&#147;expert&#148; for any purpose, impose any duties, obligations or liability on such person that are
greater than those imposed on members of the audit committee and board of directors who do not
carry this designation, or affect the duties, obligations or liability of any other member of the
audit committee or board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Code of Ethics</B>. Cameco Corporation&#146;s code of conduct and ethics (the &#147;Code&#148;) is applicable to all
directors, officers and employees of Cameco Corporation, including the CEO and CFO. The Code, as
well as Cameco Corporation&#146;s corporate governance practices and mandates of the board of directors
and its committees, and position descriptions for the chief executive officer and the non-executive
chair, can be found on Cameco Corporation&#146;s website at www.cameco.com under &#147;Governance&#148; and are
also available in print to any shareholder upon request. Since the adoption of the Code, there
have not been any amendments to the Code, nor have there been any waivers, including implied
waivers, from any provision of the Code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>Principal Accountant Fees and Services</B>. See Exhibit&nbsp;99.4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Off-Balance Sheet Arrangements</B>. In the normal course of operations, Cameco Corporation enters into
certain transactions that are not required to be recorded on its balance sheet. These activities
include the issuing of financial assurances and long-term product purchase contracts. These
arrangements are disclosed in the following sections of Exhibit&nbsp;99.3 &#151; 2008 Management&#146;s Discussion
and Analysis and the notes for Exhibit&nbsp;No 99.2 &#151; 2008 Consolidated Audited Financial Statements:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Financial assurances</I></B>. In the 2008 Management&#146;s Discussion and Analysis,
see the disclosure at &#147;2008 Nuclear Electricity Generation Business Results&#148;, &#147;Liquidity and Capital Resources&#148; and &#147;Risks and Risk Management&#148;. In the 2008 Consolidated Audited Financial Statements, see the
disclosure at notes 9 and 24 of the financial statements.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Long-term product purchase contracts</I></B>. In the 2008 Management&#146;s
Discussion and Analysis, see the disclosure at &#147;Our Uranium Business&#148; and
&#147;Liquidity and Capital Resources&#148;. In the 2008 Consolidated Audited
Financial Statements, see the disclosure at note 24 of the financial statements.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>Tabular Disclosure of Contractual Obligations</B>. See Exhibit&nbsp;99.5.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Audited Annual Financial Statements</B>. Cameco Corporation&#146;s Consolidated Audited Financial
Statements as at December&nbsp;31, 2008 and 2007, including the related report of the independent
registered public accounting firm, is included in Exhibit&nbsp;99.2 &#151; 2008 Consolidated Audited
Financial Statements. See Exhibit&nbsp;99.7 &#151; Reconciliation to United States GAAP for a reconciliation
of the differences between Canadian and U.S. generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><B>Disclosure Pursuant to the Requirements of the New York Stock Exchange</B>.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Corporate governance practices</I></B>. Disclosure of the significant ways in
which Cameco Corporation&#146;s corporate governance practices differ from those required for
U.S. companies
</TD>
</TR>
</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>under the NYSE listing standards can be found on Cameco Corporation&#146;s
website at www.cameco.com under &#147;Governance&#148;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Presiding director at meetings of non-management directors</I></B>. Cameco
Corporation schedules regular director sessions in which Cameco Corporation&#146;s
&#147;non-management directors&#148; (as that term is defined in the rules of the NYSE) meet
without management participation. Mr.&nbsp;Victor J. Zaleschuk, as non-executive chair of
Cameco Corporation, serves as the presiding director (the &#147;Presiding Director&#148;) at such
sessions. Each of Cameco Corporation&#146;s non-management directors is &#147;independent&#148; as
such term is used in the rules of the NYSE. Cameco Corporation&#146;s criteria for director
independence are set out as Appendix &#147;A&#148; to its board mandate, which can be found on
Cameco Corporation&#146;s website at www.cameco.com under &#147;Governance&#148;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Communication with non-management directors</I></B>. Shareholders may send
communications to Cameco Corporation&#146;s Presiding Director or non-management directors by
mailing (by regular mail or other means of delivery) to the corporate head office at
2121-11th Street West, Saskatoon, Saskatchewan, Canada, S7M 1J3 a sealed envelope marked
&#147;Private and Strictly Confidential-Attention: Chair of the Board of Directors of Cameco
Corporation&#148;. Any such envelope will be delivered unopened to the Presiding Director
for appropriate action. The status of all outstanding concerns addressed to the
Presiding Director will be reported to the board of directors as appropriate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Corporate governance guidelines</I></B>. According to Section&nbsp;303A.09 of the
NYSE Listed Company Manual, a listed company must adopt and disclose a set of corporate
governance guidelines with respect to specified topics. Such guidelines and the
charters of the listed company&#146;s most important committees of the board of directors are
required to be posted on the listed company&#146;s website and be available in print to any
shareholder upon request. Cameco Corporation operates under corporate governance
guidelines that are consistent with the requirements of Section&nbsp;303A.09 of the NYSE
Listed Company Manual. Cameco Corporation&#146;s corporate governance guidelines and the
charters of its most important committees of the board of directors can be found at
Cameco Corporation&#146;s website at www.cameco.com under &#147;Governance&#148; and are available in
print to any shareholder who requests them.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">

    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Independent directors</I></B>. The names of Cameco Corporation&#146;s non-management
directors are: John S. Auston; John H. Clappison; Joe F. Colvin; Harry D. Cook; James
R. Curtiss; George S. Dembroski; Nancy E. Hopkins; Oyvind Hushovd; J.W. George Ivany; A.
Anne McLellan; A. Neil McMillan; Robert W. Peterson; and Victor J. Zaleschuk. Each of
the non-management directors is &#147;independent&#148;, as such term is used in the rules of 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="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B><I>Audit committee</I></B>. John Clappison, who is a member of Cameco Corporation&#146;s
audit committee, is a member of the audit committees of three other publicly traded
companies. The board of directors has determined that such simultaneous service will
not impair the ability of Mr.&nbsp;Clappison to effectively serve on Cameco Corporation&#146;s
audit committee.</TD>
</TR>

</TABLE>
</DIV>

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


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

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


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


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



</TABLE>
</DIV>

<DIV 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="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008 Annual Information Form</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008 Consolidated Audited Financial Statements</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">2008 Management&#146;s Discussion and Analysis</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Principal Accountant Fees and Services</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Tabular Disclosure of Contractual Obligations</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.6
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Report of Independent Registered Public Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.7
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Reconciliation to United States GAAP</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Independent Registered Public Accounting Firm</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.9
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Executive Officer pursuant to Rule
13a-14(a) or 15d-14(a) of the U.S. Securities Exchange Act of
1934, as amended</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.10
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Financial Officer pursuant to Rule
13a-14(a) or 15d-14(a) of the U.S. Securities Exchange Act of
1934, as amended</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.11
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Executive Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.12
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Certification of Chief Financial Officer pursuant to Section
906 of the Sarbanes-Oxley Act of 2002</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.13
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.14
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.15
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.16
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Charles (Chuck) R. Edwards, P. Eng.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="98%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.17
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.18
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.19
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.20
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Leslie (Les) D. Yesnik, P. Eng.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.22
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.23
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.24
</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="left" 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="left" valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.25
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of Strathcona Mineral Services Limited</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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


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


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


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

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


<DIV ALIGN="LEFT" STYLE="FONT-SIZE: 10PT; MARGIN-TOP: 6PT"><B>Consent to Service of Process</B>

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

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


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">DATED this 27th day of March, 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;</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>CAMECO CORPORATION<BR><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;<I>O. Kim Goheen</I>
&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>

</TABLE>

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

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>o54391exv99w1.htm
<DESCRIPTION>2008 ANNUAL INFORMATION FORM
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.1</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


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

<P>
<DIV style="width: 100%; border: 1px solid black; padding: 11px;">



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o54391o5439100.gif" alt="(CAMECO LOGO)">
</DIV>


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

</DIV>

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

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>For the Year Ended December&nbsp;31, 2008</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>Dated March&nbsp;27, 2009</B>

</DIV>
</DIV>



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

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




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

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Cameco Corporation<BR>
Annual Information Form</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Table of Contents</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REPORTING CURRENCY AND FINANCIAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">NOTE REGARDING RESERVES AND RESOURCES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INCORPORATION AND SUBSIDIARIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">GENERAL DEVELOPMENT OF THE BUSINESS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Three-Year Highlights</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">2009 Expected Material Developments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">THE NUCLEAR BUSINESS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Overview</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium Concentrates Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Market Background</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Marketing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mining Properties</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Development Projects</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserves and Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Measured and Indicated Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Inferred Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Reserves Reconciliation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Uranium Resources Reconciliation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Uranium Fuel Conversion Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Market Background</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Marketing of Conversion Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Environmental Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Overview of Impacts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cameco Policies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cameco Programs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Regulatory Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">US Regulatory Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fuel Services Waste Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Government Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Treaty on the Non-Proliferation of Nuclear Weapons (the &#147;NPT&#148;)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Uranium Industry Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">62</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">US Uranium Industry Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Land Tenure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Royalties and Certain Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Canadian Income Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">US Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Kazakhstan Taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Employees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BRUCE POWER LP &#150; NUCLEAR ELECTRICAL GENERATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Overview</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">The Generating Facilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">70</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco Fuel Management</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">OPG Services to Bruce Power</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Nuclear Waste Management and Decommissioning</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ontario&#146;s Electricity Regulation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">CENTERRA GOLD INC.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Kumtor Mine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Boroo Mine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Gatsuurt Development Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reserves and Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra Legal Proceedings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra Material Contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Additional Information on Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">RISK FACTORS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Risks Relating to Cameco and Centerra Generally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Risks Relating to Nuclear Business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Risks Relating to Nuclear Electrical Generation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Risks Relating to Centerra</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DESCRIPTION OF SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Description of Share Capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Restrictions on Ownership and Voting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Ratings of Securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Dividend Policy</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">LEGAL PROCEEDINGS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2008 FINANCIAL STATEMENTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MANAGEMENTS&#146;S DISCUSSION AND ANALYSIS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MARKET FOR SECURITIES</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Price Range and Trading Volume of Common Shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">DIRECTORS AND OFFICERS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Directors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Officers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Cease Trade Orders, Bankruptcies, Penalties or Sanctions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Interest of Management and Others in Material Transactions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">AUDIT COMMITTEE</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Audit Committee Charter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Composition of the Audit Committee</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Relevant Education and Experience</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">Fees Paid to External Auditors</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">External Audit Pre-Approval Practices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">MATERIAL CONTRACTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">INTEREST OF EXPERTS</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">ADDITIONAL INFORMATION</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Appendix &#147;A&#148;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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</DIV>


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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>REPORTING CURRENCY AND FINANCIAL INFORMATION</B>
</DIV>

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Financial information is presented in accordance with Canadian generally accepted accounting
principles. Differences between generally accepted accounting
principles in Canada and the US, as applicable to Cameco Corporation, are explained in the Company&#146;s Form 40-F, filed with
the US Securities and Exchange Commission (&#147;SEC&#148;), for the fiscal year ended December&nbsp;31, 2008, as
well as in the reconciliation to US GAAP filed with the Canadian securities authorities
on SEDAR.
</DIV>


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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are risk factors that could cause actual results to differ materially from the
forward-looking information and statements contained in this Annual Information Form 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; volatility and sensitivity to market prices for uranium, conversion
services, electricity and gold; competition; the financial results and operations of Bruce Power LP
and Centerra Gold Inc.; the impact of change in foreign currency exchange rates (such as
Canadian/US rates) and interest rates; costs of supply critical to production; imprecision in
production, cost (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 government
authorities (including tax authorities), suppliers, customers or joint venture partners); inability
to enforce legal rights; defaults or inability to supply by one or more 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 at Port Hope 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 failure to fulfill delivery commitments or to require
material amendments to agreements relating thereto (including the HEU Commercial 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 at
McArthur River, Rabbit Lake or Cigar 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
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">lockouts; operating performance, disruption in the operation of, and life of, the company&#146;s and
customers&#146; facilities; availability of reagents, including at reasonable cost, and supplies critical to production (including the
availability of acid at the Company&#146;s operations in Kazakhstan and hydrofluoric acid at the Port
Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>conversion plant); decrease in electrical
production due to planned outages extending beyond their scheduled periods or unplanned outages;
success and timely completion of planned development and remediation projects (including the
remediation of and return to pre-flood construction and development at Cigar Lake); failure of
radiation protection plans; the risk of a significant decline in 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 Cameco. Additional risks are noted elsewhere
in this Annual Information Form under the heading <I>Risk Factors </I>and Cameco&#146;s 2008 MD&#038;A, as defined
herein, under the heading &#147;Risks and Risk Management&#148;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Forward-looking information and statements are based on a number of assumptions which may prove to
be incorrect, including, but not limited to, assumptions about: the absence of material adverse
changes in the ability of Cameco&#146;s business units to supply product and services, other than as
disclosed; there being no disruption of supply from third party sources; there being no significant
changes in current estimates for sales volume, purchases and prices for uranium, conversion
services, electricity, and gold; the expected spot prices and realized prices for uranium; the
average gold spot price; Cameco&#146;s effective tax rate; there being no significant adverse change in
foreign currency exchange rates, interest rates or tax rates; there being no significant changes in
production, cost (including capital costs), decommissioning, reclamation, tax and mineral reserve
estimates; there being no significant changes in Cameco&#146;s ability to comply with current
environmental, safety and other regulatory requirements, and the absence of any material increase
in regulatory compliance requirements; Cameco&#146;s ability to obtain regulatory approvals in a timely
manner; the status of geological, hydrological and other conditions at Cameco&#146;s and Centerra&#146;s
mines; the absence of any material adverse effects arising as a result of political instability,
terrorism, sabotage, natural disasters, adverse changes in government legislation, regulations or
policies, or litigation or arbitration proceedings; continuing positive labour relations, and that
no significant strikes or lockouts will occur; the success and timely completion of planned
development and remediation projects and the replacement of production; and that general economic
conditions do not deteriorate further. 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 align="left" style="font-size: 10pt; margin-top: 6pt">The forward-looking information and statements included in this Annual Information Form and the
documents incorporate by reference represent Cameco&#146;s views as of the date of such documents and
should not be relied upon as representing Cameco&#146;s views as of any subsequent date. While Cameco
anticipates that subsequent events and developments may cause its views to change, Cameco
specifically disclaims any intention or obligation to update forward-looking information and
statements, whether as a result of new information, future events or otherwise, except to the
extent required by applicable securities laws. Forward-looking information and statements
contained in this Annual Information Form and the documents incorporated by reference about
prospective results of operations, financial position or cash flows that is based upon assumptions
about future economic conditions and courses of action is presented for the purpose of assisting
Cameco&#146;s securityholders in understanding management&#146;s current views regarding those future
outcomes, and may not be appropriate for other purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that forward-looking information and statements will prove to be
accurate, and actual results and future events could vary or differ materially from those
anticipated in 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 than those for
2009, and are consequently subject to greater uncertainty. Therefore, special caution should be
taken in terms of placing reliance on such forward-looking information and statements.
</DIV>


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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This Annual Information Form has been prepared in accordance with the requirements of Canadian
securities laws, which differ from the requirements of US securities laws. Unless
otherwise indicated, all mineral reserve and resource estimates included in this Annual Information
Form have been prepared in accordance with Canadian National Instrument 43-101&#151;Standards of
Disclosure for Mineral Projects (&#147;<B>NI 43-101</B>&#148;) and the Canadian Institute of Mining,
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Metallurgy
and Petroleum (&#147;CIM&#148;) classification system. NI 43-101 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. Information contained herein
concerning mineral deposits may not be comparable with information made public by companies that
report in accordance with US standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserves and resources included or incorporated by reference have been estimated as at
December&nbsp;31, 2008 in accordance with definitions adopted by the CIM and incorporated into NI 43-101. In this Annual Information Form,
the terms &#147;mineral resource&#148;, &#147;inferred mineral resource&#148;, &#147;indicated mineral resource&#148;, &#147;measured
mineral resource&#148;, &#147;mineral reserve&#148;, &#147;probable mineral reserve&#148;, and &#147;proven mineral reserve&#148; have
the meanings adopted for those terms by the CIM.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Estimates of uranium reserves and resources were prepared by or under the supervision of the
qualified persons identified at <I>The Nuclear Business &#150; Reserves and Resources</I>. Estimates of gold
reserves and resources were prepared by or under supervision of the qualified person identified at
<I>Centerra Gold Inc. &#150; Reserves and Resources</I>. Cameco reports mineral reserves and resources
separately. The amount of reported mineral resources does not include those amounts identified as
mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reports its mineral reserves and resources in accordance with NI 43-101, as required by
Canadian securities regulatory authorities. For US reporting purposes, the SEC&#146;s Industry Guide 7
under the Securities Exchange Act of 1934 applies different standards in order to classify
mineralization as a reserve.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the purpose of estimating uranium reserves in accordance with NI 43-101, an average uranium
price of $47.00 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. For the purpose of estimating
uranium reserves in accordance with the SEC&#146;s Industry Guide 7 for US reporting purposes, an
average uranium price of $70.00 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>was used. Estimated
uranium reserves are the same using either uranium price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the
purpose of estimating gold reserves in accordance with NI 43-101 and
the SEC&#146;s Industry Guide 7
for US reporting purposes, reserves were estimated with cut-off grades based on a gold price of
$675 (US)&nbsp;per ounce.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco has carefully prepared and verified the mineral reserve figures presented in this
Annual Information Form, such figures are estimates, which are, in part, based on forward-looking
information, and no assurance can be given that the indicated levels of uranium and gold will be
produced. Estimated mineral reserves may have to be re-estimated based upon actual production
experience. Fluctuations in the price of uranium and gold, production costs or recovery rates may
render mineral reserves unprofitable to develop at a particular site or sites for a period of time.
See <I>Caution Regarding Forward-Looking Information and Statements </I>and <I>Risk Factors</I>.
</DIV>


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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Incorporation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Corporation (&#147;Cameco&#148; or the &#147;Company&#148;) was incorporated under the <I>Canada Business
Corporations Act </I>(&#147;CBCA&#148;) on June&nbsp;19, 1987 to combine the uranium mining and milling operations of
Saskatchewan Mining Development Corporation (&#147;SMDC&#148;) with the uranium mining, refining and
conversion operations of Eldorado Nuclear Limited (&#147;ENL&#148;), since renamed Canada Eldor Inc. (&#147;CEI&#148;)
(the &#147;Reorganization&#148;). Pursuant to the Reorganization, in October&nbsp;1988, CEI and SMDC transferred
substantially all of their assets to Cameco in exchange for Cameco assuming
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">substantially all of their current and certain other liabilities and issuing common shares, one
Class&nbsp;B Share and promissory notes.
</DIV>

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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Subsidiaries</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco through subsidiaries owns 100% of Cameco Europe Ltd., a Swiss company which is a party to
the HEU Commercial Agreement. Under that agreement, Cameco Europe Ltd. has contractually committed
supplies of 36&nbsp;million pounds of uranium over the period January&nbsp;1, 2009 to December&nbsp;31, 2013.
</DIV>

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

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

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


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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, indirectly, owns 52.7% of Centerra, one of the largest western-based gold producers 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 align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

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

<TR valign="top">
    <TD colspan="3">Note:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>In this Annual Information Form when the term &#147;western world&#148; is
used, it includes Argentina, Australia, Belgium, Brazil, Canada, Czech
Republic, Finland, France, Gabon, Germany, Hungary, India, Indonesia, Japan,
Lithuania, Mexico, Namibia, Netherlands, Niger, Pakistan, Philippines,
Portugal, Romania, Slovakia, Slovenia, South Africa, South Korea, Spain,
Sweden, Switzerland, Taiwan, Thailand, Turkey, United Kingdom and United
States.</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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




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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Major developments in Cameco&#146;s business in each of the fiscal years ended December&nbsp;31, 2006 to
December&nbsp;31, 2008 were as follows:
</DIV>


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In January&nbsp;2006, Cameco announced that the Kumtor mine life has been extended by almost
three years and the Boroo mine life has been extended by more than one year.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In January&nbsp;2006, Cameco&#146;s board of directors approved a two-for-one stock split of its
outstanding common shares and an increase in the annual dividend from $0.12 to $0.16 beginning
in 2006 (both annual dividend amounts adjusted for the stock split).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In February&nbsp;2006, Cameco paid $109&nbsp;million to acquire Zircatec Precision Industries, Inc.,
a Canadian supplier of fuel fabrication services for CANDU reactors. Ziractec&#146;s new name is
Cameco Fuel Manufacturing Inc.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In April&nbsp;2006, a significant water inflow occurred at the second Cigar Lake shaft. The
inflow had no impact on other parts of the mine because the second shaft was not connected to
the mine.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2006, a pit wall ground movement occurred at Kumtor, involving a significant
portion of the northeast wall. The ground movement did not reduce the amount of reserves;
however, it did significantly reduce 2006 Kumtor production.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In October&nbsp;2006, a second water inflow occurred at Cigar Lake, filling the underground
development areas of the mine with water. Production start up was previously planned for
early 2008. Remediation has commenced.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In November&nbsp;2006, unionized employees at Cameco&#146;s McArthur River and Key Lake uranium
operations accepted a new contract, which will expire December&nbsp;31, 2009.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December&nbsp;2006, Centerra and Kumtor unionized employees agreed on the material terms of a
labour agreement. This agreement expired December&nbsp;31, 2008. A new agreement has been entered
into.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December&nbsp;2006, Cameco&#146;s board of directors approved an increase in the annual dividend
from $0.16 to $0.20 beginning in 2007.</TD>
</TR>

</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In March&nbsp;2007, Cameco provided an update on the Cigar Lake project including that: (i)
production start-up was targeted for 2010 (no target is now provided due to the August&nbsp;2008
Cigar Lake water inflow); (ii)&nbsp;Cameco&#146;s share of capital costs to bring Cigar Lake into
production was estimated at $508&nbsp;million including $234&nbsp;million spent on construction as of
March&nbsp;2007, leaving $274&nbsp;million remaining; and (iii)&nbsp;Cameco&#146;s share of flood remediation
expenses was estimated at $46&nbsp;million. These March&nbsp;2007 estimates are no longer accurate.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2007, Zircatec unionized employees accepted a new contract, expiring June&nbsp;2009, and
Cameco Port Hope unionized employees accepted a new contract, expiring June&nbsp;2010.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2007, Centerra&#146;s 2007 forecast of Kumtor gold production was reduced from 450,000
ounces of gold to 300,000 ounces.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In July&nbsp;2007, Cameco discovered contamination of the soil under its UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion plant in Port Hope and suspended operations to conduct an investigation.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

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




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In August&nbsp;2007, Cameco and Centerra signed agreements with the government of the Kyrgyz
Republic, which were aimed at providing additional business certainty for Kumtor&#146;s mining
operations. The agreements were subject to a number of conditions, including approval by the
parliament of the Kyrgyz Republic. In June&nbsp;2008, these agreements expired as they had not
been ratified by parliament within the timeframe agreed to by the parties.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2007, Cameco proceeded with a normal course issuer bid to purchase for
cancellation up to 17.7&nbsp;million (5%) of its common shares. 9,575,300 common shares were
purchased (none in 2008) at a cost of $429,327,000. The program expired in September&nbsp;2008.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In November&nbsp;2007, Cameco reduced underground activities at Rabbit Lake due to an increase
of water inflow. In late December, Cameco resumed normal mining activities after sealing off
the source of the water inflow.</TD>
</TR>

</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In June&nbsp;2008, Cameco entered an agreement with General Electric (GE)&nbsp;and Hitachi Ltd.
subsidiaries, whereby it provided $124&nbsp;million (US)&nbsp;in cash and issued a $73&nbsp;million (US)
promissory note to acquire a 24% interest in Global Laser Enrichment LLC (GLE), a uranium
enrichment development company. The remainder of GLE is owned indirectly by GE (51%) and
Hitachi Ltd. (25%).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In June&nbsp;2008, Cameco and its partners agreed with Tenex to a new pricing structure under
the HEU Commercial Agreement for the period 2011 to 2013, affecting approximately 7&nbsp;million
pounds during that time frame. The Russian and US governments have approved the new pricing
structure.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In August&nbsp;2008, a joint venture of a Cameco subsidiary (70%) and Mitsubishi Development Pty
Ltd (30%) acquired the Kintyre uranium exploration project, located in Western Australia, from
Rio Tinto for $495.0&nbsp;million (US) (Cameco&#146;s share $346.5&nbsp;million (US)).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In August&nbsp;2008, Cameco gave notice of its intention to redeem the 5% $230&nbsp;million unsecured
convertible debentures on October&nbsp;1, 2008. 21,201,495 common shares were issued to holders
who chose to exercise their conversion rights and 3,090 common shares were issued upon
redemption of the remaining convertible debentures.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2008 Cigar Lake rehabilitation continued. The October&nbsp;2006 water inflow area was sealed
and dewatering of the mine began in the summer of 2008. However, in August a new inflow
occurred, causing dewatering to be suspended. The main source of this inflow is from a fissure
located in the top of a tunnel on the 420 metre level. A remediation plan has been developed
to seal the tunnel. Cameco estimates sealing of the August&nbsp;2008 inflow will take most of 2009.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2008, the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was restarted upon completion of a
year-long rehabilitation program. However, in November operations were suspended because
Cameco was unable to resolve a contract dispute with its sole supplier of hydrofluoric acid.
Because of contract negotiations and logistical issues, Cameco does not expect acid supply
arrangements to be established before mid-2009, with production resuming thereafter.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 Expected Material Developments</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Material developments that, at the date of this Annual Information Form, Cameco expects to occur in
2009, or that have occurred in 2009 prior to this date, relate to:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in February&nbsp;2009, Cameco agreed with the lenders of its $470&nbsp;million credit facility to
increase the limit to $500&nbsp;million and to extend the maturity date to June&nbsp;16, 2010;</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

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




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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in February&nbsp;2009, Cameco added $100&nbsp;million in short-term bank credit, maturing in February
2010, on terms similar to the increased $500&nbsp;million facility;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in March&nbsp;2009, Cameco issued 26,666,400 common shares for gross proceeds of $460&nbsp;million in
closing a bought deal of its common 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="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the expected sealing of the August&nbsp;2008 Cigar Lake water inflow; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the expected resumption of Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These material developments are discussed in more detail in this Annual Information Form and in the
Company&#146;s management&#146;s discussion and analysis for the
fiscal year ended December&nbsp;31, 2008 (&#147;2008
MD&#038;A&#148;), which is incorporated herein by reference. These expected 2009 material developments are
not about present or historical facts and are therefore forward-looking information. This
forward-looking information is based upon a number of assumptions that may prove to be incorrect,
and there are risk factors that may cause actual results to differ materially. See <I>Caution
Regarding Forward-Looking Information and Statements, The Nuclear Business &#150; Development Projects
- - Cigar Lake and Nuclear Fuel Conversion Business &#150; Operations, </I>and <I>Risk Factors </I>for disclosure
of the key assumptions and risk factors that could cause actual results to vary materially.
</DIV>


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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The only significant commercial use for uranium is to fuel nuclear power plants for the generation
of electricity. In recent years, nuclear plants generated approximately 15% of the world&#146;s
electricity. According to the World Nuclear Association, nuclear plant electric generating
capacity is expected to grow modestly between now and the year 2018, primarily as a result of new
reactor construction, improved reactor operation and reactor life extensions. The rate of growth
is expected to be somewhat below that of the total market for electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major stages in the production of nuclear fuel are: (a)&nbsp;uranium exploration; (b)&nbsp;mining and
milling; (c)&nbsp;refining and conversion; (d)&nbsp;enrichment; and (e)&nbsp;fuel fabrication (also known as fuel
manufacturing). Once a commercial uranium deposit is discovered and reserves delineated,
regulatory approval to mine is sought. Following regulatory approval, the mine is developed and
uranium ore is extracted and upgraded at a mill to produce uranium concentrate. Mining companies
usually sell uranium concentrate to electrical generating companies (&#147;utilities&#148;) around the world
on the basis of the U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> contained in the uranium concentrate. Utilities
then contract with converters, enrichers and fuel fabricators to produce the required reactor fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s involvement in the nuclear business consists principally of: (a)&nbsp;exploring for,
developing, mining and milling uranium ore to produce uranium concentrate; (b)&nbsp;supplying uranium
refining and conversion services to produce UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>; (c)&nbsp;purchasing
uranium, uranium conversion and enrichment services from third parties; (d)&nbsp;supplying fuel
manufacturing services for CANDU reactors; (e)&nbsp;selling produced and acquired uranium and uranium
conversion services, as well as acquired enrichment services, to utilities; and (f)&nbsp;the generation
and sale of electricity through its 31.6% limited partnership interest in Bruce Power.
</DIV>


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


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

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Demand</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The demand for U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is directly linked to the level of electricity generated
by nuclear power plants. World annual uranium fuel consumption has increased from approximately 75
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in 1980 to about 172&nbsp;million pounds in 2008. Cameco
estimates that annual uranium fuel consumption in the world will reach 226&nbsp;million pounds in 2018,
reflecting an annual growth rate of almost 3% per year over the period. Demand could be increased
slightly by the
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>

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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">current trend toward improving plant operating performance or reduced by the premature closing of
some nuclear power plants and the substitution by utilities of more enrichment services for
uranium. Please see Cameco&#146;s 2008 MD&#038;A at page 12 under the heading &#147;Uranium Demand&#148; for more
information on how enrichment services may be substituted for uranium.
</DIV>



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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Primary Production</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium production industry is international in scope with a small number of companies
operating in relatively few countries. Cameco estimates 2008 world mine production was about 115
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>,<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>up 7% from 107&nbsp;million pounds in 2007.
Approximately 93% of estimated world production was sourced from eight countries (in order of
production, from greatest to least): Canada (21%), Australia (19%), Kazakhstan (19%), Namibia
(10%), Russia (8%), Niger (7%), Uzbekistan (5%), and the US (4%). 81% of estimated 2008 world
production was marketed by seven producers; Cameco accounting for about 15% of that production (17
million pounds).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">2008 uranium mine production met about 67% of global uranium requirements. Secondary supplies (such
as recycling and blended down HEU) continue to bridge the gap and Cameco expects this to continue
in the near future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the constraints described below, all primary production is available to meet the demand
of the nuclear power industry.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Secondary Sources</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each year since 1985, world uranium production has been less than uranium consumption. The
resulting shortfall has been covered by a number of secondary sources. Excess inventories held by
utilities, producers, other fuel cycle participants and governments (including Russian government
inventories) have been and continue to be a significant source of supply. Utilities in Europe also
use reprocessed uranium and plutonium derived from used reactor fuel. In addition, in recent
years, re-enriched depleted uranium tails have been generated using excess enrichment capacity.
Cameco estimates these two recycling sources will meet about 5% of world demand to 2018. As well,
uranium derived from the dismantling of Russian nuclear weapons (expected to be available through
2013 when the Russian HEU Agreement, as defined below, ends) has also become a significant source
of supply, expected to meet about 6% of world demand to 2018. In parallel, the US has made some of
its military inventories available to the market, although in quantities much smaller than those
derived from the Russian HEU Agreement. Cameco estimates about
3% of world demand to 2018 will be met from this secondary supply
source held by the US Department of
Energy (&#147;DOE&#148;).
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Uranium from Nuclear Disarmament</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;1993, the United States and Russia signed an agreement (the &#147;Russian HEU Agreement&#148;) to
manage the sale of highly enriched uranium (&#147;HEU&#148;). Under this agreement, over a term of 20&nbsp;years,
500 tonnes of HEU, derived from dismantling Russian nuclear weapons, are to be diluted in Russia
and delivered to the United States as low enriched uranium (&#147;Disarmament LEU&#148;), suitable for use in
nuclear power plants. Disarmament LEU scheduled for delivery during the 20-year period represents
approximately 400&nbsp;million pounds of natural uranium as U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> (&#147;Disarmament
Uranium&#148;). Russia plans to annually deliver LEU from 30 tonnes of HEU, about 24&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent per year until the entire Disarmament LEU has been delivered.
To the end of 2008, about 276&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent had been
delivered.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 9 -<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The USEC Privatization Act, which became law in 1996, regulates the introduction of Disarmament
Uranium into the US market. Under the USEC Privatization Act, Disarmament Uranium delivered after
1996 may be sold into the US market beginning in 1998 subject to an annual quota. The 2008 quota
was 19&nbsp;million pounds. Commencing in 2009 the annual quota will reach its maximum level at 20
million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The DOE has purchased certain Russian Disarmament Uranium. It currently holds a stockpile of 58
million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>equivalent, containing both this and US material that is
to be withheld from the market until 2009, as a condition of the Russian HEU Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2008, the DOE issued a policy statement, which contains a general framework explaining how
it will manage its surplus uranium inventories, including the need to dispose of them without
disruption to commercial markets. In December&nbsp;2008, the DOE released its Excess Uranium Inventory
Management Plan. The plan provides for the disposition of uranium based on a combined annual
quantity of no more than 10% of the annual US nuclear fuel requirements; however, the DOE may
exceed this annual limit for certain special purposes, such as initial core loads for new reactors.
The DOE indicates less than 3&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> would enter the market in
2009 and gradually ramp up to 5&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> by 2013. 20&nbsp;million
pounds are to be made available for initial cores for new US reactors beginning in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The DOE&#146;s level of inventory excess to program requirements amounts to 153&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent. Cameco expects this uranium, which includes the 58&nbsp;million
pound stockpile related to the Russian HEU Agreement, will be made available to the market over the
next 25&nbsp;years.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>HEU Commercial Agreement</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On March&nbsp;24, 1999, a Cameco subsidiary, along with Compagnie Generale des Matieres Nucleaires (now
called &#147;AREVA&#148;), RWE Nukem Inc. of the United States and its affiliate RWE Nuklear GmBh of Germany
(collectively &#147;the Western Companies&#148;) signed an agreement (such agreement, as subsequently
amended, the &#147;HEU Commercial Agreement&#148;) with Joint Stock Company Techsnabexport (&#147;Tenex&#148;), the
commercial arm of the Russian Ministry for Atomic Energy, under which the Western Companies were
granted options to purchase a majority of the Disarmament Uranium. The Cameco subsidiary that is
currently a party to the HEU Agreement is Cameco Europe Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;16, 2001, Tenex and the Western Companies signed an amendment to the HEU Commercial
Agreement. Under the terms of the amendment, the Western Companies committed to exercise their
options to purchase a quantity of uranium (about 124&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
equal to their share of the annual quota under the USEC Privatization Act for the period 2002 to
2013. A Cameco subsidiary&#146;s share was 53&nbsp;million pounds. Tenex retained about 82&nbsp;million pounds
to sell under its share of the US quota. The Western Companies have exclusive options to purchase
the balance of the Disarmament Uranium. From 2001 to 2003, a Cameco subsidiary exercised options
for an additional 18&nbsp;million pounds.
</DIV>

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

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



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 10 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to this further amendment, as well as Tenex&#146;s 2003 decision to end further sales of its share
of this material and return it to Russia, the amount of HEU-derived uranium that would have been
available to the market in the western world was reduced by about 74&nbsp;million pounds in the period
2004 through 2013, along with the contained conversion component of some 28&nbsp;million kilograms of
uranium as UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. The 74&nbsp;million pounds is made up of about 30&nbsp;million pounds of Tenex
material that will be returned to Russia and 44&nbsp;million pounds that was in the monitored stockpile
as of the end of 2003. At the end of 2008, Cameco estimates there were 14&nbsp;million pounds in the
monitored stockpile.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2007, Tenex requested the Western Companies enter into discussions on a pricing
structure for the last few years of the remaining six-year term of the HEU Commercial Agreement. In
June&nbsp;2008, the Western Companies agreed with Tenex to a new pricing structure for the period 2011
to 2013, affecting approximately 7&nbsp;million pounds during that time frame. The Russian and US
governments have approved the new pricing structure.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the HEU Commercial Agreement, there remains 36&nbsp;million pounds (about 7&nbsp;million pounds uranium
equivalent annually to 2013) to be delivered to Cameco Europe Ltd.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Trade Restraints and Policies</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of anti-dumping proceedings brought in the early 1990s, the US and certain countries
entered into suspension agreements to limit access to the US market. Only the suspension agreement
with Russia remains in effect. In February&nbsp;2008, the United States Department of Commerce and
Russia signed an amendment to the Russian suspension agreement, which allows for additional Russian
supply directly to US utilities. The amendment sets out an annual LEU quota with very limited
quantities in 2011 to 2013. Upon completion of the Russian HEU Agreement, in 2014 the annual quota
increases to about 13&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>equivalent through 2020. In
addition to this quota, Russian uranium products may be supplied for initial cores in new US
reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The US restrictions have no effect on the sale of Russian uranium to other countries. About 70% of
world uranium requirements arise from utilities in countries unaffected by the US restrictions. In
2008, approximately 57% of Cameco&#146;s sales volume was to countries unaffected by the US
restrictions. Utilities in some of these countries adopt policies that effectively limit the
amount of Russian uranium they will purchase. Such policies often relate to security of supply
concerns or their country&#146;s bilateral relations with Russia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Euratom Supply Agency (&#147;ESA&#148;) in Europe, which must approve all uranium related contracts
entered into by members of the EU, limits the use of nuclear fuel supplies from any one source in
order to maintain security of supply (historically at an informal level of about 20%). In the 2007
Euratom Annual Report, the ESA stated they will continue to monitor the market to ensure diversity
of supply and avoid overdependence on any single source. As well, they noted that in recent years
restrictions on imports of natural uranium have not been deemed necessary.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Prices and Spot and Long-Term Volumes</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities secure a substantial percentage of their uranium requirements by entering into long-term
contracts with uranium producers. Uranium contract terms generally reflect market conditions at
the time the contract is negotiated. These contracts usually provide for deliveries to begin two
to four years after signing and continue for several years thereafter. In awarding these
contracts, utilities consider the commercial terms offered, including price, as well as the
producer&#146;s performance record and uranium mineral reserves.
</DIV>

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 11 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">governments and others. Spot market volume in 2008 increased to about 43&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>from 20&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>in 2007. The 2008
volume set a record. Historically, the volumes traded in the spot market have been smaller ranging
from about 10% to 15% of annual consumption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry average spot price (TradeTech and Ux Consulting (UxC)) on December&nbsp;31, 2008, was
$52.50 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, a 41% decrease from the December&nbsp;31, 2007, price
of $89.50 (US). The industry average long-term price (TradeTech and UxC) on December&nbsp;31, 2008, was
$70.00 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, down 26% from $95.00 (US)&nbsp;at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates 2008 long-term contracting to be about 130&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, approximately half the volumes contracted in 2007, but still above the
annual average levels prior to 2005.
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, approximately 33% of Cameco&#146;s U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> sales were to five customers.
Cameco currently has commitments in excess of 300&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> under
long-term contracts with about 50 customers worldwide. Cameco&#146;s five largest customers account for
approximately 47% of these commitments. 49% of Cameco&#146;s committed sales volume is to purchasers in
the Americas (US, Canada and Latin America), 21% in the Far East and 30% in Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Given Cameco&#146;s multiple sources of supply, generally the Company&#146;s contracts include supply
interruption language. This language provides Cameco with the right to reduce, defer or cancel
volumes on a pro-rata basis if there is a shortfall in planned mine production or purchases under
the HEU Commercial Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, for those contracts that are impacted by supply interruption language, Cameco generally
plans to defer a portion of deliveries for a five to seven-year period. Contract specific decisions
are made in consultation with each of Cameco&#146;s customers. In 2008, no deliveries were deferred as a
result of the supply interruption provisions in Cameco&#146;s contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the baseload contracts put in place to support the development of Cigar Lake contain
provisions which allow Cameco to reduce, defer or terminate deliveries in the event of any delay or
shortfall in Cigar Lake production. Cameco continues to discuss with its customers the possible
effect of the uranium production delay at Cigar Lake. For the Cigar Lake baseload contracts with
deliveries in 2009 and 2010, these volumes (as well as 2007 and 2008 delivery volumes) have been
deferred to the end of the respective contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While Cameco has historically not sold significant quantities in the spot market, Cameco
occasionally buys and sells spot material to take advantage of trading opportunities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has purchased uranium under spot and long-term contracts and may make similar purchases in
the future. At December&nbsp;31, 2008, Cameco had firm commitments to purchase approximately 39&nbsp;million
pounds uranium equivalent over the 2009-2013 period, of which 36&nbsp;million pounds is the result of
the exercise of options under the HEU Commercial Agreement by Cameco Europe Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, Cameco entered into standby product loan agreements with two of its customers. In 2007,
Cameco terminated the loan agreements with one of its customers. In 2008, Cameco terminated the
remaining loan agreement and recognized deferred revenue and related costs in earnings.
Subsequently, in 2008, Cameco entered in another standby
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->- 12 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> loan agreement with a customer. Please see Note 9 to Cameco&#146;s audited
consolidated financial statements and notes thereto for the year ended December&nbsp;31, 2008 (&#147;2008
Financial Statements&#148;) for more details of these standby product loan agreements.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s uranium production is from two sources in Saskatchewan and two sources in the US.
The Saskatchewan sources are the Rabbit Lake mine and mill and the combined McArthur River mine -
Key Lake mill. The US sources are Crow Butte and Smith Ranch-Highland in situ recovery (&#147;ISR&#148;)
operations. Cameco has two material uranium properties, McArthur River, which is being mined, and
Cigar Lake, which is being developed. Cameco also has an ISR uranium development project in
Kazakhstan called Inkai. Cameco is targeting commercial production at Inkai for 2009, subject to
the availability of sulphuric acid.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows Cameco&#146;s share of uranium production (pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
for the past three years. For Cameco&#146;s share of forecast uranium production over the period 2009 to
2013, see page 27 of the Company&#146;s 2008 MD&#038;A at &#147;Cameco&#146;s Uranium Supply Outlook.&#148;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2006</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River <SUP style="font-size: 85%; vertical-align: text-top">(2) (3)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,100,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch-Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,200,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">700,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,900,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,800,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD colspan="3">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This does not include production from Inkai, which is not considered commercial. In
2008, Cameco&#146;s share of Inkai production was 300,000 pounds. Inkai is expected to reach
commercial production in 2009.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Milled at Key Lake.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>McArthur River&#146;s CNSC license limits annual production to 18.7&nbsp;million pounds
(Cameco&#146;s share being 13.1&nbsp;million pounds).</TD>
</TR>

</TABLE>



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River in northern Saskatchewan is an underground uranium mine owned by two joint venture
partners: Cameco (69.805%), and AREVA (30.195%). Cameco is the operator. It contains the world&#146;s
largest known high-grade uranium deposit. At December&nbsp;31, 2008, the Company&#146;s share of proven and
probable mineral reserves was 509,000 tonnes of ore containing 232.2&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 20.7% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, its share of
measured and indicated mineral resources was 173,700 tonnes of ore containing 34.7&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 9.1% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, and its share
of inferred mineral resources was 448,600 tonnes of ore containing 97.0&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at an average grade of 9.8% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A technical report on the McArthur River mine entitled &#147;McArthur River Operation, Northern
Saskatchewan, Canada&#148;, dated February&nbsp;16, 2009 with an effective date of December&nbsp;31, 2008, (the
&#147;McArthur River Report&#148;), has been prepared for Cameco in accordance with NI 43-101 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., each of whom is a &#147;qualified person&#148;,
but not independent of Cameco within the meaning of NI 43-101. The following description of the
McArthur River mine is based on the McArthur River Report. A copy of the McArthur River Report is
available electronically at www.sedar.com. Conclusions, projections and estimates set out in this
Annual Information Form regarding McArthur River are subject to the qualifications, assumptions and
exclusions that are detailed in the McArthur River Report. To fully understand the summary
information set out below and elsewhere in this Annual Information Form, the McArthur River Report
filed on SEDAR should be read in its entirety.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->- 13 -<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a description of royalties payable to the province of Saskatchewan on the sale of uranium
extracted from ore bodies within the province, such as McArthur River, and taxes, environmental
matters and uranium sales, see <I>Canadian Royalties and Certain Taxes, Environmental Matters and
Uranium Concentrates Business, </I>respectively.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Property Description and Location</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This property is located near Toby Lake in northern Saskatchewan, approximately 620 kilometres
north of Saskatoon. The McArthur River mine site is compact, occupying approximately an area of
one kilometre in the north/south direction and half a kilometre in the east/west direction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River uranium deposit is located in the area subject to mineral lease ML-5516,
totalling 1,380 hectares. Under this mineral lease, Cameco acquired the right to mine this
deposit. The current mineral lease expires in March&nbsp;2014 with the right to renew for successive
ten-year terms absent a default by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surrounding the McArthur River uranium deposit are 21 mineral claims, totalling 83,438 hectares.
The mineral lease and mineral claims are contiguous. Title to the 21 mineral claims is secured
until 2017, as a result of previous assessment work completed by Cameco. A mineral claim grants
the holder the right to explore for minerals within the claim lands and the right to apply for a
mineral lease.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Site Accessibility, Climate, Local Resources, Infrastructure and Physiography</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The means of access to the property is by an all-weather road and by air. Supplies are transported
by truck and can be shipped through Cameco&#146;s transit warehouse in Saskatoon. A 1.6 kilometre
unpaved air strip and air terminal is located approximately one kilometre east of the mine site
within the surface lease, allowing flights to and from the McArthur River property. McArthur River
ore is transported to the Key Lake mill for processing some 80 kilometres to the southwest along a
gravel highway. Site operations are carried out throughout the year despite cold winter
conditions. The fresh air necessary to ventilate the underground workings is heated during the
winter months using propane-fired burners. There is easy access to and sufficient water from
nearby Toby Lake to satisfy all industrial and residential water requirements. The site is
connected to the provincial power grid. There are standby generators in case of grid power
interruption. Personnel are recruited from the northern area communities and major Saskatchewan
population centers such as Saskatoon. Underground development work is tendered to a number of
mining contractors. Cameco personnel conduct all production functions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River is a developed producing property, with surface right holdings that meet all of its
mining operation needs as well as sufficient site facilities and infrastructures. No tailings
management facilities are required as McArthur River ore is milled at the Key Lake mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The site consists of an underground mine, one full service shaft and two ventilation shafts along
with numerous surface facilities, including inert waste rock stockpiles, a large capacity mine
water treatment plant and ponds, a freshwater pump house, powerhouse, electrical substations,
standby diesel generators as well as maintenance and warehousing facilities. Other major
facilities include an ore body freezing plant, a concrete batch plant, an administration and
maintenance shops building and an ore load-out building.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Waste rock piles from the excavation of the three shafts and all underground development are
confined to a small footprint within the surface lease. Waste piles have been segregated into three
separate areas: clean waste, mineralized waste (&#062;0.03% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) and
potentially acid generating waste. The latter two stockpiles are contained on engineered lined
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">pads. The clean waste piles include piles for mine development waste, crushed waste, and various
piles for concrete aggregate and backfill.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>History</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There have been numerous changes in ownership of participating interests in the joint venture that
governs the McArthur River property. The joint venture was formed in 1976 and the original joint
venture partners were Canadian Kelvin Resources Ltd. and Asamera Oil Corporation Ltd. In 1977,
SMDC, a predecessor company to Cameco, acquired an interest in the joint venture and in 1980,
became operator of the joint venture project. In 1988, Eldorado Resources Limited merged with SMDC
to form Cameco and Cameco became operator of the joint venture project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two of the more recent significant changes in ownership occurred in 1998 and 1999. In 1998, Cameco
bought all of the shares of Uranerz Exploration and Mining Ltd. (and changed Uranerz&#146;s name to
UEM), thereby increasing its direct and indirect participating interest in the McArthur River joint
venture to 83.766%. In 1999, AREVA acquired one-half of the shares of UEM, thereby reducing
Cameco&#146;s direct and indirect participating interest in the McArthur River joint venture to 69.805%
and increasing AREVA&#146;s direct and indirect participating interest in the McArthur River joint
venture to 30.195%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In mid-March of 2009, the participating interest in the McArthur River joint venture held by UEM
(27.922%) was distributed equally to its shareholders, Cameco (13.961%) and AREVA (13.961%). As a
result, Cameco (69.805%) and AREVA (30.195%) each now hold their respective interests in the
McArthur River joint venture directly.
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Geological Setting and Mineralization</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River deposit is located in the south-eastern portion of the Athabasca basin, within
the south-west part of the Churchill structural province of the Canadian Shield. The crystalline
basement rocks underlying the deposit are members of the Aphebian aged Wollaston Domain,
metasedimentary sequence and consist of two distinct parts: a hanging wall pelitic sequence of
cordierite and graphite bearing pelitic and psammopelitic gneiss with minor meta-arkose and
calc-silicate gneisses; and a sequence consisting of quartzite and silicified meta-arkose and rare
pelitic gneisses. These basement rocks are unconformably overlain by flat lying, unmetamorphosed
sandstones and conglomerates of the Helikian Athabasca Group. These sediments consist of the A, B,
C and D units of the Manitou Falls Formation; and a basal conglomerate containing pebbles and
cobbles of quartzite. The sandstone is over 500 metres thick in the deposit area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium mineralization has been delineated from surface drilling over a strike length of 1,700
metres, generally occurring at depths ranging between 500 metres to 640 metres below surface.
Underground drilling programs have covered approximately 750 metres of the 1,700 metre strike
length delineated from surface. The mineralization is structurally controlled by a
northeast-southwest trending reverse fault (the &#147;P2 Fault&#148;) which dips 40-65 degrees to the
southeast. The fault has thrust a wedge of basement rock into the overlying sandstone. The
vertical displacement of the fault exceeds 80 metres at the northeast end of the deposit decreasing
to 60 metres at the southwest end.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground drilling has delineated four distinct mineralization zones with mineral reserves (Zones
1 to 4). Two additional Zones, A and B, are on the northern portion of the deposit and are
indicated through surface drill holes only. Ore widths are variable along strike. Five of the six
mineralized zones occur in sandstone and basement rock along the faulted edge of the basement
wedge. Zone 2 is the exception as it is entirely hosted in structurally disrupted basement rock in
a unique area of the deposit where a massive footwall quartzite unit lies in close proximity to the
main zone of faulting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although all rocks at McArthur River are altered to some degree, alteration is strongest in or near
faults, often associated with mineralization. In the pelitic hanging wall basement rocks above the
P2 Fault, chloritization is common and most intense within a metre of mineralization. Pervasive
silicification is the predominant alteration characteristic of the sandstone. Intensity of
silicification increases 375 metres below surface and continues to the unconformity. This brittle
sandstone is strongly fractured along the path of the main fault zone, resulting in poor ground
conditions and high permeability to water.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In general, the high-grade mineralization, characterized by botryoidal uraninite masses and
subhedral uraninite aggregates, constitutes the earliest phase of mineralization in the deposit.
Pyrite, chalcopyrite, and galena were also deposited during this initial mineralizing event. Later
stage, remobilized uraninite occurs as disseminations, veinlets, and fracture coatings within
chlorite breccia zones and along the margins of silt beds in the Athabasca sandstone.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Exploration, Drilling and Estimates</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The original McArthur River resource estimates were derived from surface diamond drilling. The
drill hole data consists of assay results from 42 drill holes compiled with all relevant geological
and technical data. The very high grade encountered in these drill holes justified the development
of an underground exploration project.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The data from underground exploration drill holes have been interpreted and estimates of mineral
reserves and resources have been made in four mineralized zones (zones 1 to 4). In addition to
this drilling, hundreds of freeze holes and raise bore pilot holes have provided data supporting
the interpretation. In areas of no underground drill holes, surface exploration drill holes are
the basis for the mineral resource estimates for four additional areas labelled MCA South, MCA
North, Zones A and B.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has 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&nbsp;31, 2008,
approximately 80 surface drill holes totalling in excess of 42,000&nbsp;metres were drilled comprising a
combination of conventional and directional drilling. The P2 structure has now been tested at
approximately 200&nbsp;metre intervals for a distance of 4.3&nbsp;kilometres north of McArthur River.
Results continue to be encouraging and will require follow-up drilling. For 2009, $3.5&nbsp;million has
been budgeted towards diamond drilling on extension of the P2 Fault both to the north and south of
McArthur River.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground exploration drilling and development continued in 2008. Since 1993, over 630
underground drill holes, totalling in excess of 56,000&nbsp;metres, have provided detailed information
for 750&nbsp;metres of strike length. Over 1,400 additional underground drill holes, totalling in
excess of 85,000&nbsp;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.
Tunnelling 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.
</DIV>


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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is satisfied with the quality of data obtained from the surface exploration and underground
drilling at McArthur River and considers it valid for use in the estimate of mineral resources and
mineral reserves at McArthur River. This is supported by the annual reconciliation of the mine
production to within 5% of the estimate of pounds of uranium for the last five years.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Mine Operations and Development</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Construction and development of the McArthur River mine began in 1997 and was completed on schedule
and mining commenced in December&nbsp;1999. Upon completion of mine commissioning, commercial
production was achieved on November&nbsp;1, 2000.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three permits must be maintained to operate the mine at McArthur River. Cameco holds a &#147;Uranium
Mine Facility Operating Licence&#148; from the Canadian Nuclear Safety Commission (&#147;CNSC&#148;) and an
&#147;Approval to Operate Pollutant Control Facilities&#148; and a &#147;Permit to Operate Waterworks&#148; both from
the Saskatchewan Ministry of Environment (&#147;SMOE&#148;). These permits are current. The CNSC licence
was renewed for a five-year term in 2008 and expires on October&nbsp;31, 2013. The SMOE permits will
require renewal in 2009 as they expire on October&nbsp;31, 2009. The renewal process for those permits
has been commenced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is working on the transition to new mining areas at McArthur River, including mine planning,
development and freeze hole drilling. Underground drilling in McArthur River has delineated four
mineralization zones with mineral reserves (Zones 1 to 4). Since mine start-up in 1999, only
Zone&nbsp;2 has been mined. Zone&nbsp;2 is divided into four panels (Panels 1, 2, 3 and 5).
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><IMG src="o54391o5439101.gif" alt="(IMAGE)">
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River mine schematic above illustrates the location of six mineralized zones. The
four described above and mineralized zones A and B, which are drilled from surface only and are
currently categorized as inferred mineral resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As extraction of Zone&nbsp;2 (Panels 1, 2 and 3) progresses, Cameco expects to place Zone&nbsp;1, Zone&nbsp;2
(Panel 5) and the lower mining area of Zone 4 into production in stages between 2009 and late 2010,
subject to regulatory approval.
</DIV>


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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Freeze drilling and raisebore access for lower Zone 1 has been developed on the 530 metre level.
As a precautionary measure, the 560&nbsp;metre level extraction chamber development will not be
initiated until the production freeze wall has been established. Freeze drilling for lower Zone&nbsp;1
is scheduled to begin in the second quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Zone 2 (Panel 5), the brine system to form the new freeze wall was activated in the fourth
quarter of 2008. Approximately six months of freeze time are required before the raise bore
chamber can be safely developed. Cameco intends to produce over 85&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from this area, and initial production is anticipated in the second half
of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2008, the extraction area for lower Zone&nbsp;4 development on the 590&nbsp;metre level
encountered a small inflow of water that was captured and controlled. The inflow has not caused
Cameco to alter any planned mining on the 590&nbsp;metre level, but full grouting of the inflow area is
required before development resumes. Overall, lower Zone&nbsp;4 is classified as higher risk
development and Cameco has adjusted its 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 align="left" style="font-size: 10pt; margin-top: 6pt">During the fourth quarter of 2008, access was successfully re-established along the previously
backfilled Zone 2 (Panel 3) freeze wall on the 530&nbsp;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 delays
associated with the transition to new mining areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 &#151;
including the raise boring method &#151; will be required to mine the majority of the deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The sandstones that overlay the ore zones and basement rocks contain significant amounts of water,
which is at hydrostatic pressure that will flow into the underground workings unless they are
controlled. Ground freezing is used to form an impermeable freeze wall, to prevent water from the
sandstones entering into the active ore zones, and to help stabilize highly fractured footwall
rocks during mining operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Ore extraction is performed by the raise boring method, with broken ore falling to the extraction
level. A line-of-sight remote controlled loader transports the ore to a grinding circuit. This
circuit grinds the ore to a size that is acceptable for the Key Lake leaching circuit. From the
grinding circuit, ore is pumped 680 metres to surface for storage in four ore slurry-holding tanks.
Ore is drawn out of the ore slurry holding tanks and pumped into containers on a transport truck
for shipment to the Key Lake mill over an 80 kilometre all-weather road. Once a raise has been
bored through the ore zone, it is backfilled with concrete. After all the rows of raises are
complete in a chamber, equipment is removed from the area and the chamber is backfilled with
concrete. A new chamber is excavated to allow for the next area to be mined and the cycle is
repeated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to continue using the current raise boring mining method to extract ore from lower
Zone&nbsp;1, Zone&nbsp;2 (Panels 1, 2, 3 and 5) and the lower mining area of Zone&nbsp;4. Alternate mining
methods planned for other Zones of the ore body include boxhole boring and blasthole stoping.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, Cameco determined that the boxhole boring mining method will be better suited for the
upper mining area of Zones&nbsp;1, 3 and 4. Cameco plans to use this mining method for production from
upper Zone&nbsp;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. Cameco has some experience with boxhole boring, as it previously tested this
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 align="left" style="font-size: 10pt; margin-top: 6pt">Technical challenges associated with boxhole boring include reaming through frozen ground, raise
stability, controlling raise deviation, material handling and control of radiation exposure.
Accordingly, Cameco has scheduled a long lead-time for implementation to ensure the technical
challenges are understood and risks mitigated. Until Cameco has fully developed and tested the
boxhole boring method at McArthur River, there is uncertainty 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
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">commenced in early January&nbsp;2009. Three raises in waste are planned for 2009 as is
completion of freeze drilling for a boxhole boring ore extraction test area. The brine
distribution system for this area will be installed in 2009 to permit test raise excavation in
2010. Cameco has CNSC approval for the boxhole test program in waste and expects to provide the
CNSC with a second submission for boxhole boring in ore for 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at Cameco&#146;s McArthur River mine was temporarily suspended on April&nbsp;6, 2003, as increased
water inflow from an area of collapsed rock in a new development area, located just above the
530-metre level, began to flood portions of the mine. Remedial work to return the mine to safe
operating condition was carried out during the second quarter of 2003 and was sufficiently advanced
in July&nbsp;2003 for mine production to resume. The excess water inflow was sealed off in July&nbsp;2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the water inflow incident in 2003, and as a result of a series of subsequent capacity
improvements, Cameco has increased pumping capacity at the McArthur River mine to 1,650&nbsp;cubic
metres per hour, with the potential to add additional capacity. Cameco has the ability to treat
between 750 and 800&nbsp;cubic metres per hour through its conventional water treatment plant. In
addition, another 750&nbsp;cubic metres per hour contingency water treatment capacity is available which
requires regulatory approval to use. Beyond that, Cameco has water storage capability of
50,000&nbsp;cubic metres in a surface pond which could provide several weeks of storage for any inflows
in excess of hourly treatment capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Current discharge rates are limited by the SMOE, with approvals in place to release up to 360 cubic
metres per hour during the period of April&nbsp;15 to June&nbsp;15 to allow passage of spawning fish through
the downstream Read Creek culvert and up to 833&nbsp;cubic metres per hour for the remainder of the
year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, Cameco plans to upgrade the Read Creek culvert to allow fish passage during high flow
conditions, apply to the SMOE for removal of the 360&nbsp;cubic metres per hour flow restriction, and
submit an application to the CNSC and the SMOE for formal approval of the McArthur Contingency
Water Management Plan that would allow it to operate the contingency water treatment plant and
discharge at rates up to 1,500&nbsp;cubic metres per hour during mine inflow conditions.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Milling</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake joint venture has two joint venture partners: Cameco (83<SUP style="font-size: 85%; vertical-align: text-top">1</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>%) and AREVA (16<SUP style="font-size: 85%; vertical-align: text-top">2</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>%). In
mid-March of 2009, a 33<SUP style="font-size: 85%; vertical-align: text-top">1</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>% participating interest in the Key Lake joint venture, which up to that
time had been held by UEM, was distributed equally to its shareholders, Cameco (16<SUP style="font-size: 85%; vertical-align: text-top">2</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>%) and AREVA
(16<SUP style="font-size: 85%; vertical-align: text-top">2</sup>/<SUB style="font-size: 85%; vertical-align: text-bottom">3</sub>%). As a result, Cameco and AREVA each now hold their respective interests in the Key Lake
joint venture directly. The Key Lake joint venture is operated by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake joint venture entered into a toll milling agreement with AREVA in June of 1999, as
amended in January&nbsp;2001 (the &#147;Original Toll Milling Agreement&#148;), to process all of AREVA&#146;s share of
McArthur River ore at the Key Lake mill. The terms of the Original Toll Milling Agreement include
a provision for processing at cost plus a toll milling fee and provide that the Key Lake joint
venture owners are responsible for decommissioning the Key Lake mill and certain capital costs,
including the costs of any tailings management associated with milling AREVA&#146;s share of McArthur
River ore. The Original Toll Milling Agreement further provides that after June&nbsp;1, 2009, the
agreement will automatically be extended for one-year periods unless six months notice is given by
AREVA stating its desire to terminate the agreement effective at the end of any operating year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the distribution by UEM of its interests in the Key Lake and McArthur River joint
ventures to its shareholders (the &#147;UEM Distribution&#148;), the Original Toll Milling Agreement has been
amended (the &#147;Amended Toll Milling Agreement&#148;) to reflect that with respect to AREVA&#146;s entitlement
to its pro-rata share of ore produced from the McArthur River joint venture which it held directly
prior to the UEM Distribution (16.234%) (the &#147;First Ore Stream&#148;), the fees and expenses under the
Original Toll Milling Agreement will not change. Further, AREVA will continue to not be
responsible (as a Key Lake owner) for any pro-rata proportion of costs of the decommissioning the
Key Lake mill and capital costs in connection with the First Ore Stream. The Amended Toll Milling
Agreement provides that with respect to AREVA&#146;s pro-rata share of ore produced from the McArthur
River joint venture which it received as a result of the UEM Distribution (13.961%) (the &#147;Second
Ore Stream&#148;), the fees and expenses and the responsibility for decommissioning the Key Lake mill
and capital costs will be the same as those for a Key Lake joint venture owner under
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Original
Toll Milling Agreement. The termination rights of AREVA under the Amended Toll Mill Agreement
remain the same as those in the Original Toll Milling Agreement described above except that the
Second Ore Stream must be milled at the Key Lake mill for the entire life of the McArthur River
project regardless of any termination rights of AREVA. Cameco has not entered into a formal toll
milling agreement with the Key Lake joint venture, but its share of McArthur River ore is milled at
Key Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Key Lake mill, McArthur River ore is blended with low grade mineralized material down to
approximately 4% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The uranium in the blended ore is then dissolved in a
leaching circuit. The resulting uranium bearing solution is separated from the barren ore solids
in a counter current decantation circuit and is further concentrated in a solvent extraction
circuit. The uranium is precipitated out of solution by the addition of ammonia, producing
ammonium diuranate that is thickened and centrifuged before the uranium is transferred to a
calciner. The calciner dries and calcines the uranium before it is packed into 200 litre drums.
The final product is about 98% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Three permits must be maintained to operate the Key Lake mill, where ore from McArthur River is
processed. Cameco holds 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 the SMOE.
These permits are current. The CNSC operating licence was renewed for a five-year term in 2008
and expires on October&nbsp;31, 2013. The SMOE permits will require renewal in 2009, as they expire on
November&nbsp;30, 2009. The renewal process for those permits has been commenced.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has applied to increase the annual licence capacity at both the McArthur River mine and the
Key Lake mill to 22&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year (compared to the current
18.7&nbsp;million pounds 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;EA&#148;) under the Canadian Environmental Assessment Act
(&#147;CEAA&#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 align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has 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 align="left" style="font-size: 10pt; margin-top: 6pt">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. Cameco expects 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>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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, Cameco 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 Cameco be in a position to fully assess the production rate capacity of the new
mining zones. See <I>Mining Operations and Development</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Cameco receives approval for the increased production limit, Cameco expects that annual
production will range between current forecast production of 18.7&nbsp;million pounds and 20&nbsp;million
pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> 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, Cameco anticipates it will be a number of years before
it can achieve a sustainable increased production rate at these operations.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">project
planning for these replacement plants was advanced in 2008 and construction is planned to start in
2009, subject to regulatory approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are two tailings management facilities at the Key Lake site. One is an above ground
impoundment with tailings stored with compacted till embankments. This facility has not received
tailings since 1996. Cameco is reviewing several decommissioning options regarding this facility.
The other tailings management facility is located within the Deilmann pit (the &#147;Deilmann TMF&#148;),
which was mined out in the 1990s. At present, tailings from processing McArthur River ore are
deposited in the Deilmann TMF.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to the ongoing operation of the Deilmann TMF, Cameco has performed several studies to
better understand the pitwall sloughing mechanism and initiated engineering work to design and
build mitigation measures for prevention of sloughing. Sloughing has occurred in the past at the
Deilmann TMF resulting in the loss of approved capacity. Although the situation has recently
stabilized as a result of stabilizing the water level in the pit, there is a risk of further
sloughing at the Deilmann TMF.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Decommissioning Key Lake and McArthur River</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2003, Preliminary Decommissioning Plans (&#147;PDPs&#148;) for both the Key Lake and McArthur River
operations were prepared by Cameco and approved by both the CNSC and the 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;PDCEs&#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
the SMOE in the form of irrevocable standby letters of credit. Based on the total estimated
decommissioning costs presented and approved in these PDCEs, Cameco
will be increasing the financial
assurance posted with the province of Saskatchewan to $120.7&nbsp;million and $36.1&nbsp;million for
decommissioning the Key Lake and McArthur River operations, respectively.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Production Forecast, Mine Life and Payback</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Annual production from McArthur River is forecast at a rate of 18.7&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year until 2016, and declines thereafter until 2033. Cameco
estimates that McArthur River will have a mine life of at least 25&nbsp;years with an expected pay back
of capital invested by 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, 16.6&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was produced by toll milling McArthur
River ore at Key Lake (Cameco&#146;s share was 11.6&nbsp;million pounds). This was 2.1&nbsp;million pounds less
than the licensed annual production limit of 18.7&nbsp;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
</DIV>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">year. Cameco believes that these problems have been corrected. Average mill metallurgical
recovery for 2008 was 98.3%.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Sampling and Analysis</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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&nbsp;metres between holes on a section where necessary. Drilled depths averaged
670&nbsp;metres. Vertical holes generally intersect mineralization at angles of 25 to 45&nbsp;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 counts per second is split
and sampled for assay.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Detailed delineation drilling has been performed from underground drill bays over a strike length
of 750&nbsp;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&nbsp;metre spaced
drilled stations with three fans of holes from each station and provides coverage of about
10&nbsp;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 align="left" style="font-size: 10pt; margin-top: 6pt">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 align="left" style="font-size: 10pt; margin-top: 6pt">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 align="left" style="font-size: 10pt; margin-top: 6pt">The following information is recorded for each sample: (a)&nbsp;hole number, date and name; (b)&nbsp;sample
number; (c)&nbsp;from and to intervals and length; (d)&nbsp;recovered length; (e)&nbsp;SPP2 range of
radioactivity; (f)&nbsp;weight; (g)&nbsp;core diameter; and (h)&nbsp;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;SRC&#148;) in Saskatoon for analysis in accordance with the
Transportation of Dangerous Goods regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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&nbsp;samples is analyzed in duplicate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A number of quality control measures and data verification procedures are taken. Surveyed drill
hole 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
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>

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



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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 align="left" style="font-size: 10pt; margin-top: 6pt">Cameco employs a data and quality assurance coordinator (&#147;DQAC&#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 reassaying should be completed.
</DIV>



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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>McArthur River Resource and Reserve Estimates</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserve and resource estimates for McArthur River are found below at <I>The Nuclear
Business </I>-<I> Uranium Concentrates Business - Reserves and Resources</I>. The key assumptions, parameters
and methods used in making these estimates are:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">1.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Key Assumptions</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium mineralization is continuous in quality and quantity between sampled
areas.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Water control measures are effective at preventing water inflow.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reported mineral reserves include appropriate provisions for dilution or
mining recovery. Mineral reserves have been estimated with an average allowance of 20%
dilution and a 95% mining recovery. The reported mineral resources do not include
allowances for dilution and mining recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are recoverable by the current raise bore mining method and
the planned mining methods of boxhole boring, and blasthole stoping.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Diamond drilling, ground support systems, and mining plans mitigates the risks
associated with potentially adverse ground conditions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Radiation protection measures in place continue to be effective.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, an
average uranium price of $47 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. For
the purpose of estimating mineral reserves in accordance with the SEC&#146;s Industry Guide
7 for US reporting purposes, an average uranium price of $70 (US)&nbsp;per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. Estimated mineral reserves at McArthur River are
the same using either uranium price.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Environmental, permitting, legal, title, taxation, socio-economic, political,
marketing or other issues are not expected to materially affect the mineral resource
and mineral reserve estimates.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">2.</TD>
    <TD width="2%">&nbsp;</TD>
    <TD>Key Parameters</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological model employed for McArthur River involves geological
interpretations on section and plan derived from surface and underground drill hole
information.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For mineral resources estimated from surface drill holes, the uranium grade is
determined from assay sample. For mineral resources and mineral reserves estimated
from underground drill holes, grades were obtained from radiometric probing converted
to percentage U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> on the basis of a correlation between
radiometric counts and assay values.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Densities were determined from regression formulas based on density
measurements of drill core and chemical assay grades.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Limits and continuity of the mineralization are structurally controlled.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves have been estimated at a cut-off 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>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources have been estimated at a minimum mineralized thickness of 1.0
metre and at cutoff 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>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves at McArthur River were estimated based on the use of the
raisebore, boxhole and blasthole stoping methods combined with freeze curtains. All
material extracted by mining is radiometrically scanned for grade and that which is
greater than 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> is treated as ore and is fed to an initial
processing circuit located underground consisting of grinding to produce an ore slurry
which is hoisted hydraulically by pumps to surface. On surface the ore slurry is
transported to the Key Lake mill for final processing and production of uranium. The
mining rate is planned to vary between 110 and 130 tonnes per day at a full mill
production rate of 18.7&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year based on
98.4% mill recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(h)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include a
conversion from US$ dollars to Cdn$ dollars using a fixed exchange rate of US$1.00 =
Cdn$1.22 (reflecting the exchange rate at December&nbsp;31, 2008).</TD>
</TR>

</TABLE>
</DIV>

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

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources, based on pre-1993 surface drilling, were estimated using the
two-dimensional cross-sectional method on vertical sections at 50 metre or 100 metre
spacing using Autodesk Generic CADD software.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources for Zones A and B, where additional holes were drilled from
the surface since 2004, were estimated using 3-dimensional block models.
Three-dimensional wire frame models were created from the geological interpretation of
mineralization outlines using lithology, structure and uranium grade information
interpreted on 25 or 50&nbsp;metre spacing vertical cross-sections and plan views.
Estimates of the grade and density of blocks of 5 metre x 10 metre x 2 metre were
obtained from inverse squared distance method.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources and mineral reserves delineated by underground drill holes
were estimated using 3-dimensional block models. Three-dimensional wire frame models
were created from digitized mineralization boundaries interpreted on 10&nbsp;metre spacing
vertical cross-sections and plan views. Estimates of the grade and density of blocks
of 1&nbsp;metre x 5 metre x 1&nbsp;metre were obtained from ordinary kriging or inverse squared
distance method.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</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">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are defined as the economically mineable part of the indicated
and measured mineral resources. Only mineral reserves have demonstrated economic
viability. The amount of reported mineral resources does not include amounts
identified as mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inferred mineral resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred mineral resources will ever be upgraded to
a higher category.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are numerous uncertainties inherent in estimating mineral reserves and resources. The
reliability of any mineral reserve and resource estimation 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 revision of such estimates.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake, in northern Saskatchewan, is a uranium mining and milling complex, wholly owned by
Cameco, which has been in operation since 1975. The Eagle Point mine, located on the Rabbit Lake
lease, reopened in 2002, ending a three year care and maintenance period. In 2002, the Rabbit Lake
mill also resumed operation, ending a one year care and maintenance period. Based upon the current
mine plan, Eagle Point mineral reserves are forecast to be depleted in 2013. The mineral reserve
and resource estimates for Rabbit Lake are found below at <I>The Nuclear Business &#150; Uranium
Concentrates Business-Reserves and Resources</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are three permits required to conduct mining and milling at Rabbit Lake. Cameco holds a
&#147;Uranium Mine Operating Licence&#148; from the CNSC and an &#147;Approval to Operate Pollutant Control
Facilities&#148; and a &#147;Permit to Operate Waterworks&#148; from SMOE. These permits expire on October&nbsp;31,
2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake achieved expected 2008 production of 3.6&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
Reduced mill hill head grade was addressed through increased tonnage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2008, the source of December&nbsp;2007 increased water inflow to the Eagle Point mine was
permanently sealed. In the third quarter of 2008, mining activity resumed in the area affected by
the inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2009, Cameco announced the one year extension of the expected Rabbit Lake mine life to
2013. Previously, Cameco extended the mine life at Rabbit Lake by finding additional mineral
resources and converting them to mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, the underground drilling reserve replacement program will continue. In 2008, surface
drilling was undertaken in support of Eagle Point as well as to test more regional targets.
Encouraging results were obtained east and north-east of the mine that are being tested in the
first quarter of 2009.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to regulatory approval, after an initial two-year mine ramp up period, Cameco expects that
the Rabbit Lake mill will process just over one-half of the uranium solution resulting from the
milling at AREVA&#146;s JEB mill of the current Cigar Lake reserves. An EA relating to this uranium
solution processing at Rabbit Lake (including the expansion of the RLITMF as described below) was
approved by regulatory authorities in the summer of 2008. Cameco plans to complete
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the majority of
the required mill modifications prior to commencement of uranium solution processing at Rabbit
Lake. The processing of Cigar Lake uranium solution at Rabbit Lake is governed by a toll milling
agreement. (See <I>Cigar Lake &#150; Toll Milling Agreements </I>below<I>)</I>.
</DIV>

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

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


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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith
Ranch &#150; Highland is an ISR uranium operation located near the towns of Glenrock and Douglas,
Wyoming. It is owned 100% by Cameco through its wholly owned subsidiary, Power Resources, Inc.
(&#147;PRI&#148;). The mineral reserve and resource estimates for
Smith Ranch &#150; Highland are found below at
<I>The Nuclear Business &#150; Uranium Concentrates Business-Reserves and Resources</I>. The Smith Ranch mill
processes all Smith Ranch &#150; Highland ISR mined uranium.
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has a uranium development project in Kazakhstan called Inkai. In April&nbsp;2004, Joint
Venture Inkai decided to develop an ISR mine at the Inkai uranium deposit. Cameco, the joint
venture operator, is targeting commercial production at Inkai for 2009, subject to the availability
of sulphuric acid.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake is the world&#146;s second largest known high-grade uranium deposit. Cigar Lake is owned by
joint venture partners Cameco (50.025%), AREVA Resources Canada Inc. (&#147;AREVA&#148;) (37.1%), Idemitsu
Canada Resources Ltd. (&#147;Idemitsu&#148;) (7.875%) and TEPCO Resources Inc. (&#147;TEPCO&#148;) (5.0%). Cameco is
the operator. At December&nbsp;31, 2008, Cameco&#146;s share of the Cigar Lake proven mineral reserves was
248,500 tonnes of ore containing 113.2&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average
grade of 20.7% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>; of the indicated mineral resources was 30,500 tonnes of
ore containing 3.3&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 4.9%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>; and of the inferred mineral resources was 158,500 tonnes of ore
containing 59.1&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> with an average grade of 16.9%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2004, the CLJV decided to proceed with development of the Cigar Lake mine. Development
of the Cigar Lake project began in January&nbsp;2005. Development has been delayed due to the two water
inflow incidents that occurred in 2006 and an additional water inflow incident that occurred in
August&nbsp;2008 (see <I>Water Inflow Incidents and Remediation </I>below). The first incident in April&nbsp;2006
resulted in the flooding of the second shaft, which was under construction. The second incident in
October&nbsp;2006 resulted in the flooding of the underground development areas. In November&nbsp;2006,
Cameco commenced work at Cigar Lake to remediate the underground development areas. In August
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form</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 align="left" style="font-size: 10pt; margin-top: 6pt">2008 this remediation work was interrupted by another inflow that prevented the mine from being
dewatered. Cameco estimates that it will take most of 2009 to seal the source of the August&nbsp;2008
water inflow.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC issued a construction licence for Cigar Lake in December&nbsp;2004, which was amended in 2007.
The licence expires December&nbsp;31, 2009. Cameco will be applying to amend the licence to extend the
term to allow for completion of the mine remediation work.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a description of royalties payable to the province of Saskatchewan on the sale of uranium
extracted from ore bodies within the province, such as Cigar Lake, and taxes, environmental matters
and uranium sales, see <I>Canadian Royalties and Certain Taxes, Environmental Matters and Uranium
Concentrates Business, </I>respectively.
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Property Description and Location</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake mine site is located near Waterbury Lake, approximately 660 kilometres north of
Saskatoon. The Cigar Lake mine site was initially developed for the activities of test mining.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral property consists of one mineral lease (ML-5521) and 25 mineral claims (No.&nbsp;S-106540 to
106564 inclusive), totalling 93,048 hectares. The mineral lease and mineral claims are contiguous.
The Cigar Lake deposit is located in the area subject to mineral lease ML-5521, totalling 308
hectares. The right to mine this uranium deposit was acquired under this mineral lease. The
current mineral lease ML-5521 expires on December&nbsp;1, 2011 with the right to renew for successive
ten-year terms absent a default by Cameco.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The surface facilities and mine shafts for the Cigar Lake project are located on lands owned by the
province of Saskatchewan. Cameco acquired the right to use and occupy the lands under a surface
lease agreement with the province of Saskatchewan. The most recent surface lease was signed in May
2004. The term of this surface lease expires in May&nbsp;2037. Obligations attached to the surface
lease agreement primarily relate to annual reporting regarding the status of the environment, land
development and progress made on northern employment and business development. The lease is
renewable if necessary until full property decommissioning has been achieved and approved by the
provincial government. The Cigar Lake surface lease covers a total of 959 hectares of Crown land.
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake airstrip is under a separate surface lease covering a total of 17.2 hectares. There
is also a surface lease for roadways covering a total of 24.2 hectares. The airport lease was
renewed with the province of Saskatchewan in 2007 and will expire in May&nbsp;2028. These surface
leases are renewable if necessary until full property decommissioning has been achieved and
approved by the Government of Saskatchewan.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Waste rock generated at the Cigar Lake mine site is currently stored in one of four waste rock
piles on site, depending on the nature of the waste rock. The first two of these are the clean
waste stockpiles, which will remain at the minesite. The
third is mineralized waste, contained on a lined pad (&#062;0.03% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>), which
will be disposed of underground at the Cigar Lake mine. No mineralized waste has been identified
in the development to date. The fourth is potentially acid generating waste rock which will be
temporarily stored at site on a lined pad and will be eventually transported to the Sue C pit at
the McClean Lake facility for permanent disposal. The costs of the eventual disposal of the Cigar
Lake potentially acid generating waste rock in Sue C pit is addressed in the Potentially Reactive
Waste Rock Disposal Agreement between the McClean Lake Joint Venture (&#147;MLJV&#148;) and CLJV dated
January&nbsp;1, 2002. In addition, a fifth waste pile contains overburden material that is used during
surface construction and will be used during site reclamation.
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Site Accessibility, Climate, Local Resources, Infrastructure and Physiography</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access to the property is by an all weather road and by air. Supplies are transported by truck and
can be shipped through Cameco&#146;s transit warehouse in Saskatoon. Saskatoon is a major population
centre located 660 kilometres south of the Cigar Lake deposit with highway and air links to the
rest of North America. An unpaved airstrip is located east of the minesite within the airstrip
surface lease, allowing flights to the Cigar Lake property. The water for the industrial
activities and the camp comes from nearby Waterbury Lake. A lake, called Cigar Lake, overlies part
of the inferred mineral resources. The site is connected to the provincial electricity grid with a
138kV overhead power line. There are standby generators in case of grid power interruption.
</DIV>

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

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
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<DIV style="font-family: 'Times New Roman',Times,serif">



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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>History</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first uranium mineralization discovery at Cigar Lake was in May&nbsp;1981. Since that time, the
deposit has been defined by approximately 247 holes and more than 101,100 metres of core drilling
from surface. Cigar Lake Mining Corporation (&#147;CLMC&#148;) was the operator of the project from 1985 to
2001. Effective January&nbsp;1, 2002, Cameco replaced CLMC as operator.
</DIV>

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

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Geological Setting</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake deposit is located approximately 40 kilometres inside the margin of the eastern part
of the Athabasca basin. It occurs at the unconformity contact between rock of the Athabasca Group
and underlying lower Proterozoic Wollaston Group metasedimentary rocks, an analogous setting to the
Key Lake, the McClean Lake and Collins Bay deposits. Cigar Lake shares many similarities with
these deposits, including general structural setting, mineralogy, geochemistry, host rock
association and the age of the mineralization. However, the Cigar Lake deposit is distinguished
from other similar deposits by its size, its very high grade, and the high degree of associated
hydrothermal clay alteration. The geological setting at Cigar Lake is similar to that at the
McArthur River mine in that the sandstone overlying the basement rocks of the deposit contains
significant water at high hydrostatic pressure.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%"><I>Exploration</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineral lease ML-5521, which covers the Cigar Lake deposit, is surrounded by 25 mineral claims.
AREVA is responsible for all exploration activity on these 25 surrounding claims under the CLJV
agreements.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 1999 work program on these claims started with a period of data compilation and review of all
the work conducted to date, following which additional exploration was started focussing upon
developing further understanding of the Cigar trend and developing knowledge of the large,
unexplored parts of the project. Since the inception of exploration activities to the end of the
2008 drilling program, a total of 102 exploration diamond drillholes (totalling 47,648 metres) and
an additional 38 shallow drillholes (totalling 2,140 metres) have been completed on these claims.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the 2006 exploration drilling program, a drill hole located 700 metres east of the Cigar
Lake ore body had an intercept with a radiometric grade of 21% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over a
vertical thickness of 7.7 metres. Following up on this intercept, based upon exploration drilling
in 2007 and 2008, AREVA estimates that the mineralized zone is at least 200 metres in length, 30
metres in width and five metres thick. Further drilling is planned for 2009.
</DIV>

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The high-grade, unconformity mineralization consists primarily of three dominant rock and mineral
facies occurring in varying proportions. These are quartz, clay (primarily chlorite with lesser
illite) and metallic minerals (oxides, arsenides, sulphides). In the two higher-grade eastern
lenses, the ore consists of approximately 50% clay matrix, 20% quartz and 30% metallic minerals,
visually estimated by volume. In this area, the unconformity mineralization is overlain by a very
weakly mineralized contiguous clay cap one to five metres thick. In the lower-grade western lens,
the proportion changes to approximately 20% clay, 60% quartz and 20% metallic minerals.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Drilling</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake uranium deposit was discovered in 1981 on mineral lease ML-5521 by drill hole number
WQS2-015 of a regional programme of diamond drill testing of geophysical anomalies (electromagnetic
conductors) located by airborne and ground geophysical surveys. The deposit was subsequently
delineated by a major surface drilling program during the period 1982 to 1986, followed by several
small campaigns of drilling for geotechnical and infill holes to 2002 when the last surface hole
prior to 2007 was drilled. An additional 36 holes were drilled during 2007 and 2008 for various
geotechnical and geophysical programs. In total, 107,921 metres of diamond drilling has been
completed in 263 surface holes. Of the 263 surface drillholes and wedged intersections drilled,
112 have been drilled within the geologically interpreted deposit limits and intersected minimum
mineralized intervals with grade times thickness (GT)&nbsp;value greater than 3.0 metres %
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, equivalent to 2.5 metres at 1.2% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A total of 347 freeze and temperature monitoring holes have been drilled to the end of 2008 during
the construction phase, of which approximately 150 have been gamma surveyed. The freeze holes are
drilled by percussion methods so no core is available for assays and uranium content is estimated
by probing the holes with radiometrics. Cameco plans to reconfirm the current conversion factors
for estimating uranium grade from the radiometrics by drilling several core holes and using them
for calibration purposes.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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


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

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the upper and lower contacts of the mineralized zone, two additional 50 centimetre samples were
taken to ensure that the zone was fully sampled at the 1,000 parts per million (0.1%)
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except for some of the earliest sampling, in 1981 and 1982, the entire core from each sample
interval was taken for assay. This practice of sampling the entire core reduces the sample bias
inherent when splitting core.
</DIV>

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

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sample composites were calculated by taking the weighted average for the mineralized intercept in
each drill hole using a 1.2 % U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> cut-off grade with the inclusion of 0.5
metre of waste at the top and bottom of each drill intercept. Vertical surface drillholes
generally represent the true thickness of the zone as the mineralization is flat lying. The
greatest true width among the drill hole composites is 16.5 metres, and the lowest, 2.5 metres with
an average true width of about six metres.
</DIV>

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

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

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

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


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

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


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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Assumptions</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources have been estimated at a minimum mineralized thickness of 2.5
metres. A cut-off grade of 5% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> has been applied to the Phase
1 measured mineral resource. A cut-off grade of 1.2% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> has
been applied to the Phase 1 indicated mineral resource. The inferred mineral resources
have been estimated by applying a cut-off grade of 5.9% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> to
the Phase 2 resource block model.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral resources have been estimated with an allowance of 0.5 metres of
dilution material above and below the deposit at 0% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. No
allowance for mining loss is included.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves have been estimated at a cut-off grade of 5.9%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> applied to the Phase 1 mineral resource block model.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves have been estimated with an allowance of 0.5 metres of
dilution material above and below the deposit, plus 5% external dilution and 5%
backfill dilution at 0% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Mineral reserves have been
estimated based on 90% mining recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, an
average uranium price of $47.00 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>was used.
For the purpose of estimating mineral reserves in accordance with the SEC&#146;s Industry
Guide 7 for US reporting purposes, an average uranium price of $70.00 (US)&nbsp;per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. Estimated mineral reserves at Cigar Lake are the
same at either price.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Environmental, permitting, legal, title, taxation, socio-economic, political,
marketing or other issues are not expected to materially affect the mineral resource
and mineral reserve estimates.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 32 -<!-- /Folio -->
</DIV>

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

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




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

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grades (percentage U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) were obtained from assaying of
drill core and checked against radiometric results. In areas of lost core or poor
recovery, reliance was placed on radiometric grade determined from the gamma probing.
The grade of a sample was estimated from radiometric results if the core recovery was
less than 75%.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where density was not directly measured for each sample, a correlation between
uranium grade and density was applied.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves at Cigar Lake are based on estimated quantities of uranium
recoverable by a tested mining method.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include a
conversion from US$ dollars to Cdn$ dollars using a fixed exchange rate of US $1.00 =
Cdn $1.22 (reflecting the exchange rate at December&nbsp;31, 2008).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Key Methods</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves were estimated based on the use of the jet boring mining
method combined with bulk freezing of the ore body. Jet boring produces an ore slurry
with initial processing consisting of crushing and grinding underground, leaching at
the McClean Lake JEB mill and yellowcake production split between the McClean Lake JEB
mill and Rabbit Lake mill.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining rates are assumed to vary between 80 and 140 tonnes per day and a full
mill production rate of 18&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year based
on 98.5% mill recovery.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological interpretation of the ore body outline was done on section and
plan views derived from core drill hole information. Mineral resources and mineral
reserves were estimated using 2-dimension horizontal block models. Except in the case
of the inferred mineral resources, the block size of 15 metres x 6 metres was used.
For inferred mineral resources, the block size was increased to 40 metres x 10 metres.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The geological model does not incorporate the results of the underground freeze
holes since the conversion of radioactivity measurements to uranium grade has not yet
been confirmed by chemical assays.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ordinary kriging served to estimate the grade, thickness and density of the
blocks.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mineral reserves are defined as the economically mineable part of the indicated
and measured resources. Only mineral reserves have demonstrated economic viability.
Reported mineral resources do not include those amounts identified as mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inferred mineral resources have a great amount of uncertainty as to their
existence and as to whether they can be mined legally or economically. It cannot be
assumed that all or any part of the inferred mineral resources will ever be upgraded to
a higher category.</TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

<!-- PAGEBREAK -->
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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-left: 3%; margin-top: 6pt"><I>Decommissioning and Reclamation</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake project Preliminary Decommissioning Plan (&#147;PDP&#148;) was revised as part of the
relicensing that occurred in 2007. This decommissioning plan considers the environmental liability
issues up to the end of the construction of the facility. This PDP was approved by both federal
and provincial regulatory agencies and it indicates a preliminary decommissioning cost estimate
(&#147;PDCE&#148;) of $25.4&nbsp;million (100% basis). There is a new PDCE of $27.7&nbsp;million, which has been
approved by the CNSC. Financial assurances to cover this new PDCE will be posted with regulators.
</DIV>

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The jet boring mining method was selected for the mining of the Cigar Lake deposit after many years
of exploration and test mining activities. The method consists of cutting approximately 4.5 metre
diameter cavities with a high pressure water jet in previously frozen ore. It was developed and
adapted specifically for this deposit and one of its primary features is its non-entry approach,
whereby personnel are not exposed to the ore body as all mining will be conducted from headings
located in the basement rock below it. Through the application of the non-entry mining method, the
containment of the ore cuttings within cuttings collection systems, and the application of ground
freezing, the amount of radiation exposure to workers has been minimized to acceptable levels that
are below regulatory limits. Experience with non-entry mining of high grade uranium ore at
Cameco&#146;s McArthur River mine has demonstrated the effectiveness of this mining approach to manage
radiation exposures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cigar Lake ore will be processed at three locations. Size reduction will be conducted at Cigar
Lake, leaching will occur at McClean Lake and final yellowcake production will be split between
McClean Lake and Rabbit Lake for a total estimated annual production rate of 18&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> when the mine is in full operation. The MLJV owns the McClean Lake
operation, including the McClean Lake JEB mill, and AREVA is the operator of the MLJV. Cameco owns
the Rabbit Lake mill.
</DIV>

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

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 34 -<!-- /Folio -->
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Toll Milling Agreements</I>
</DIV>


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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All uranium solution resulting from the mill processing at the McClean Lake JEB mill of Phase 1 ore
is allocated for further processing between the McClean Lake JEB mill and the Rabbit Lake mill
based upon two categories: Phase 1(a) ore and Phase 1(b) ore. Phase 1 (a)&nbsp;ore represents the
first 160&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> recovered collectively by the McClean Lake JEB
and Rabbit Lake mills. Phase 1(b) ore represents the balance of the Phase 1 ore which is equal to
approximately 64&nbsp;million pounds of Cigar Lake mineral reserves.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the toll milling and related services, the CLJV pays the MLJV toll milling charges comprising
the CLJV&#146;s share of McClean Lake JEB mill expenses and a toll milling fee based upon the type of
Cigar Lake ore being processed (Phase 1(a), Phase 1(b) and, if applicable, Phase 2).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement requires the MLJV to modify the McClean Lake JEB mill to process Phase 1 ore. The
main modifications required have been completed other than the construction of the uranium solution
off-loading facility. In certain circumstances, standby costs are payable relating to the McClean
Lake JEB mill.
</DIV>

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The agreement requires Cameco to modify the Rabbit Lake mill to process its allocation of uranium
solution from milled Phase 1 ore and Cameco plans to do so prior to the commencement of processing
at Rabbit Lake. The majority of the modification costs are expected to be paid by Cameco. In
certain circumstances, standby costs are payable relating to the Rabbit Lake mill.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 35 -<!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;5, 2006, a water inflow occurred at the base of No.2 Shaft, through a failed valve
assembly on a grouting standpipe, which led to the flooding of the shaft and cessation of
activities in the shaft. As the shaft was not complete and not connected through to the main mine
workings, the flooding was limited to No.2 Shaft. In 2007, the CLJV decided to complete the No.2
Shaft to provide an alternative route out of the mine prior to beginning excavation in areas at
elevated risk of water inflow and to provide additional underground ventilation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, the inflow sources in No.2 Shaft were sealed, the effectiveness of the seal demonstrated,
and dewatering of the shaft commenced. The water level was pumped down to the 260 metre level and
held there for several weeks. The effectiveness of the seal was further demonstrated when the
water level was subsequently lowered to the 380 metre level with no increase in the inflow rate.
The inflow measured during this time was very low and stable, confirming that the sources of the
inflow have been sealed. Installation of ventilation and water pumping infrastructure began in the
shaft after the water level was lowered 100 metres below surface. It is anticipated that the
removal of all water in the shaft will be complete in the second quarter of 2009. Shaft sinking is
planned to commence after the main mine workings have been dewatered and remediated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;23, 2006, the underground mine at Cigar Lake was flooded following a water inflow, which
caused a termination of underground activities. Cameco is proceeding with a phased plan to restore
the underground workings at Cigar Lake. This plan consists of five phases. Each phase requires
regulatory approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Generally, phase one involves drilling holes down to the source of the inflow and to a nearby
tunnel where reinforcement is needed, pumping concrete through the drillholes, sealing off the
inflow with grout, drilling dewatering holes and installing pumps to dewater the mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The source of the October&nbsp;2006 water inflow has been sealed. A preliminary test of the
effectiveness of the plug and sealed rock fall area was conducted in February&nbsp;2008 by drawing down
the water level in Shaft No.1 to an intermediate stage and measuring the rate of water inflow. The
test results showed total mine water inflow was limited to a rate considered safe for mine
re-entry. Based upon the test results, the plug and seal are considered effective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The activities associated with each of the subsequent proposed remediation phases are generally
described as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phase 2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This phase involves dewatering the underground mine openings,
conducting inspections of the underground workings, providing
temporary services and initiating the installation of surface
freezing infrastructure if required.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phase 3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This phase involves securing areas to prevent a ground fall or
water inflow including construction of an engineered bulkhead in
the vicinity of the water inflow(s) and completing any additional
remedial work identified in Phase 2, such as determining if
additional reinforcement is required in higher risk areas. This
phase may overlap with all or portions of Phases 2 and 4.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phase 4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This phase involves completing underground rehabilitation which
includes re-establishing mine ventilation, power and communication
systems, installing pumping capacity, repairing the rock handling
facilities and re-establishing the ground freezing program.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Phase 5
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">This phase involves resuming underground development and
construction activities in order to meet the scheduled mine
completion and production commencement target dates. (No new
target dates have been forecast.)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 36 -<!-- /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">In preparation for dewatering, Cameco, in 2008, completed a geotechnical assessment to determine if
depressurization, reinforcement or other precautionary measures were necessary in two other areas
of the mine. The assessment indicated additional precautionary measures were not required in these
two areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco hired internationally qualified independent experts to investigate the two 2006 water inflow
incidents at the Cigar Lake project and provide corrective action recommendations. These
recommendations have been implemented and further follow up for specific activity focused training
and actions requiring underground access will be implemented as the phased remediation activities
are carried out.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;17, 2008, Cameco was granted approval by the CNSC to proceed with Phases 2 and 3 associated
with mine dewatering, mine entry, and securing/assessing the underground workings while an
engineered permanent bulkhead is installed at the October&nbsp;2006 inflow area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Dewatering began in July&nbsp;2008 and was suspended on August&nbsp;12, 2008 when the rate of water inflow to
the mine increased. No.&nbsp;1 Shaft had been pumped down to 430 metres below surface when the increase
was observed. The mine has a total depth of 500 metres and the mine underground workings are at the
465, 480 and 500 metre levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has confirmed that the main source of the increased water inflow observed on August&nbsp;12,
2008, is from a fissure located in the top of the tunnel on the 420 metre level. This area was
developed many years ago to assess the practicality of developing a working level above the
orebody. This proved not to be feasible due to poor ground conditions. A concrete bulkhead was put
in place and the remainder of the area used for mine infrastructure and storage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has developed a remediation plan to seal the tunnel on the 420 metre level. The plan
includes remotely installing bulkheads on either side of the inflow location and then injecting
concrete and grout into the tunnel and ultimately into the rock through holes drilled from surface.
Remediation has commenced. Cameco estimates that sealing of the August&nbsp;12, 2008, inflow will take
most of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The underground mine has installed pumping capacity of 1,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr. Cameco plans to
increase the pumping capacity to 2,300 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr after the mine has been dewatered and
secured. Cigar Lake can treat and release 550 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr and has an additional 74,000
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> of storage capacity at surface. Cameco is early in the process of applying for
regulatory approval to increase treatment and release limits to handle future potential inflows
(See <I>Regulatory Approvals </I>below).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By the end of 2008, a substantial number of surface facilities were completed. Additional surface
facilities necessary to support mining are planned to be constructed.
</DIV>

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The CNSC issued a construction licence for the Cigar Lake project in December&nbsp;2004. The term of
this licence has since been extended from December&nbsp;31, 2007 to December&nbsp;31, 2009. Cameco will be
applying to the CNSC to further extend the term of licence.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</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">In 2007, the construction licence was amended to potentially address emergency water treatment and
other new actions or contingencies resulting from the October&nbsp;2006 water inflow event. The licence
was subsequently amended to enable Cameco to proceed with Phase 2 and 3 activities associated with
mine dewatering, mine entry, and securing/assessing the underground workings. Additional amendments
will be required to complete remediation and resume pre-flood underground construction and
development activities.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The processing of Cigar Lake uranium solution at the Rabbit Lake mill was approved by the CNSC on
June&nbsp;19, 2008.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake water treatment/effluent discharge system has been designed to take into account
both the results of metallurgical test work programs and Cameco&#146;s experience at other facilities.
The design is intended for both typical and emergency water treatment and effluent discharge
scenarios. The current system has been approved and licensed by the
CNSC and the SMOE.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2008, Cameco submitted to the CNSC a project description for measures intended to
manage the increased quantities of water inflow that can be potentially experienced during the
construction and operation of the Cigar Lake project. The project involves modification of water
handling and effluent treatment release facilities and may require an environmental assessment
under the provisions of CEAA.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Production Forecast, Mine Life and Payback</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining plan for Cigar Lake has been designed to extract all of the current mineral reserves.
The mine life based on current mineral reserves will be 14.8&nbsp;years with an estimated full
production rate of 18&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year recovered from the
mill. Cigar Lake will produce less than the full production rate of 18&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in the early and late years resulting in an average annual production
rate of 15.1&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> over the current mineral reserve life of
14.8&nbsp;years. As a result of the three water inflow incidents, the mining plan is under full
review.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a general summary of the Cigar Lake production schedule guidelines and parameters:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total mill production of 222.9&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> based on an
overall milling recovery of 98.5%;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total mine production of 497 thousand tonnes of ore;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Average mill feed grade of 20.7 % U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mining rate is variable to achieve a constant production level of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. The average mine production is 100 tonnes per day, but varies
annually from 80 to 140 tonnes per day depending on the grade of ore being mined;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Two year ramp up to full production of 18&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per
year (recovered after milling); and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mine operating life of 14.8&nbsp;years.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>




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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2007, Cameco provided the following estimates, which are now no longer accurate:
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 1%"><I>Cameco&#146;s share of the capital cost to develop Cigar Lake, including its share of costs to
modify the McClean Lake JEB and Rabbit Lake mill, is estimated at $508&nbsp;million, including $234
million spent on construction to date, leaving $274&nbsp;million to be incurred from 2007 to the
completion of underground development and construction at the respective sites. This does not
include costs associated with the remediation to address the water inflow incidents.</I>
</DIV>


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


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


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


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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco&#146;s share of production at Inkai was 0.3&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
Production during the year was hampered by a number of operational issues, the most significant of
which was a shortage of sulphuric acid, compounded by a slower uranium dissolution rate at Block 1
than was experienced in the test mine conducted in Block 2. Work to accelerate the dissolution rate
and increase the production rate in Block 1 continued through the fourth quarter.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Project History</I>
</DIV>


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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 39 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Test mining operations commenced in April&nbsp;2002 at Block 2 and an expansion of the test mine was
completed in 2006. In 2008, Inkai received an initial approval for the mining licence for Block 2
to replace its exploration licence. Final approval is subject to completion of an amendment to the
Resource Use Contract. The mining licence for Block 2, if granted, is expected to expire in 2030.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2005, Joint Venture Inkai approved proceeding with an ISR commercial processing
facility at Inkai, located at Block 1, and thereafter construction commenced. 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. Cameco expects to complete construction and
begin commissioning the full facility in the first half of 2009. Construction of a satellite plant
to process solution recovered from Block 2 was also initiated in 2008 and was about 50% complete by
the end of the year. Commissioning of this facility is anticipated in the second half of 2009. Once
the facilities are commissioned, Cameco expects to declare commercial production, subject to the
availability of sulphuric acid. The mining licence for Block 1 expires in 2024.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The availability of sulphuric acid required for ISR mining was restricted due to a fire at one
sulphuric acid plant in Kazakhstan in the third quarter of 2007 and delays in the startup of a new
plant. As a result, Inkai and other ISR operations in Kazakhstan were subject to reduced acid
allotments. This shortage continued throughout 2008. At the end of the year additional supplies
became available. With this additional supply the project is currently receiving an adequate supply
to acidify the well fields in preparation for commercial production in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production from Blocks 1 and 2 is expected to total 5.2&nbsp;million pounds (Cameco&#146;s share is 60% or
3.1&nbsp;million pounds) per year by 2012, subject to availability of sulphuric acid and regulatory
approval. Inkai mineral reserves are estimated based upon production at an annual rate of 5.2
million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. (See <I>Legal and Regulatory Environment in the
Republic of Kazakhstan </I>below.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, Joint Venture Inkai applied for regulatory approval to increase the approved annual
production rate from 2.6&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>to 5.2&nbsp;million pounds.
Almost two years later, regulators informed Joint Venture Inkai that it would first have to
demonstrate that it could produce at an annual rate of 2.6&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8
</SUB>and, after that, they would consider Joint Venture Inkai&#146;s application to increase annual
production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A non-binding memorandum of understanding (MOU)&nbsp;signed between Cameco and KazAtomProm (Cameco&#146;s
state owned joint venture partner) in May&nbsp;2007 targets the doubling of future production capacity
from the Inkai uranium deposit, raising the total annual production capacity to 10.4&nbsp;million pounds
on a timeframe yet to be confirmed. While the existing project ownership would not change,
Cameco&#146;s share of the additional capacity under the MOU would be 50%, raising Cameco&#146;s expected
share of the future annual production at Inkai to 5.7&nbsp;million pounds if the 10.4&nbsp;million pound
production target is achieved. The production increase was approved by both partners at an Inkai
board meeting in July&nbsp;2008. A binding agreement to finalize the terms of the MOU and various
government approvals will be required to implement this production increase. This MOU also
contemplates studying the feasibility of constructing a uranium conversion facility as well as
considering other collaborations in uranium conversion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total cost to bring Inkai to commercial production (100% basis) is now projected to be about
$271&nbsp;million (US). The development expenditures for Inkai in 2009 are expected to total about $13
million (US). The production obtained from Inkai is being sold and proceeds from the sales are
being used to fund the construction and operation of the project. Including the recoveries related
to these sales, the net cost of development at Inkai is expected to be about $128&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A Cameco subsidiary provides funding to Joint Venture Inkai for project development. In September
2008, the loan facility to Joint Venture Inkai was increased from $250&nbsp;million (US)&nbsp;to $300&nbsp;million
(US). As of December&nbsp;31, 2008, $226&nbsp;million (US)&nbsp;was outstanding on the loan with accrued interest
of $31&nbsp;million (US). In mid-March&nbsp;2009, the loan facility was increased to $350&nbsp;million (US). Of
the cash available for distribution each year, 80% is used to repay the loan until it is repaid in
full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Joint Venture Inkai applied for and received an initial approval for a two-year extension of its
exploration licence for Block 3 to July 2010. The final approval is subject to completion of an
amendment to the Resource Use Contract. Under
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kazakh law, in order for a further extension of the licence to be obtained, there must be a
commercial discovery. In 2009, Joint Venture Inkai plans to spend $2.5&nbsp;million (US)&nbsp;for exploration
drilling at Block 3.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Legal and Regulatory Environment in the Republic of Kazakhstan</I>
</DIV>

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The governmental and political systems in Kazakhstan have been quite stable since independence,
although popular elections and democratic freedoms in the country have fallen short of
international standards. The government is characterized by a strong presidency, the powers of
which have been expanded by successive constitutional referendums. The current president, Nursultan
Nazarbayev, has served in that capacity since independence. He was last re-elected to the post in
December&nbsp;2005 for his current 7-year term (with respect to future elections, the term of the
President&#146;s mandate has been shortened to 5&nbsp;years). The parliament is dominated by the Otan party,
which is headed by President Nazarbayev.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>Relevant Kazakh Laws and Regulations</I></U>
</DIV>


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

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal legislation governing subsoil exploration and mining activity in Kazakhstan is the
Law on the Subsoil and Subsoil Use, dated January&nbsp;27, 1996, as amended (the &#147;Subsoil Law&#148;). This
law defines the framework and the procedures connected with the granting of subsoil rights, and the
regulation of the activities of subsoil users. The subsoil,
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">including mineral resources in their underground state, are state property, while resources brought
to the surface belong to the subsoil user, unless otherwise provided by contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subsoil rights become effective upon conclusion of a contract with the Competent Body (a Kazakh
state agency designated as such from time to time (currently the Competent Body is the Ministry of
Energy and Mineral Resources)). The subsoil use rights held by Joint Venture Inkai came into
effect upon the issuance of its two licenses (1999), the conclusion of its Resource Use Contract
(July&nbsp;2000), and approval by various bodies of the Resource Use Contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August&nbsp;1999 the Subsoil Law was amended. Based upon the provisions of the August&nbsp;1999
amendments, Cameco believes licenses held by Joint Venture Inkai are governed by the version of the
Subsoil Law in effect at the time of their issuance in April, 1999.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2007, a development that has caused concern to subsoil users occurred, when the
president signed into law amendments to the Subsoil Law, which purported to expand the ability of
the Government of Kazakhstan or the Competent Body to unilaterally reopen existing subsoil use
contracts under certain circumstances. These amendments are widely perceived to have been directed
at the petroleum contractors that are signatories to the November&nbsp;1997 North Caspian Production
Sharing Agreement, with which the government was engaged in a highly-publicized dispute. The
amendments have raised the risk profile of natural resource projects in Kazakhstan. Cameco does
not have any reason to believe the new law will be applied to uranium projects in Kazakhstan.
However, it is a concern going forward and Cameco continues to monitor how the government uses
these amendments to the Subsoil Law.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any changes in the Work Program or in annual work programs require application to the Competent
Body, generally supported by a technical study and corporate approvals of the subsoil user
approving the requested changes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kazakh government has rejected Joint Venture Inkai&#146;s request that the 2009 production targets
contemplated by its Resource Use Contract be reduced. Due to lack of sulphuric acid and other
operational challenges, Joint Venture Inkai does not believe it will be able to achieve the 2009
production target currently required under the contract. Joint Venture Inkai is in discussions
with the government to resolve this and other matters relating to its Resource Use Contract.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>Draft Subsoil Law</I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Currently, the Parliament of the Republic of Kazakhstan is considering a draft of a new Subsoil Law
(the &#147;New Subsoil Law&#148;). It is contemplated that this New Subsoil Law will enter into force six
months after its adoption by the
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 42 -<!-- /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">Kazakhstan Parliament and signature by the President. While this section of the Annual Information
Form describes the principal changes to be introduced based on the latest publicly available draft
of the New Subsoil Law, it is possible that the enacted version of the New Subsoil Law would differ
from this draft or none would be enacted at all.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The New Subsoil Law will introduce significant changes in terms of the regulation of the activities
of subsoil users.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It contemplates 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
Kazakhstan President. The New Subsoil Law does not envisage the concept of combined subsoil use
contracts for both production and exploration. Since the Resource Use Contract is a combined
contract for exploration and production of uranium, there is a risk that the government may require
Joint Venture Inkai to negotiate a new production contract.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The New Subsoil Law stipulates that the exploration period shall not exceed six years and cannot be
extended. In view of this provision, as well as taking into account the contemplated abolition of
the stabilization regime, the Competent Body may refuse to grant further extensions of an
exploration period, even if the relevant subsoil use contracts provide for such extensions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The dispute resolution procedure according to the New Subsoil Law does not envisage the possibility
to submit a dispute for resolution to international arbitration. Joint Venture Inkai&#146;s Resource
Use Contract provides for international arbitration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The New Subsoil Law stipulates the pre-emptive right of the Republic of Kazakhstan, superior to
other entities, to purchase mineral resources of the subsoil user at prices not exceeding the
prices at which the subsoil user can receive from export transactions involving such mineral
resources and which exist on the date of such transactions. It is possible that the Republic of
Kazakhstan may insist on applying this provision of New Subsoil Law, as opposed to the provisions
of the Resource Use Contract of Joint Venture Inkai stipulating that the Republic of Kazakhstan
shall have the pre-emptive right to purchase from Joint Venture Inkai only up to 1% of the planned
annual volume of uranium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco does not know if the President will exercise his right, under the New Subsoil Law, to exempt
Joint Venture Inkai from the abolition of its contractual stabilization protection, when the
proposed legislation will be adopted or what will be contained in the final provisions of any new
law. Cameco is assessing the implications for Joint Venture Inkai, including the stabilization
provisions of its Resource Use Contract.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><U><I>Environmental Requirements </I></U>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Joint Venture Inkai&#146;s mining activities must comply with the environmental requirements of
Kazakhstan legislation and regulations. In addition, in the Resource Use Contract, Joint Venture
Inkai has committed to conduct its operations in accordance with good international mining
practice.
</DIV>

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

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

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">introduces the &#147;best available technologies&#148; and complies with specific technical guidelines for
the emissions set forth by the environmental legislation. Joint Venture Inkai has applied for and
received a permit for environmental emissions<B>.</B>
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, on January&nbsp;1, 2009 a new Tax Code of the Republic of Kazakhstan (the &#147;Tax Code&#148;) took
effect. Pursuant to this law, a number of changes have been introduced to the taxation regime of
subsoil users. Joint Venture Inkai has received a letter from the Ministry of Energy and Mineral
Resources (MEMR)&nbsp;requiring that Joint Venture Inkai amend the existing Resource Use Contract to
reflect the new tax regime despite the fact that the Resource Use Contract contains provisions
stabilizing the tax regime that was in effect at the date the contract was signed (2000).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some of the more significant changes introduced by the Tax Code are:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The abolition of the stabilization of tax regimes provided by subsoil use contracts. The
Resource Use Contract contains a tax stabilization provision.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rate of the corporate income tax on aggregate income is 20% during the period January
1, 2009 to January&nbsp;1, 2010; 17.5% during the period January&nbsp;1, 2010 to January&nbsp;1, 2011; and
15% commencing January&nbsp;1, 2011. Under the Resource Use Contract the income tax rate is 30%.
In 2007, Joint Venture Inkai became subject to income tax.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Tax Code has replaced the royalty regime with a new kind
of tax &#150; the Tax on
Production of Useful Minerals (&#147;TPUM&#148;). TPUM must be paid on each type of mineral and certain
other substances extracted. Under the prior law, Joint Venture Inkai would pay royalties,
calculated on a graduated scale, based on the sales price of production in each year</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the Resource Use Contract, a one-time payment of a commercial discovery bonus is
payable when confirmation is received of Kazakh-defined recoverable reserves located in a
particular licensed area. The bonus is calculated as 0.05% of the value of Kazakh-defined
recoverable reserves. Joint Venture Inkai paid a bonus of $14&nbsp;million (US)&nbsp;in 2008 in relation
to reserves at Block 2. The Tax Code establishes the rate of the commercial discovery bonus
at 0.1% of the taxable base.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Tax Code changes the calculation of excess profits tax from that contained in the
Resource Use Contract.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Joint
Venture Inkai is in discussions with the MEMR over this matter and is 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 Joint Venture
Inkai&#146;s acceptance of the new Tax Code.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant part of Cameco&#146;s future production could result from its global exploration
activities. Over the past five years Cameco has been significantly increasing its investment in
exploration programs. Cameco invested about $57&nbsp;million in uranium exploration during 2008 and
plans to invest $50 to $55&nbsp;million in 2009. In 2008, an additional $32&nbsp;million was invested in
three strategic partnerships with junior exploration companies, complementing Cameco&#146;s own
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">exploration programs. The nature of mineral exploration is such that discovery of economic
deposits on new projects is uncertain and can take many years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company carries out exploration on a large and expanding land position, which, at December&nbsp;31,
2008, had reached an area of approximately 5.2&nbsp;million hectares (12.8&nbsp;million acres). These
exploration lands are principally located in Saskatchewan, Nunavut and Northwest Territories, the
US, Australia, and Mongolia. Exploration activities include brownfields work in close proximity to
operating mines, greenfields exploration in new target areas, and alliances or other agreements
with junior exploration companies that own prospective uranium targets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information on the Company&#146;s exploration activities, please see the discussion starting at
page 34 under the heading &#147;Uranium Exploration&#148; and ending at page 38 in the 2008 MD&#038;A.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The disclosure in this Annual Information Form of a scientific and technical nature regarding
Cameco&#146;s material uranium properties (McArthur River/Key Lake and Cigar Lake), including mineral
reserve and resource estimates, was prepared by or under the supervision of the following qualified
persons:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="69%">&nbsp;</TD>
    <TD width="0%">&nbsp;</TD><!-- VRule -->
    <TD width="1%">&nbsp;</TD>
    <TD width="28%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="left"><B>Qualified Persons</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Properties</B></TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*Alain G. Mainville, Director, Mineral Resources Management, Cameco
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Key Lake</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chuck Edwards, Director Metallurgy, AMEC</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Les Yesnik, General Manager, Key Lake, Cameco</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*Alain G. Mainville, Director, Mineral Resources Management, Cameco
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">McArthur River</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">David Bronkhorst, General Manager, McArthur River, Cameco</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chuck Edwards, Director Metallurgy, AMEC</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Greg Murdock, Technical Superintendent, McArthur River, Cameco</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-left: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000; border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">*Alain G. Mainville, Director, Mineral Resources Management, Cameco
</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Cigar Lake</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">C. Scott Bishop, Chief Mine Engineer, Cigar Lake, Cameco</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Chuck Edwards, Director Metallurgy, AMEC</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Grant J.H. Goddard, General Manager, Cigar Lake, Cameco</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Doug McIlveen, Chief Geologist, Cigar Lake, Cameco</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD width="1%" style="border-left: 1px solid #000000">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD width="1%" style="border-right: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD colspan="1" valign="top" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

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

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>As director, mineral resources management at Cameco, Mr.&nbsp;Mainville oversees and coordinates
the work performed by Cameco qualified persons on the estimation of mineral reserves and
resources and reports to management and Cameco&#146;s reserve oversight committee of the board on
matters relating thereto.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">NI 43-101 requires mining companies to disclose mineral reserves and mineral resources using the
subcategories of proven reserves, probable reserves, measured resources, indicated resources and
inferred resources. Cameco reports mineral reserves and resources separately. (See <I>Note Regarding
Reserves and Resources</I>.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reports all its mineral reserves as a quantity of contained ore supporting the mining plans
and provides an estimated metallurgical recovery for each of its properties. Metallurgical
recovery is a term used in the mining industry to indicate the proportion of valuable material
physically recovered by the metallurgical extraction process. The estimated recoverable amount of a
commodity is obtained by multiplying the mineral reserves &#147;Content&#148; by the &#147;Estimated Metallurgical
Recovery Percentage&#148;.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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



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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium mineral reserves as at December&nbsp;31, 2008 on a
property basis and Cameco&#146;s share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>PROVEN</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>PROBABLE</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>TOTAL RESERVES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Metallurgical</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>RESERVES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Recovery %</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="39" style="border-bottom: 0px solid #000000">(tonnes in thousands; pounds in millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">703.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,483.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#150; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,859.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,859.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,415.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,080.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,495.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">729.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/
Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,879.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,879.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">776.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">855.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">855.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,006.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,915.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,394.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,674.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">348.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">114,068.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">765.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<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">Notes:</TD>
    <TD>&nbsp;</TD>
    <TD></TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated metallurgical recovery factors must be applied in order to obtain the expected amounts of recovered pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Cameco&#146;s share of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> content is not adjusted for the estimated metallurgical recovery.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves incorporate allowances for dilution and mining losses.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#150; Open Pit; UG &#151; Underground; ISR
&#150; In situ recovery.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves are estimated using current geological models and current and/or projected operating costs and mine plans. Cameco&#146;s data verification procedures have been employed in connection with the mineral reserve estimations for each property.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, an average uranium price
of $47 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. For the purpose of estimating
 mineral reserves in accordance with the SEC&#146;s Industry Guide 7, an average uranium price of $70 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. Estimated mineral reserves are
identical at either price.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">7.</TD>
    <TD>&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include an exchange rate of $1.00 US=$1.22 Cdn (reflecting the exchange rate at December&nbsp;31, 2008).</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">8.</TD>
    <TD>&nbsp;</TD>
    <TD>Inkai mineral reserves assume production at an annual rate of 5.2&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Joint Venture Inkai currently has regulatory approval to produce at an annual rate of 2.6&nbsp;million pounds and an application for regulatory approval to increase annual production to 5.2&nbsp;million pounds was made in 2005. Cameco is familiar with the
statutory, regulatory and procedural framework governing new mining
projects in Kazakhstan and, based upon its experience to date, Cameco believes that it is reasonably likely that all permits and approvals required for the construction and operation of its ISR mine at Inkai &#150; including approvals for increased annual production to 5.2&nbsp;million pounds &#151; will be
obtained. However, there can be no certainty that permits or approvals will be forthcoming. Failure to obtain approval for increased annual production at Inkai will require Cameco to re-categorize half of the mineral reserves at Inkai as mineral resources.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">9.</TD>
    <TD>&nbsp;</TD>
    <TD>Environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues are not expected to materially affect the above estimates of mineral reserves.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">10.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the above reserves, Cameco has contractually committed supplies, including supplies
under the HEU Commercial Agreement, of approximately 39&nbsp;million pounds of uranium from January&nbsp;1,
2009 until the end of 2013.
</DIV>

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This section uses the terms &#147;measured resources&#148; and &#147;indicated resources&#148;. US investors are
advised that while those terms are recognized and required by Canadian securities regulatory
authorities, the SEC does not recognize them. Investors are cautioned not to assume that any part
or all of the mineral deposit in these categories will ever be converted into proven or probable
reserves.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium measured and indicated resources as at December&nbsp;31,
2008 on a property basis and Cameco&#146;s share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="21%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>INDICATED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED AND INDICATED</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000"><B>Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>RESOURCES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbsU</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="35" style="border-bottom: 0px solid #000000">(tonnes in thousands; pounds in millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 0px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,316.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,381.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP&#038;UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151;
Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,015.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,550.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,565.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">866.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">913.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,904.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,904.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/ Brown
Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">995.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,138.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,133.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,952.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,952.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,395.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,440.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,638.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,727.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,615.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,776.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,391.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,040.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,145.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">132.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,186.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">185.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">Notes:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#150; Open Pit; UG &#150; Underground; ISR
&#150; In situ recovery.</TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic viability.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

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

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


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This section uses the term &#147;inferred resources&#148;. US investors are advised that while this term is
recognized and required by Canadian securities regulatory authorities, the SEC does not recognize
it. &#147;Inferred resources&#148; have a great amount of uncertainty as to their existence and as to their
economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource
will ever be upgraded to a higher category. Under Canadian securities regulations, estimates of
inferred resources may not form the basis of feasibility or pre-feasibility studies. Investors
are cautioned not to assume that part or all of an inferred resource exists or is economically or
legally mineable.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium inferred resources as at December&nbsp;31, 2008 on a
property basis and Cameco&#146;s share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>INFERRED RESOURCES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 0px solid #000000"><B>(100% basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7">(tonnes in thousands; pounds in millions)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,539.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills-Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,696.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/
Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">665.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,036.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">508.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">267,321.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">544.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">Notes:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#150; Open Pit; UG &#150; Underground; ISR
&#150; In situ recovery.</TD>
</TR>

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

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

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

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic viability</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>Inferred resources have a great amount of uncertainty as to their existence and their economic and legal feasibility. It cannot be assumed that all or any part of an
inferred resource will ever be upgraded to a higher category.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of uranium mineral reserves reflects the changes in
mineral reserves during 2008. The net change to mineral reserves primarily results from the amount
of throughput or mill feed during 2008. The more noteworthy of these changes is at Rabbit Lake,
where 4.1&nbsp;million pounds of mineral resources were converted to reserves as a result of new mine
development. At Smith Ranch and Highland, 4.0&nbsp;million pounds of mineral reserves were moved to
resources as a result of re-evaluation and reclassification.
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Reserves</B><BR>
(in thousands of pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31 2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Throughput <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Addition (Deletion) <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31 2008</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reserves
&#151; Proven</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,222</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,910</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(697</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,011</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,202</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,082</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(879</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">734</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,193</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">130,230</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(11,539</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,752</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">515</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">265</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,372</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(530</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,448</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,290</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Proven Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">261,166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(13,697</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(706</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,763</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reserves
&#150; Probable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,837</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,837</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills
&#150; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,684</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,684</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(400</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">999</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(386</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,524</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,524</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,697</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,656</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,704</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,745</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,462</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,655</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,807</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,689</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,099</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(112</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,588</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,399</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Probable Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,154</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">512,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17,851</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">495,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">Notes:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Corresponds to millfeed. The discrepancy between the 2008 millfeed and Cameco&#146;s share of 2008 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> produced is due to mill recovery, mill inventory and the processing of low-grade
material.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data, results of
information provided by mining and milling, and subsequent re-classification of reserves or resources, as
applicable.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of uranium mineral resources reflects the changes in
mineral resources during 2008. The more noteworthy changes in Cameco&#146;s share of uranium mineral
resources in 2008 are:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At McArthur River, 19.8&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> were added to the
measured resources due to re-interpretation of zone 4 south. Inferred resources increased
by 30.9&nbsp;million pounds due to the remodelling of zones A and B.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Rabbit Lake, following underground development, 4.1&nbsp;million pounds of measured and
indicated resources were converted to mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Smith Ranch and Highland, measured and indicated resources increased by 4.6&nbsp;million
pounds due to re-evaluation of mine unit 10 and reclassification from mineral reserves to
resources where production patterns are not yet designed.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Resources</B><BR>
(in thousands of pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Addition (Deletion)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2008</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources
&#150; Measured</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">322</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills
&#150; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,346</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,663</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,826</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,827</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,751</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,857</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,224</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,493</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4,365</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(457</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">216</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,338</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Measured Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,975</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,068</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41,043</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources-Indicated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,282</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,282</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,244</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,689</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,555</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,436</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,436</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills
&#150; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,310</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,698</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,643</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,643</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,303</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,303</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,341</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,341</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,050</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,918</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,960</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,388</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,348</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">192</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,085</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,085</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,984</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,197</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Indicated Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">87,899</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,022</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,877</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Measured &#038; Indicated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,046</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,920</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">Note:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data, results
of information provided by mining and milling, and subsequent re-classification of reserves or
resources, as applicable.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

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

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>Reconciliation of Cameco&#146;s Share of Uranium Resources</B><BR>
(in thousands of pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) (Continued)

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="54%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2008</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Addition (Deletion) <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2008</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources
&#150; Inferred</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,307</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,347</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills
&#150; Peach</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">845</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,090</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,977</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,497</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">480</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,049</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,049</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,151</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,887</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,038</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/Brown Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">966</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">508</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">508</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,139</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(422</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,717</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,912</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(239</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(17</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,132</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">896</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Inferred Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,653</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335,625</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">Note:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Changes in reserves or resources, as applicable, include reassessment of geological data,
results of information provided by mining and milling, and subsequent re-classification of
reserves or resources, as applicable.</TD>
</TR>

</TABLE>



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


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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates world demand for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> and natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services to
be about 66&nbsp;million kgU in 2008. Western world demand accounted for about 58&nbsp;million kgU, with the
remaining 8&nbsp;million kgU coming from the non-western world (Russia, China and Eastern Europe). Over
the next 10&nbsp;years, Cameco expects world demand to increase by 32% to about 87&nbsp;million kgU. In
2009, total world conversion services demand is expected to increase by 5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most utilities operating nuclear reactors purchase their uranium requirements in the form of
concentrates directly from mining and milling operators. The uranium contained in the concentrates
is refined and converted to fuel grade UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> or to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> for enrichment. The
enriched UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> is then converted to enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>. The natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
and enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> are fabricated into pellets and loaded into fuel bundles for eventual
use in nuclear reactors.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Supply</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion industry consists of Cameco and three other significant
producers with an annual conversion nameplate capacity of about 51&nbsp;million kilograms of uranium.
Cameco is the only commercial supplier of conversion for natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> customers in the
western world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In March&nbsp;2005, Cameco entered into a 10-year toll-conversion agreement with BNFL (now Springfields
Fuels Ltd. (&#147;SFL&#148;)). Under the agreement, a base quantity of 5&nbsp;million kilograms of uranium as
UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>, supplied by Cameco&#146;s Blind River operation, is to be converted annually into
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> by SFL&#146;s U.K. plant. Due to this agreement, the plant, which has a nameplate
capacity of 6&nbsp;million kilograms of uranium, is expected to remain in operation through 2016.
Cameco entered
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">into a number of long-term contracts for significant volumes of conversion services to base load
this agreement. SFL, coupled with Cameco&#146;s Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion plant, accounts for
about 35% of western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>nameplate conversion capacity. <SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Russia supplies most of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion requirements of the former Soviet Union and
Eastern Europe in the form of LEU. Russia has not been a significant supplier of toll conversion
services to the western world due to the level of integration in the Russian nuclear fuel cycle.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Prices</I>
</DIV>


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

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

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

<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s marketing strategy for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services is similar to that for uranium
concentrates. Cameco sells its services directly to utilities located in many parts of the world
primarily through long-term contracts. Cameco currently has UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services
commitments of about 90&nbsp;million kilograms of uranium with about 50 customers worldwide under
long-term contracts. Cameco&#146;s five largest customers account for approximately 37% of these
commitments. 52% of Cameco&#146;s committed UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services volume is to purchasers
in the Americas, 21% in the Far East and 27% in Europe.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, most UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services commitments are under contracts that
contain fixed prices with inflation escalators. Therefore, in the short term Cameco&#146;s financial
results are relatively insensitive to changes in the spot price for conversion. Newer fixed price
contracts being secured by Cameco generally reflect the improved market conditions at the time of
contract award. In the coming years, Cameco&#146;s contract portfolio will be positively impacted by
these higher fixed priced contracts.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>UO</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>2</I></SUB>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Volumes of
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
sales may increase slightly in the next several years if shut-in Canadian
owned CANDU reactors are put back into service. In addition, Ontario has announced nuclear
expansion plans and Bruce Power is investigating the potential for new reactors in Alberta and
Saskatchewan. If a CANDU reactor design is selected, Canadian UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>requirements may
increase.<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns and operates Canada&#146;s only uranium refinery and conversion facilities. Cameco has a
uranium refining facility within close proximity to Lake Huron and approximately eight kilometres
west of Blind River, Ontario (approximately 600 kilometres north-west of Toronto, Ontario). Blind
River has a population of about 4,000. Cameco also has two conversion plants within the
Municipality of Port Hope, Ontario (pop. approx. 16,000) approximately 100 kilometres east of
Toronto, on the shore of Lake Ontario.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Fuel Manufacturing Inc. is one of two Canadian commercial suppliers of fuel manufacturing
services for CANDU reactors. CFM&#146;s plants are located in Port Hope for the manufacture of fuel
bundles and in Cobourg, Ontario, for the manufacture of zirconium parts for fuel bundles and
various reactors parts. CFM&#146;s Cobourg plant is 10 kilometres east of its Port Hope plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s Blind River refinery and Port Hope conversion facilities and CFM&#146;s plants were re-licensed
by the CNSC for a five-year period that commenced on March&nbsp;1, 2007.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Blind River &#151; Refining</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Blind River facility has an annual licensed capacity of 18&nbsp;million kilograms of uranium as
UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>. It includes a uranium refinery, a large storage area for uranium concentrates, and
weighing and sampling facilities. The Blind River facility refines uranium concentrates into
nuclear grade UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>. Nearly all of the UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> is shipped to Port Hope for
conversion into either UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> or UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>or to Springfields, UK for conversion into
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>(see <I>Uranium Fuel Conversion Services</I> &#150; <I>Market
Background </I>&#150; <I>Supply </I>above for
details of the Springfields arrangement). A small quantity of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> is supplied to
others for blending with enriched uranium to produce reactor fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Blind River produced 10.6&nbsp;million kgU of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>in 2008 compared to 9.5&nbsp;million kgU in
2007. As in 2007, Cameco continued to limit production of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>in 2008 because of the
suspension of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at Port Hope. Production in the first half of 2008 was
also impacted by the limited supply of uranium feed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium concentrate inventory stored at Blind River has been declining over the past several
years and is now causing changes to the refinery&#146;s customary operating schedule. In the past, many
customers stored large inventories at the Blind River facility, providing ample feedstock.
Customers now hold virtually no inventory as concentrates and provide the feedstock on a
just-in-time basis. Accordingly, the Blind River refinery may be subject to more shutdowns as
Cameco manages production to match the delivery of uranium feed. This, in turn, could impact the
supply of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> feed for the conversion facilities at Port Hope and impacts those
operations as well.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The EA for the proposed increase in the Blind River licensed production capacity from 18 to 24
million kgU per year was approved by the CNSC in the fall of 2008. A written request for a licence
amendment was submitted to the regulators in December&nbsp;2008.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Port Hope &#151; Conversion</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Port Hope conversion plants produce natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and natural UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. In
2008, the plants, together with SFL and CFM, produced 8.3&nbsp;million kilograms of uranium. The
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant is licensed for 2.8&nbsp;million kilograms of uranium per year and produces
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> used as fuel in Canadian and other CANDU reactors, as well as blanket fuel for light
water nuclear reactors. The UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, licensed for 12.5&nbsp;million kilograms of uranium
per year, converts UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. The UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> is then shipped to
enrichment plants in the United States, Europe and Japan for further processing to low enriched
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> prior to conversion to enriched UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, which is used as reactor fuel for
light water nuclear reactors.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has completed a site-wide environmental investigation of subsurface contamination and is in
the process of conducting a site-wide risk assessment that will identify contaminants that could
pose a potential risk to the environment. The assessment is expected to be complete in the second
quarter of 2009. It will be used to guide the completion of an environmental management plan that
is intended to assure that corrective actions, largely in place already, mitigate potential risks.
The findings of a preliminary risk assessment and the low concentrations of contaminants in the
soil and groundwater outside the footprint of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, indicate that the health
and safety of employees and the public have not been and will not be adversely affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant restarted in mid-January&nbsp;2009 after being shut down for an extended
planned maintenance period. Floors and in-floor structures have been brought up to the new
standards of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The statements above regarding the resumption of Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6 </I></SUB><I>production and certain
other statements regarding future events, are forward-looking information and are based upon the
following key assumptions and subject to the following material risks that could cause results to
differ materially: we have assumed that the UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> plant can be brought back into
production without unforeseen difficulty or delay and that we will be able to obtain adequate
supplies including HF and at a reasonable cost, but that is subject to a number of risks including
the risk of unusual difficulties arising from the extended length of time that the UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I>
plant will be shut down, the risk that there will be a delay in or failure to procure the required
contractors, equipment and suppliers (including of HF), regulatory risk, the risk of adverse
finding in the site wide assessment, the risk of equipment failure, the risk of natural phenomena
including inclement weather conditions and fire, and the risk of delay or ultimate lack of success.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s Port Hope conversion facility project proposes to remediate and modernize the Port Hope
conversion facility site. The CNSC held a one-day public hearing to consider the proposed
environmental assessment guidelines for this project and concluded the proposed guidelines were
suitable. They recommended to the federal Minister of Environment that the guidelines be accepted
and a comprehensive environmental assessment was the appropriate process for the project. Subject
to the Minister&#146;s approval, the environmental assessment will proceed as per the guidelines. A
licence amendment would be required following acceptance of the environmental assessment. Design
and preliminary engineering for the project are continuing.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-left: 3%; margin-top: 6pt"><I>Cameco Fuel Manufacturing Inc. (renamed from Zircatec) &#151; Fuel Fabrication</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco purchased Zircatec on February&nbsp;1, 2006 for $109&nbsp;million and has since changed its name to
Cameco Fuel Manufacturing Inc. (CFM). Its primary business is to fabricate fuel bundles for sale
to companies that generate electricity from CANDU reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Port Hope, Ontario, CFM&#146;s plant presses UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> powder into pellets that are loaded into
tubes and then assembled into fuel bundles. These bundles are ready to insert into a CANDU reactor
core. The fuel bundles are supplied to customers who operate CANDU reactors. The plant&#146;s annual
capacity is approximately 1,200 tonnes uranium as finished fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CFM has signed two fuel manufacturing services agreements covering all of BPLP&#146;s and BALP&#146;s fuel
manufacturing requirements until 2018 for BPLP and until 2030 for BALP. Under these agreements,
CFM will manufacture UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>provided by Cameco into fuel bundles for the Bruce A and B
units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CFM is modifying its fuel manufacturing plant in Port Hope to produce fuel bundles containing
slightly enriched uranium (SEU). An agreement has been reached with BALP for supply of these
bundles and BALP is paying most of the
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">costs to modify CFM&#146;s fuel manufacturing plant. CFM received approval of both its environmental
assessment and licence amendment to produce these SEU fuel bundles, known as Low Void Reactivity
Fuel (&#147;LVRF&#148;). LVRF bundles are designed to improve the performance of the reactors and use mixed
natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> and dysprosium oxide in the centre element of each bundle and SEU in all
other elements. Construction of the SEU production line has restarted. The line will be in place
in ample time to meet BALP&#146;s requirements.
</DIV>

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

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


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

</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company also seeks to maximize the lifespan of its operating sites to minimize environmental
impacts. To that end, Cameco is planning to invest in the revitalization of its Key Lake and
Rabbit Lake mills, which have been in operation for 26 and 34&nbsp;years respectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company seeks to continue its efforts to improve the management of process water and the impact
upon receiving water bodies by upgrading its operating processes and adopting new technologies.
Cameco intends to reduce the concentrations of molybdenum and selenium in the effluent released
from Cameco&#146;s northern Saskatchewan operations. Historical accumulation and continued release of
molybdenum and selenium has been identified as having the potential to cause adverse impacts to the
environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Key Lake, to address these concerns of potential impact, Cameco proposed an action plan to the
CNSC to reduce molybdenum and selenium discharges in the mill effluent. The action plan was agreed
to by the CNSC and subsequently included as a condition in the Key Lake facility operating licence
since January&nbsp;2007. Cameco has been modifying the mill effluent treatment process in order to
reduce molybdenum and selenium levels to very low concentrations. Cameco expects this project to
be completed and the new process changes optimized in the first half of 2009. Cameco will update
the CNSC in April&nbsp;2009 with respect to the indicative performance of the molybdenum and selenium
removal circuit. Depending on the relative success of this project, further work identified in the
action plan referred to in the licence condition may or may not be required. Total capital
expenditures to add the molybdenum and selenium removal circuit are forecast at $30&nbsp;million. The
remainder of these capital expenditures, approximately $5&nbsp;million, are expected to be incurred in
2009. Annual operating costs are anticipated to increase by as much as $2&nbsp;million for additional
reagents to ensure removal of selenium to extremely low concentrations in the effluent.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River, the Company is taking proactive steps to reduce molybdenum that is discharged to
the environment ahead of regulatory limits that may be imposed. Early in the start up of the
McArthur River operation, Cameco recognized that the three shafts at the site produced quantities
of water that would exceed the needs of the underground operations. Capture of the shaft seepage
eliminated the need to pipe surface water down for underground mining
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">activities. The shafts produce water of good quality, and at shaft three, the water quality has
been assessed and approved for discharge to the environment, without treatment.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake, a $41&nbsp;million project is currently under construction to reduce discharges of
molybdenum and selenium, which is scheduled to be completed in 2009. In addition, in 2006, Cameco
installed a $5&nbsp;million water treatment circuit to reduce uranium in its discharges at Rabbit Lake,
which has been very successful in reducing uranium concentrations beginning in 2007. Uranium
loadings were reduced by a factor of 10 in 2007 compared to pre-2004 levels. An environment
monitoring program has been developed with provincial and federal regulators to verify that
improvements made in the mill effluent treatment process will result in improvements in the
receiving environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2007, contamination of the soil under the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was discovered and
Cameco suspended operation of the plant to conduct an investigation. See <I>Nuclear
Business - Uranium Fuel Conversion Services &#150; Operations </I>for a discussion of the environmental
impact of the incident and the actions Cameco has taken in response to this incident and to resume
operation of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant was restarted in mid-January&nbsp;2009 after being shut down for an extended
planned maintenance period. Floors and in-floor structures have been brought up to the new
standards of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant. During the work, it was found that a sump had been leaking
and appeared to be the source of some localized contaminated ground water that a previous assessment
identified. A new groundwater collection well has been installed adjacent to the UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>
plant and its effectiveness in controlling contaminated groundwater is being assessed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It cost about $14&nbsp;million to remediate the contaminated soil and ground water contamination from
the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant. As well, Cameco spent $50&nbsp;million on improvements to the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> and UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plants.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco seeks to reduce its emissions to the air. At Port Hope, emissions of uranium and
hydrofluoric acid to the air have been reduced through installation of new equipment and changes to
operating procedures. McArthur River has a large refrigeration plant to control groundwater and
stabilize fractured rock in mining areas underground. This plant uses refrigerants other than
ozone-depleting chemicals that harm the earth&#146;s atmosphere.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The most current data (2007)&nbsp;indicates Cameco&#146;s greenhouse gas (GHG)&nbsp;emissions of CO2 equivalent
(CO2e) were about 387,000 tonnes compared to 405,000 tonnes in 2006. GHGs include carbon dioxide,
methane, nitrous oxide, sulphur hexafluoride, hydrofluorocarbons (HFCs), and perfluorocarbons
(PFCs). To quantify GHGs, Cameco follows the general guidelines as outlined by the
Intergovernmental Panel on Climate Change.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GHG emissions decreased somewhat in 2007 due to substantially reduced activities at Cigar Lake and
at Port Hope with cessation of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production activities and the remediation of the
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant. GHG emissions may increase in the next few
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">years, as remediation activities progress at Cigar Lake and as the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant is back in
operation. A significant portion of the Company&#146;s calculated GHG emissions is due to electricity
consumption that is provided by third-party generators.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 reportable environmental events were 29, higher than the 23 in 2007, but within the range
of the long-term annual average. The most significant 2008 events were the discovery of soil and
groundwater contamination in the vicinity of the Rabbit Lake mill and under the Port Hope
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant. These events had very limited environmental impact, as was the case with the
2007 Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant issue, but did reinforce the need for more vigilance in
operating older facilities &#150; through more effective inspections and better maintenance of liquid
retaining structures. Regulatory follow-up to 2007 reportable events at the Smith Ranch/Highland
operation brought more focus to the issue of mine site reclamation
&#150; resulting in plans to give
higher priority to progressive remediation of mined-out areas of the operation. All other
incidents were deemed to have lower significance.
</DIV>

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

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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2005, Cameco revised its safety, health, environment, and quality policy. It is on Cameco&#146;s
website. The policy contains a statement of Cameco&#146;s environmental principles and a description
of how these principles are to be implemented, including through seven corporate safety, health,
environment and quality (SHEQ)&nbsp;programs under Cameco&#146;s management system. This policy was
developed in order to address changing regulatory and industry standards. In early 2009, the
policy was revised to reflect Cameco&#146;s commitment to environmental leadership (EL). Cameco has had
environmental, safety and health policies in place since 1991 and has continued to refine its
approach to ensure policies, programs and procedures are in place and appropriate as part of an
overall integrated management system. To further enhance this direction, Cameco has been
benchmarking its management system against those used in the nuclear power generation sector.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reinforced its commitment to EL in 2008 with the establishment of EL as one of four
strategic priorities in its operations group. A team of specialists was assembled to implement its
long-term environmental performance improvement plan. The Company&#146;s plan is to reduce the
environmental impacts in all aspects of its business, including those related to air, water, waste,
land use, energy and greenhouse gases. Nine EL key performance indicators (KPIs) were approved and
a system developed and implemented to track, monitor and report performance. The Company&#146;s
performance profile was prepared for the past three years and communicated in its sustainable
development report, which
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">was posted on Cameco&#146;s web site in late 2008. EL was also integrated into the company&#146;s SHEQ
management system and major project planning process.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s SHEQ management system for implementing its safety, health, environment, and quality
policy includes seven programs that articulate what is expected from Cameco sites when undertaking
actions to fulfill commitments contained in this policy and set out a course of activities to be
undertaken to implement this policy. These seven programs are: quality management program; safety
and health management program; radiation protection program; environment management program;
management system audit program; emergency preparedness and response program; and contractor
management program. For 2008, $137&nbsp;million was invested in environmental protection, monitoring
and assessment programs while $24&nbsp;million was directed to health and safety programs.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s
environment, safety and health efforts are both corporate and
site-based. There is divisional level support for the Mining, Fuel Services and Cameco Resources divisions in SHEQ and
related technical support matters. Operational SHEQ activity is designed to further enhance
consistent application of SHEQ policies and procedures, focusing on divisional-level consistency.
The corporate SHEQ function integrates all aspects of the SHEQ management system under one group
and provides additional support to manage and coordinate the Company&#146;s environmental assessment
function. The SHEQ audit function is integrated with other internal audit functions within the
organization.
</DIV>

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

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


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

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

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

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


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

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

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

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

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

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


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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Crow Butte has four well fields under restoration. At mine unit #1, the groundwater has been
restored to pre-mining quality standards and all of the wells plugged and piping removed. The other
three well fields are in active restoration. $27.9&nbsp;million (US)&nbsp;is the estimated cost of
decommissioning the property. Crow Butte has provided a $25.2&nbsp;million (US)&nbsp;letter of credit to the
State of Nebraska as security for decommissioning the property. The amount of the letter of credit
will be increased to $27.9&nbsp;million (US)&nbsp;in order to match the decommissioning estimate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith Ranch-Highland has two well fields under restoration (Mine Unit 1 and C-Well field) and two
well fields (A and B Well fields) that have been restored. At the A-Well field, the groundwater
has been restored to pre-mining quality standards and the area continues to be monitored for
post-restoration environmental performance. At the B-Well field, groundwater has been restored.
This restoration has been approved by the WDEQ. Regulatory approval has not yet been received from
the NRC. $82.8&nbsp;million (US)&nbsp;is the estimated cost of decommissioning the property. Letters of
credit totalling $80&nbsp;million (US)&nbsp;have been provided to the State of Wyoming as security for
decommissioning Smith Ranch-Highland. The amount of the letters of credit will be increased to $82.8
million (US)&nbsp;in order to match the decommissioning estimate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NRC had previously considered adopting an alternate process whereby a state government (in
non-agreement states such as Wyoming and Nebraska) could regulate groundwater issues through a
memorandum of understanding entered into with the NRC. The NRC has not made a final decision
regarding the use of such memoranda. Discussions continue with regulators to establish clear
jurisdiction and criteria for well field restoration.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning and Reclamation</I>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s estimation of the future costs of decommissioning and reclamation costs is based upon the
application of reclamation techniques, which are believed to be capable of generating reasonable
environmental and radiological performance. The Company reviews these estimates for accounting
purposes, as well as for licence renewal applications as required by regulatory agencies.
Beginning in 1996, the Company has conducted regulatory-required reviews of its conceptual
decommissioning plans for all Canadian sites. These periodic reviews are typically done on a
five-year basis, or at the time of an amendment to or renewal of an operating licence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Decommissioning plans are accepted by regulators in terms of &#147;conceptual approval&#148;. This involves
acceptance by the regulators that the Company has proposed a reasonable decommissioning concept
upon which cost estimates can be prepared for financial assurance obligations. As Cameco
properties approach or go into decommissioning, further regulatory review of the detailed
decommissioning plans may result in additional requirements, associated costs and financial
assurances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2008, Cameco&#146;s estimate of the total decommissioning and reclamation costs, based on
current operations to date, for its operating assets was $556&nbsp;million, which is the undiscounted
value of the obligation. At the end of 2008, Cameco&#146;s accounting provision for these costs
totalled $353&nbsp;million, which represents the present value of the $556&nbsp;million mentioned above.
The provision increased by $68&nbsp;million in 2008 due to higher estimates for decommissioning of the
US ISR mine sites and accretion expense. The revised estimates for these operations were
approximately double prior amounts, which were based on studies completed about five years earlier.
The increase is largely due to higher
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expected costs for labour and equipment. Most of these expenditures are expected to be incurred at
the end of the useful lives of the operations to which they relate. Therefore, the decommissioning
and reclamation costs expected to be incurred over the next five years are not material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco
provides financial assurances in the form of letters of credit (LCs), where required to
regulatory authorities, for decommissioning and reclamation costs. Cameco&#146;s LCs issued in support
of reclamation liabilities totalled $429&nbsp;million at the end of
2008. Since 2001, all of Cameco&#146;s
North American operations have had in place LCs providing financial assurance, which are aligned
with preliminary plans for site-wide decommissioning. More specifically:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Saskatchewan &#151; </B>The decommissioning estimates (100% basis) for Rabbit Lake ($105.2&nbsp;million),
McArthur River ($36.1&nbsp;million) and Key Lake ($120.7&nbsp;million) were reviewed during relicensing
proceedings in 2008 and were accepted by the CNSC. The amount of the LCs filed with the Saskatchewan
government as financial assurances for decommissioning the properties have been increased to match
the decommissioning estimates for both Key Lake and Rabbit Lake with McArthur River to be increased
in the second quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the decommissioning estimate for Cigar Lake is $27.7&nbsp;million (100% basis). The amount
of the LCs filed with the regulators as financial assurances for decommissioning Cigar Lake will be
increased to match the decommissioning estimate.
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Please also see Note 10 to the 2008 Financial Statements regarding Cameco&#146;s estimate of
decommissioning and reclamation costs and related LCs.
</DIV>

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


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

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

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Principles of Understanding, in March&nbsp;2004, Cameco reached an agreement to transfer
the Port Granby Waste Site and Welcome Waste Site to the government of Canada, which through its
ownership of ENL indirectly owned these waste sites prior to 1988. The transfer will occur after
the government receives a licence to construct a long-term waste management facility at these
sites. As part of the transaction, the government has agreed to accept, without charge, 150,000
cubic metres of Cameco owned low-level radioactive waste.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government has also agreed to assume all liability for wastes located at these sites after
taking ownership, subject to Cameco&#146;s obligation to complete its maximum contribution of $25
million towards management and decommissioning of Historical Wastes. Cameco had previously
recognized this liability for its maximum contribution of $25&nbsp;million toward the cost of managing
this material, of which about $5&nbsp;million has actually been spent to the end of 2008.
</DIV>

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

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


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

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

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


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

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Mine Ownership Restriction</I>
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">where, on a bilateral basis, Canadian companies can obtain majority ownership of properties in the
counterpart foreign country.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Cameco Ownership Restriction</I>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Canadian Nuclear Safety and Control Act</I>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of Cameco&#146;s Canadian operations are governed primarily by licences granted by the CNSC and are
subject to all applicable federal statutes and regulations and to all laws of general application
in the province where the operation is located, except to the extent that such laws conflict with
the terms and conditions of the licence or applicable federal laws. Failure to comply with licence
conditions or applicable statutes and regulations may result in orders being issued, which may
cause operations to cease or be curtailed or may require installation of additional equipment,
other remedial action or the incurring of additional capital or other expenditures to remain
compliant. The Company may also be subject to prosecution (including criminal prosecution in some
circumstances) if it fails to comply with such applicable statutes and regulations. Environmental
regulation of the uranium mining industry in Saskatchewan and the uranium processing industry in
Ontario are also regulated under provincial legislation in addition to federal legislation of
general application.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Uranium Export Regulation</I>
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





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


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

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Smith Ranch-Highland and Crow Butte, safety is regulated by the federal Occupational Safety and
Health Administration.
</DIV>

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

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

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The right to mine minerals is acquired by the Company as a lessee under a mineral lease from the
province of Saskatchewan (a &#147;Crown Lease&#148;). A Crown Lease is for a term of ten years, with a right
to renew for successive ten-
</DIV>

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</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">year terms in the absence of default by the lessee. The lessee is required to expend certain
amounts for work during each year of a Crown Lease. A Crown Lease cannot be terminated except in
the event of default or default under any of the provisions of <I>The Crown Minerals Act</I>
(Saskatchewan) or regulations thereunder, including for prescribed environmental concerns.
However, Crown Leases may be amended unilaterally by the lessor by an amendment to <I>The Crown
Minerals Act </I>(Saskatchewan) or <I>The Mineral Disposition Regulations, 1986 </I>(Saskatchewan).
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s Saskatchewan uranium mining, milling and exploration properties are located on
traditional lands of First Nations. Cameco has received formal demands from the English River
First Nation (the &#147;ERFN&#148;) and the M&#233;tis Nation of Saskatchewan to be consulted and accommodated
with respect to development on aboriginal traditional lands.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2004, Cameco received correspondence from the ERFN asserting a right to be consulted
with respect to the use of its traditional lands, which includes the McArthur River operations. In
December&nbsp;2006, Cameco received a copy of correspondence sent by the ERFN&#146;s legal counsel to various
provincial government Ministers. In the correspondence, the ERFN indicated that if the government
issued any further permits without appropriate consultation and notification, the ERFN would &#147;take
appropriate actions to prevent the permit holders from intruding on their property.&#148;
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the ERFN has selected claims for Treaty Land Entitlement (TLE)&nbsp;designation that
include the surface lands covering the Millennium uranium deposit. The Saskatchewan government
recently rejected this selection (December&nbsp;2008). However, the ERFN has challenged that rejection
in the courts. Similarly, the Peter Ballantyne Cree Nation has selected lands under the TLE process
that cover portions of the mineral claims held by the Dawn Lake joint venture. The TLE process does
not affect the rights of Cameco&#146;s mining joint ventures. However, it may have an impact on the
surface rights and benefits ultimately negotiated as part of the development of Millennium and Dawn
Lake. Cameco, as operator of both affected joint ventures, is investigating the potential
implications of the TLE land issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">It is generally acknowledged that First Nation bands in northern Saskatchewan ceded title to most
traditional lands in northern Saskatchewan in exchange for treaty benefits and reserve lands.
However, First Nations in Saskatchewan continue to assert that their treaties are not an accurate
record of their agreement with the Canadian government and that they did not cede title to the
minerals when they ceded title to their traditional lands. Some First Nations dispute the fact that
their ancestors ceded any title to the land at all. First Nations have launched a lawsuit in
Alberta making a similar claim that they did not cede title to the oil and natural gas rights when
they ceded title to their traditional lands. A similar lawsuit could be brought by First Nations in
Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Awareness of aboriginal claims and the legal issues associated with them is an integral part of
exploration, development and mining in Canada and Cameco is committed to managing these issues
effectively. While Cameco cannot by itself wholly fulfil the governments&#146; duty to consult, Cameco
expects that at least some of its initiatives vis-&#224;-vis First Nations will be regarded as delegated
&#145;procedural aspects&#146; of the Province&#146;s duty to consult. However, in view of the legal and factual
uncertainties, no assurance can be given that material adverse consequences will not arise in
connection with First Nation and M&#233;tis title claims and related consultation issues.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





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

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

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


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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tiered royalty is calculated on the positive difference between the sales price per pound of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and the prescribed prices according to the following:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Canadian Dollar</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Royalty Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Sales Price in Excess of:</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">17.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">4</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">25.74</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34.33</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The above prices are applicable to 2008 and are in Canadian dollars. The index value required to
calculate 2009 rates is expected to be published in April&nbsp;2009.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>&#091;6% x ($35.00 &#150; $17.16) x pounds sold&#093; &#043; &#091;4% x ($35.00 &#150; $25.74) x pounds sold&#093; </B>&#043; <B>&#091;5%
x ($35.00 &#150; $34.33) x pounds sold&#093;</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, Cameco&#146;s cumulative capital allowances were fully exhausted. Therefore, Cameco paid tiered
royalties in 2007 and 2008. Cameco estimates that tiered royalties will reduce 2009 net earnings
between $25&nbsp;million and $35&nbsp;million. Cameco will be eligible for additional capital allowances
once Cigar Lake commences production, at which time Cameco expects to not pay tiered royalties
until the additional allowances are fully exhausted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is no longer subject to capital taxes on paid-up capital on its Saskatchewan and Ontario
operations. These taxes were eliminated on July&nbsp;1, 2008 for Saskatchewan and retroactive to
January&nbsp;1, 2007 for eligible Ontario companies. As a resource corporation in Saskatchewan, Cameco
pays a corporate resource surcharge of 3.0% (reduced from 3.1% prior to July&nbsp;1, 2008) of the value
of resource sales.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco, certain subsidiaries, and UEM are subject to federal and provincial income tax in Canada.
Current income tax expense for 2008 was $45&nbsp;million.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For federal income tax purposes, 100% of royalties are deductible in 2008. Cameco&#146;s Ontario fuel
services operations and Bruce Power are eligible for the manufacturing and processing tax credit.
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Wyoming, Cameco subsidiaries pay severance taxes, property taxes and ad valorem taxes. In
Nebraska, Cameco subsidiaries pay severance taxes and property taxes. The total of these taxes paid
in 2008 was $4.5&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s US subsidiaries are subject to US federal and state income tax. They may also be
subject to Alternative Minimum Tax (AMT)&nbsp;at a rate of 20%. AMT paid in prior years may be carried
forward indefinitely to be applied as a credit against future regular income taxes. Current income
tax expense for 2008 was $1.5&nbsp;million (US).
</DIV>

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


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

</DIV>

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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, Cameco and its subsidiaries had 3077 employees (this number does not include
Centerra and Joint Venture Inkai employees). Of this total, 889 employees are represented by four
separate locals of the United Steelworkers trade union. The collective agreement for the
bargaining unit employees at CFM expires on June&nbsp;1, 2009. The collective agreement for the
bargaining unit employees at the McArthur River and Key Lake operations expires on December&nbsp;31,
2009. The collective agreements for each of the two bargaining unit employees at the Port Hope
conversion facility expire on June&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BRUCE POWER LP &#150; NUCLEAR ELECTRICAL GENERATION</B>
</DIV>

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


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

</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear stations have greater operational, maintenance, waste and decommissioning costs and have
greater initial capital development costs than other generation technologies. This reflects the
complexity of the technical processes that
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Acquisition of Interest</I>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of the closing of this transaction, a Cameco subsidiary, a TransCanada subsidiary and BPC
each advanced $75&nbsp;million to BPLP. BPLP used these funds to pay $225&nbsp;million in deferred rent that
it owed to OPG (see <I>Overview-Bruce Power-OPG Lease </I>below). BPLP repaid the loan in 2008 as part of
the excess cash distributions made to its limited partners, including Cameco.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>2005 Bruce Power Restructuring</I>
</DIV>

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

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

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

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

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

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under an arrangement with the Ontario government, as part of the restructuring, BPLP receives
electricity floor price protection for sales into the spot market, transmission unavailability
protection, and protection against governmental discriminatory actions. The floor price is set at
an average monthly price of $45/MWh in 2005 escalated for inflation. The floor price has a true-up
mechanism, which is settled on a monthly basis with a contingent support payment. The aggregate of
contingent support payments is tracked, as any payments received are subject to a recapture payment
dependent on the annual spot prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s total commitment for financial assurances given on behalf of BPLP is estimated to be $230
million at December&nbsp;31, 2008. These financial assurances include financial assurances given to the
CNSC in support of BPLP&#146;s operating licence, guarantees in favour of OPG under the Lease (as
defined below), and guarantees in support of BPLP&#146;s power purchase agreements with customers. This
last commitment is subject to adjustment as the actual amounts of financial assurances in support
of power purchase agreements will fluctuate in response to wholesale electricity market price
changes. As at December&nbsp;31, 2008, the actual exposure was $82&nbsp;million. See Note 24 to the
Financial Statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The BPLP partners have also agreed that all future excess cash will be distributed on a monthly
basis and that separate cash calls will be made for major capital projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Bruce Power-OPG Lease</I>
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the Lease, decommissioning liabilities are the responsibility of OPG and are covered by the
Lease payments. During the initial term, the Lease provides for limited adjustments to the base
rent every five years. These limited adjustments are based on a maximum of 50% of the present
value of any increase of the anticipated cost of decommissioning the Bruce Power facility
discounted to January&nbsp;1, 2001, determined using predetermined principles and assumptions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, OPG completed its first five year review of the anticipated cost of decommissioning and
proposed an increase to the annual base rate of $14.8&nbsp;million over the remaining initial term of
the Lease. BPLP disagreed with the proposal. In October&nbsp;2008 the matter was resolved with no
increase in the base rent payable unless one of the following events occurs: (i)&nbsp;a material event
of default under the Lease prior to June&nbsp;30, 2007; (ii)&nbsp;BPLP fails to renew the Lease past 2027; or
(iii)&nbsp;BPLP terminates the Lease prematurely upon 12&nbsp;months notice to OPG because it determines that
the continued operation is no longer economically viable. If one of the events occurs, BPLP would
be required to pay the increase in the annual base rent requested by OPG, including from prior
years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the base rent, annual supplemental rent, which is subject to escalation by
inflation, per operating reactor is payable. For each year in the period 2004 to 2008, the
aggregate of the base rent and supplemental rent, subject to limited exceptions, cannot be less
than $190&nbsp;million. In 2008, the aggregate of these rent payments was approximately $246&nbsp;million.
There are no adjustments to either base rent or supplemental rent with respect to used nuclear fuel
liabilities during the initial term of the Lease. Commencing in 2008, BPLP also has the right to
terminate the Lease if the continuing operation of the facility is no longer economically viable,
subject to a Lease termination fee of $175&nbsp;million, certain ongoing operational requirements during
handover and certain shut-down conditions prior to handover. Cameco has severally guaranteed
BPLP&#146;s performance of these obligations.
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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>The Generating Facilities</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Bruce nuclear generating stations, located approximately 250 kilometres northwest of Toronto on
Lake Huron, consist of eight CANDU reactors. The four Bruce B reactors, with a combined net
generating capacity of about 3,360 megawatts, were commissioned between 1984 and 1987. The four
Bruce A reactors, with a combined generating capacity of about 3,000 megawatts, were commissioned
between 1977 and 1979 and removed from service by OPG between 1995 and 1998. BPLP returned two of
the Bruce A reactors to service, with a combined net generating capacity of 1,500 megawatts. As
described above, in October&nbsp;2005 BPLP was restructured and the four Bruce A reactors were subleased
to BALP. Cameco does not have any ownership interest in BALP. An average capacity factor of 87%
was achieved by BPLP during 2008 compared to 89% achieved in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, BPLP&#146;s capital expenditures were about $85&nbsp;million. In 2009, this capital expenditure
program is expected to total $119&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>New Fuel Program</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of its Bruce B power uprate project, BPLP had initiated plans to refuel the Bruce B units
with modified fuel containing SEU and Blended Dysprosium Uranium (&#147;BDU&#148;). This refuelling was
planned to commence in 2008, but now has been delayed, as outlined below. Prior to 2004, all of
the four Bruce B units were operating at 90% of maximum power, based upon an operating limitation
imposed by the CNSC. This limitation was placed on the reactors when studies revealed that
emergency shutdown systems may not provide sufficient safety margins for certain low probability
events. The operating limitation ensures that the necessary safety margin is maintained. The use
of the modified fuel was intended to restore the safety margins of the reactors and allow them to
operate at their design capacity. Currently, the Bruce B units are operating safely with reduced
operating margins. In 2007, the operator of the A and B units revised its fuel deployment strategy
and is now developing plans to load the modified fuel into refurbished reactors (commencing with
Bruce A) prior to loading any modified fuel into the Bruce B reactors. This revised strategy,
while subject to finalization of all commercial arrangements, will effectively delay the power
uprate program at Bruce B. A similar safety margin issue exists at the Bruce A units and
regulatory approval of the Bruce A refurbishment program is dependent on the modified fuel being
deployed in the refurbished reactors. This strategy change recognizes the time required to
complete the extended regulatory process to approve the manufacture of the modified fuel and
loading the Bruce A units. The Bruce A1 and A2 units are scheduled to be restarted in 2010 and the
initial fuel cores will be comprised entirely of fuel bundles containing natural uranium. Once the
reactor cores approach an equilibrium state, the new modified fuel, containing SEU and BDU, will be
loaded as part of the normal refuelling operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has successfully taken other steps to partially restore power rating at the Bruce B units. In
2004, the CNSC approved the operation of the Bruce B units at up to 93% maximum power on the basis
of improved safety margins attributed to completion of the fuel core reordering program. Bruce B
units 5, 6 and 7 have achieved this power uprate with Bruce B unit 8 scheduled for the second half
of 2009.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Operating Life Assessment</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The initial estimated operating life for Bruce&#146;s nuclear units was 30&nbsp;years. OPG undertook a
comprehensive inspection and testing program in order to ascertain the physical condition of its
nuclear generating assets, including the Bruce units, and BPLP has continued that program,
partially by way of contract with OPG. BPLP&#146;s current operating life estimates for the Bruce B
units are based on the results of this program to date and on the previous operating history of the
units. BPLP estimates that the operating life of Bruce B unit 8 will end about mid-2020. The
operating life for the other three B units is expected to end during 2017 to 2018.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has been assessing the condition of key components of the Bruce B units including its steam
generators, fuel channels and feeder pipes. As of December&nbsp;31, 2006, 100% of BPLP&#146;s steam
generators (with 100% of the areas of the inner tubes likely to experience degradation) had been
inspected and the present condition of these components has been ascertained with a reasonable
degree of certainty. On the basis of the steam generator program inspection results, periodic
cleaning, repairs and internal modifications have been deemed necessary to slow down the
degradation rates and restore unit reliability. BPLP is implementing comprehensive operation and
maintenance life cycle management plans for its units aimed at enabling the steam generators to
operate for the expected life of the units. Current estimates of the steam generator life are
within the estimated operating lives of the units. In 2003, inspections on Bruce B Unit 8
identified some erosion on support plates in three of the eight steam generators. Repairs were
made and no damage to the boiler tubes was detected. Inspections on the other units have found no
similar conditions and follow-up inspections on Unit 8 did not show any further significant
degradation<B><I>. </I></B>However, further inspections are planned for the spring of 2009 to confirm boiler life
expectancy for the three steam generators at Unit 8 where erosion was found in 2003.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Current inspections support the engineering assessment of the fuel channels lasting until the end
of the estimated operating lives for the Bruce B units. In 2001, maintenance activities commenced
to reposition the support springs in the fuel channels in order to ensure end of life projections
are achieved. This corrective measure is also required for Bruce Unit 8. Because this unit has
tight fitting garter springs, new tooling to locate and move these springs is currently in
development and targeted for implementation in 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Feeder pipes are part of the piping system that carries hot water between the reactor and the steam
generators. Thinning of feeder pipes occurs to varying degrees in all Bruce&#146;s reactors. Extensive
inspections have been carried out to establish the current condition of the feeder pipes of the
Bruce units. Feeder pipe thinning and degradation are phenomena common to CANDU reactors and is
the subject of industry studies and monitoring. However, compared to other CANDU units, they have
occurred to a lesser extent at Bruce B due to a combination of lower operating stresses and, to a
limited extent, the derating of the units. The feeder pipes are not expected to limit the life of
the units, although it is expected that some feeder pipes will require replacement. In addition, in
order to extend the units operating lives, some feeder pipes may have to be replaced and upgraded.
</DIV>

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

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

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has approximately 3,700 employees. Most of them are unionized. The PWU and the Society of
Energy Professionals Collective Agreements expire December&nbsp;2009. Under the 2005 restructuring
agreements, all employees remain with BPLP and all employee costs are apportioned between BPLP and
BALP.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is BPLP&#146;s fuel manager. This includes the supply by Cameco of all uranium concentrates and
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services required for the Bruce B nuclear generating stations, making
BPLP a significant customer for Cameco&#146;s core products. Cameco is also responsible to procure
nuclear fuel for BALP. This includes the procurement or supply to BALP of a portion of its uranium
concentrates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CFM has signed two fuel manufacturing services agreements covering all of BPLP&#146;s and BALP&#146;s fuel
manufacturing requirements until 2018 for BPLP and until 2030 for BALP. Under these agreements,
CFM will manufacture UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>provided by Cameco into fuel bundles for the Bruce A and B
units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BALP is also pursuing the use of SEU as part of its refurbishment project for two Bruce A units.
Cameco is working with BALP, CFM and others in the development of SEU. Cameco expects BALP&#146;s use
of SEU will not significantly reduce natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services sold to BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">CFM&#146;s Port Hope plant is being modified to produce fuel bundles containing SEU. (see <I>Uranium Fuel
Conversion Services </I>&#150; <I>Operations </I>above).
</DIV>

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


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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As they operate, the Bruce nuclear units generate:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>used nuclear fuel bundles (&#147;high-level radioactive waste&#148;);</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>other material that has come in close contact with reactors but is less radioactive than
used nuclear fuel bundles, such as ion exchange resins and other structural material and
reactor equipment, including pressure tubes (&#147;intermediate-level radioactive waste&#148;); and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>material used in connection with station operation that is not highly radioactive
(&#147;low-level radioactive waste&#148;).</TD>
</TR>

</TABLE>
</DIV>

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

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</DIV>





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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">OPG assumes title to the used nuclear fuel bundles discharged from the Bruce reactors during the
term of the Lease. At its expense, OPG is responsible for the disposal of these nuclear fuel
bundles for which it receives a fee paid as supplemental rent under the Lease. OPG retains title
to all used nuclear fuel bundles stored in the wet bays before May&nbsp;11, 2001. While used nuclear
fuel bundles are contained in the Bruce B wet bay, BPLP is responsible for their management. As
noted in the above paragraph, in 2003 OPG started transferring the used fuel bundles to its dry
storage facility.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no facility in Canada for the permanent disposal of used nuclear fuel. The <I>Nuclear Fuel
Waste Act</I>, implementing the federal government&#146;s nuclear fuel waste management strategy, came into
force in November&nbsp;2002. As required by this legislation, owners of used nuclear fuel in Canada
established the Nuclear Waste Management Organization (&#147;NWMO&#148;) with a mandate to manage and
co-ordinate the full range of activities relating to the long-term management of used nuclear fuel.
In late 2005, after a three year study, the NWMO presented its report and recommendations to the
federal government on the long-term management of used nuclear fuel. The NWMO recommended adaptive
phased management with the objective of centralizing all of Canada&#146;s used nuclear fuel in one
location, and isolating and containing it deep underground in a suitable rock formation. In June
2007, the federal government announced it had accepted the NWMO&#146;s report and recommendations. The
NWNO is commencing the design of a site-selection process. Throughout this process, the federal
government will continue to provide oversight as required by the <I>Nuclear Fuel Waste Act</I>. In
addition, this legislation also required the owners of used nuclear fuel, including OPG, to
establish a trust fund with a Canadian financial institution and make specified deposits. As OPG
is the owner of the used nuclear fuel bundles discharged from the Bruce units, it, not BPLP, is
subject to these financial contribution requirements.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s operations are heavily regulated. The CNSC, an agency of the federal government, regulates
construction, equipment, safety systems and operating limits for the Bruce nuclear generation
stations through its powers under the NSCA (see <I>Government
Regulation &#150; Canadian Uranium Industry
Regulation </I>above). Under licences issued by the CNSC, BPLP is required to report regularly on
operations to the CNSC, which monitors the safety performance of the Bruce nuclear generating
stations. In addition, BPLP is subject to the <I>Nuclear Liability Act </I>(&#147;NLA&#148;), as well as other
legislation associated with labour and environmental matters.
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has commenced the process to obtain a new CNSC operating licence. After completion of day-one
hearings in December&nbsp;2008, the CNSC extended the licence to October&nbsp;31, 2009 to allow for
completion of day-two hearings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The NLA requires operators of nuclear generating facilities to purchase nuclear liability insurance
from the Nuclear Liability Association of Canada in amounts specified in the NLA. Currently, the
NLA requires the operator of nuclear stations to maintain, for each of its nuclear stations,
insurance of $75&nbsp;million for liability imposed under the NLA. Under Part&nbsp;I of the NLA, an operator
is strictly liable for any damage to property of, or personal injury to, the public arising
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">from a nuclear incident (as defined in the NLA), other than damage resulting from sabotage or acts
of war. If, in the opinion of the Governor in Council, an operator&#146;s liability could exceed $75
million in respect of a nuclear incident, or it would be in the public interest to do so, the
Governor in Council may proclaim Part&nbsp;II of the NLA in effect. Under Part&nbsp;II of the NLA, an
operator&#146;s liability is effectively limited to the amount of such insurance and the Governor in
Council may authorize funds to be paid by the federal government for claims in excess of that
amount. In October&nbsp;2007, the federal government introduced legislation in the House of Commons
that would significantly amend the NLA, including by requiring the operator to maintain, for each
of its nuclear stations, $650&nbsp;million of insurance for liability imposed under the NLA. Before
this legislation was approved, Parliament was dissolved because of the federal
election. BPLP expects this legislation will be reintroduced for Parliamentary approval. If the
legislation becomes law, this would result in a significant increase in the insurance coverage that
BPLP must obtain as well as the cost of that insurance coverage.
</DIV>

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


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The actions of the Ontario government have impacted the wholesale market where BPLP sells most of
its production. The Ontario government took steps in 2005 and in February&nbsp;2006 to mitigate the
impact of increases in electricity price on the approximately 55,000 large industrial and
commercial customers in Ontario who consume more than 250,000 kilowatt hours per year. These
actions involve regulating the price of electricity produced by OPG&#146;s base load nuclear and hydro
assets and establishing revenue limits on the output of certain of OPG&#146;s other assets. Bruce Power
expects these actions to depress the wholesale contract market, which remains unregulated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP engages in risk management activities, including trading of electricity and related contracts,
to mitigate these risks. BPLP receives a reliable stream of revenue from fixed-price contracts.
Approximately 67% of BPLP&#146;s output was sold under fixed-price contracts in 2008. BPLP also sells
electricity on the open spot market. Prices are determined by bids from suppliers and buyers that
reflect changes in supply and demand by the hour. In addition, the 2005 Bruce Power refurbishment
implementation agreement provides for a floor price of $45 per MWh (escalated by inflation) for the
electricity generated by the Bruce B reactors sold into the spot market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Demand erosion continues to dominate Ontario, driven by declining economic conditions in Ontario
and in North America, which has resulted in partial loss of industrial and wholesale demand.
Since 2004 wholesale load has decreased by 35% (700GWh) and in 2008 Ontario demand is down by
approximately 2% or 2 TWh in comparison to 2007. BPLP continues to implement a diversified
contracting strategy that hedges output against exposure to Ontario low spot prices by sales into
the retail contract market and into neighbouring jurisdictions such as the NYISO market place.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is a risk that the Ontario government could regulate the wholesale market in the future.
This would limit the upside potential for BPLP&#146;s revenue. Given the need to replace or augment
generating capacity in Ontario, the need to attract new investment and market structure changes
made by the government, Cameco believes the risk of the government regulating the wholesale market
is low.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reinforcement of the transmission system from the Bruce Power site is necessary once all eight
Bruce units are back in service and the expected wind powered facilities in the Bruce area are
operational. This reinforcement is to be achieved by the addition of a new 500KV line between
Bruce and Milton, essentially doubling the current transmission capacity. Hydro One has obtained
approval to construct this line from the Ontario Energy Board. A condition of this approval is that
Hydro One is required to successfully complete the environmental assessment process prior to
beginning any construction activity on the new line. The transmission reinforcement is planned to
be in-service by 2012.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February&nbsp;2001, the OEB issued a generation licence for Bruce Power Units 1 to 8, which expires
in February&nbsp;2019. The licence includes authorization for Bruce Power to act as a wholesaler of
electric power.
</DIV>

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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco indirectly owns 52.7% of Centerra, a company listed and publicly traded on the TSX.
Centerra is focused on acquiring, exploring, developing and operating gold properties primarily in
Asia, the former Soviet Union and other emerging markets. Centerra is one of the largest
western-based gold producers in Central Asia and the former Soviet Union. Centerra subsidiaries
have a 100% interest in and operate two producing gold mines: the Kumtor mine in the Kyrgyz
Republic and the Boroo mine in Mongolia. Centerra subsidiaries also have a 100% interest in the
Gatsuurt development property in Mongolia, located 35 kilometres from the Boroo mine, and a 63%
interest in the REN exploration property in Nevada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, the Kumtor mine produced approximately 556,250 ounces of gold and the Boroo mine produced
about 192,640 ounces of gold. Centerra&#146;s gold production is completely unhedged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As at December&nbsp;31, 2008, Cameco&#146;s interest in the Kumtor and Boroo mines amounted to total proven
and probable reserves of 2,530,000 ounces of contained gold, with a further 1,636,000 ounces of
contained gold in measured and indicated resources and 1,378,000 ounces of contained gold in
inferred resources. As at December&nbsp;31, 2008, Cameco&#146;s interest in the Gatsuurt property amounted
to 529,000 ounces of contained gold in probable reserves, 320,000 ounces of contained gold in
indicated resources and 135,000 ounces of contained gold in inferred resources. Detailed estimates
of gold reserves and resources are reported at <I>Centerra &#150; Kumtor Mine &#150; Reserves and Resources</I>
below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production continued uninterrupted in and around Centerra&#146;s two mine sites in the Kyrgyz Republic
and Mongolia. This occurred despite the expiry of the August&nbsp;30, 2007 framework agreements entered
into among Centerra, Cameco and the Government of the Kyrgyz Republic (the &#147;Government&#148;) (the
&#147;Agreement on New Terms&#148;) in relation to the Kumtor property as a result of these agreements not
being ratified by the Parliament of Kyrgyz Republic. Consequently, on June&nbsp;4, 2008 Centerra
resumed its international arbitration against the Government with respect to a number of ongoing
disputes in accordance with its investment agreement entered into in 2004 among Centerra, Kumtor
Gold Company (&#147;KGC&#148;) and the Government (the &#147;Investment Agreement&#148;). However, Centerra suspended
the arbitration proceedings in September&nbsp;2008 to allow for the continuation of discussions with
Cameco and the Government regarding outstanding issues related to the Kumtor project. See
<I>Centerra Legal Proceedings.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has made a substantial commitment to exploration activities focused on growing the
reserves and resources at its properties, including $23.5&nbsp;million (US)&nbsp;of exploration expenditures
in 2008. Centerra has budgeted approximately $25&nbsp;million (US)&nbsp;on exploration in 2009.
Expenditures in respect of the underground project at the Kumtor mine were $15&nbsp;million (US)&nbsp;in
2008.
</DIV>

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine, located in the Kyrgyz Republic, is the largest gold mine in Central Asia operated
by a western-based producer. The Kumtor gold mine, which commenced operation in 1997, has produced
approximately 6.71&nbsp;million ounces of gold during the 12-year period from 1997 to 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s wholly-owned subsidiary, KGC, is the holder of the rights to the Kumtor gold deposit and
Centerra&#146;s wholly-owned subsidiary Kumtor Operating Company (&#147;KOC&#148;) is the operator of the Kumtor
mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The disclosure in this Annual Information Form of a scientific or technical nature for Kumtor is
based on a technical report on the Kumtor mine dated as of March&nbsp;28, 2008 (the &#147;Kumtor Technical
Report&#148;) prepared in accordance with NI 43-101. The technical information has been updated with
current information where applicable. The Kumtor Technical Report was prepared under the
supervision of Strathcona Mineral Services Limited (&#147;Strathcona&#148;) and was written by
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Henrik Thalenhorst, P.Geo. of Strathcona and Iain Bruce, P. Eng. of BGC Engineering Inc., each of
whom is independent of Cameco and a &#147;qualified person&#148; for purposes of NI 43-101, and Dan Redmond,
P. Geo., a qualified person and an employee of Centerra. The mineral reserve and resource
estimates for the Kumtor mineral property were prepared under the supervision of Ian Atkinson,
Certified Professional Geologist, Centerra&#146;s Vice President of Exploration, who is a qualified
person. A copy of the Kumtor Technical Report can be obtained from SEDAR at www.sedar.com.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine plays a particularly important role in the economic and political life of the
Kyrgyz Republic. It is the largest private sector employer of Kyrgyz citizens, is the largest
foreign investment in the country and represents a significant portion of the country&#146;s gross
domestic product, export earnings and total industrial production. The importance of the Kumtor
mine to the Kyrgyz economy means that it has a very high profile within the country. Accordingly,
the Kumtor mine continues to be at the centre of political and public attention in the Kyrgyz
Republic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine has been the subject of numerous disputes, including lawsuits and draft legislation
that challenge the validity of the decrees, agreements and licences that govern the title,
operation and taxation of the Kumtor mine. If these disputes are not resolved to the mutual
satisfaction of the various parties thereto, the risks to Centerra will increase. See <I>Centerra
Legal Proceedings</I> and <I>Risk Factors</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Property Description, Location and Concession</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine is located in the Tien Shan Mountains, some 350 kilometres to the southeast of the
national capital Bishkek and about 60 kilometres to the north of the international boundary with
the People&#146;s Republic of China.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to an Amended and Restated Concession Agreement (the &#147;Concession Agreement&#148;) between KGC
and the Government of the Kyrgyz Republic that became effective on June&nbsp;22, 2004, Centerra has been
granted a concession giving Centerra the exclusive rights to all minerals within an area of
approximately 750 hectares of land centred on the Kumtor gold deposits (the &#147;Concession Area&#148;).
Centerra&#146;s mineral and surface rights for the Kumtor deposit extend until May&nbsp;10, 2043. KGC has
applied for an expanded mining concession covering the original Concession Area, the Northeast
target, the Southwest deposit, Sarytor and adjacent areas to the southwest. The Investment
Agreement provides that the Government of the Kyrgyz Republic shall grant any necessary additional
mining concessions for the Centerra Exploration License (defined below) on substantially the same
terms and conditions as those specified for the Concession Area. Pending the grant of the expanded
concession, KGC applied for, and on January&nbsp;30, 2006, was granted a mining license comprising 56.5
hectares and covering the Southwest deposit. In November&nbsp;2006, KGC applied for and was granted a
geological allotment for the Sarytor deposit. The allotment was replaced with a mining license on
November&nbsp;30, 2007. On June&nbsp;17, 2008, the Bishkek Inter District Court issued an order invalidating
the Southwest and Sarytor mining licenses. See <I>Centerra Legal Proceedings</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Concession Agreement confirms Centerra&#146;s right to use sufficient additional surface lands for
the purposes of the construction and occupation of all mining and milling superstructure and
facilities, work camp and other infrastructure facilities necessary to carry out work at the Kumtor
mine. The Investment Agreement further specifies that Centerra is guaranteed such access to the
Kumtor site, including all necessary surface lands, together with access to water, power and other
infrastructure, as is necessary or convenient for the operation of the Kumtor mine. The area
currently in use for such purposes amounts to approximately 7,000 hectares. This provides
sufficient surface area for the plant, tailings disposal area and all other facilities supporting
the mining operation, ore processing and waste rock disposal and includes the western part of
Petrov Lake, the fresh-water source for the operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KGC must make a concession payment of $4 (US)&nbsp;for each ounce of gold sold from the Kumtor deposit,
with such payments to be made quarterly within 90&nbsp;days of the end of each calendar quarter based on
that quarter&#146;s gold sales by KGC. In addition, KGC must pay 2% of its net profits into a social
development fund until its senior and subordinated loans outstanding as of December&nbsp;31, 2003 are
repaid ($5&nbsp;million (US)&nbsp;outstanding at December&nbsp;31, 2008) and thereafter at 4% of its net profits
until the end of the Kumtor operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under a Master Agreement entered into in 1992 among Cameco, Kyrgyzaltyn JSC (a Kyrgyz joint stock
company whose shares are 100% owned by the Government of the Kyrgyz Republic) and the Government of
the Kyrgyz Republic (the &#147;Master Agreement&#148;) and under Section&nbsp;10 of the law of July&nbsp;2, 1997, <I>On
Subsoil</I>, KGC was granted the exclusive right
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">to develop any mineral resources within a 7.5 kilometre radius from the perimeter of the Concession
Area, an area covering approximately 26,660 hectares (the &#147;Exploration License&#148;). This right was
continued by the Investment Agreement. The license granting the Exploration License was first
issued on December&nbsp;18, 1997. It was initially renewed on December&nbsp;31, 2002, and again on December
31, 2005. The shape of the license was changed during the last renewal to coincide with the Kyrgyz
national coordinate system, and its size reduced to 26,300 hectares. This area includes all of the
Concession Area, the Northeast target, the Southwest deposit, Sarytor and adjacent areas to the
southwest, as well as the surface rights area. The Exploration License cannot be renewed again,
but a new license may be applied for. Although the expiry date of the Exploration License is
December&nbsp;18, 2009, the Bishkek Inter District Court issued an order on June&nbsp;17, 2008 invalidating
the Exploration License. See <I>Centerra Legal Proceedings</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine includes waste and ore stockpile areas as well as an area to dispose of ice removed
during operations. Ore is processed at a crusher and mill with a nominal capacity of approximately
5.6&nbsp;million tonnes per year or 15,500 tonnes per day. Other major facilities include a fresh-water
system, a camp/residence for the employees on-site, a warehouse, workshops, offices, a batch plant,
two standby diesel generator installations and a tailings management facility. In February&nbsp;2006,
Centerra also commenced open pit mining at a satellite gold deposit located at the Southwest
deposit. Mining of the Southwest deposit was completed at the end of March&nbsp;2008.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o54391o5439102.gif" alt="(MAP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tailings management facility is located in the Kumtor River valley and consists of twin
tailings pipelines, a tailings dam, an effluent treatment plant and two diversion ditches around
the area to prevent runoff and natural watercourses from entering the tailings basin. These
facilities received approval from the Government in 1999. Each tailings pipeline is approximately
six kilometres in length. The tailings dam was designed and constructed to address the permafrost
conditions at the mine site. The dam wall is approximately 2.7 kilometres in length and the
tailings dam consists of a compacted fill. The dam crest is ten metres wide and the side slopes
are approximately 3 horizontal to 1 vertical. The dam is currently 31 metres high at its central
part. The dam fill consists of alluvial sands and gravels. A geomembrane
</DIV>

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</DIV>






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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">liner has been placed on the upstream face and extends one hundred metres upstream of the dam toe
on natural ground into the impoundment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tailings dam height was raised three metres in 2008 and now has capacity to store tailings
until the end of 2010. An additional nine metres of dam height, scheduled for construction between
2009 and 2012, is expected to extend the life of the tailings facility to the end of the current
mineral reserves. Raising the dam to its final elevation is estimated to require an investment of
$27.6&nbsp;million (US). The ultimate dam and the stabilizing toe berm have been designed to store up
to 101&nbsp;million tonnes (87&nbsp;million cubic metres) of tailings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Centerra&#146;s management of environmental issues, Centerra actively assesses the physical
characteristics of its tailings storage facilities. In 2003, in order to proactively deal with an
ice-rich silt layer beneath the tailings dam that has been the cause of some minor horizontal
movement of the tailings dam, a shear key and toe berm were built to reduce the rate of movement.
Additional construction work completed in 2007 and 2008 has deepened and expanded the initial shear
key. The new shear key has been excavated to depths of ten to twelve metres, and ice-rich silt and
clay has been removed to expose the underlying dense granular moraine foundation fill with little
to no ice. Test pits one to two metres deep were excavated to confirm that sound foundations had
been reached.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The levels of movement encountered in the Kumtor dam foundation to date are not excessive and fall
within the range of movements experienced by other such dams around the world. The Kumtor dam
material is strain tolerant and shows little effect of the minor horizontal movement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All material permits and licences required for the current mining operations at the Kumtor central
pit are in good standing. See <I>Centerra Legal Proceedings</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Site Accessibility, Climate, Local Resources, Infrastructure and Physiography</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Access to the Kumtor mine site is by a main road that runs between Bishkek and Balykchy, on the
western shore of Lake Issyk-Kul. After traveling along this road for a distance of 178 kilometres,
and then along a secondary road running along the south shore of the lake to the town of Barskaun
for another 150 kilometres, a final 100 kilometres must be traversed on a narrow, winding road
leading into the Tien Shan Mountains that climbs to an elevation of 3,700 metres through 32 switch
backs to reach the deposit. Centerra has done considerable work to maintain this access road and
despite occasional avalanches and movements of gravel and till down steep slopes during heavy
rains, there has not been any extended period during which the road has been out of service.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mill is situated in alpine terrain at an elevation of approximately 4,016 metres, while
the highest mining excavations exceed an elevation of 4,400 metres. The main camp, administration
and maintenance facilities are at about 3,600 metres. Local valleys are occupied by active
glaciers that extend down to elevations of 3,800 to 3,900 metres and permafrost in the area can
reach a depth of 250 metres. As the area is seismically active, all facilities at Kumtor,
including the process plant and tailings storage dam, have been designed in accordance with
recommended seismic standards for the area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The climate is continental with a mean annual temperature of minus eight degrees Celsius. Extreme
recorded temperatures vary from plus 23 to minus 49 degrees Celsius, with short summers that last
from June to September. Precipitation is low at 300 millimetres per annum, with the majority
falling in the summer months, and annual snow accumulation of 600 millimetres. Kumtor operates 365
days per year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reflecting the harsh climate and high elevation, sparse, low vegetation is restricted to the valley
floors and lower mountain slopes, with a total absence of trees or shrubs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mine site is connected to the Kyrgyz national power grid with a 110 kilovolt overhead power
line running parallel to the access road. Fresh water is taken from Petrov Lake, situated five
kilometres northeast of the mill site. The minimum water inflow into the lake is estimated to be
in excess of 1,000 cubic metres per hour or approximately twice the average project demand.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor area has a history of intermittent exploration dating to the late 1920s. Debris from
the Sarytor deposit was discovered in 1978 by a geophysical expedition of the state Kyrgyz Geology
department sampling float from the frontal moraine of the Sarytor Glacier. The sole outcrop of
what is now called the Central deposit was found during follow-up prospecting. From 1979 to 1989,
a systematic evaluation of the Central deposit, and to a lesser extent of the Southwest deposit,
was carried out consisting of several phases of surface trenching and geological mapping, diamond
drilling and underground development on three levels culminating in a detailed sampling program of
the central upper part of the Central deposit. An initial reserve statement was issued by the USSR
State Committee on Reserves in March&nbsp;1990.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco was presented the opportunity to become involved with the Kumtor project in 1992 while
pursuing uranium prospects in the Kyrgyz Republic. An initial agreement with the Government of the
Kyrgyz Republic was signed in December&nbsp;1992 giving Cameco the exclusive right to evaluate and
develop the Kumtor project. A feasibility study was completed in December&nbsp;1993 by Kilborn Western
Inc. (&#147;Kilborn&#148;) and was amended in 1994 and 1995 (the &#147;Kilborn Feasibility Study&#148;). In 1999,
Kilborn Western Inc. was amalgamated with Kilborn Inc. and continued as SNC-Lavalin Engineers &#038;
Constructors Inc.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A project development agreement was finalized with the Government of the Kyrgyz Republic in May
1994. Pursuant to this agreement, a Cameco subsidiary held an indirect one-third interest in KGC,
a Kyrgyz joint stock company that owns the concession giving it exclusive rights to develop the
Kumtor mine. Kyrgyzaltyn JSC (&#147;Kyrgyzaltyn&#148;), a Kyrgyz joint stock company wholly-owned by the
Government of the Kyrgyz Republic, held the remaining two-thirds interest. Another Cameco
subsidiary, KOC, acted as operator of the joint venture for which it received a management fee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Project construction began in late 1994 and commercial production at Kumtor commenced in the second
quarter of 1997. The Kumtor mine has produced approximately 6.71&nbsp;million ounces of gold during the
12-year period from 1997 to 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On December&nbsp;31, 2003, Centerra entered into a restructuring agreement with Cameco, Cameco Gold Inc.
(&#147;Cameco Gold&#148;) and Kyrgyzaltyn. Pursuant to this agreement, Kyrgyzaltyn and Cameco Gold sold
Centerra all of their shares in KGC effective June&nbsp;22, 2004 in exchange for, among other
consideration, shares in Centerra.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geological Setting</I></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor gold deposit occurs in the southern Tien Shan metallogenic belt, a Hercynian fault and
thrust belt that traverses Central Asia from Uzbekistan in the west through Tajikistan and the
Kyrgyz Republic into north-western China, a distance of more than 1,500 kilometres. This belt
hosts a number of important mesothermal-type gold deposits including Muruntau, one of the world&#146;s
largest gold deposits, as well as Zarmitan, Jilau and Centerra&#146;s Kumtor mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are four major thrust slices comprising the mine geology, with an inverted age relationship.
Each thrust sheet contains older rocks than the sheet it structurally overlies. The slice hosting
the Kumtor gold mineralization is composed of Vendian (youngest Proterozoic or oldest Paleozoic)
meta-sediments, grey carbonaceous quartz-sericite-chlorite schists or phyllites that are strongly
folded and schistose. The fault forming the footwall contact of this structural segment is the
Kumtor Fault Zone, a dark-grey to black, graphitic gouge zone. The fault zone strikes
north-easterly, dips to the southeast at moderate angles and has a width of up to 30 metres. The
adjacent rocks in its hanging wall are strongly affected by shearing and faulting for a distance of
up to several hundred metres. The rocks in the structural footwall of the fault zone are
Cambro-Ordovician limestone and phyllite, thrust over Tertiary sediments of possible continental
derivation that in turn rest, with apparent profound unconformity, on Carboniferous clastic
sediments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor gold deposit is structurally controlled on a major fault of regional importance and is a
member of the class of structurally controlled mesothermal gold replacement deposits. The Kumtor
gold deposit occurs where the Vendian sediments have been hydrothermally altered and mineralized
based on structural controls. Gold mineralization has been observed over a distance of more than
12 kilometres, with the Kumtor deposit itself located in what is called the Center Block, with a
length of 1,900 metres, a vertical range of 1,000 metres and a width of up to 300 metres. A buried
intrusive body is inferred by geophysical methods to occur some five kilometres to the northwest of
the deposit and may be the source of the mineralization process at Kumtor.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Within the Kumtor deposit, four zones of gold mineralization have been delineated:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Two parallel zones of alteration and gold mineralization strike north-easterly and dip to
the southeast at 45&#176; to 60&#176;, separated by 30 to 50 metres of barren or poorly mineralized
rock. The South Zone, with a length of 700 to 1,000 metres and a horizontal width of 40 to 80
metres, is reasonably well mineralized throughout its entire length, with an average gold
grade of 3 to 4 grams of gold per tonne. The North Zone, somewhat more extensive along strike
but with a similar width, has lesser gold grade continuity and splits into a number of
individual lenses that have average gold grades in the range of 2 to 3.5 grams of gold per
tonne.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At their north-eastern end, the North and South Zones coalesce into the Stockwork Zone,
which has higher gold grades and good grade continuity. Its dimensions in plan are 400 to 500
metres long by 50 to 200 metres wide, with an average gold grade of 5 to 6 grams of gold per
tonne, depending on the cut-off grade. The Stockwork Zone plunges north-easterly at 40&#176; to
50&#176;, and diminishes in size below elevation 3,900 metres. Its down-plunge continuation below
elevation 3,900 is known as the NB Zone. Geographically, the Stockwork Zone is located
closest to the pit highwall and thus has a larger effect on the overall strip ratio of the
pit.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the south-western part of the deposit, the SB Zone (structurally a part of the South
Zone) tops out at an elevation of 3,900 metres. Drilling to date has defined the SB Zone
along strike for 700 metres, for a vertical extent of 650 metres, and a width that ranges from
6 to 75 metres, overall somewhat smaller than the Stockwork Zone, but of excellent grade, in
the range of 5 grams of gold per tonne. The SB Zone gave rise to a large increase in the
mineral reserves and resources (including inferred resources) of the Kumtor deposit in 2005
and 2006.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mineralization took place in four main pulses. An initial pulse resulted primarily in pervasive
quartz- carbonate-albite-chlorite-sericite-pyrite alteration, with little gold of economic
consequence being deposited. The next two pulses deposited all of the economically significant
gold at Kumtor. Feldspar makes up nearly 20% of the ore, carbonates (calcite, dolomite, ankerite
and siderite) collectively 25% to 30%, pyrite 15% to 20%, quartz 5% to 10% and the remainder are
host rock inclusions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineralization is most intense, and the gold grade is the highest, where metasomatic activity
was continuous through mineralization phases two and three. This is the case for the Stockwork and
SB Zones, to a lesser extent for the South Zone, and explains their higher-than-average gold
grades. The last pulse created planar carbonate-pyrite metasomatic rocks that are associated with
zones of intense deformation of previously altered phyllites and hydrothermal rocks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The gold and the gold-bearing minerals occur as very fine inclusions in the pyrite, with an average
size of only 10 microns. This, together with the poor cyanide leach response of the gold
tellurides, accounts for the partly refractory nature of the Kumtor ore. The refractory
characteristics are reflected in the relatively low historic and forecasted gold recovery of around
80%, despite the very fine grind applied to the pyrite flotation concentrate from which most of the
gold at Kumtor is recovered by leaching. The fine grain size of the gold also renders assaying of
this mineralization relatively reliable, with only a small nugget effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Most of the mineralization takes the form of veins, veinlets and breccia bodies in which the
mineralization forms the matrix. In the more intensely mineralized areas, the surrounding host
rock has also been altered. Post-ore faulting is generally parallel to, or at low angles with, the
mineralized sequence. These faults often carry significant quantities of graphite, which
constitute the sources for the preg-robbing character of some of the mineralization.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Southwest deposit is located three kilometres to the southwest of the Central deposit across
the Davidov glacier, along the Kumtor fault. To the southwest, the Southwest deposit is covered by
the Sarytor glacier, beyond which additional mineralization is known as the Sarytor deposit.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The structural/lithological framework of the Southwest and Sarytor deposits is identical to those
of the Kumtor deposit with the gold mineralization being controlled by the Kumtor thrust zone. The
structural dips are generally shallower than at Kumtor at an angle of 20&#176; to 50&#176;.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserves of the Southwest deposit were mined out by March&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Sarytor deposit is located further southwest from the Southwest deposit. The drill results
indicate that mineralized horizon at the Sarytor area strikes east-west and dips south at 20&#176; to
30&#176;. The thickness of the mineralized envelope is relatively consistent and varies from 80 to 120
metres, with the strike length of the known mineralization being approximately 800 metres.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Host rocks are tectonized slates and phyllites with lenses of till-like conglomerates and dolomitic
slates. Development of background alteration is weak and represented mainly by vein-type
silicification. Host rocks do not carry any elevated gold values. The mineralized zone has been
traced by drilling for 200 to 300 metres down dip.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineralized envelope hosts three mineralized zones separated by zones of strongly faulted host
rocks. Alteration intensity and zone thickness increase southward. Metasomatism is represented by
banded albite-carbonate-quartz alteration with 3% to 5% pyrite. Barite and siderite are well
developed in the southern part of Sarytor. As a rule, pyrite content is positively correlated with
the gold grade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Historical Exploration and Drilling</I></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The principal exploration data acquisition method at Kumtor is diamond drilling. There is a large
historical drill-hole database (augmented by underground exploration results) dating back to Soviet
times. To a large extent, this information is no longer relevant to the current reserve estimate,
since the upper parts of the Central deposit, to which the historical information pertained, has
now been mined out. There are only small areas in the current mineral reserves that rely on any
Soviet data, and this old data is successively being verified by in-fill or replacement drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the lack of sufficiently detailed information below an elevation of 3,950 metres,
about 28% of the Kilborn Feasibility Study open-pit reserves containing one-quarter of the total
gold to be mined had been substantially less well documented than the upper part of the deposit.
To fill this information gap, and to explore for extensions to the known mineralization, KOC has
undertaken a large in-fill diamond drill program in the years 1998 to 2008, comprised of 556 holes
in the Central deposit totaling 186,628 metres and 426 holes on other targets totaling 69,503
metres. Drilling was undertaken from various pit benches and setups outside of the pit, including
setups on the waste piles. This has now increased the density of the drill pattern in the lower
part of the deposit to that available at the time of the Kilborn Feasibility Study for the upper
part.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the Central and Sarytor deposits, the drill holes are generally spaced 40 metres along strike
and 40 to 80 metres down-dip in geologically complex areas, and at 80 metres along strike and 60 to
80 metres down-dip in other areas. The entire project assay data base consists of 192,367 KOC
assays (123,126 for the Central deposit, 34,378 for the Southwest deposit and 31,284 for the
Sarytor deposit and 3,579 in other areas) in addition to 75,064 assay results originating from
Soviet times.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of the KOC diamond drill holes are steeply inclined and recover HQ-size core, except when
ground conditions necessitate a reduction in core size to NQ. For all of the holes, drill collars
are surveyed and down-hole deviations are measured using either a Sperry-Sun single shot camera or
a Reflex single shot camera. Limitations on set-ups dictate that a certain number of off-section
holes are drilled, particularly within the Kumtor pit. Drill cores are logged for geological and
geotechnical information, and are photographed prior to sampling. Drill collar coordinates,
down-hole deviation surveys, assay results, and information on lithology, alteration and
mineralization are recorded in the mine or exploration drilling databases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Drill core recovery typically varies from 80% to 100%, averaging greater than 95%. In certain
cases where the core recovery from mineralized intervals is low, the hole is stopped and re-drilled
to achieve better core recovery. The angle of intersections between the drill holes and the
mineralization is generally such that the true width of the mineralization is equivalent to 80% to
100% of the length of mineralized drill-hole intervals.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Sampling and Analysis</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In preparing the Kumtor Technical Report in 2008, Strathcona reviewed the database generated by KOC
drilling programs from 1998 to 2008 and concluded that the sample collection, sample preparation
and assaying protocols in place at the Kumtor operation are in accordance with normal industry
operating practises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The sampling protocol employed in the years prior to 1989 was typical of many projects of the
Soviet era. The entire core was removed for sampling, in intervals of an average length of 1.4
metres. Core recovery averaged only 75%. Trench samples were generally one metre long, presumably
taken horizontally, but the sampling method is not described. Channel samples were collected from
the extensive underground openings approximately one metre above the floor and varied from 0.5 to 2
metres long. The channels are reported to have measured 10 centimetres wide by 5 centimetres deep.
The analytical work was carried out at the Central Scientific Research Laboratory of Kyrgyz
Geology. The gold assay method was fire assay for all samples prior to 1989 (a total of 44,580
determinations) and a more productive atomic absorption (&#147;AA&#148;) method in 1989 (12,612
determinations). Internal and external duplicate assaying was undertaken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the drilling completed by KOC from 1998-2008, the drill core length is measured and checked
against the depth blocks inserted by the drillers in the core boxes. The core is logged and
photographed. Sample intervals are chosen to be representative of geological features such as
veining, alteration and mineralization. Individual samples are normally one metre long, but the
interval may be increased to two metres in unaltered rocks. Other than geotechnical holes and the
unaltered portions of drill holes spaced less than 100 metres from other drill holes which had
already intersected the same unaltered hanging wall stratigraphy, drill holes are sampled over
their entire lengths.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Competent drill core selected for sampling is cut by a diamond saw into two halves. One half is
placed into a numbered bag and sent to the laboratory for assaying. The other half is placed back
in the core box and retained in permanent storage. Incompetent core intervals are sampled with a
scoop that fits snugly into the individual rows, removing one-half of the material at the
discretion of the sampling technician.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Blasthole cuttings are sampled with a device that is placed radially away from the collar of the
hole. It collects about ten kilograms for an eight-metre bench height.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All sample collection, preparation and assaying from the 1998-2007 drilling programs were performed
by KOC personnel at the KOC-owned site laboratory, which is not certified but is subjected to
periodic calibration and operations checks by the Kyrgyz National Accreditations agency. Sample
collection protocols are monitored by KOC&#146;s exploration manager and the QA/QC geologist.
Preparation and assay protocols are supervised by KOC&#146;s chief assayer at the Kumtor mine. Samples
are delivered to and from the laboratory at the mine site by KOC personnel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The internal quality control measures at the KOC mine laboratory consist of the routine insertion
of internally prepared standards and a blank at a combined rate of one standard/blank per 30
samples. An original set of standards was certified by four independent laboratories, but
subsequent standards are not. The standards are prepared from Kumtor mineralization and reflect
three grade ranges &#150; tailings grade (approximately 0.4 grams of gold per tonne), a head sample that
has varied from 3.7 grams of gold per tonne to 7.3 grams of gold per tonne, and a concentrate
sample that has varied from 29.5 to 33.8 grams of gold per tonne.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the KOC mine laboratory routinely re-assays duplicate pulps at a rate of 20% as an
internal check on assay precision. Prior to 2008, the KOC geological staff did not submit external
blanks and standards as blind samples with their drill core sample batches. However, bench
composites are created from drill-hole intersections for check assaying and metallurgical test
work, and this data provides a further check for the initial assay results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prior to 2008, the quality control checks on reject duplicates were routinely performed by the CSRL
laboratory at Kara Balta which is certified by the United Kingdom Accreditation Service under ISO
17025:2006. A minimum of 20% of the total samples from the KOC drill programs have been re-assayed
using the fire assay method with a gravimetric finish. During 1998 and 1999, KOC geological staff
periodically re-assayed second splits of the coarse rejects for entire mineralized intervals to
compare against the initial assays. This has been standard practice since 1999 for all mineralized
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">intervals that are intersected by drilling. The re-split samples retain the original sample number
and are re-assayed at both the mine and the CSRL.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beginning in 2008, KOC geological staff began routinely submitting external blanks as blind samples
with their drill core sample batches and 5-10% external blanks and standards from Geostats Pty.
Ltd. as blind samples with their duplicate sample batches.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beginning in 2008, routine check assaying, including use of internal blind blanks and standards
have also been undertaken on 5-10% of all exploration samples with more than 1.0 gram per tonne of
gold at the local laboratory of Alex Stewart Assayers and Environmental Laboratory also located in
Kara Balta, which is not accredited but participates in an international laboratory round-robin
organized by Geostats Pty. Ltd.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Kumtor Reserve and Resource Estimates</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserves and resources of the Kumtor project, which include the Central and Sarytor
deposits, were most recently estimated as of December&nbsp;31, 2008 by KOC&#146;s and Centerra&#146;s mining
resource groups under the supervision of Ian Atkinson, P. Geo, Centerra&#146;s Vice President,
Exploration, who is a qualified person, following procedures in accordance with Canadian reporting
standards as required by NI 43-101.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The cut-off grade used to report the open pit reserves and resources is 1.0 gram of gold per tonne,
while the cut-off grade used to report the underground resources below the updated open pit designs
is 7.0 grams of gold per tonne. These values reflect a $675 (US)&nbsp;gold price assumption and current
and estimated future operating costs and production parameters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Central Deposit Block Model</U></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Central deposit block model was developed in 2007 and updated in 2008 and is based upon the
most recent exploration drilling information, including the results of in-fill drilling completed
to November&nbsp;31, 2008, and uses blocks measuring 10 metres by 10 metres by 8 metres, with the
vertical dimension matching the mining bench height.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Limits of gold mineralization were defined utilizing 3D solid geological modeling of vein and
alteration intensities together with gold grade information which results in the subdividing of
higher grade inner cores in the SB and Stockwork Zones surrounded by a lower grade gold
mineralization halo. Each block or part of a block is then assigned to a particular mineralized
zone and a gold grade is interpolated into the block from the surrounding assay data within that
zone only.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All individual assay results for a particular sample interval are averaged, and this average assay
value is used for mineral resource estimation. Prior to compositing assay data into two-metre
downhole intervals, individual assays were &#147;capped&#148; or &#147;top cut&#148; to values of 70 grams of gold per
tonne in the SB high-grade core, 45 grams of gold per tonne in the Stockwork high grade core and 35
grams of gold per tonne in the surrounding lower grade halo. This updated capping strategy differs
from the 100 grams of gold per tonne capping in the SB high-grade core and 60 grams of gold per
tonne capping in the remaining surrounding lower grade mineralization used for the 2007&nbsp;year-end
reserve and resource estimate, and results in lower overall contained gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grade interpolation was by ordinary kriging of the gold assay information residing in the two-metre
composites using a three pass search strategy with a maximum search of 90 meters along strike and
down dip and 30 meters across the zones. A minimum of four and a maximum of 12 composites are
required from a minimum of two different drill holes to interpolate a block. Preliminary resource
classification of individual blocks into measured, indicated and inferred categories of resources
considered for open-pit mining is based upon the distance to the nearest composite. If the nearest
composite is within 30 metres, then a block is placed in the measured category. If the nearest
composite is at a distance larger than 30 metres but shorter than 60 metres, then the block is
placed in the indicated category. All blocks having the nearest composite at a distance greater
than 60 metres are placed in the inferred category. To account for the tighter drill spacing
generally required to accurately define underground resources, all mineralized blocks within the SB
and Stockwork high grade cores, outside of the current ultimate pit design, were classified as
inferred resources regardless of the distance of that block from surrounding exploration data used
to interpolate the grade of that block.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>






<P align="center" style="font-size: 10pt"><!-- Folio -->- 83 -<!-- /Folio -->
</DIV>

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Sarytor and Southwest Deposit Block Models</U></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result of the order invalidating the Sarytor mining license, only limited exploration work was
completed near the Sarytor deposit during 2008. See <I>Centerra Legal Proceedings</I>. Therefore, the
same block model identified as SR-2 created for the year-end 2006 estimate was used again for the
2008&nbsp;year-end estimate of reserves and resources at Sarytor. The model was constructed around 10
metre by 10 metre by 4 metre blocks, with the vertical dimension matching the mining bench height.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Limits of gold mineralization were defined utilizing 3D solid geological modeling of vein and
alteration intensities together with gold grade information which results in the subdividing into
ten mineralized zones, with two of the zones containing the majority of the resources and reserves
at Sarytor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After capping the individual assays at 30 grams of gold per tonne, grade interpolation, using
two-metre composites within the two main shells was accomplished using ordinary kriging utilizing a
2-pass search strategy, while the smaller less defined zones were interpolated using anisotropic
inverse distance squared methods because of the lower overall drilling density. A minimum of two
and a maximum of 12 composites are required to interpolate a block.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For preliminary resource classification, the distances used at Sarytor are smaller than used for
the Central deposit, from 20 to 50 metres for the indicated category (first pass interpolation),
depending on the size and grade continuity of the individual zones. The inferred category was
assigned to those blocks at twice the distance of the first pass. There are no measured resources
at Sarytor, reflecting the lack of actual mining experience for this deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserves of the Southwest deposit were exhausted in March&nbsp;2008, and the remaining
resources outside of the final pit were estimated using the block model originally established in
2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Mineral Reserve Estimate</U></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table sets out the Kumtor proven and probable mineral reserves estimate as of
December&nbsp;31, 2008:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Kumtor Mineral Reserves (100% Basis) as of December&nbsp;31, 2008</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->


<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-bottom: 1px solid #000000"><B>Cutoff Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Gold Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Contained Gold</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(g/t)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(thousands of ounces)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Proven</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Stockpiles
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">Greater than 1.0 g/t
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,412</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">150</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Probable (Central Pit)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In situ
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">Greater than 1.0 g/t
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29,173</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,564</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Probable (Sarytor Pit)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In situ
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">Greater than 1.0 g/t
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,835</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">311</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="5" valign="top" align="left"><B>Total Probable Mineral Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">32,008</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3,875</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" valign="top" align="left"><B>Total Proven and Probable Mineral Reserves</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">35,420</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">3.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4,025</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" valign="top" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Open pit mineral reserves were estimated using industry accepted open pit optimization methods
which assumed average mining costs ranging from $0.98 to $1.20 (US)&nbsp;per tonne of material mined,
processing and administrative costs ranging from $18 to $21 (US)&nbsp;per tonne milled, and current
royalty and gold refining costs. Metallurgical recoveries used in the pit optimization follow a
variable recovery equation and range from 47% to 87%. Allowances were also made in the models for
internal and external dilution and mining losses.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A complex geotechnical model, which defines the maximum pit slope limitations and can significantly
impact the size of the optimum pit design, was further refined in 2008 for both the highwall in the
Stockwork Zone and southeast to southwest bedrock walls and till/waste dump sections of the SB
Zone. Geotechnical uncertainties however still remain at Kumtor and constitute a certain risk for
the annual production and possible eventual recovery of these reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current pit design at Kumtor assumes that the glacial till and bedrock will be hydrologically
depressurized to permit mining at the planned pitwall slope angles. Geotechnical work to date has
indicated that the till is amenable to
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 84 -<!-- /Folio -->
</DIV>

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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&nbsp;31, 2008, has been placed
in the proven mineral reserve category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Except for the potential risks posed by the geotechnical issues described under the heading
<I>Centerra &#150; Kumtor Mine &#150; Geotechnical Issues Affecting the Kumtor Open Pit</I>, political risks
described under <I>Risk Factors</I> and the claims described under <I>Centerra Legal Proceedings</I>, there
are currently no known environmental, permitting, legal, title, taxation socio-economic, marketing,
political or other relevant issues that might materially affect the estimate of Kumtor mineral
reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>Mineral Resources Estimate</U></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional mineral resources have been estimated outside the ultimate pit designs of the Central
and Sarytor deposits and the completed pit of the Southwest deposit. The open pit mineral
resources are not mineral reserves and do not have demonstrated economic viability but occur in the
space between the current ultimate pit design that is based on the economic, geotechnical and gold
price assumptions used to define the updated mineral reserves and optimized larger pit shells
(resource shells) that are uneconomic under these same parameters yet have a reasonable expectation
of economic extraction as required under NI 43-101 guidelines.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Kumtor Mineral Resources (100% Basis) as of December&nbsp;31, 2008</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->



<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" style="border-bottom: 1px solid #000000"><B>Cutoff Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Gold Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #000000"><B>Contained Gold</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(thousands)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(g/t)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>(thousands of ounces)</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Measured (Kumtor Central Deposit)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="1" nowrap align="right" valign="top">Open Pit (&#062; 1.0 g/t)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18,966</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,689</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Indicated (Kumtor Central Deposit)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Open Pit (&#062;&nbsp;1.0 g/t)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">6,468</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">578</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Indicated (Kumtor Sarytor Deposit)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Open Pit (&#062;&nbsp;1.0 g/t)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,846</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">386</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Indicated (Kumtor Southwest Deposit)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Open Pit (&#062;&nbsp;1.0 g/t)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,675</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">212</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="3" valign="top" align="left"><B>Total Measured and Indicated Mineral Resources</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">33,955</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,865</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Inferred (Central Deposit)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Open Pit (&#062;&nbsp;1.0 g/t)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Inferred Stock Work Zone Underground</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">Underground (&#062;&nbsp;7.0
g/t)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,089</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">11.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">757</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Inferred SB Zone Underground</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Underground (&#062;&nbsp;7.0
g/t)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,671</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18.6</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1,593</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Inferred (Kumtor Sarytor Zone)</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Open Pit (&#062;&nbsp;1.0 g/t)
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">520</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">29</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>Total Inferred Mineral Resources</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5,360</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">13.8</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2,384</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><U>SB Zone Underground</U></I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2006, SRK Consulting (Canada) Inc. (&#147;SRK Canada&#148;) conducted a scoping study (the &#147;2006 SRK
Study&#148;) with respect to mining the SB Zone by underground mining methods below the ultimate Central
pit. Diamond drilling to date in the SB Zone has outlined a high-grade inferred resource below the
current pit design, estimated to be 1.6&nbsp;million ounces of contained gold at an average grade of
18.6 grams of gold per tonne.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on the results the 2006 SRK Study on December&nbsp;7, 2006, Centerra announced a $36&nbsp;million (US)
underground program to upgrade the SB Zone inferred mineral resources considered for underground
mining to a higher classification. The underground exploration program will include delineation
drilling from the exploration decline, level development, test mining and a subsequent detailed
technical and economic study. Excavation of the box cut for the decline portal was complete at the
end of 2007, and the first round of the decline was taken in February&nbsp;2008. The physical
underground exploration and delineation program is scheduled to be completed at the end of 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, the designs for the portal, surface facilities and decline to access the SB Zone were
completed, and three permit applications, which are required under applicable mining law, were
submitted to the relevant authorities for approval. The permit applications were approved in the
second half of 2007, and construction of the portal and surface support structures commenced. The
portal to the decline required an extensive excavation of colluvium to access a secure rock
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 85 -<!-- /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">face and protect the portal entrance. A 100 metre long culvert was designed as the primary portal
entrance. The first rock blast occurred on February&nbsp;29, 2008. All equipment required for this
phase has been purchased.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A decision to commence underground mining of the SB Zone deposit will be considered as additional
resource delineation drilling results become available in 2010. Planning for the future
underground development was initiated in 2008. A second study was undertaken by SRK Canada in 2008
(the &#147;2008 SRK Study&#148;) to review the available technical information and site-specific facilities
and infrastructure that would be required to develop the proposed underground mining operations to
exploit the SB Zone inferred resources. The 2008 SRK Study reviewed in detail geological and
geotechnical information to evaluate a proposal to construct a second access to the underground SB
Zone inferred resources. Included in the study were various mining method options, the related
ventilation requirements and mining equipment, as well as metallurgical characteristics and surface
plant requirements. Socio-economic and environmental studies are on-going and are expected to be
concluded in the middle of 2009. A $5.5&nbsp;million (US)&nbsp;drilling program to delineate the underground
SB Zone inferred resource is planned as part of the 2010 program. In 2009, a further $12&nbsp;million
(US)&nbsp;has been allocated to phase 2 of the underground development for long lead time items for
mining and infrastructure. The second portal is expected to be located in the region known as the
Saddle Zone within the Kumtor pit. The Saddle Zone is an area located between the Stockwork Zone
in the north and the SB Zone in the south. This hanging wall portal is expected to allow ramping
to an elevation that accesses the upper portion of the SB underground Zone. Additional horizontal
and vertical development to properly ventilate and access the resources is included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additions to the local electrical grid and the water supply system are expected to provide the
necessary power and water requirements. Mine site facilities are expected to provide the necessary
support infrastructure for the development.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining operations at Kumtor are carried on using conventional open-pit truck and shovel mining
methods. The Central deposit is mined in a large open pit where total material mined in 2008 was
nearly 112.1&nbsp;million tonnes, or 307,000 tonnes per day. Additionally, 3.4&nbsp;million tonnes were
mined up to March&nbsp;2008 from the Southwest pit, or 29,000 tonnes per day. The overall waste to ore
ratio from the open pits in 2008 was 22.3 to 1. Total mining in 2008 thus amounted to 13,600
tonnes per day of ore including low-grade material to stockpiles, and more than 302,000 tonnes per
day of waste.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The initial stripping of the Kumtor orebody in 1995 mined a portion of the Lysii glacier that
covered the northeastern area of the planned open pit, and lesser quantities of ice have been
removed in subsequent years as the northeast highwall of the open pit is pushed back. Additional
mining of the Lysii glacier is planned as part of the highwall push-back in the coming years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The top mining elevation in the Central deposit&#146;s current ultimate pit design is at about 4,460
metres, and the very deepest part of the final pit excavation will be at 3,650 metres in the SB
Zone part of the deposit. The crushing plant to which ore is delivered is at about 4,050 metres
and ore transport was thus downhill for the upper portion of the orebody, and will have a maximum
uphill haul of 400 metres for the lower portion. The ore haulage distance from the Sarytor
deposit, scheduled to be mined starting in 2010, will be 7.8 kilometers while the waste haulage
distance will be considerably shorter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Waste disposal continues to be on the upper and lower parts of the Davidov glacier. The waste does
not have any acid generation potential because of its high carbonate content and neutralization
capacity. As the waste is being deposited, the glacier reacts as a result of the increasing load.
The ice movement is measured and monitored on a constant basis. In 2008, a section of the east
high-wall in the SB Pit containing waste dump materials and ice inclusions was observed to
accelerate. The higher rate exceeded historical rates. Third party consultants reviewed the data
and recommended a mining approach. Sufficient mining capacity is available to maintain the upper
highwall as planned. Mining to offload the waste material and the ice in this section of the
highwall is planned.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining is based on average eight-metre benches in the Central pits, and is expected to include some
split-bench mining of four metres in the Sarytor pits in areas of lower ore thickness. Charging
the holes is undertaken by special bulk explosives trucks delivering either ammonium nitrate with
fuel oil (ANFO), or the use of emulsion explosives for wet holes.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 86 -<!-- /Folio -->
</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The main loading fleet includes nine hydraulic excavators (eight of which are configured as shovels
and the other as a backhoe), four shovels and three front-end loaders. Typically, the shovels are
used for production and the loaders for ore blending, cleanup and support during shovel
maintenance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, total capital expenditures at Kumtor amounted to $57.1&nbsp;million (US), including $34.4
million (US)&nbsp;to sustain current operations and $22.7&nbsp;million (US)&nbsp;for growth capital, mainly for
the SB Zone underground development.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Grade control in the pit is based on the sampling of blast hole cuttings, the grade and
metallurgical character of which are determined at the site laboratories. This information is
entered into the ore grade control model, based on which the various ore blocks are staked in the
field for digging. The ore is then delivered to the crusher or the appropriate stockpile depending
on the daily blending requirements. Kumtor has an active and dynamic blending program in close
contact with the mill that adjusts the ore blend as required to maximize the gold recovery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hydrological conditions are controlled by the presence of up to 250 metres of permafrost that has,
however, become more discontinuous in the area affected by mining due to the seepage of seasonal
surface waters into the ground. Groundwater volumes from this source are relatively small and are
included with the water volumes handled as surface runoff and glacial meltwater. Surface waters
are partly diverted away from the pit using diversion ditches, sumps and gravity pipelines. Water
within the pit is channeled to sumps and is pumped outside the pit limits. The original permafrost
boundary was between elevations 3,900 metres and 3,950 metres. Parts of the pit are in frozen
ground. The consequences for pit wall stability are described below in <I>Centerra &#150; Kumtor Mine &#150;
Geotechnical Issues Affecting the Kumtor Open Pit</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2008, Kumtor had approximately 2,328 employees (excluding long-term
contractors), of which approximately 95% are Kyrgyz citizens. The number of Kyrgyz citizens
represents an increase from 82% at the beginning of the operation as a result of Centerra&#146;s
training programs and reflects a policy of increasing the percentage of Centerra&#146;s employees who
are citizens of the Kyrgyz Republic. The Kumtor mine is unionized and all of Centerra&#146;s national
employees in the Kyrgyz Republic are subject to a collective agreement between KOC and the Trade
Union Committee. The prior collective bargaining agreement expired upon the entering into of a new
collective bargaining agreement which has retroactive effect from July&nbsp;1, 2008 and expires on
December&nbsp;31, 2010.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor flowsheet for ore processing is a standard layout that consists of crushing, grinding,
flotation, cyanide leaching and gold recovery in a carbon-in-leach (&#147;CIL&#148;) circuit. The milling
process reflects the fine-grained nature of the gold and its intimate association with pyrite and
consists of crushing, grinding, pyrite flotation and double re-grinding the flotation concentrate.
Two separate CIL circuits recover the gold from the re-ground concentrate and from the flotation
tails, with final gold recovery accomplished by electrowinning and refining. The mill was
originally designed with a capacity to process 4.8&nbsp;million tonnes of ore per year, but the actual
mill throughput is currently approximately 5.6&nbsp;million tonnes per year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ore to be milled is managed through a number of stockpiles that receive ore of different
metallurgical character and of different grade ranges and thus allow blending of the mill feed. A
gyratory crusher reduces the ore to 100% minus 30 centimetres. The ore is then fed to a coarse ore
stockpile from which it is reclaimed for grinding, first to a semi-autogenous (&#147;SAG&#148;) mill and then
to a ball mill, which together reduce the grain size to 80% passing 140 microns. A bulk sulphide
concentrate representing 7% to 11% of the original mill feed is then produced with a grade of 30 to
50 grams of gold per tonne and a gold recovery of 87% to 92% into the concentrate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In late February&nbsp;2008, Kumtor temporarily shut down the ball mill in order to repair the ring gear.
The ring gear was repaired in mid-March&nbsp;2008, and replacement of the ball mill shell, a defect in
which is believed to have contributed to the failure of the ring gear, was completed in April&nbsp;2008.
The shutdown did not affect forecasted 2008 gold production. On February&nbsp;16, 2009, monitoring of
the Kumtor SAG mill drive train indicated an increase in vibration. A subsequent inspection
determined that a tooth of the gear had been damaged. After a 12-hour shut down for minor repairs,
the gear was tested and the mill restarted. It continued to operate at full capacity; however, it
required replacing. On February&nbsp;24, 2009, Centerra shut down the Kumtor SAG mill for approximately
7&nbsp;days to replace the SAG mill girth gear with an on-site spare unit. This temporary unplanned
shutdown of the SAG mill is not expected to affect Centerra&#146;s 2009
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





<P align="center" style="font-size: 10pt"><!-- Folio -->- 87 -<!-- /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">guidance on gold production. The impact on first quarter production is expected to be minimal.
Centerra expects that it will achieve its gold production guidance by processing higher grade ore
over the balance of 2009 to make up for the approximately 110,000 tonnes of low-grade material
(about 2,500 ounces recovered) not processed during the shut down.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The flotation concentrate is re-ground to 90% passing 20 microns. After thickening to 60% solids,
it is once more re-ground to 95% to 98% passing 20 microns in an ultra-fine grinding (&#147;ISA&#148;) mill,
re-pulped to 45% solids, pre-aerated for 40 hours and leached for 80 hours in the CIL circuit
consisting of four agitated tanks in series. Centerra commissioned the ISA mill at a cost of $6.8
million (US)&nbsp;in October&nbsp;2005. Application of this new technology has resulted in increased
recoveries in excess of 2%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The flotation tailings with an average grade of 0.45 grams of gold per tonne are thickened to 50%
solids and subjected to cyanidation for ten hours in a CIL circuit similar to the circuit used for
the sulphide concentrate. The carbon in both CIL circuits is moved forward counter-current to the
slurry flow, and the loaded carbon from the first flotation tailings CIL tank is pumped to the
third concentrate CIL tank to continue loading. Loaded carbon from the first concentrate CIL tank
is pumped to the gold recovery plant. The loaded carbon is stripped and the gold subsequently
recovered by electro-winning. Gold recovery in the CIL circuits is 30% for the flotation tailings
and 90% for the sulphide concentrate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold recovery, particularly during the early phase of operations, was affected by the preg-robbing
character of some of the ore due to active graphite. These effects have been moderated by adding
diesel fuel and sodium laurel sulphate (&#147;SLS&#148;) as masking agents to the ore feeding the SAG and
re-grind mills. Historically, the overall metallurgical recovery rate has averaged 79.4%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Concentrate CIL tailings and flotation CIL tailings are combined and discharged by gravity to the
tailings disposal area through a slurry pipeline system.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Geotechnical Issues Affecting the Kumtor Open Pit</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>The Northeast Wall (Highwall)</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operations of the Kumtor pit have been negatively affected as a result of two substantial failures
of the highwall that forms the northeastern limit of the Kumtor pit. While some ground movement is
common, on July&nbsp;8, 2002 a very significant and unexpected movement occurred (the &#147;2002 highwall
ground movement&#148;) that affected the pit wall over a vertical distance of 280 metres, caused one
fatality, resulted in the temporary suspension of mining operations and led to a considerable
shortfall in 2002 gold production because the high-grade Stockwork Zone was rendered temporarily
inaccessible to mining.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A second pit wall failure occurred on July&nbsp;13, 2006 (the &#147;2006 highwall ground movement&#148;)
encompassing about two million cubic metres of waste rock in approximately the same location as the
2002 failure, above the Stockwork Zone that was planned to be mined in 2006 and 2007. An automated
prism monitoring system, installed by Centerra as a result of the 2002 highwall ground movement,
provided sufficient warning to remove all personnel and most equipment from the area affected by
the failure. A diamond drill rig, however, was destroyed by the new slide. Due to safety
concerns, mining from the area was deferred, and mill feed from this area was partly replaced with
low-grade ore stockpiles resulting in a significant and negative impact on production. Mining of
the highwall affected by the failure was again postponed and has not yet resumed. As a result,
mill feed planned from this area was replaced with low-grade ore stockpiles. Production in 2006
totaled 303,582 ounces of gold compared to a projection of 410,000 to 420,000 ounces of gold.
Mining of the north wall affected by the ground movement was postponed. Mine production equipment
from this area was moved to the SB Zone to accelerate stripping in order to access higher-grade ore
in mid-2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Following the 2006 highwall ground movement, Centerra began an expanded program of structural
mapping, and independent consultants continued to assess causes of the pit wall failure and
provided guidance with respect to remedial and long-term pit slope design criteria that would
reduce the possibility of recurrence. Large shallow wedges are interpreted to have formed the
failure plane, and sub-glacial water seeping from the overlying Lysii glacier into the pit wall,
reducing the extent of the original permafrost regime, exacerbated by a dysfunctional drainage
ditch above the slide, have been recognized as contributing factors to the 2006 highwall ground
movement.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>





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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on recommendations by independent consultants, the highwall slope, used for the year-end 2007
mineral reserves estimate and life-of-mine plan, were designed with slope angles of 30 degrees
(compared to an original overall slope design angle of 42 degrees and a redesigned slope angle of
36 degrees following the 2002 highwall ground movement). The slope has been flattened to excavate
any deeper wedges that might exist to prevent further similar failures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The factor of safety for the slope as planned can only be determined with additional work to
identify the geometry and distribution of the remaining but diminished permafrost, and the degree
of water saturation in areas where the permafrost has receded or was never present. The necessity
of depressurizing the highwall by horizontal drains, considered to be technically possible,
requires the investigation of the ground water and permafrost regimes to allow an assessment of the
need for relief wells. Moreover, surface waters need to be reliably diverted from the wall.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Since mining of ore requiring the push-back of the highwall is not planned before 2011, there is
time available to complete these investigations. Centerra will undertake additional studies to
confirm the structural geology, investigate the groundwater regime and determine whether rock
dewatering of the highwall is required and how it may be achieved, and has included affected ore
tonnage in the current statement of mineral reserves. There is, however, a risk that some or all
of the reserves in question, being 7.8&nbsp;million tonnes with an average grade of 3.7 grams of gold
per tonne and an incremental strip ratio of 29 to 1, may not be recoverable without a further
substantial flattening of the highwall. No mining was undertaken at the Northeast pit highwall in
2008. Further geotechnical drilling and structural geology studies continue in order to better
understand the nature of the basement rock in the Kumtor pit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, vertical and horizontal drilling established dewatering and depressurization of the
till lithography. The dewatering program was established, in consultation with a third-party
consultant, to extract perched water and melt waters from the pit. The resulting higher strengths
in the unfrozen till structure and the dewatered rock structures will improve the geotechnical
characteristics in the pit walls as the mine is further developed. Additional geotechnical
drilling of the northeast wall was conducted in 2008 where two deep drill holes were drilled.
Hydrological tests were performed by Kumtor in one of the geotechnical holes, which determined low
water pressure and suggested that groundwater pressures do not exist deep in the slope.
Hydrological test work indicated that shallow groundwater pressures due to run-off and saturation
of near surface rock caused the previous slope instabilities. It was recommended that additional
hydrological testing be performed on the other rock walls in selected drain holes so that an
understanding of hydraulic pressures and hydraulic conductivity in the rock walls can be developed.
An additional four deep geotechnical drill holes are planned to be drilled in the northeast wall
area to further delineate the structural geology, once the decision is made to proceed with mining
the northeast wall.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>The Southeast Wall</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The southeast wall of the Kumtor pit has a number of geotechnical challenges that have a
significant effect on the amount of high-grade ore from the SB Zone that can be recovered by
open-pit mining.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The excavation of the SB Zone takes place below the former location of the Davidov glacier in the
south-western part of the Kumtor deposit. Prior to the identification of the SB Zone, waste rock
had been dumped in this area. This has resulted in the gradual displacement of the glacier away
from the pit, so that the waste, originally lying on glacier ice, now rests for the most part on
the original substratum, the basal moraine (&#147;till&#148;) of the glacier. The Kumtor life-of-mine plan
continues this practice.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The till onto which the waste was dumped is loose, granular and heterogeneous with respect to fines
content and permeability. The initial design of the south east wall assumed a 36 degrees slope in
the lower bedrock, an 18 degrees face in the glacial till and a 36 degrees slope in waste rock
overlying the till with an overall slope of 29 degrees to 31 degrees as recommended by Centerra&#146;s
independent consultant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the first quarter of 2007, minor slope movement was detected in the waste dump above the SB Zone
highwall in the Central pit. Deformation cracks in the waste rock above the till focused the mine
staff&#146;s attention on wall instability seated in the glacial till between the waste dumps and the
underlying bedrock. Drilling has indicated that further push backs of the Kumtor pit will
encounter unfrozen, water-saturated till. The outer face of the till is frozen and hence the water
behind the slope face is pressurized. The till appears to be pressurized by water derived from the
base of the Davidov glacier as well as by water flowing through unfrozen bedrock in the pit walls.
A geotechnical drilling and
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">analysis program, installation of piezometers (devices installed in drill holes that allow the
direct measurement of pore water pressure in the surrounding rock) and dewatering tests (a pump
test utilizing a pumping well and two observation holes) undertaken since 2007 have led to a better
understanding of the water pressure distribution in the till. The dewatering tests undertaken to
date indicate that the till can be depressurized to allow push back of the overall slope at an
approximate angle of 30 degrees &#151; near to the original design. Recent interpretation of the
geological structures in the south east corner of the Central pit has indicated the need to flatten
the rock slope beneath the till where foliations interact unfavourably with steeply dipping
cleavage, foliations and north-westerly dipping thrust faults. This work indicates that there are
likely several parallel thrust structures behind the slope so that failure modes would include a
combination of cleavage, foliation attitude and faults. Subsequent work by Centerra&#146;s independent
consultant has confirmed that a slope angle of 20 degrees is required in these areas where these
structures are oriented poorly with respect to the pit geometry. However, Centerra&#146;s independent
consultant notes that the rock slope angle can be steepened substantially to about 30 degrees if
depressurization is undertaken.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The depressurization and dewatering program was established in consultation with an independent
consultant and implemented in 2008. The equipment required to perform the program was purchased
and the plan implemented. Depressurization tests of the rock below the till were undertaken in
2008. A series of horizontal drill holes were established to better understand the hydraulic
characteristics in the structures identified by the structural geology studies. Drilling results
indicate that some of the fracture structures are amenable to depressurization and dewatering,
while other structures are barren of water. Water volumes drained from these holes were observed
to be variable. The de-pressurization of the till has been tested using vertical drill holes.
Wells have been developed where water was intersected. Water extracted from the strata was
variable in volume. If depressurization of the till and of the underlying rocks cannot be
achieved, however, a flatter slope angle would be required and could lead to a reduction of the
mineral reserves mineable by open pit by approximately ten million tonnes with an average grade of
4.9 grams of gold per tonne. Approximately 1.4&nbsp;million tonnes with an undiluted grade of 21 grams
of gold per tonne, which are part of this tonnage in question, would be added to the inferred
resources scheduled for underground exploration and possible later mining by underground mining
methods. The pit design, on which the December&nbsp;31, 2008 mineral reserves are based, uses the
steeper set of design angles which anticipate successful depressurization of both the till and the
underlying rocks.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate mineral reserves with exposure to production and geotechnical risk total nearly 29.2
million tonnes with an average grade of 3.8 grams of gold per tonne. To reflect the additional
risk in this part of the Kumtor reserve, the entire tonnage in question has been included in the
probable reserve class, even if some of their resource counterpart was originally in the measured
category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Production Forecast and Mine Life</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the approximately six years of the remaining life of the mine between 2009 and 2014,
approximately 35.0&nbsp;million tonnes of ore at an average grade of 3.5 grams of gold per tonne is
scheduled to be processed through the Kumtor mill. Approximately 3.2&nbsp;million ounces of gold is
expected to be produced. This production estimate excludes resources, including the high-grade
underground inferred resource in the SB Zone.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, approximately 5.9&nbsp;million tonnes of ore at an average grade of 4.0 grams of gold per tonne
will be processed through the Kumtor mill. Gold production for the full year 2009 at the Kumtor
mine is expected to be in the 560,000 to 600,000 ounce range, which excludes any production from
the nearby Sarytor satellite deposit. The 2009 forecast gold production is lower than the 697,000
ounce forecast outlined in the life-of-mine plan in the March&nbsp;2008 Technical Report due to the
necessity to accelerate the pre-stripping of the waste dump and glacial till in the SB Zone
contributing to a lower overall head grade and the deferral of mining the Sarytor starter pit until
2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On a quarterly basis, Kumtor&#146;s 2009 gold production profile will be similar to 2008. The planned
mining sequence for the year has approximately 10-15% of gold production being recovered in the
first quarter and 40% in the fourth quarter. Mining activity is expected to expose the unfrozen
glacial tills in the second quarter of 2009. The depressurization and dewatering programs will
need to be fully functional to allow for the geotechnical consolidation of the tills and to mine at
the planned pitwall angles in 2009 and thereafter. In the third quarter of 2009, Centerra
anticipates a 2-week shutdown to replace the ball mill ring gear and SAG mill liner.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2009 Kumtor production forecast has been revised from the data shown in the Technical Report to
reflect developments since the 2008 Kumtor Technical Report was filed in March&nbsp;2008. Adjustments
have been made to reflect the following: (1)&nbsp;the delayed access to the Sarytor deposit due to the
invalidation of the Sarytor mining license (See <I>Centerra Legal Proceedings</I>); (2)&nbsp;the decrease in
reserves resulting from the changes made to the resource/reserve model primarily the lowering the
&#147;top cut&#148;, or &#147;capping&#148; assays (See <I>Centerra &#150; Kumtor Mine &#150; Kumtor Reserve and Resource Estimates
- - Central Deposit Block Model</I>); and (3)&nbsp;changes in mine sequencing to incorporate new geotechnical
information into the pit design (See <I>Centerra &#150; Kumtor Mine &#150; Mining Operations</I>).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A new life-of-mine plan is being developed for the KS- 9 pit design which will incorporate the
changes described above. The reduction in the amount of gold expected to be recovered in 2009
compared to the amount provided in the 2008 Kumtor Technical Report is expected by Centerra to be
recovered in subsequent years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing production estimate and certain statements of Centerra&#146;s plans and expectations for
production at Kumtor, including cost estimates, under the heading
<I>Centerra &#150; Kumtor Mine</I> and
elsewhere in this Annual Information Form are forward-looking information and are based upon the
following key assumptions and subject to the following risks that could cause results to differ
materially:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>grades and recoveries at Kumtor will increase through the fourth quarter of 2009 in
accordance with the Kumtor mine plan and the block model;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the planned 2-week shutdown of the Kumtor mill in the third quarter of 2009 to change the
ball mill ring gear and SAG mill liner is successfully completed on time;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the dewatering and depressurization programs at Kumtor continues to function properly and
the water management system works as planned;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prices for reagents and other consumables will remain consistent with Centerra&#146;s estimates;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the Sarytor mining license is reinstated in 2009;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that Centerra receives all necessary permits and authorizations, including environmental
permits and authorizations from governmental authorities of the Kyrgyz Republic, in a timely
fashion and on acceptable terms to maintain scheduled production; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the Kumtor mine&#146;s remaining six year mine life does not take into account any underground
development or mining of the SB Zone, which lies below the current pit design. A decision to
commence mining SB Zone resources will be considered as further resource delineation drilling
results become available in 2010. See <I>Centerra &#150; Kumtor Mine
&#150; Kumtor Reserve and Resource
Estimates &#150; SB Zone Underground</I>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has also assumed there will be no material unexpected disruptions to its planned
production schedule, but Centerra&#146;s operations at Kumtor are subject to the risk of delays
associated with: further ground movements of the pit walls, waste dump or tailings dam; fires,
seismic activities, weather and other natural phenomenon; the occurrence of water inflows;
unexpected geological or hydrological conditions; employee relations, litigation or arbitration
proceedings; blockades or opposition by local communities; equipment failure; procurement of
required capital equipment, operating parts and supplies; environmental and safety risks including
increased regulatory burden; and political instability and political unrest in the Kyrgyz Republic.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other risks that could cause actual results or events to differ materially from current
expectations include, among other things: volatility and sensitivity to market prices for gold;
replacement of reserves; increases in production and capital costs; inability to enforce legal
rights; defects in title; imprecision in reserve estimates; success of future exploration and
development initiatives; competition; operating performance of the facilities; seismic activity,
weather and other natural phenomena; the speculative nature of exploration and development,
including the risks of obtaining necessary permits and approvals from government authorities;
changes in national and local government legislation, taxation, controls, regulations, policies and
political or economic developments in Kyrgyzstan; and other development and operating risks.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If actual results differ materially from the assumptions set out above or any of the risks
identified above or elsewhere in this Annual Information Form, including under the headings
&#147;<I>Caution Regarding Forward-Looking Information and Statements</I>&#148; and &#147;<I>Risk Factors</I>&#148;, occur,
production from Kumtor may differ materially from the foregoing production estimate and Centerra&#146;s
plans and expectations for production at Kumtor.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold produced by the Kumtor mine is purchased at the mine site by Kyrgyzaltyn for processing at its
refinery in the Kyrgyz Republic pursuant to a Gold and Silver Sale Agreement entered into between
KOC, Kyrgyzaltyn and the Government. Under these arrangements, Kyrgyzaltyn is required to prepay
for all gold delivered to it, based on the price of gold on the London Bullion Market on the same
day on which KOC provides notice that a consignment is available for purchase. If Kyrgyzaltyn does
not purchase any gold produced, the Investment Agreement provides that KGC may export and sell the
gold outside the Kyrgyz Republic without restriction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to an amendment to the Gold and Silver Sale Agreement, effective from December&nbsp;22, 2005,
as amended from time to time since then, Kyrgyzaltyn is permitted, until June&nbsp;30, 2009, to defer
payments for gold for up to 12 calendar days. The obligations of Kyrgyzaltyn are secured by a
pledge of 2,850,000 Centerra shares owned by Kyrgyzaltyn. As at December&nbsp;31, 2008, $24.1&nbsp;million
(US)&nbsp;was outstanding under these arrangements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Kyrgyzaltyn Management Fee</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">KOC entered into an amended and restated agreement with Kyrgyzaltyn for its participation in the
operation of the Kumtor gold project (the &#147;Management Services Agreement&#148;). This agreement came
into effect together with the Investment Agreement in June&nbsp;2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In recognition of the substantial experience Kyrgyzaltyn has accumulated in the course of
operations of Kyrgyz Republic-based mining projects, the Management Services Agreement provides for
payment of a management fee to Kyrgyzaltyn in return for its continuing assistance in the
management of the Kumtor operations. Kyrgyzaltyn received an initial payment of $1&nbsp;million (US)
and receives subsequent payments calculated on the basis of $1.50 (US)&nbsp;per ounce of gold sold. The
total amount of such subsequent payments is expected to be less than $1.5&nbsp;million (US)&nbsp;annually.
The management fees paid to Kyrgyzaltyn in 2008 were $0.8&nbsp;million (US).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a summary of the taxes that are applied against the operations of the Kumtor mine
under the laws of the Kyrgyz Republic. Because the Agreement on New Terms expired without approval
of the Parliament of the Kyrgyz Republic, the tax-related provisions of the Investment Agreement
continue to apply to KGC and KOC, and tax expense for KGC and KOC is determined by reference to the
terms of the Investment Agreement. Should the tax-related terms of the Agreement on New Terms be
incorporated in a new agreement with the Kyrgyz Republic (with retroactive effect to 2008), a
substantial component of the 2008 taxes payable by KGC and KOC, as well as those for subsequent
years, would be computed by reference to proceeds from products sold. In that event, the 2008
taxes paid pursuant to the Investment Agreement would be credited to the revised tax liability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Corporate Profit Tax</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As KGC and KOC are companies resident in the Kyrgyz Republic, income tax is imposed at a rate of
10%. KGC is also obligated to annually pay 2% of its net profits into a social development fund
for the benefit of the residents of the Issyk-Kul area until its subordinated loans are repaid in
full, and thereafter 4% of its net profits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Value Added Tax</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While value-added tax (&#147;VAT&#148;) is imposed on goods and services produced in, as well as goods
imported into, the Kyrgyz Republic, the Investment Agreement includes an exemption from VAT on
capital equipment, operating supplies, raw materials and management fees paid by KGC to KOC.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Other Taxes</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Other significant taxes imposed on Kumtor&#146;s operations in 2008 included road tax of 0.8%, emergency
fund tax of 1.5% and mineral resource tax of 5%, each levied on the value of products sold. Road
tax and emergency fund tax payments are made quarterly within 90&nbsp;days of the end of the calendar
quarter, based upon gold sales in that quarter, and mineral resource tax is paid monthly within 15
days after the end of month. KGC also makes a concession payment of $4 (US)&nbsp;per troy ounce of gold
sold. Total payments on account of these taxes in 2008 amounted to $33.6&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional taxes payable by KGC, including excise tax, payroll tax, environmental protection tax,
customs fees and duties, withholding taxes on insurance premiums and services, and local taxes
amounted to $10.4&nbsp;million (US)&nbsp;in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Investment Agreement</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the Investment Agreement, Kumtor has the right to elect whether to be subject to any
change in tax laws or regulations that modifies the amount or timing of tax, or the manner in which
the tax liability is determined or calculated (whether or not the tax change increases or decreases
the tax liability), or instead to remain subject to the tax in effect prior to the change for a
term of ten years from the date of the change. However, if a change in tax laws eliminates any
specified tax in its entirety (as opposed to merely reducing a specified tax), Kumtor will remain
subject to that tax as it existed prior to its elimination. If Kumtor elects to be subject to a
tax law change that imposes an additional burden equivalent to that imposed by the eliminated tax,
then it will cease to be subject to the eliminated tax. Kumtor will also continue to benefit from
an exemption from certain value-added taxes, as provided by the Concession Law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In accordance with provisions of the Investment Agreement, KGC and KOC have filed elections with
the Government of the Kyrgyz Republic to not be subject to certain changes in Kyrgyz tax laws that
became effective January&nbsp;1, 2009. Some of the provisions that would have been applicable had they
not so elected, include: i) the imposition of a new property tax, ii) the removal of the road tax,
the emergency fund tax, as well as some local taxes, and iii) the conversion of the mineral
resource tax to a tax on subsoil.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Applicable Standards</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s operations at the Kumtor mine are subject to environmental and safety requirements
arising from the legislation and other legal requirements applicable in the Kyrgyz Republic,
supplemented by Centerra&#146;s binding contractual commitments to conduct operations in accordance with
mine and operating plans that seek to limit the environmental impact of the project and protect
human health and safety in accordance with good international mining practice and in material
compliance with the standards applicable under the Environmental Management Action Plan (the
&#147;EMAP&#148;) for the Kumtor mine, which includes operation in material compliance with federal Canadian,
Saskatchewan and World Bank environmental, health and safety laws, regulations, policies and
guidelines. As a consequence, Centerra devotes considerable resources to managing environmental,
health and safety matters in order to meet or exceed these standards. Centerra believes it is in
material compliance with all applicable standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine site&#146;s ecological passport (the &#147;Passport&#148;) was approved by the Kyrgyz Ministry of
Ecology and Emergency Situations on November&nbsp;18, 1999 and was renewed for an additional five-year
period on November&nbsp;24, 2004 by the Kyrgyz State Agency of Environmental Protection. In 2005,
Centerra also developed and obtained approval by the Kyrgyz State Agency of Environmental
Protection for an Ecological Passport for the Balykchy marshalling yard, and this passport is valid
until March&nbsp;9, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Passport identifies certain permits and approvals required for Centerra&#146;s operations, including
annual permits for maximum allowable emission (&#147;MAE&#148;) and maximum allowable discharge (&#147;MAD&#148;)
levels. The MAE permit regulates the release of emissions into the air. There are two MAD permits
regulating the discharge of effluents into surface water bodies: one applies to the tailings area
treatment plant; and the other applies to the sewage treatment plant. The MAE and MAD permits must
be renewed annually within the first quarter of each year and are designed to ensure that the water
quality standards for communal use streams are met at the end of the mine site mixing zone in the
Kumtor River.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra received the latest MAE permit on January&nbsp;21, 2008, and the permit is valid until KOC
updates the 2009 annual mine development plan (&#147;MDP&#148;) and receives approval for the MDP from the
Kyrgyz Mines Inspectorate and the State Agency of Geology. Centerra uses the approved MDP to
develop the MAE for the following year. The current MAD permits were obtained on July&nbsp;14, 2008,
and are valid for one year until July&nbsp;1, 2009. Discharge of treated tailings and sewage effluent
commenced after receiving the permits in July&nbsp;2008. KGC has also been paying an environmental
protection tax since May&nbsp;2002. This tax, the rate and method of determination of which are set by
the Government of the Kyrgyz Republic as approved by the Kyrgyz Parliament, relates to the
discharge and emission of hazardous substances and disposal of tailings and is applied towards a
state environmental protection fund. The amount of this tax and related required payments are
capped at $310,000 (US)&nbsp;per year. The environmental protection tax for 2008 was $0.3&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to the MAE and MAD permits, in May&nbsp;2008, KOC received license renewals relating to the
disposal tailings and the disposal of toxic waste into the tailings disposal area of the Kumtor
site. Both licenses are valid until March&nbsp;23, 2011. A number of other certificates, permits and
licenses are required by various departments of the Government of the Kyrgyz Republic with respect
to the use of potentially toxic chemicals, transportation of dangerous goods, importing of blasting
materials and sodium cyanide and water usage. All such approvals are currently valid and in good
standing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As set out above, Centerra&#146;s environmental and safety commitments are outlined in the EMAP, which
includes the regulations applicable to the Kumtor mine. The EMAP was updated in 1999 and again in
2003 to reflect the maturing operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Environmental Management System</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2000, KOC developed a formal Environmental Management System (&#147;EMS&#148;) following the ISO-14001
standards for determining and managing environmental aspects associated with its activities. The
EMS addresses all impacts of the operation on the environment and monitors compliance with the
various permits issued by the Kyrgyz authorities. The system provides scheduled monitoring,
engineering controls and reporting on the following areas:
</DIV>

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

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Mill site and mine waste dumps runoff effluents.</TD>
</TR>

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

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

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

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

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

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

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

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

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to internal monitoring, several external audits have been undertaken since 2004:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An EMS audit was conducted by the Quality Management Centre (QMC)/Pragma/USAID (Almaty,
Kazakhstan) in November&nbsp;2004 to confirm conformity with ISO 14001:1996. Based on the audit of
the five elements selected, it was demonstrated that the EMS had been implemented and
maintained.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>An assessment of the tailings management system was undertaken by an independent consultant
in 2005 using Mining Association of Canada (&#147;MAC&#148;) guidelines. The results of the audit
showed that KOC conformed to the MAC guidelines and that the KOC tailings management facility
is being managed comprehensively and effectively, but the audit identified a few items where
improvements are 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In November&nbsp;2006, KOC underwent a systems assessment by independent auditors that covered
environmental as well as health and safety issues. The assessment found that the general
condition of the mine and health, safety and environmental awareness of the site personnel
were excellent, and that the site and buildings were</TD>
</TR>

</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>neat, with materials and wastes well organized. No evidence of spills or environmental
damage was observed during the assessment. The assessment outlined areas of particular
strength as well as opportunities for improvement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2008, independent audits were conducted of the camp&#146;s kitchen/food handling,
and of the site&#146;s storage, transportation and usage of explosives. The assessments outlined
areas of strength and provided recommendations for improvement, the majority of which have
been incorporated.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Cyanide Spill</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In May&nbsp;1998, a truck traveling to the Kumtor gold mine accidentally overturned and spilled
approximately 1,760 kilograms of sodium cyanide into the Barskaun River, which in turn drains into
Lake Issyk-Kul. Following the accident, an independent scientific commission of international
experts was assembled to assess the impact. The commission released its report to the public in
September&nbsp;1998 and, among other things, concluded that no fatalities resulted from the spill and
that, based on reported cases where humans may have been affected within the first 72 hours, up to
16 cases of cyanide exposure may have occurred. However, the commission concluded that none of
these exposure cases was confirmed, that no medical evidence had been supplied to support these
cases as being cyanide-related, and that none of these potential cases was likely to involve
long-term effects. Despite the findings of an independent scientific commission of international
experts, in 1998 a separate commission established by the then Prime Minister of the Kyrgyz
Republic determined that damages as a result of the accident amounted to $4.6&nbsp;million (US).
Subsequently, KGC reached a formal settlement agreement with the Government of the Kyrgyz Republic.
In January&nbsp;1999, the settlement agreement was submitted to a tribunal of the American Arbitration
Association, which reviewed the terms of settlement and confirmed them as fair and reasonable.
This represents a final settlement of all claims or potential claims arising from the accident.
Mine operations were not disrupted by the accident.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2005, protesters illegally blocked access to the Kumtor mine alleging, among other things,
a lack of compensation from the Government. In response to the roadblock, the Government created a
state committee to inquire into various aspects of the Kumtor operation and the consequences of the
spill. Based on the inquiries of the state committee, the Government issued a decree in September
2005 requesting, among other things, that certain government agencies enter into negotiations with
KOC and ask that KOC provide new funds to compensate local residents. Throughout these
negotiations KGC&#146;s position continued to be that the settlement agreement was a final settlement of
all claims and that any new compensation was the responsibility of the Government. In November
2005, there was a further illegal roadblock by protesters that was lifted after further
negotiations among the protesters, the Government and KGC. As a result of these negotiations, the
Government acknowledged its responsibility for any new compensation relating to the spill. To
assist the Government in fulfilling its responsibilities, on December&nbsp;7, 2006, an agreement was
signed among KGC, the Government, Kyrgyzaltyn and Centerra under which KGC agreed to make
interest-free advances of $4.4&nbsp;million (US)&nbsp;to the Government. As of March&nbsp;10, 2009, the entire
$4.4&nbsp;million (US)&nbsp;has been advanced to the Government. This money has been distributed to members
of the local communities by a committee created by the Government to administer the distribution of
compensation. Half of the loan ($2.2&nbsp;million (US)) is repayable not later than 2010 and is secured
by shares in the capital of Centerra held by Kyrgyzaltyn. The balance will be forgiven in 2012,
provided that the Government does not default on its obligations in the Investment Agreement.
Under the now expired Agreement on New Terms, KGC had agreed to consider forgiving the entire
amount of the advances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Workplace Safety</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;12, 2008, a fatality occurred at the Kumtor mine when a contract diamond drill helper
received crushing injuries to his chest. The contract worker was caught between a mud mixing shack
and a water tank while the water tank sled was being moved into position by a bulldozer. All
required actions resulting from the Kumtor mine&#146;s internal investigation and the Kyrgyz legislative
investigation have been implemented at the Kumtor mine site.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning and Reclamation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon the completion of mining and milling at Kumtor (subject to extending Centerra&#146;s rights to mine
other areas as provided under the Concession Agreement), all immovable infrastructure will become
the property of the Government of
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Kyrgyz Republic. This includes the roads, buildings, accommodations and any other related
facilities but does not include operating machinery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A decommissioning plan was developed as required by the EMAP and by the International Finance
Corporation and the European Bank for Reconstruction and Development. The decommissioning plan
covers all aspects of the mining project including the open pit, mill complex, tailings basin,
stockpiles and other surface facilities. Equipment, buildings and other structures will be
salvaged to the extent possible. All areas will be contoured to fit the natural terrain. The open
pit will be left to fill with water and the tailings will be covered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under EMAP, Centerra is required to update a Conceptual Closure Plan (&#147;CCP&#148;) every three years,
most recently in 2008. This approach allows for the development and adaptation of the CCP,
provides a period for testing and monitoring of several years to evaluate the various options
contemplated by the CCP, and is followed by the development of a Final Closure Plan closer to the
end of mine life that will consider the results of the testing and monitoring as well as any
changes to the environmental, regulatory and social environment that may have occurred over the
life of the mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 1998, a reclamation trust fund was established for the future costs of reclamation, net of
estimated salvage values of $8.4&nbsp;million (US)&nbsp;In order to fund this amount, contributions are made
to the fund over the life of the mine based on ounces of gold sold. At December&nbsp;31, 2008, the
balance in the fund was $4.9&nbsp;million (US).
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration expenditures at Kumtor were $13.7&nbsp;million (US)&nbsp;during 2008. Drilling programs were
carried out in the vicinity of the open pit area to further evaluate the Kumtor orebody and
consisted of 99 holes totalling 40,883 metres. A drilling program consisting of eight holes
totalling 1,083 metres was also completed at the Sarytor deposit, which is a satellite deposit
located about five kilometres from the Kumtor mill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2008 exploration drilling program continued with widespread drilling to test the strike and dip
extensions of the Kumtor mineralized structure to the north of the highwall of the Central pit.
Drilling was also carried out to test for potential high-grade underground mineable mineralization
in the Stockwork Zone below the current planned open pit. Drilling was also completed to test the
Saddle Zone area between the SB Zone and the Stockwork Zone of the Central Pit. Additional
drilling was also carried out to test the down-dip extensions of the Sarytor and Southwest Zone
deposits in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regional drilling programs were also carried out, consisting of one hole of 314 metres on the
Bordoo target, seven holes totalling 972 metres on the Northeast target, and three holes totalling
450 metres on the Akbel target.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All regional exploration activities were suspended in June&nbsp;2008 when the Exploration License and
the Southwest and Sarytor mining licenses were invalidated. See <I>Centerra Legal Proceedings</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further exploration programs are planned for 2009, with a budget of $11.3&nbsp;million (US) (not
including $3.0&nbsp;million (US)&nbsp;allocated to underground exploration and development for 2009).
Additional drilling programs will be completed in the vicinity of the Central pit with a focus on
testing strike and dip extensions to the mineralized horizons to the north of the Central pit, the
down-dip extension of the potential high grade underground Stockwork Zone mineralization and the
Saddle Zone. Exploration programs will resume in other target areas such as Bordoo, Akbel, Petrov
and the Northeast target if the Exploration License and the Southwest and Sarytor mining licenses
are reinstated.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s wholly-owned subsidiary, AGR Limited (&#147;AGR&#148;) indirectly owns 100% of Boroo Gold Company
(&#147;BGC&#148;), the holder of the rights to the Boroo gold deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo open pit gold mine is located in Mongolia. The Boroo mine was brought into commercial
production on March&nbsp;1, 2004, producing approximately 1.2&nbsp;million ounces of gold in its first five
years of operation. The mineral reserve and resource estimates for Boroo are found below at
<I>Centerra &#150; Boroo Mine &#150; Reserves and Resources</I>.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



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




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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo gold mine is located in the Republic of Mongolia some 110 kilometres to the northwest of
the capital city of Ulaanbaatar and about 230 kilometres to the south of the international boundary
with Russia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Mineral Resources and Petroleum Authority of Mongolia (&#147;MRPAM&#148;) has granted BGC the exclusive
rights to all hard-rock minerals and placer deposits under nine contiguous mining licenses, which
cover 6,354 hectares of land centered on and surrounding the Boroo mine. The licenses expire
between 2055 and 2064.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Surface rights have been obtained providing sufficient surface area for the mill, and for tailings
and waste rock disposal. Contracts are in place for the operation of the permanent camp, reagent
storage, mining of aggregate materials, fuel storage, operation of a fuel dispensing station and
building of the tailings dam.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The 2006 Mongolian Minerals Law (the &#147;Minerals Law&#148;) and the Boroo Stability Agreement, as amended
from time to time, between BGC and the Mongolian Government (the &#147;Boroo Stability Agreement&#148;)
provide that the royalty for gold shall be equal to 5% of its sales value. In addition, the
Minerals Law provides that in respect of any future gold production from alluvial operations BGC
must pay a 5% royalty to the Mongolian Government on alluvial gold sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo mine site includes an open pit mine with waste and ore stockpile areas. Ore is processed
at a crusher and mill with a capacity of 6,900 tonnes per day. There is a camp/residence for
employees, a warehouse, maintenance shops and offices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A permanent tailings facility in the Ikh Dashir valley is connected to the process plant by a
five-kilometre pipeline. The tailings storage facility is designed for water being reclaimed for
re-use in the mill. This facility received government approval in 2003. The bottom of the
tailings facility was sealed with a compacted clay liner and a high-density polyethylene liner on
all embankments. The design of the tailings facility provides an ultimate storage capacity of 11
million cubic metres of tailings, sufficient for the tonnage to be mined for the entire life of the
mine. In 2007, Centerra constructed an extension to the original tailings dam. The tailings dam
walls are at final design for the existing Boroo reserves. Lateral dykes were constructed in 2008
for water management purposes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mining plan for 2009 was submitted and approved by the State Special Inspectorate Agency,
Mining Division and MPRAM. Centerra must submit a mining plan in the first quarter of every year
for approval by the agencies noted above. All permits and licenses required for the conduct of
mining operations at Boroo are currently in good standing. Some of these permits are with
Mongolian state agencies and some are with the other local agencies and authorities. The Mongolian
authorities have been cooperative in providing permits as required and it is anticipated that this
cooperation will continue given the importance of the Boroo mine to the local economy.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo deposit is mined using conventional open pit mining methods and in 2008 mined
approximately 16,500 tonnes per day of ore and approximately 42,100 tonnes per day of waste. The
strip ratio for the year ended December&nbsp;31, 2008 was 2.5 to 1. The remaining life-of-mine strip
ratio is expected to be 2.5 to 1. The mine operates two 12-hour shifts each day. Four crews work
a seven-day rotation at the site.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, mining occurred in Pits 3 and 6. Mining is done with bench heights of five metres,
with ore mined on half-benches for improved grade control in the flat lying ore. Three to four
benches are under development at any given time. Blast hole drilling is carried out with three
rotary-percussion drill rigs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Boroo has a total of approximately 614 employees (excluding long-term contractors). In the first
quarter of 2008, BGC negotiated a collective agreement, effective February&nbsp;1, 2008, with the newly
formed union representing Boroo employees. The collective agreement expires January&nbsp;31, 2010.
During the first quarter of 2009, Centerra has been in negotiations with the Boroo worker&#146;s union
regarding redundancy pay in layoff situations and how this would apply to the future closure of the
Boroo mine. These matters are covered by the collective agreement; however, the union is asserting
that they have the right to re-open the matter. The union requested the appointment of a mediator,
which has been appointed, and subsequently requested an arbitrator be appointed in accordance with
applicable Mongolian law, in
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 97 -<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">order to settle the issues. The arbitrator has made non-binding recommendations to Centerra and
the union. If the union accepts the recommendations, negotiations will resume. If the union
rejects them, they will be in a position to proceed with a legal strike vote.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mill is a standard layout that consists of crushing, grinding, gravity concentration, cyanide
leaching and gold recovery in a CIL circuit. The mill was designed with a capacity to process 1.8
million tonnes of ore per year but the actual mill throughput is currently 2.5&nbsp;million tonnes per
year. The gravity circuit recovers about 30% to 50% of the gold contained in the ore and the
overall gold recovery has been 92% in the first two years in accordance with the expectations based
on the metallurgical test work, but it decreased to 77.7% in 2008 as the proportions of refractory
ore continues to increase.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The tailings after processing of the ore have an average grade of 0.60 gram of gold per tonne and
are detoxified to meet a target cyanide level of one part per million using an air-sulphur-dioxide
process. Heavy metals are removed by treatment with ferric sulphate. The tailings are discharged
by gravity to the permanent tailings management facility five kilometres down gradient from the
process plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Provided Centerra is able to negotiate a satisfactory investment agreement for the Gatsuurt
project, Gatsuurt ores are expected to be processed at Boroo. The processing of the refractory
ores from Gatsuurt at Boroo will require modifications and additions to the Boroo facility.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2008, Centerra completed construction and commissioned a three million tonne per year heap
leach facility at Boroo for a capital investment of $20&nbsp;million (US). A feasibility study was
completed in September&nbsp;2006 to support the project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The heap leach project is now expected by Centerra to process ore containing approximately 390,000
ounces of contained gold over the 5-year life of the heap leach project from 15.5&nbsp;million tonnes of
ore with an estimated average grade of 0.8 gram of gold per tonne.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The heap leach project will provide for strategic growth by creating an opportunity to process
nearby low-grade deposits using heap leach technology. Opportunities for adding value to the
project lie in increasing the heap leach reserve by expanding Pit 3, improving the operating plan
by reducing the amount of material that needs to be crushed or increasing the annual throughput,
and reducing the capital cost of construction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The heap leach operated under a temporary permit until October&nbsp;2008, which was extended by the
Government of Mongolia. A final permit is expected by Centerra to be issued in 2009. The heap leach
facility produced 25,000 ounces of gold in 2008.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Gold dor&#233; produced by the Boroo mine is currently exported and refined under a contract with
Johnson Matthey Limited (&#147;JM&#148;). To date BGC has elected to sell all gold dor&#233; to JM. However,
Mongol bank, the Mongolian central bank, has indicated a desire to purchase BGC&#146;s gold dor&#233;. BGC
is in discussions with Mongol bank with a view to exploring this option.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Corporate Profit Tax</I></U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo Stability Agreement, entered into by BGC and the Mongolian Government in 1998 and first
amended in 2000, guaranteed that Mongolian tax laws in effect in 1998 would apply to BGC&#146;s income
from the project unless more
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 98 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">favourable laws took effect and the Minister of Finance confirmed that the more favourable laws
apply. In accordance with the law at the time, the Boroo Stability Agreement provided that BGC was
exempt from income tax for a period of three years following commencement of commercial production
and was entitled to 50% tax relief for the subsequent three-year period. BGC began commercial
production on March&nbsp;1, 2004.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2006, at the request of the Mongolian Government, Centerra and BGC entered into
discussions with the Government regarding amendments to the Boroo Stability Agreement, including
its tax stabilization provisions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;3, 2007, Centerra and the Government of Mongolia agreed to an amendment to the Boroo
Stability Agreement pursuant to which, effective January&nbsp;1, 2007, Boroo is subject to a 10% rate
for taxable income up to 3.0&nbsp;billion tugriks and a 25% rate for taxable income above that amount,
until the termination of the Boroo Stability Agreement in July&nbsp;2013. Prior to the amendment,
Centerra was subject to income tax at the rate of 20% for the three-year period commencing March&nbsp;1,
2007 and 40% thereafter. In addition, effective August&nbsp;3, 2007, the mineral royalty payable is 5%
rather than the 2.5% previously applicable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Boroo Stability Agreement currently applies only to the Boroo mine and does not apply to the
Gatsuurt property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><u>Windfall Profits Tax</u></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;14, 2006, the Mongolian Parliament passed a new law that imposes a windfall profits tax of
68% in respect of gold sales at a price in excess of $500 (US)&nbsp;per ounce. On November&nbsp;25, 2008,
the Parliament enacted a change to the windfall profits tax in respect to gold sales raising the
threshold price to $850 (US)&nbsp;per ounce. The Mongolian Parliament continues to debate recent
changes to mining legislation and State participation in various mining projects. The Government
has acknowledged that the windfall profits tax does not apply to Boroo&#146;s operations pertaining to
the mining license covered by the Boroo Stability Agreement for so long as the Boroo Stability
Agreement remains in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><u>Other Taxes</u></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A variety of other taxes are imposed, and payments in respect of them amounting to about $9.3
million (US)&nbsp;were made in 2008.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BGC has obtained the necessary environmental permits and licenses for the Boroo mine. Some of the
permits issued for the Boroo mine are for the forecast mine life; others are for three years; while
others are renewed annually.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Boroo&#146;s Environmental Impact Assessment has been amended to reflect changes to operations, and its
Environmental Monitoring and Protection Plans have been approved by the Mongolian Government as
required on an annual basis. Licenses for the import, storage, use and disposal of reagents and
chemicals are in place and include permits for the import, transport, use and on-site storage of
cyanide.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BGC is updating its Environment Management System to address the impacts of the Boroo operation on
the environment and to monitor compliance with all legal requirements. The system documents
scheduled monitoring, engineering controls and reporting on the tailings management facility, the
mill, the mine and waste rock stockpiles. Specific programs that monitor environmental impacts
include testing for acid generation potential, dust control, investigating and reporting spill
incidents on-site and off-site, hazardous materials handling, planning for site decommissioning and
rehabilitation, monitoring the potable water treatment system and sewage treatment and operation of
the landfill.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Decommissioning and Reclamation</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, work began on a detailed mine closure plan (&#147;DMCP&#148;), as required by Mongolian regulations
and which is expected to be submitted to the relevant government authorities in March&nbsp;2009. In
addition to meeting the Mongolian regulatory requirements, the DMCP includes reference to
international practices pertaining to closure of mining operations. The estimated undiscounted
cost of decommissioning and reclamation for the Boroo mine as of December
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 99 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">31, 2008 was $22.1&nbsp;million (US). Funds for mine closure are accrued on an ongoing basis, and a
portion of the annual environmental management budget has been deposited with the relevant
authorities in accordance with prevailing laws.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has a 100% indirect interest in the mining and exploration licences for the Gatsuurt
development property, situated 35 kilometres from the Boroo project. The Gatsuurt Exploration
property covers 2,236 hectares. The mineral reserve and resource estimates for Gatsuurt are found
below at <I>Centerra &#150; Reserves and Resources</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Gatsuurt project is not protected by the Boroo Stability Agreement and as such could be subject
to all current Mongolian taxation laws, including the windfall
profits tax. See <I>Centerra &#150; Boroo
Mine &#150; Taxes and Royalties</I> and <I>Risk Factors</I>. Centerra has resumed negotiations with the
Government of Mongolia with respect to an investment agreement for the Gatsuurt project. In
February&nbsp;2009, Centerra authorized the expenditure of $20&nbsp;million (US)&nbsp;for the construction of the
55 kilometre road to the Gatsuurt property and other site and infrastructure development in order
to advance the mining of oxide ores in the Central Zone and Main Zone of the Gatsuurt project.
Upon obtaining a satisfactory investment agreement with the Government of Mongolia, Centerra
expects to begin the next stage of development of Gatsuurt, including the construction of a plant
at the Boroo mine to process refractory Gatsuurt ore.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reserve and resource estimates for Kumtor, Boroo, Gatsuurt and REN were prepared under the
supervision of Ian Atkinson, Certified Professional Geologist, Centerra&#146;s Vice President of
Exploration, who is a qualified person. Although Centerra has prepared and verified the mineral
reserve figures set out below and elsewhere in this Annual Information Form, such figures are
estimates which are, in part, based on forward-looking information. Estimated reserves may have to
be re-estimated based upon actual production experience. Fluctuations in the price of gold,
production costs or recovery rates may render the reserves unprofitable to develop at a particular
site or sites for periods of time. See <I>Risk Factors</I> and
<I>Caution Regarding Forward-Looking
Information and Statements</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated gold reserves and resources as at December&nbsp;31, 2008 on a
property basis and Cameco&#146;s share, which is referred to as Cameco&#146;s equity. Cameco&#146;s equity or
share amounts to 52.7% of Centerra&#146;s share of the mineral reserves and resources of the properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A gold price of $675 (US)&nbsp;per ounce was used for all of the mineral reserve and resource estimates.
The mineral reserve estimates as of December&nbsp;31, 2007 used a gold price of $550 (US)&nbsp;per ounce.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cautionary Note to Investors concerning estimates of Measured and Indicated Resources:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This section uses the terms &#147;measured resources&#148; and &#147;indicated resources&#148;. US investors are
advised that while those terms are recognized and required by Canadian securities regulatory
authorities, the SEC does not recognize them. Investors are cautioned not to assume that any part
or all of the mineral deposit in these categories will ever be converted into proven and probable
reserves.</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cautionary Note to Investors concerning estimates of Inferred Resources:</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>This section uses the term &#147;inferred resources&#148;. US investors are advised that while this term is
recognized and required by Canadian securities regulatory authorities, the SEC does not recognize
it. &#147;Inferred resources&#148; have a great amount of uncertainty as to their existence and as to their
economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource
will ever be upgraded to a higher category. Under Canadian securities regulations, estimates of
inferred resources may not form the basis of feasibility or pre-feasibility studies. Investors are
cautioned not to assume that part or all of an inferred resource exists or is economically or
legally mineable.</B>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 100 -<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>2008 Year-End Mineral Reserve and Resource Summary<BR>
(as of December&nbsp;31, 2008)</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="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="43" style="border-bottom: 1px solid #000000">(Tonnes and ounces in thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)</SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Reserves</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Proven (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Probable (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Total Proven and Probable Mineral Reserves</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(1)(6)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>

<TR style="font-size: 10pt">
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12,427</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>50,549</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,426</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62,976</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5,808</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,059</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 9pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="43" style="border-bottom: 1px solid #000000">(Tonnes and ounces in thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)</SUP></TD>
</TR>

<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Measured and Indicated Resources</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Measured</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Indicated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Total Measured and Indicated Mineral Resources</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(13)
</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(5)(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR style="font-size: 10pt">
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19,418</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,721</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>28,682</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>48,100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,934</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,364</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000">(Tonnes and ounces in thousands)<SUP style="font-size: 85%; vertical-align: text-top">(11)(12)(14)</SUP></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Inferred Mineral Resources</B><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000">Inferred</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco&#146;s</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Equity (oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(13) </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">600</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor Stockwork Underground<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor SB Underground<SUP style="font-size: 85%; vertical-align: text-top">(7)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,671</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(5)(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR style="font-size: 10pt">
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15,995</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,305</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,657</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD colspan="2" nowrap align="left">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves have been estimated based on a gold price of $675 (US)&nbsp;per ounce.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are in addition to reserves. Mineral resources do not have demonstrated economic viability.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco&#146;s equity interest amounts to 52.7% of Centerra&#146;s equity interest of reserves and resources for the properties. Centerra&#146;s
equity interests for the properties are: Kumtor 100%, Gatsuurt 100%, Boroo 100% and REN 63%.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>&#147;OP&#148; means open pit and &#147;UG&#148; means underground.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Open pit mineral resources occur outside the current ultimate pits which have been designed using a gold price of $675 (US)&nbsp;per
ounce.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>The open pit mineral reserves and resources at Kumtor are estimated based on a cutoff grade of 1.0 gram of gold per tonne and
includes the Central Pit and the Southwest and Sarytor deposits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(7)</TD>
    <TD>&nbsp;</TD>
    <TD>Underground mineral resources occur below the Central pit and are estimated based on a cutoff grade of 7.0 grams of gold per tonne.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(8)</TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves and resources at Boroo are estimated
based on 0.5 gram of gold per tonne cutoff grade.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(9)</TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves and resources at Gatsuurt are estimated using either a 1.2 or 1.8 grams of gold per tonne cutoff grade
depending on process method and including the Main Zone and the Central Zone deposits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(10)</TD>
    <TD>&nbsp;</TD>
    <TD>The mineral resources at REN are estimated based on a cutoff grade of 8.0 grams of gold per tonne.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(11)</TD>
    <TD>&nbsp;</TD>
    <TD>A conversion factor of 31.10348 grams per ounce of gold is used in the mineral reserve and resource estimates.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(12)</TD>
    <TD>&nbsp;</TD>
    <TD>Numbers may not add up due to rounding.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(13)</TD>
    <TD>&nbsp;</TD>
    <TD>Kumtor mineral reserves and resources include Sarytor reserves of 2.8&nbsp;million tonnes grading 3.4 g/t for 311,000 contained ounces,
Sarytor and Southwest indicated resources of 8.5&nbsp;million tonnes grading 2.2 g/t for 598,000 contained ounces and Sarytor inferred
resources of 0.52&nbsp;million tonnes grading 1.7 g/t for 29,000 contained ounces. The mining licenses for these deposits were invalidated
by the Bishkek Inter District Court on June&nbsp;17, 2008. That order is under appeal by Centerra. Cameco believes that Centerra&#146;s current
negotiations with the Kyrgyz Republic are reasonably likely to lead to the resolution of outstanding issues, and to the reinstatement of
the Sarytor and Southwest licenses. Cameco therefore continues to include the Sarytor and Southwest reserves and resources in this
statement. See <I>Centerra Legal Proceedings</I>.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(14)</TD>
    <TD>&nbsp;</TD>
    <TD>Inferred resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or
economically. It cannot be assumed that all or part of the inferred mineral resources will ever be upgraded to a higher category.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 101 -<!-- /Folio -->
</DIV>

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

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Gold Reserves and Resources Reconciliation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following reconciliation of Cameco&#146;s share of gold mineral reserves and resources reflects the
changes in gold reserves and resources during 2008. Changes in mineral reserves or resources, as
applicable, are attributed to information provided by drilling and subsequent reclassification of
reserves or resources, an increase in the gold price, changes in pit designs, reconciliation
between the mill and the resource model and changes to operating costs.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Reconciliation of Cameco&#146;s Share of Gold Reserves and Resources</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1,7</B></SUP><BR>
<B>(in troy ounces of contained gold)</B>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">2008 Addition</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2007</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">2008 Throughput<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(Deletion)<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">December 31, 2008</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reserves &#151; Proven</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(160,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">129,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">643,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(367,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(197,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">79,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Proven Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">796,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(527,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(68,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">201,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Reserves &#151; Probable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">399,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(111,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">288,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">529,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,939,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,041,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Probable Reserves</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,867,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,858,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Proven and Probable Reserves</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,663,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(527,000</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(77,000</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,059,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources &#151; Measured</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,017,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(128,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">889,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Measured Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,032,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(126,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources &#151; Indicated</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">111,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">6</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">917,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(298,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">619,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">404,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total Indicated Resources</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,759,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(301,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,458,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Measured and Indicated
Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,791,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(427,000</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,364,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Resources &#151; Inferred</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3,000</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">6</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">5</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">971,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">143,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Inferred Resources</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,375,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>282,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,657,000</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>





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

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

<TR valign="top">
    <TD colspan="2" nowrap align="left">Notes:</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of reported
mineral resources does not include those amounts identified as mineral reserves. Mineral
resources have no demonstrated economic viability.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Corresponds to mill feed and heap leach pad feed. The discrepancy between the 2008
throughput and Cameco&#146;s share of 2008 ounces produced is due to gold recovery in the mill and
heap leach pad.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">3</TD>
    <TD>&nbsp;</TD>
    <TD>Changes in mineral reserves or resources, as applicable, are attributed to information
provided by drilling and subsequent reclassification of mineral reserves or resources, an
increase in the gold price, changes in pit designs, reconciliation between the mill and the
resource model, and changes to operating costs.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">4</TD>
    <TD>&nbsp;</TD>
    <TD>Kumtor mineral reserves include the Central pit and the Southwest and Sarytor satellite deposits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">5</TD>
    <TD>&nbsp;</TD>
    <TD>Kumtor mineral resources include the Central pit, the SB underground, and the Southwest and Sarytor satellite deposits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">6</TD>
    <TD>&nbsp;</TD>
    <TD>Gatsuurt mineral reserves and resources include the Central Zone and Main Zone deposits.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">7</TD>
    <TD>&nbsp;</TD>
    <TD>Numbers may not add up due to rounding.</TD>
</TR>

</TABLE>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a description of outstanding or threatened legal proceedings that, if decided
adversely, could reasonably be expected to have a material adverse impact on Centerra&#146;s financial
position or results of operations, all of which could have a material adverse impact on Cameco&#146;s
future cash flows, earnings, results of operations and financial condition.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 102 -<!-- /Folio -->
</DIV>

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

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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Kumtor Related Proceedings</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In September&nbsp;2005, the Prime Minister of the Kyrgyz Republic issued a government decree amending
the existing regulation in respect of the high altitude premium for the Kumtor mine site that had
the effect of an increase in salaries for national employees. The new high altitude premium became
effective January&nbsp;1, 2006. In the first quarter of 2006, the Kumtor trade union applied to the
Prosecutor&#146;s Office claiming that KGC violated labour legislation by not paying the new high
altitude premium. The Prosecutor&#146;s Office requested that KGC remedy the alleged violation. KGC
took the position that it was entitled under the stabilization provisions of the Investment
Agreement (described below under &#147;<I>Centerra Material Contracts &#151; Investment Agreement</I>&#148;) to elect not
to be subject to this new law and commenced international arbitration proceedings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2006, the Government asked KGC to postpone the arbitration and formed a special
government commission to review the issue. On December&nbsp;19, 2006, the mine department and some
support services personnel began an illegal work stoppage at the Kumtor mine site. Milling
operations, however, continued utilizing stockpiled ore. The illegal action related to Kumtor&#146;s
negotiations with trade union representatives with respect to the existing collective agreement,
which was due to expire on December&nbsp;31, 2006. At the centre of the labour dispute was the increase
in the high altitude premium. The day after the illegal work stoppage began, the Government
commission informed KGC that it did not intend to change its position that the amendment applied to
Kumtor and instructed KGC to comply with its decision. In order to mitigate its losses and
potential losses for the Kyrgyz Republic, KGC agreed to make the payments required by the amendment
under protest and immediately resumed arbitration proceedings with a view to recovering this
amount. On December&nbsp;22, 2006, the illegal work stoppage at Kumtor ended and normal mine operations
resumed. KGC entered into a new two-year collective agreement on February&nbsp;6, 2007. The increased
labour costs of complying with the amendment were approximately $6.5&nbsp;million (US)&nbsp;in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2005, Kyrgyz authorities issued a notice to KGC for the payment of land tax relating to
certain non-agricultural land of low or no value leased by KGC from the district administration.
On February&nbsp;16, 2006, the Inter-District Court of Bishkek ordered KGC to pay approximately
$1.15&nbsp;million (US)&nbsp;in respect of this tax. Centerra and KGC notified the Government on March&nbsp;8,
2006 that they objected to the court order and that, failing a negotiated resolution of the matter,
they intended to commence international arbitration. The arbitration was suspended pending
anticipated negotiations with the Government. In December&nbsp;2006, at the direction of the Government
commission, KGC paid the full amount of the tax.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the first quarter of 2007, Cameco and Centerra entered into negotiations with representatives of
the Government of the Kyrgyz Republic to address the Government&#146;s concerns with respect to the
agreements governing the Kumtor project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In late March&nbsp;2007, the Kyrgyz Parliament began to consider draft legislation that, among other
things, challenged the legal validity of the Kumtor agreements with the Government, proposed
recovery of additional taxes on amounts relating to past activities, and provided for the transfer
of gold deposits (including Kumtor) to a state-owned entity. If enacted, there would have been a
substantial risk of harm to Centerra&#146;s rights and, as a result, Cameco&#146;s investment in Centerra.
In response to the draft legislation, Centerra notified the Government that it intended to proceed
with the international arbitration proceeding previously commenced by Centerra in relation to
certain tax disputes with the Government. Centerra initiated the appointment of an arbitrator and
notified the Government that the nationalization bill represented an additional dispute in the
arbitration. The arbitration was suspended in the summer of 2007 pending completion of the
Agreement on New Terms entered into between Centerra, Cameco and the Government in August&nbsp;2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, a Vice-Speaker of the Kyrgyz Parliament, K.S. Isabekov, filed two lawsuits against the
Government of the Kyrgyz Republic seeking to invalidate certain decrees, agreements and licenses
pursuant to which the Kumtor mine is operated. Although Centerra and its subsidiary, KGC, the
owner of the project, were not parties to those lawsuits, and despite their objections to the
court&#146;s jurisdiction on the basis of the Investment Agreement&#146;s arbitration clause and the ongoing
international arbitration, they were ordered to appear as third parties by the Kyrgyz court.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Vice-Speaker&#146;s lawsuits sought to annul: (i)&nbsp;the Government&#146;s decree (the &#147;2003 Decree&#148;)
approving the December&nbsp;31, 2003 agreements implementing the restructuring of the Kumtor project;
(ii)&nbsp;the 2003 agreements giving effect to the restructuring, including the Investment Agreement and
the Concession Agreement providing for Kumtor&#146;s right to explore and develop the main Kumtor
deposit within the Kumtor concession; (iii)&nbsp;the exploration license covering all of
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">the Kumtor deposits; (iv)&nbsp;the mining license covering the Southwest Zone; (v)&nbsp;the mining license
covering the Sarytor area; (vi)&nbsp;the Government&#146;s decree approving the 1993 Concession Agreement
(superseded by the 2003 Concession Agreement); and (vii)&nbsp;the 1993 Concession Agreement itself. The
Vice-Speaker argued that the 2003 agreements and 1993 Concession Agreement required Parliamentary
approval to be effective and that as no such approval was obtained, such agreements are void. He
also argued that the licenses were invalid because they were granted without a competition having
been held and pursuant to agreements that are themselves invalid for lack of Parliamentary
ratification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On May&nbsp;12, 2008, the Supreme Court of the Kyrgyz Republic, pending resolutions of the claims before
the lower courts, issued an order suspending: the 2003 Decree; the 2003 Concession Agreement; and
the mining and exploration licenses. On June&nbsp;17, 2008, the Bishkek Inter District Court issued an
order invalidating the Southwest and Sarytor mining and Kumtor exploration licenses. Acting on
these orders, the State Agency on Geology and Mineral Resources Management notified Kumtor that as
issues relating to the 2003 Decree and the Concession Agreement are regulated by &#147;international
legislation&#148;, operations within the concession area as well as work on the underground decline (to
further develop the SB Zone) should be continued but that operations on the licenses should be
stopped. In response to the notice, KGC halted activity on the mining and exploration licenses and
suspended development of the Sarytor deposit. All Kumtor mining operations take place in the
concession area and have continued uninterrupted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Having been joined involuntarily as third parties, KGC and Centerra defended the validity of the
decrees agreements and licenses relating to Kumtor in the Kyrgyz court actions on procedural and
substantive grounds. At the same time, KGC and Centerra maintained their position that the
Investment Agreement&#146;s arbitration clause confers exclusive jurisdiction over questions surrounding
the validity of the agreements and licensees on the international arbitration tribunal.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After reactivating the international arbitration proceedings on June&nbsp;2, 2008, Centerra and KGC, on
June&nbsp;13, 2008, added claims based on the Vice-Speaker&#146;s lawsuits and their consequences. At the
initial conference on June&nbsp;23, 2008, Centerra filed an application for interim relief in the
arbitration, requesting that all parties to the arbitration be directed to maintain the status quo
and treat the licenses, agreements and decrees at issue in the Kyrgyz Republic as valid and
enforceable. The Kyrgyz Republic has taken the position in its response to such application that,
among other things, the 2003 Investment Agreement required but did not receive Parliamentary
approval and therefore is not in effect.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;26, 2008, the Bishkek Inter-District Court of the Kyrgyz Republic dismissed the Vice
Speaker&#146;s lawsuit relating to the Government decrees and the 2003 Kumtor agreements. On December
24, 2008, the Supreme Court of the Kyrgyz Republic upheld the dismissal of the Vice Speaker&#146;s
lawsuit. Centerra cautions that the court&#146;s ruling does not resolve the principal matters at issue
between Centerra and the Kyrgyz Republic. As well, the ruling had no effect on the previously
reported court decision (June&nbsp;17, 2008) to invalidate the Kumtor exploration licences and the
Southwest and Sarytor mining licenses. The dismissal is under appeal by the Vice-Speaker.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In January&nbsp;2009, the Vice-Speaker filed a further lawsuit against the Government seeking to
invalidate the 2003 Decree. Although not parties to the lawsuit, Centerra, Cameco and KGC have
been ordered to appear as third parties by the Kyrgyz court. Centerra and Cameco do not believe
there is any basis for this claim.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra and Cameco continue to hold discussions with the Kyrgyz Government working group
responsible for the negotiations in respect of Kumtor. To allow for such discussions to continue
and for the parties to concentrate on resolving outstanding issues related to the project, Centerra
agreed to suspend the international arbitration proceedings initiated by it, which had been
previously postponed to September&nbsp;29, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Kumtor was made the subject of several new tax assessments and other proceedings in the
Kyrgyz Republic. These include an investigation by the Kyrgyz Republic financial police into
alleged tax evasion in relation to the grant of tax exemptions pursuant to the Investment Agreement
governing the Kumtor project and an audit by the state tax inspectorate to determine the amount of
taxes that Kumtor would have owed for the years 2005 to 2008 had the Investment Agreement and the
Concession Agreement relating to the project not been in effect. The financial police requested,
and were provided by Kumtor with, information and documents relating to the project and have
interviewed senior Kumtor personnel. Kumtor also received assessments from tax authorities
relating to value-added taxes, land taxes and customs duties alleged to be owed by Kumtor. Kumtor
is continuing to cooperate with the relevant authorities and continues to pay all taxes in
accordance with applicable laws and the Investment Agreement and believes that there is no basis
for these investigations or assessments.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



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





<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Gatsuurt Related Proceedings</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On December&nbsp;6, 2006, Gatsuurt LLC commenced arbitration before the Mongolian National Arbitration
Court (&#147;MNAC&#148;) alleging non-compliance by CGM in relation to its obligations under an agreement
under which CGM acquired Gatsuurt project mining licenses (the &#147;License Agreement&#148;) and seeking:
(1)&nbsp;an order terminating the License Agreement and returning to Gatsuurt LLC all mining rights on
the licensed property; (2)&nbsp;an order requiring CGM to carry out the environmental rehabilitation of
the licensed property; and (3)&nbsp;an order compelling CGM to surrender to Gatsuurt LLC all reports,
plans, maps and related information concerning the licenses. In early 2008, Centerra agreed in
principal, subject to a definitive agreement, on settlement terms with Gatsuurt LLC. All
proceedings in the MNAC have been terminated.
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra discloses the following are the only material contracts, other than contracts entered into
in the ordinary course of business not otherwise required to be disclosed, that have been entered
into by Centerra within the most recently completed fiscal year or before the most recently
completed fiscal year but still in effect.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Investment Agreement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of a restructuring of the ownership of Kumtor, Centerra, Cameco, Kyrgyzaltyn and the
Government of the Kyrgyz Republic entered into an agreement pursuant to which, effective
simultaneously with the completion of the Kumtor restructuring, the Master Agreement was replaced
by an Investment Agreement (the &#147;Investment Agreement&#148;) among Centerra, KGC and the Government of
the Kyrgyz Republic. The Investment Agreement and related agreements set out the terms and
conditions applicable to Centerra&#146;s ongoing operation and development of the Kumtor mine and have
continued the regime established by the Master Agreement. The Investment Agreement has a term
lasting until the earlier of 2043 or when the Kumtor deposits are exhausted and mining is
completed. See also &#147;<I>Centerra &#151; Kumtor Mine</I>&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra Shareholders Agreement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also in connection with the restructuring of the ownership of Kumor, Centerra entered into a
shareholders&#146; agreement with Cameco Gold, a wholly-owned Cameco subsidiary, Kumtor Mountain
Corporation and Kyrgyzaltyn (the &#147;Shareholders Agreement&#148;) governing certain matters related to
their ownership of common shares of Centerra. The Shareholders Agreement provides for each of
Kyrgyzaltyn and Cameco Gold to meet from time to time, not less frequently than annually, to
consider the disposition of the common shares held by them. Despite this agreement to consult,
each of Kyrgyzaltyn and Cameco Gold may at any time initiate a further distribution of Centerra&#146;s
common shares and Centerra has agreed to furnish all reasonable assistance in preparing the
required disclosure documents. Centerra is obliged to provide such assistance only once for each
of those shareholders in any 12-month period and the costs of this are for the account of the
selling shareholder. Also, if Centerra proposes to issue any of its common shares by private
placement or public offering, Centerra will provide Cameco Gold and Kyrgyzaltyn with an opportunity
to sell their shares as part of the offering provided that Centerra&#146;s reasonable capital needs take
priority.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For a period of five years following the date of the closing of the Kumtor restructuring, for so
long as Kyrgyzaltyn is controlled, directly or indirectly, by the government of the Kyrgyz
Republic, Kyrgyzaltyn or its affiliates have agreed to maintain registered and beneficial ownership
of at least 5% of the outstanding common shares at the time of the closing of the Kumtor
restructuring, except in the case of certain permitted takeover bids and subject to appropriate
anti-dilution adjustments, as determined from time to time by Centerra&#146;s board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, Kyrgyzaltyn has agreed not to sell, transfer or encumber any of its shares during any
period during which the Kyrgyz government is in default of its obligations under the principal
agreements relating to the Kumtor restructuring. Kyrgyzaltyn&#146;s shares are held in escrow to ensure
compliance with these transfer restrictions. As at March&nbsp;10, 2009, Kyrgyzaltyn had 33,869,151
common shares held in escrow, representing 15.7% of Centerra&#146;s issued and outstanding common
shares.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Shareholders Agreement also addresses the voting by Cameco Gold and Kyrgyzaltyn of their shares
for their respective nominees to Centerra&#146;s board.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Location Agreement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;22, 2004, Cameco entered into an agreement with Centerra which provides that Centerra will
not carry on business in Canada by owning, acquiring, exploring, developing or mining mineral
properties located in Canada (the &#147;Location Agreement&#148;). The Location Agreement will terminate and
the prohibition will end once Centerra ceases to be a subsidiary of Cameco under applicable
corporate law.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Administrative Services Agreement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra entered into a services agreement with Cameco on April&nbsp;1, 2004 pursuant to which Cameco
has agreed to provide certain services and expertise to Centerra in return for reimbursement of all
its direct or indirect costs relating to such services. This agreement is subject to termination
by either party upon notice. Beginning in the 2006 fiscal year, Cameco ceased providing a number
of these services to Centerra, including accounting services. No services were provided to
Centerra in 2008.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Political Risk Insurance Rights Plan</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a prerequisite to acquiring political risk insurance for Centerra&#146;s Kumtor mining operations,
Centerra adopted an insurance risk rights plan. The plan will be applied if an event occurs
relating to KGC or its assets or operations at a time when Kyrgyzaltyn is controlled by the
government of the Kyrgyz Republic and the event is caused by that government and results in a
payment to Centerra under the political risk insurance coverage. In this event, the following will
occur:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each holder of Centerra common shares will be entitled to exchange its shares for Centerra
Class&nbsp;A non-voting shares;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Kyrgyzaltyn has irrevocably elected to exchange all of its common shares for Class&nbsp;A
non-voting shares and it is expected that no other shareholders would elect to do this;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the holders of Centerra common shares (but not Class&nbsp;A non-voting shares) will be entitled
to acquire additional common shares for $0.01(US) per share, with the aggregate number of
common shares available to be determined by a formula designed to provide for the holders of
Class&nbsp;A non-voting shares to be diluted by an amount that approximates the proceeds received
under the political risk insurance; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>following the exercise of the rights to acquire additional shares by Centerra common
shareholders, the Class&nbsp;A non-voting shares will convert back into Centerra common shares.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kyrgyzaltyn has also agreed that, following the determination by the board of directors of Centerra
that an event has occurred that could reasonably result in this plan being triggered and for so
long as such event continues or until the process described above has been completed, it will not
transfer its shares or exercise any voting rights in respect of its shares or be entitled to
receive any dividends or distributions on its shares that can be attributed reasonably to KGC or
its assets or operations or distributions from KGC during such period. The plan will continue in
effect until terminated by the board of directors of Centerra based on a determination that it is
no longer necessary or desirable having regard to, among other things, the extent of Centerra&#146;s
operations based in the Kyrgyz Republic.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Amended and Restated Concession Agreement</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See
description under <I>Centerra &#150; Kumtor Mine &#150; Property, Description and Location</I>.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra is listed and publicly traded on the Toronto Stock Exchange. It is required to file with
Canadian securities regulators its continuous disclosure documents on SEDAR, which documents are
available to the public at <U>www.sedar.com</U>. As such, additional information on Centerra&#146;s
properties, operations, financial results, financial positions and the risk factors associated with
its operations can be found in its most recent annual and interim financial statements and
management&#146;s discussion and analysis, annual information form, material change reports, press
releases and technical reports available through SEDAR (<U>www.sedar.com</U>).
</DIV>

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

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The businesses in which Cameco participates are subject to certain risks. The risks described
below are not the only risks facing Cameco and other risks now unknown to Cameco may arise or risks
now thought to be immaterial may become material and adversely affect Cameco&#146;s business, financial
condition, results of operation, cash flows and prospects. Some of the risks described below are
only applicable to certain of Cameco&#146;s business interests, while others are generally applicable.
No guarantee is provided that other risks will not affect the Company in the future. This
discussion of risks should be read in conjunction with the discussion of risks in Cameco&#146;s 2008
MD&#038;A. If any of those risks actually occur, Cameco&#146;s business, financial condition, results of
operation, cash flows and prospects could be harmed. In addition, Cameco discloses statements and
information which are neither about the present nor historical facts, and therefore are
forward-looking. This forward-looking information is based upon a number of assumptions which may
prove to be incorrect and there are risks that could cause results to differ materially, including
the risks described below. (See <I>Caution Regarding Forward-Looking Information and Statements</I>.) As
the context requires for the following information, reference to the Company or Cameco also
includes Cameco&#146;s direct and indirect subsidiaries, including Centerra.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Cameco and Centerra Generally</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Cameco and Centerra are subject to a number of operational risks and Cameco and Centerra may
not be adequately insured for certain risks</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s and Centerra&#146;s businesses are subject to a number of risks and hazards, including
environmental pollution, accidents or spills (including hazardous emissions from Cameco&#146;s Port Hope
conversion facilities such as a UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> release or a leak of anhydrous hydrogen fluoride
used in the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion process); industrial and transportation accidents, which may
involve radioactive or hazardous materials; unexpected labour shortages, disputes or strikes; cost
increases for contracted and/or purchased goods and services; shortages of required materials and
supplies (including the availability of acid for Joint Venture Inkai&#146;s operations in Kazakhstan and
hydrofluoric acid at the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant); electrical power
interruptions; mechanical and electrical equipment failure; catastrophic accidents; fires;
blockades or other acts of social or political activism; changes in the regulatory environment;
impact of non-compliance with laws and regulations; natural phenomena, such as inclement weather
conditions, floods, underground floods, earthquakes, pit wall failures, ground movements, tailings
pipeline and dam failures and cave-ins; encountering unusual or unexpected geological or
hydrological conditions; and technological failure of mining methods. Cameco also contracts for
the transport of its uranium and uranium products to refining, conversion, fuel manufacturing,
enrichment and nuclear generation facilities in North America and Europe, as well as processing
facilities in Kazakhstan, which exposes the Company to transportation risks.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is no assurance that the foregoing risks and hazards will not result in damage to, or
destruction of, Centerra&#146;s gold properties and Cameco&#146;s uranium properties and refining, conversion
and fuel manufacturing facilities, personal injury or death, environmental damage, delays in or
interruption of or cessation of production from Centerra&#146;s and Cameco&#146;s mines and mills or from
Cameco&#146;s refining, conversion and fuel manufacturing facilities or in Centerra&#146;s and Cameco&#146;s
exploration or development activities, costs, monetary losses and potential legal liability and
adverse governmental action, all of which could have a material adverse impact on Cameco&#146;s future
cash flows, earnings, results of operations and financial condition.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco and Centerra maintain insurance to cover some of these risks and hazards in amounts
Cameco and Centerra believe to be reasonable, subject to applicable deductibles, this insurance may
not provide adequate coverage in all circumstances. No assurance can be given that Cameco&#146;s and
Centerra&#146;s insurance will continue to be available, or that it will continue to be available at
economically feasible premiums, or that it will provide sufficient coverage for losses related to
these or other risks and hazards, or that Cameco and Centerra will maintain such insurance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Also, Cameco and Centerra may be subject to liability or sustain losses in relation to certain
risks and hazards against which Cameco and Centerra cannot insure or which Cameco and Centerra may
elect not to insure. This lack of, or insufficiency of, insurance coverage could have a material
adverse impact on Cameco&#146;s and Centerra&#146;s future cash flows, earnings, results of operations and
financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Governmental Regulation and Policy Risks</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s operations and exploration activities, particularly uranium mining, refining, conversion,
fuel manufacturing and transport in Canada and the United States, are subject to extensive laws and
regulations. Such regulations relate to production, development, exploration, exports, imports,
taxes and royalties, labour standards, occupational health, waste disposal, protection and
remediation of the environment, decommissioning and reclamation, safety, toxic substances,
transportation, emergency response, and other matters. Compliance with such laws and regulations
has increased the costs of exploring, drilling, developing, constructing, operating and closing the
Company&#146;s mines and refining and other facilities. It is possible that the costs, delays and other
effects associated with such laws and regulations may impact the Company&#146;s decision whether to
continue to operate existing mines, ore refining and other facilities or whether to proceed with
exploration or development of properties. The Company expends significant financial and managerial
resources to comply with such laws and regulations. Cameco anticipates it will have to continue to
do so as the historic trend toward stricter government regulation will likely continue. Since
legal requirements change frequently, are subject to interpretation, and may be enforced in varying
degrees in practice, Cameco is unable to predict the ultimate cost of compliance with these
requirements or their effect on operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The foregoing uncertainties and changes in governments, regulations and policies and practices
could materially and adversely affect the Company&#146;s cash flows, earnings, results of operations and
financial condition in a particular period or its long term business prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The development and operation of mines and other facilities is contingent upon governmental
approvals, licences and permits which are complex and time consuming to obtain and which, depending
upon the location of the project, involve multiple governmental agencies. The receipt, duration
and renewal of such approvals, licences and permits are subject to many variables outside the
Company&#146;s control, including potential legal challenges from various stakeholders such as
environmental groups, non-government organizations or aboriginal groups claiming certain rights
with respect to traditional lands. Any significant delays in obtaining or renewing such approvals,
licences or permits could have a material adverse impact on the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Political Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s Inkai project is located in the Republic of Kazakhstan. All of Centerra&#146;s current gold
production and reserves are derived from assets located in the Kyrgyz Republic and Mongolia. These
three countries are developing countries. The Kyrgyz Republic and Mongolia have experienced
political and economic difficulties in recent years, including, in the Kyrgyz Republic, a
revolution in March&nbsp;2005 that resulted in the ouster of the long-time incumbent President.
Accordingly, there continues to be a risk of future political instability in the Kyrgyz Republic.
Also, Cameco conducts, and has investments in companies that conduct, exploration activities in
many developing countries around the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As such, Cameco&#146;s Inkai project, Centerra&#146;s mining operations, and these exploration activities are
subject to the risk normally associated with the conduct of business in foreign countries
including: uncertain political and economic environments; war, terrorism and civil disturbances;
crime; corruption; changes in laws or policies of a particular country, including those related to
imports, exports, duties and currency; cancellation or renegotiation of contracts; royalty and tax
increases or other claims by government entities, including retroactive claims; the risk of
expropriation and nationalization; delays in obtaining or the inability to obtain or maintain
necessary permits; currency fluctuations; high inflation; restrictions on local operating companies
to sell their production offshore, and on the ability of such
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">companies to hold US dollars or other foreign currencies in offshore bank accounts; import and
export regulations, including restrictions on the export of uranium and gold; limitations on the
repatriation of earnings; and increased financing costs. The occurrence of one or more of these
risks may have a material adverse impact upon Cameco&#146;s financial condition, cash flows, results of
operations and future prospects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to Inkai and Centerra&#146;s mining operations, the relevant governments have entered into
contracts with Cameco and Centerra or granted permits or concessions that enable them to conduct
operations or development and exploration activities. Notwithstanding these arrangements, their
ability to conduct operations or exploration and development activities is subject to renewal of
permits or concessions, changes in government regulations or shifts in political attitudes over
which they have no control. On June&nbsp;17, 2008, the Bishkek Inter District Court issued an order
invalidating Centerra&#146;s Southwest and Sarytor mining licenses and exploration license in the Kyrgyz
Republic. Consequently, Centerra has ceased operations and development and exploration activities
on the affected areas. See <i>Centerra Legal Proceedings</i>. While the order is under appeal by
Centerra, and although Cameco believes that the current negotiations with the Kyrgyz Republic are
reasonably likely to lead to the reinstatement of the licenses, there can be no assurance that
operations and development and exploration activities on the licenses will resume. The arbitration
proceedings were suspended again in September&nbsp;2008 to allow for the continuation of discussions
among Centerra, Cameco and the Government regarding outstanding issues related to the Kumtor
project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As the largest foreign investment enterprise in the Kyrgyz Republic, the Kumtor project continues
to be the subject of significant political debate. In late March&nbsp;2007, the Kyrgyz Parliament began
to consider draft legislation that, among other things, challenged the legal validity of the Kumtor
agreements with the Kyrgyz Republic, proposed recovery of additional taxes on amounts relating to
past activities, and provided for the transfer of gold deposits (including Kumtor) to a state-owned
entity. If enacted, there would have been a substantial risk of harm to  Centerra&#146;s rights and,
as a result, Cameco&#146;s investment in Centerra. In response to the draft legislation, Centerra
notified the Government that it intended to proceed with the international arbitration proceeding
previously commenced by Centerra in relation to certain tax disputes with the Government. Centerra
initiated the appointment of an arbitrator and notified the Government that the nationalization
bill represented an additional dispute in the arbitration. The arbitration has been suspended
twice. Initially, arbitration was suspended in the summer of 2007 pending completion of the
Agreement on New Terms entered into between Centerra, Cameco and the Government in August&nbsp;2007. The
arbitration was reactivated on June&nbsp;2, 2008, after the Agreement on New Terms had not been ratified
by the Parliament of the Kyrgyz Republic within the time frame agreed by the parties. The
arbitration proceedings were suspended again in September&nbsp;2008 to allow for the continuation of
discussions among Centerra, Cameco and the Government regarding outstanding issues related to the
Kumtor project. If these disputes are not resolved to the mutual satisfaction of the various
parties to the disputes, the risks to Cameco&#146;s investment in Centerra may increase significantly.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that industries deemed of national or strategic importance like mineral
production will not be nationalized. Government policy may change to discourage foreign
investment, renationalization of mining industries may occur or other government limitations,
restrictions or requirements not currently foreseen may be implemented. There can be no assurance
that Cameco&#146;s or Centerra&#146;s assets in these countries will not be subject to nationalization,
requisition or confiscation, whether legitimate or not, by any authority or body. While there are
provisions for compensation and reimbursement of losses to investors under such circumstances,
there is no assurance that such
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">provisions would be effective to restore the value of Cameco&#146;s or Centerra&#146;s original investment or
to fully compensate Cameco or Centerra for the loss of the investment. Similarly, Cameco&#146;s and
Centerra&#146;s operations may be affected in varying degrees by government regulations with respect to
restrictions on production, price controls, export controls, income taxes, expropriation of
property, environmental legislation, mine safety and annual fees to maintain mineral properties in
good standing. There can be no assurance that the laws in these countries protecting foreign
investments will not be amended or abolished or that these existing laws will be enforced or
interpreted to provide adequate protection against any or all of the risks described above.
Furthermore, there can be no assurance that the agreements Cameco and Centerra have with the
governments of these countries, including the Resource Use Contract, the Investment Agreement and
the Boroo Stability Agreement, will prove to be enforceable or provide adequate protection against
any or all of the risks described above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra have made an assessment of the political risk associated with each of their
foreign investments and currently have political risk insurance to mitigate a portion of the
losses. From time to time, Cameco and Centerra assess the costs and benefits of maintaining such
insurance and may not continue to purchase the coverage. Centerra&#146;s political risk coverage
provides that on a change of control of Centerra the insurers have the right to terminate the
coverage. If that were to happen, there can be no assurance that the political risk insurance will
continue to be available on reasonable terms. Furthermore, there can be no assurance that the
insurance would continue to be available at any time or that particular losses Cameco or Centerra
may suffer with respect to its foreign investments will be covered by the insurance. These losses
could have a material adverse impact on Cameco&#146;s future cash flows, earnings, results of operations
and financial condition if not adequately covered by insurance.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Cameco and Centerra may experience difficulties with their joint venture partners.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco operates the McArthur River mine and the Cigar Lake and Inkai development projects through
joint ventures with other companies. Cameco and Centerra have entered into a number of other joint
ventures and may in the future enter into additional joint ventures. Both companies are subject to
the risks normally associated with the conduct of joint ventures. These risks include disagreement
with a joint venture partner on how to develop, operate and finance a project, and compliance by
Cameco and Centerra with the operating requirements in joint venture agreements, and possible
litigation between the joint venture partners regarding joint venture matters. These matters may
result in material legal liability or may have an adverse effect on Cameco&#146;s and Centerra&#146;s ability
to pursue the projects subject to the joint venture, either of which could have a material adverse
impact on Cameco&#146;s cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Litigation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and its subsidiaries are currently subject to litigation or threats of litigation and may be
involved in disputes with other parties in the future that may result in litigation. The results
of litigation cannot be predicted with certainty. If such disputes cannot be resolved favourably,
it may have a material adverse impact on Cameco&#146;s financial condition, cash flows and results of
operations. See <I>Legal Proceedings</I> and <I>Centerra Legal Proceedings</I>.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Tailings Capacity Constraints</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Key Lake mill, tailings from processing McArthur River ore are deposited in the Deilmann
tailings management facility (DTMF). In February&nbsp;2009, Cameco received regulatory approval for
the deposition of tailings to a higher elevation at the DTMF. At current approved production
rates, the approved capacity of the DTMF increases from five years to approximately eight years,
assuming only minor storage capacity losses due to sloughing (or erosion) from the pitwalls.
Sloughing has occurred in the past resulting in the loss of approved capacity.
</DIV>

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

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</DIV>



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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to the ongoing operation of the DTMF, Cameco has performed several studies to better
understand the pitwall sloughing mechanism and initiated engineering work to design and build
mitigation measures for the prevention of sloughing. Sloughing has occurred in the past 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 DTMF.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Having
received regulatory approval, in September&nbsp;2008 the expansion of the Rabbit Lake TMF was
initiated and completion is planned in the second quarter of 2009. In addition to sufficient
capacity to contain all the tailings expected from future processing of Rabbit Lake&#146;s share of
Cigar Lake phase 1 uranium solution, Cameco expects that the expanded facility will have sufficient
capacity to support continued mine and mill production from Eagle Point ore to 2013 (based upon
expected ore grades and milling rates).
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to maintain existing tailings capacity at the DTMF and Rabbit Lake TMF due to sloughing or
other causes or failure to obtain or delay in obtaining regulatory approval for a new tailing
management facility or to expand existing tailing capacity at the DTMF or Rabbit Lake TMF could
constrain uranium production, which could have a material adverse impact upon Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor tailings dam height was raised three metres in 2008 and now has capacity to store
tailings until the end of 2010. An additional nine metres of dam height, scheduled for
construction between 2009 and 2012, is expected by Centerra to extend the life of the tailings
facility to the end of the current mineral reserves. The Kumtor tailings dam design has been
approved by the Kyrgyz authorities to elevation 3,670 metres and is sufficient to contain all the
tailings generated in the current life-of-mine plan. Kumtor is required to obtain additional
permits in connection with the raising and the operation of the tailings facility. If all
necessary permits and authorizations are not obtained, or all work is not completed to further
increase the capacity of the tailings dam, delays in, or interruptions or cessation of Centerra&#146;s
production from Kumtor may occur, which could have a material adverse impact upon Cameco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Labour Relations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has unionized employees at McArthur River, Key Lake and Port Hope and at CFM&#146;s facilities in
Port Hope and Cobourg. The collective agreement for McArthur River and Key Lake unionized
employees expires on December&nbsp;31, 2009. A new collective agreement covering Port Hope unionized
employees was entered into during 2007, which expires in June&nbsp;2010. A new collective agreement
covering CFM unionized employees was also entered into during 2007 and which expires June&nbsp;2009.
Centerra&#146;s subsidiary, KOC, has a collective agreement covering Kumtor unionized employees, which
expires January&nbsp;2011. Centerra&#146;s subsidiary, BGC, has a collective agreement covering Boroo
unionized employees, which expires February&nbsp;2010. Cameco cannot predict at this time whether new
collective agreements will be reached with these or other employees without a work stoppage.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any lengthy work interruptions could have a material adverse impact on Cameco&#146;s future cash flows,
earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Imprecision of Reserve and Resource Estimates</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The mineral reserves and resources included herein for uranium and gold are estimates, and no
assurances can be given that indicated levels of uranium and gold will be produced or that Cameco
will receive the uranium price and gold price assumed in estimating these reserves. Such estimates
are expressions of judgment based on knowledge, mining experience, success of planned mining
methods, analysis of drilling results, and industry practices. Valid estimates made at a given
time may significantly change when new information becomes available. While the Company believes
that the reserve and resource estimates included are well established and reflects management&#146;s
best estimates, by their nature mineral reserve and resource estimates are imprecise and depend, to
a certain extent, upon statistical inferences which may ultimately prove unreliable. Furthermore,
fluctuations in the market price of uranium and gold, as well as increased capital or production
costs or reduced recovery rates, may render reserves uneconomic and may ultimately result in a
reduction of reserves. Estimated mineral reserves may have to be recalculated based upon actual
production experience.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The extent to which resources may ultimately be reclassified as proven or probable reserves is
dependent upon the demonstration of their profitable recovery. The estimation of reserves or
resources is always influenced by economic and technological factors, which may change over time,
and the experience gained in use of a mining method. Failure to obtain or maintain necessary
permits or government approvals or changes to applicable legislation could cause a reduction in
mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The SEC does not permit mining companies in their filings with the SEC to disclose estimates other
than mineral reserves. However, as Cameco prepares this Annual Information Form in accordance with
Canadian disclosure requirements, it contains mineral resource estimates, which are required by NI
43-101 as well. Mineral resource estimates for properties that have not commenced production are
based, in many instances, on limited and widely spaced drill hole information, which is not
necessarily indicative of the conditions between and around drill holes. Accordingly, such mineral
resource estimates may require revision as more drilling information becomes available or as actual
production experience is gained. No assurances can be given that any mineral resource estimate will
ultimately be reclassified as proven or probable reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If Cameco&#146;s reserve or resource estimates for its uranium and gold properties are inaccurate or are
reduced in the future, this could have a material adverse impact on Cameco&#146;s future cash flows,
earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Production Estimates may be inaccurate</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra prepares estimates of future production for particular operations. No
assurance can be given that production estimates will be achieved. Expected future production
estimates are inherently uncertain, particularly for periods extending beyond one year, and could
materially change over time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium and gold production estimates are based on, among other things, the following factors: the
accuracy of reserve estimates; the accuracy of assumptions regarding ground conditions and physical
characteristics of ores, such as hardness and presence or absence of particular metallurgical
characteristics; equipment and mechanical availability; labour availability; access to the mine;
facilities and infrastructure; sufficient materials and supplies on hand; the accuracy of estimated
rates and costs of mining and processing; the accuracy of assumptions about the success of mining
plans and availability of tailings capacity; and the assumption of ongoing timely regulatory
approvals where these are required. In addition, production estimates for McArthur River assumes
the successful transition to new mining areas at McArthur River beginning in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production estimates for uranium refining, conversion and fuel manufacturing are based on, among
other things, the following factors: no disruption or reduction in supply from the Company&#146;s or
third party sources; and the accuracy of estimated rates and costs of processing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s and Centerra&#146;s actual production may vary from estimates for a variety of reasons,
including, among others: actual ore mined varying from estimates of grade, tonnage, dilution, and
metallurgical and other characteristics; mining and milling losses being greater than planned;
short-term operating factors relating to the ore reserves, such as the need for sequential
development of ore bodies and the processing of new or different ore grades; risk and hazards
associated with mining, milling, uranium refining, conversion and fuel manufacturing; failure of
mining methods and plans; lack of tailings capacity; natural phenomena, such as inclement weather
conditions, floods, underground floods, earthquakes, pit wall failures, ground movements and
cave-ins; unexpected labour shortages or strikes; and interruption or reduction in production due
to fires, failure of critical equipment, shortage of supplies or other unforeseen difficulties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to achieve production estimates could have a material adverse impact on Cameco&#146;s future
cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Exploration and Development activities may not be successful</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Exploration for and development of uranium and gold properties involve significant financial risks
that even a combination of careful evaluation, experience and knowledge may not eliminate. While
the discovery of an ore body may result in substantial rewards, few properties that are explored
are ultimately developed into producing mines. Major
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">expenses may be required to establish mineral reserves, including expenses for drilling,
constructing mining and processing facilities at a site, connecting to reliable infrastructure,
developing metallurgical processes and extracting uranium and gold from ore. Cameco and Centerra
cannot guarantee that their current exploration and development programs will result in profitable
commercial mining operations or replacement of current production at existing mining operations
with new reserves. Also, substantial expenses may be incurred on exploration projects that are
subsequently abandoned due to poor exploration results or the inability to define reserves that can
be mined economically.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s and Centerra&#146;s ability to sustain or increase their present levels of uranium and gold
production, respectively, is dependent in part on successful projects for the development of new
ore bodies and/or expansion of existing mining operations. There are many risks and unknowns
inherent in all projects. For example, the economic feasibility of projects are based upon many
factors, including, among others: the accuracy of reserve estimates; metallurgical recoveries;
capital and operating costs of such projects; government regulations relating to prices, taxes,
royalties, land tenure, land use, importing and exporting, and environmental protection; and
uranium and gold prices, which are highly volatile. Projects are also subject to the successful
completion of feasibility studies, resolution of various fiscal, tax and royalty matters, the
issuance of necessary governmental permits, acquisition of satisfactory surface or other land
rights, availability of infrastructure, including for power and water, to support the project and
availability of adequate financing to develop it.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some projects have no operating history upon which to base estimates of future cash flow.
Estimates of proven and probable reserves and cash operating costs are, to a large extent, based
upon detailed geological and engineering analysis. Cameco and Centerra conduct feasibility studies
that derive estimates of capital and operating costs based upon many factors, including, among
others: anticipated tonnage and grades of ore to be mined and processed; the configuration of the
ore body; ground and mining conditions; expected recovery rates of the uranium and gold from the
ore; and anticipated environmental and regulatory compliance costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The capital expenditures and time required to develop new mines or other projects are considerable
and changes in costs or construction schedules can affect project economics. Thus, it is possible
that actual costs and economic returns may differ materially from Cameco&#146;s and Centerra&#146;s best
estimates, or that they could fail to obtain satisfactory resolution of fiscal or tax matters or
government approvals necessary for the development or operation of the project, in which case the
project may not proceed, either on its original timing, or at all. It is not unusual in the mining
industry for new mining operations to experience unexpected problems during the start-up phase,
resulting in delays, and to require more capital than anticipated. These delays and additional
costs could have a material adverse impact on Cameco&#146;s and Centerra&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Environmental, health and safety risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra expend significant financial and managerial resources to comply with a complex
set of environmental, health and safety laws, regulations, guidelines and permitting requirements
(for the purpose of this paragraph, &#147;laws&#148;) drawn from a number of jurisdictions. The historical
trend toward stricter laws is likely to continue. The uranium industry is subject to not only the
worker health, safety and environmental risks associated with all mining businesses, including
potential liabilities to third parties for environmental damage, but also to additional radiation
risks uniquely associated with uranium mining, processing and fuel manufacturing. The possibility
of more stringent laws or more rigorous enforcement of existing laws exists in the areas of worker
health and safety, the disposition of wastes, the decommissioning and reclamation of mining,
milling, refining, conversion and fuel manufacturing sites and other environmental matters, each of
which could have a material adverse effect on Cameco&#146;s and Centerra&#146;s operations or the cost or the
viability of a particular project.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s and Centerra&#146;s facilities operate under various operating and environmental permits,
licences and approvals that contain conditions that must be met and Cameco&#146;s and Centerra&#146;s right
to continue operating their facilities is, in a number of instances, dependent upon compliance with
these conditions. Failure to meet certain of these conditions could result in interruption or
closure of Cameco&#146;s and Centerra&#146;s facilities or material fines or penalties, all of which could
have a material adverse impact on Cameco&#146;s future cash flows, earnings, results of operations and
financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In July&nbsp;2007, contamination of the soil under the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was discovered,
and production of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> was suspended to allow an investigation. The findings of a
preliminary risk assessment, along with the low concentrations of
</DIV>

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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">contaminants in the soil and groundwater outside the footprint of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, suggest
that the health and safety of employees and the public have not been and will not be adversely
affected. However, Cameco is in the process of conducting a site-wide risk assessment that will
identify contaminants that could pose a potential risk to the environment. The finding of this
site-wide risk assessment, as well potentially contradicting the findings of the preliminary risk
assessment, could result in regulatory or other actions that could impact Cameco&#146;s plans to restart
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at Port Hope, which could have a material adverse impact upon Cameco.
(For a discussion of this matter and related risks see <I>Uranium Fuel Conversion Services -
Operations &#151; Port Hope &#151; Conversion</I>.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Cameco or Centerra may be unable to enforce its legal rights in certain circumstances</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the event of a dispute arising at Cameco&#146;s or Centerra&#146;s foreign operations, Cameco and Centerra
may be subject to the exclusive jurisdiction of foreign courts or may not be successful in
subjecting foreign persons to the jurisdiction of courts in Canada. Cameco and Centerra may also
be hindered or prevented from enforcing its rights with respect to a government entity or
instrumentality because of the doctrine of sovereign immunity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The dispute resolution provision of the Investment Agreement, the Boroo Stability Agreement, the
Resource Use Contract, and HEU Commercial Agreement stipulate that any dispute between the parties
thereto is to be submitted to international arbitration. However, there can be no assurance that a
particular governmental entity or instrumentality will either comply with the provisions of these
or any other agreements or voluntarily submit to arbitration. If Cameco and Centerra are unable
to enforce their rights under these agreements, this could have a material adverse impact on
Cameco&#146;s future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Properties may be subject to defects in title</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra have investigated their rights to explore and exploit all of their material
properties and, to the best of their knowledge, those rights are in good standing. However, no
assurance can be given that such rights will not be revoked, or significantly altered, to their
detriment. There can also be no assurance that Cameco&#146;s and Centerra&#146;s rights will not be
challenged or impugned by third parties, including the local governments, and in Canada, by First
Nations and M&#233;tis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The validity of unpatented mining claims on US public lands is sometimes uncertain and may be
contested. Due to the extensive requirements and associated expense involved in obtaining and
maintaining mining rights on US public lands, Centerra&#146;s interest in the REN property and Cameco&#146;s
interest, held by subsidiaries, in its US ISR properties may be subject to various uncertainties
that are common to the industry, with the attendant risk that its title may be defective or
challenged.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although Cameco is not currently aware of any existing title uncertainties, claims or challenges
with respect to any of its material properties (McArthur River, Cigar Lake and Kumtor), other than
with respect to First Nation and M&#233;tis claims in Saskatchewan and with respect to Kumtor as
discussed at <I>Centerra Legal Proceedings</I>, there is no assurance that such uncertainties, claims or
challenges will not result in future losses or additional expenditures, which could have a material
adverse impact on Cameco&#146;s future cash flows, earnings, results of operations and financial
condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Current Global Financial Condition</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 bank credit has been negatively impacted by both the
rapid decline in value of sub-prime mortgages and the liquidity crisis affecting the asset-backed
commercial paper market. These and other factors may affect Cameco&#146;s 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 Cameco&#146;s 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: (a)&nbsp;Cameco&#146;s
operations could be adversely impacted and the trading price of Cameco&#146;s common shares may be
adversely affected; and (b)&nbsp;investments in new nuclear plants, as well as investments in the
refurbishment or replacement of aging nuclear plants, may be delayed, cancelled or not proceed,
which could have a material adverse impact on Cameco&#146;s prospects.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 114 -<!-- /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; margin-left: 4%"><I>Counterparty/Credit Risk</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco takes measures that are intended to ensure its customers, suppliers and hedging
counterparties can fulfill their contractual obligations. These transactions expose the Company to
the risk of default or credit risk by the counterparties to these contracts. Due to the current
global economic situation the risk of default by these parties has increased. Default by one or
more significant customers, critical suppliers or hedging counterparties could be material to
Cameco&#146;s financial condition, liquidity and results of operations. Although Cameco seeks to manage
its credit risk and supplier risk exposure, as noted below, there can be no assurance that Cameco
will be successful in eliminating the potential material adverse impacts of such risks.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Customers</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s sales of uranium product, conversion and fuel manufacturing services expose the Company to
the risk of non-payment, another form of credit risk. Cameco manages this risk by monitoring the
credit worthiness of its customers and seeking pre-payment or other forms of payment security from
customers with an unacceptable level of credit risk. As of December&nbsp;31, 2008, about 3% of Cameco&#146;s
forecast revenue under contract for the period 2009 to 2011 is with customers whose
creditworthiness does not meet Cameco&#146;s standards for unsecured payment terms. As well, Cameco&#146;s
purchase of uranium product and conversion services, such as under the HEU Commercial Agreement and
Springfields toll-conversion agreement, exposes the Company to the risk of the supplier&#146;s failure
to fulfill its delivery commitment.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Suppliers</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco purchases reagents and other production inputs and supplies from numerous suppliers around
the world, and is therefore exposed to risk should any of these suppliers default on their
contractual commitments to Cameco. There are a number of instances where Cameco has been reliant on
a sole supplier, for example, the supply of hydrofluoric acid to the Port Hope UF6 conversion
facility and the supply of sulphuric acid to the Inkai operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Port Hope, Cameco suspended UF6 production in late November&nbsp;2008 due to a contract dispute with
its sole supplier of hydrofluoric acid. For more information, see <I>Nuclear Business-Uranium Fuel
Conversion Services-Operations</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the
Inkai project, a fire at one acid plant in Kazakhstan during the
third quarter of 2007 and a delay
in the startup of a new plant limited the availability of sulphuric acid required for mining. For
more information see <i>Nuclear Business- Development Projects-
Inkai</i>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is examining its entire supply chain, looking to diversify or add inventory where we are
vulnerable. There can be no assurance that these efforts will mitigate the risk.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Hedging Counterparties</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco employs the use of derivative financial and commodity instruments to reduce exposure to
fluctuations in foreign currency exchange rates, interest rates and commodity prices. The purpose
of hedging transactions is to modify Cameco&#146;s exposure to one or more risks by creating an offset
between changes in the fair value of, or the cash inflows attributable to, the hedged item and the
hedging item.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Counterparty risk on hedging arrangements is managed by dealing with financial institutions that
meet Cameco&#146;s credit rating standards and by limiting exposures with individual counterparties. At
December&nbsp;31, 2008, as Cameco is in a mark-to-market loss position on its foreign exchange
contracts, there is likely no counterparty default risk on Cameco&#146;s hedging arrangements at this
time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Canadian dollar decreases significantly against the US dollar, and a counterparty defaults
under its contract, there is an increased risk of financial loss to Cameco.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 115 -<!-- /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; margin-left: 4%"><I>Currency Fluctuations</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s earnings and cash flow may also be affected by fluctuations in the US/Canadian dollar
exchange rate. Cameco&#146;s sales of uranium and conversion services are mostly denominated in US
dollars, while the production costs of both are denominated primarily in Canadian dollars.
Cameco&#146;s consolidated financial statements are expressed in Canadian dollars.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s consolidated financial statements are expressed in US dollars. Its sales of gold are
denominated in US dollars. As part of the consolidation by Cameco of Centerra&#146;s financial results,
the sales of gold are converted into Canadian dollars at prevailing exchange rates.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fluctuations in exchange rates between the US dollar and the Canadian dollar may give rise to
foreign exchange currency exposures, both favourable and unfavourable, which have materially
impacted and may materially impact in the future Cameco&#146;s financial results. Although Cameco
utilizes a hedging program to limit any adverse effects of foreign exchange rate fluctuations,
there can be no assurance that such hedges have eliminated the potential material adverse impact of
such fluctuations.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Decommissioning and Reclamation</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Environmental regulators are increasingly requiring financial assurances to assure that the cost of
decommissioning and reclaiming sites are borne by the parties involved, and not by government.
Cameco has filed decommissioning plans for certain of its properties with regulators. These
regulators have accepted the decommissioning plans in concept. Beginning in 1996, Cameco has
conducted regulatory-required reviews of its decommissioning plans for all Canadian sites. These
periodic reviews are done on a five-year basis, or at the time of an amendment to or renewal of an
operating licence. As Cameco properties approach or go into decommissioning, further regulatory
review of the detailed decommissioning plans may result in additional requirements, associated
costs and financial assurances. It is not possible to predict what level of decommissioning and
reclamation (and financial assurances relating thereto) may be required in the future by
regulators. If Cameco is required to comply with significant additional regulations or if the
actual cost of future decommissioning and reclamation is significantly higher than current
estimates, this could have a material adverse impact on Cameco&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly at each of Centerra&#146;s mine sites, Centerra is required to establish a decommissioning and
reclamation plan. Provision must be made for the cost of decommissioning and reclamation. These
costs can be significant and are subject to change. Centerra cannot predict what level of
decommissioning and reclamation may be required in the future by regulators. If Centerra is
required to comply with significant additional regulations or if the actual cost of future
decommissioning and reclamation is significantly higher than current estimates, this could have a
material adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Disclosure and Internal Controls</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Internal control over financial reporting is a process designed to provide reasonable assurance
regarding the reliability of financial reporting and preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. Disclosure controls
and procedures are designed to ensure that information required to be disclosed by a company in
reports filed with securities regulatory agencies is recorded, processed, summarized and reported
on a timely basis and is accumulated and communicated to a company&#146;s management, including its
chief executive officer and chief financial officer, as appropriate, to allow timely decisions
regarding required disclosure. A control system, no matter how well designed and operated, can
provide only reasonable, not absolute, assurance with respect to the reliability of reporting,
including financial reporting and financial statement preparation.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Key Personnel</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The chief executive officer and senior officers of Cameco and Centerra are critical to their
success. In the event of the departure of the chief executive officer or a senior officer, each of
Cameco and Centerra believe that they will be successful in attracting and retaining qualified
successors but there can be no assurance of such success. If either
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 116 -<!-- /Folio -->
</DIV>

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco or Centerra is not successful in attracting and retaining qualified personnel, the
efficiency of its operations could be affected, which could have a material adverse impact on
Cameco&#146;s future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Cameco&#146;s and Centerra&#146;s success depends on their ability to attract and retain qualified
personnel</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recruiting and retaining qualified personnel is critical to Cameco&#146;s and Centerra&#146;s success. The
number of persons skilled in the acquisition, exploration, development and operation of mining
properties and the operation of uranium, milling, refining, conversion and fuel manufacturing
facilities is limited and competition for such persons is intense. As Cameco&#146;s and Centerra&#146;s
business activity grows, they will require additional key financial, administrative, technical and
operations staff. The Concession Agreement relating to Centerra&#146;s Kumtor operations also requires
two thirds of all administrative or technical personnel to be citizens of the Kyrgyz Republic. It
has been necessary to engage expatriate workers for Centerra&#146;s operations in Mongolia and, to a
lesser extent, the Kyrgyz Republic because of the shortage of locally trained personnel. It is
also necessary for Cameco to engage expatriate and local workers for the Inkai project in
Kazakhstan. If Cameco or Centerra is not successful in attracting and training qualified
personnel, the efficiency of its operations could be affected, which could have a material adverse
impact on Cameco&#146;s future cash flows, earnings, results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Prospects may suffer due to enhanced competition for mineral acquisition opportunities</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant and increasing competition exists for mineral acquisition opportunities throughout the
world. As a result of this competition, Cameco and Centerra may be unable to acquire rights to
exploit additional attractive mining properties on terms that Cameco and Centerra consider
acceptable. Accordingly, there can be no assurance that the Company and Centerra will acquire any
interest in additional operations that would yield reserves or result in commercial mining
operations. If Cameco and Centerra are not able to acquire such interests, this could have a
material adverse impact on Cameco&#146;s future cash flows, earnings, results of operations and
financial condition. Even if they do acquire such interests, the resultant business arrangements
may not ultimately prove beneficial to their businesses.
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Volatility and Sensitivity to Prices</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because the majority of the Company&#146;s revenues are derived from the sale of uranium and uranium
products, the Company&#146;s net earnings and cash flow are closely related and sensitive to
fluctuations in the long-term and short-term market price of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and for
uranium conversion services. Historically, these prices have fluctuated and have been and will
continue to be affected by numerous factors beyond the Company&#146;s control. Such factors include,
among others: demand for nuclear power; political and economic conditions in uranium producing and
consuming countries; reprocessing of used reactor fuel and the re-enrichment of depleted uranium
tails; sales of excess civilian and military inventories (including from the dismantling of nuclear
weapons) by governments and industry participants; production levels and costs of production;
significant production interruptions or delays in expansion plans; and actions of investment and
hedge funds in the uranium market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The fluctuation of the prices of uranium and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services is illustrated by
the following tables, which set forth, for the periods indicated, the highs and lows of the spot
price for non-CIS origin U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> and UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion services, as
published by Trade Tech:
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Spot Uranium Prices </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(US $/lb of U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1999</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Spot</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: The Nuexco Exchange Value, published by TradeTech. Spot prices reflect the spot
price for all uranium other than of CIS origin.</TD>
</TR>

</TABLE>



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->- 117 -<!-- /Folio -->
</DIV>

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

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

<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Range of Nuexco Spot UF</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>6</B></SUB> <B>Conversion Values </B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>(US$/kg U)</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1999</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2000</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2001</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2002</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Spot</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">High</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.00</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Low</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.80</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.00</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Source: The Nuexco Conversion Value, published by TradeTech. The conversion value over this
period of time is for the provision of conversion services delivered in North America.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although the Company employs various pricing mechanisms within its sales contracts to manage its
exposure to price fluctuations, there can be no assurance that such a program will be successful.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Large flood at the McArthur River Mine, Cigar Lake Project, or Rabbit Lake Mine</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is a risk of floods at McArthur River, Cigar Lake and Rabbit Lake. These operations have
each been subject to one or more floods (also called water inflows).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On April&nbsp;6, 2003, production at Cameco&#146;s McArthur River mine was temporarily suspended, as an
increased water inflow from an area of collapsed rock in a new development area began to flood
portions of the mine. The sandstone that overlays the basement rocks of the McArthur River deposit
contains significant water, which is at hydrostatic pressure. Water flow into the mine area is
generally prevented by ground freezing. There are technical challenges at McArthur River involving
the groundwater and rock properties.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This incident resulted in a considerable shortfall in 2003 uranium production and a major setback
to the development of new mining zones as revised mining plans were subsequently prepared and
improved controls put in place to access the zone where the inflow occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake deposit has hydro-geological characteristics similar to McArthur River and as a
result also has technical challenges involving groundwater and rock properties. Starting in 2006,
three water inflows have occurred at Cigar Lake. For a discussion of these water inflows, see
<i>Cigar Lake &#150; Water Inflows and Remediation</i>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake water inflows have had many significant impacts upon Cameco, among others, including
a significant delay in Cigar Lake production, an increase in capital costs, and requiring Cameco to
give notice to many of its customers that it was declaring an interruption in planned supply.
There can be no assurance as to when production will commence or that other occurrences will not
further delay production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2007, Cameco temporarily reduced underground activities at Rabbit Lake due to an
increase of water flow from a mining area at the same time as the capacity of the surface
water-handling system was limited due to an equipment upgrade. In late December&nbsp;2007, Rabbit Lake
operations resumed normal mining activities, after site crews located and plugged the source of the
water inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no guarantee against floods in the future at McArthur River, Cigar Lake or Rabbit
Lake. A flood could result in consequences that are material and adverse to Cameco, such
consequences include, among others, significant delays in, or interruption or reduction of,
production, significant delays in, or interruption of, mine development or remediation activities,
a loss of reserves, and a material increase in costs. The consequences of a flood will depend on
the magnitude, location, and timing of any such flood. Water inflows and floods are generally not
insurable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Technical Challenges</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the unique nature of the deposits at McArthur River and Cigar Lake, there are technical
challenges at these deposits involving groundwater, rock properties, radiation protection, mining
methods, ore-handling and transport. Failure to resolve any one of these technical challenges at
McArthur River or Cigar Lake may have a material adverse impact on the Company.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 118 -<!-- /Folio -->
</DIV>

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Beginning in 2009, Cameco is transitioning to new mining areas at McArthur River which involves
significant technical challenges. Failure or delay in overcoming these challenges may have a
material adverse impact on the Company.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Replacement of Depleted Reserves</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River and Rabbit Lake mines are currently the Company&#146;s principal sources of mined
uranium concentrates. Unless the Cigar Lake and Inkai deposits are successfully developed and
achieve commercial levels of production or other reserves are identified, discovered or extensions
to existing ore bodies are found, the Company&#146;s sources of mined uranium concentrates will decrease
over time as reserves at these two mines are depleted, which could have a material adverse impact
on Cameco. The reserves at Rabbit Lake&#146;s Eagle Point mine are expected to be depleted in 2013.
Although in the past the Company (or its predecessors) has successfully replenished its reserves
through ongoing exploration, development and acquisition programs, there can be no assurance that
Cameco&#146;s future exploration, development and acquisition efforts will be successful. In addition,
while Cameco believes that the Cigar Lake and Inkai deposits will be put into production, there can
be no assurance that they will be.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Aboriginal Title and Consultation Issues</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First Nations and M&#233;tis title claims, as well as related consultation issues, may affect the
ability of Cameco to pursue exploration, development and mining at its Saskatchewan uranium
producing properties (McArthur River and Rabbit Lake) and developmental property (Cigar Lake), as
well as milling ore at Key Lake. Cameco has received formal demands from the English First River
Nation (EFRN)&nbsp;and the M&#233;tis Nation of Saskatchewan to be consulted and accommodated with respect to
development on aboriginal traditional lands, which is an expectation of all aboriginal groups in
Northern Saskatchewan. It is generally acknowledged that, pursuant to historical treaties, First
Nation bands in northern Saskatchewan ceded title to most traditional lands in northern
Saskatchewan in exchange for treaty benefits and reserves lands. However, generally First Nations
in Saskatchewan continue to assert that their treaties are not an accurate record of their
agreement with the Canadian government and that they did not cede title to the minerals when they
ceded title to their traditional lands. First Nations have launched a lawsuit in Alberta making a
similar claim that they did not cede title to the oil and natural gas rights when they ceded title
to their traditional lands. A similar lawsuit could be brought by First Nations in Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the ERFN has selected lands for Treaty Land Entitlement (TLE)&nbsp;designation that covers
the mineral claims for the Millennium uranium deposit. The Saskatchewan government recently
rejected this selection (December&nbsp;2008). However, the ERFN has challenged that rejection in the
courts. Similarly, the Peter Ballantyne Cree has selected lands under the TLE process that cover
portions of the mineral claims held by the Dawn Lake joint venture. The TLE process does not
affect the rights of Cameco&#146;s mining joint ventures; however, it may have an impact on the surface
rights and benefits ultimately negotiated as part of the development of the Millennium and Dawn
Lake deposits. Cameco, as the operator of both affected joint ventures, is investigating the
potential implications of the TLE issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Managing these issues is an integral part of exploration, development and mining in Canada and
Cameco is committed to managing these issues effectively. However, in view of the legal and
factual uncertainties, no assurance can be given that material adverse consequences will not arise
in connection with First Nation and M&#233;tis title claims and related consultation issues as well as
TLE land claims.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Competition from Other Energy Sources and Public Acceptance of Nuclear Energy</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Nuclear energy competes with other sources of energy, including oil, natural gas, coal and
hydro-electricity. These other energy sources are to some extent interchangeable with nuclear
energy, particularly over the longer term. Sustained lower prices of oil, natural gas, coal and
hydro-electricity may result in lower demand for uranium concentrates and uranium conversion
services. Furthermore, growth of the uranium and nuclear power industry will depend upon continued
and increased acceptance of nuclear technology as a means of generating electricity. Because of
unique political, technological and environmental factors that affect the nuclear industry, the
industry is subject to public opinion risks which could have an adverse impact on the demand for
nuclear power
and increase the regulation of the nuclear power industry. An accident at a nuclear reactor
anywhere in the world could impact the continuing acceptance of nuclear energy and the future
prospects for nuclear generation, which may have a material adverse impact on Cameco.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->- 119 -<!-- /Folio -->
</DIV>



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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Dependence on Limited Number of Customers</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s principal business relates to the production and sale of uranium concentrates and the
provision of uranium conversion services. The Company relies heavily on a small number of
customers to purchase a significant portion of its production of uranium concentrates and its
uranium conversion services. For instance, for the period 2009 through 2011, Cameco&#146;s five largest
customers are anticipated to account for approximately 47% of the Company&#146;s contracted supply of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. For the period 2009 through 2011, Cameco&#146;s five largest UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion customers are anticipated to account for approximately 37% of the Company&#146;s contracted
supply of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services. Cameco is currently the only commercial supplier of
UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> for use in Canadian CANDU heavy water reactors with sales to its largest customer
accounting for approximately 46% of the Company&#146;s UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> sales in 2008. In addition,
during 2008, revenues from one customer of Cameco&#146;s uranium and conversion segments represented
approximately $107&nbsp;million (7%) of Cameco&#146;s total revenues from those businesses. As well, sales
for the Bruce A and B reactors represent a substantial portion of the Company&#146;s fuel manufacturing
business. The loss of any of the Company&#146;s largest customers or curtailment of purchases by such
customers could have a material adverse impact on the Company&#146;s future cash flows, earnings,
results of operations and financial condition.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Uranium Industry Competition and International Trade Restrictions</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The international uranium industry, including the supply of uranium concentrates and the provision
of uranium conversion services, is highly competitive. The Company markets uranium to utilities in
direct competition with supplies available from a relatively small number of world uranium mining
and enrichment companies, from excess inventories, including inventories made available from
decommissioning of nuclear weapons, from reprocessed uranium and plutonium derived from used
reactor fuel, and from the use of excess enrichment capacity to re-enrich depleted uranium tails.
The supply of uranium from Russia is, to some extent, impeded by a number of international trade
agreements and policies. These agreements and any similar future agreements, governmental policies
or trade restrictions are beyond the control of Cameco and may affect the supply of uranium
available in the US and Europe, which are the largest markets for uranium in the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">With respect to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion, the Company competes on the basis of price, location and
service with two other full scale commercial suppliers in the western world and with additional
supplies available from excess inventories, including inventories made available from
decommissioning of nuclear weapons, and the use of excess enrichment capacity to re-enrich depleted
uranium tails.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Deregulation of the Electrical Utility Industry</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s future prospects are tied directly to the electrical utility industry worldwide.
Deregulation of the utility industry, particularly in the US and Europe, is expected to impact the
market for nuclear and other fuels for years to come, and may result in the premature shutdown of
some nuclear reactors. Experience to date with deregulation indicates that utilities are improving
the performance of their reactors, achieving record capacity factors. There can be no assurance
that this trend will continue.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Reduced Liquidity and Difficulty in Obtaining Future Financing</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The further development and exploration of mineral properties in which Cameco holds an interest may
depend upon Cameco&#146;s ability to obtain financing through joint ventures, debt financing, equity
financing or other means. There is no assurance that Cameco will be successful in obtaining
required financing as and when needed. Volatile uranium markets, a claim against Cameco, a
significant event disrupting Cameco&#146;s business or operations, or other factors may make it
difficult or impossible for Cameco to obtain debt financing or equity financing on favourable terms
or at all.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Technical Obsolescence</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Requirements for the Company&#146;s products and services may be affected by technological changes in
nuclear reactors, enrichment and used fuel processing.
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 120 - <!-- /Folio -->
</DIV>

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



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


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Risks Relating to Nuclear Electrical Generation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Generation and Technology Risks</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is exposed to the market impact of uncertain output from its nuclear units known as generation
risk. The amount of electricity generated by BPLP is affected by such risks as nuclear fuel
supply, equipment malfunction, maintenance requirements, and regulatory and environmental
constraints. BPLP is exposed to considerable technology risk because of the age of the Bruce
units. Technology risks that could lead to significant impacts on the generating capability or
operating life of BPLP&#146;s assets are not fully predictable. BPLP attempts to identify those risks
through on-going management review and assessments, internal audits, and from experience of nuclear
units around the world.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The occurrence of any events associated with generation risk or technology risk could have a
material adverse impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Nuclear Operations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Risks of substantial liability, as well as the potential for significant increased costs of
operations, arise from the management and operation of nuclear generating stations, including,
among other things, from structural problems, increasing security requirements to cover factors
such as physical security threats, equipment malfunctions, and the storage, handling and disposal
of radioactive materials. BPLP has implemented risk management strategies, including the safety
systems that are a part of CANDU technology, but there can be no assurance that such risks can be
minimized or eliminated. An accident at a nuclear installation anywhere in the world or other
reasons could cause the CNSC to limit the operation or licensing of the Bruce nuclear generation
stations. Any such accident could also have an impact on the future prospects for nuclear
generation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">There is no assurance that the foregoing risks and hazards will not result in damage to, or
destruction of, BPLP&#146;s nuclear facilities, personal injury or death, environmental damage, delays
in or interruption of or cessation of operations from BPLP&#146;s facilities, costs, monetary losses and
potential legal liability and adverse governmental action.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">OPG undertook a testing and inspection program to ascertain the physical condition of its nuclear
generating stations. BPLP has continued that program for the Bruce nuclear generating stations by
contracting with OPG for the supply of fuel channel and other inspection services (see <I>Operating
Life Assessment </I>above). As a result of this program, OPG identified equipment life cycle issues,
such as steam generator tube corrosion, feeder pipe wall thinning and pressure tube/calandria tube
contact. Cameco understands these conditions were anticipated in the design but that experience
has shown that the rate of degradation is higher than anticipated. In addition, no nuclear
generating station utilizing CANDU technology has yet completed a full life cycle. There can be no
assurance that BPLP will not have to incur significant capital expenditures for repairs or
replacements in addition to those currently contemplated. To address these issues, BPLP may need
to increase preventative maintenance programs and allow for more outage time (a period when a
nuclear reactor is not operating) than currently planned. Such additional repairs, replacements
and longer outage times could have a material adverse impact on BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Unplanned or Extended Outages</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s anticipated contribution to Cameco&#146;s financial results in a given year could be
significantly impacted if the amount of electricity generated is less than expected due to
extensions of planned outages significantly beyond their scheduled periods, or if there are one or
more unplanned outages which, in aggregate, are for an extended period.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Labour Relations</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has approximately 3,700 employees. Most of them are unionized. The PWU Collective Agreement
expires December&nbsp;2009. The Society of Energy Professionals Collective Agreement, which commenced
January&nbsp;2005, expires December&nbsp;2009. Cameco cannot predict at this time whether new collective
agreements will be reached with these or
</DIV>
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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">other employees without a work stoppage. Any lengthy work interruptions could have a material
adverse impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Government Regulation</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s operations are subject to extensive government regulation, which regulation may change from
time to time. Failure to comply with government regulations could subject BPLP to the revocation
of its operating licences for its nuclear generation facilities, the imposition of additional
conditions under such licences, and fines or other penalties. Matters that are subject to
regulation include nuclear operations, nuclear waste management and decommissioning and
environmental matters. These regulations are promulgated pursuant to both federal and provincial
law. Operations that are not currently regulated may become subject to regulation. Since legal
requirements frequently change and are subject to interpretation, BPLP is not able to predict the
ultimate cost of compliance with regulatory requirements or their effect on operations. Some of
BPLP&#146;s operations are regulated by government agencies that exercise discretionary powers conferred
by statute. Since the scope of such authority is discretionary and may be inconsistently applied,
BPLP is not able to predict the ultimate cost of compliance with these requirements or their effect
on operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">BPLP has decided to delay introduction of modified fuel in the Bruce B units. Previously, the plan
was to start refuelling the Bruce B units with modified fuel commencing in 2008. The use of the
modified fuel was intended to restore the safety margins of the reactors and allow them to operate
at their design capacity. Currently, the Bruce B units are operating safely with reduced operating
margins. BPLP has successfully taken other steps to partially restore the power rating at the
Bruce B units. While the delay of the deployment of the modified fuel at Bruce B is not expected
to result in any derating due to the low probability event safety margins, it remains possible that
the units could experience significant derating in the future due to this issue. In addition, due
to, among other things, inadequate safety margins, the CNSC has the power to limit the output from
or order the shutdown of one or more of the Bruce B units and to impose additional onerous licence
conditions on BPLP. (See <I>Bruce Power LP &#150; The Generating Facilities &#150; New Fuel Program </I>above.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Fuel Fabrication Defects and Product Liability</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco Fuel Manufacturing Inc. (CFM)&nbsp;fabricates nuclear fuel bundles, other reactor components and
monitoring equipment. CFM&#146;s products are complex and, accordingly, may contain defects that could
be detected at any point in their product life cycle. Flaws in these products could materially and
adversely affect CFM&#146;s and Cameco&#146;s reputation, result in significant cost to CFM and Cameco and
impair CFM&#146;s ability to sell its products in the future. The costs incurred in correcting any
product errors may be substantial and could adversely impact CFM&#146;s operating margins. While CFM
introduced in 2007 a rigorous new process review and control regime, there is no guarantee that all
defects or errors in its products will be found.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Some customers may demand compensation if CFM delivers defective products. In the event of a
significant number of product defects, the compensation that may have to be paid could have a
significant impact on Cameco&#146;s operating results.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Some CFM agreements with customers contain specific terms which limit its liability to customers
and others do not. Even with liability limitations in place, such provisions may not be effective
as a result of existing or future laws or unfavourable judicial decisions. CFM has not experienced
any material product liability claims to date. However, given the nature of nuclear fuel products,
there is a risk that such claims could occur in the future. A successful product liability claim
could result in significant monetary liability and could seriously disrupt CFM&#146;s and Cameco&#146;s
business.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Nuclear Waste Management and Decommissioning</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is subject to extensive federal regulation with respect to nuclear waste management. Failure
to comply with such regulation could lead to prosecution and could subject BPLP to the revocation
of its operating licences for its nuclear generation facilities, the imposition of additional
conditions under such licences, and fines and other penalties. Any
</DIV>
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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">release of radioactive material beyond prescribed limits from property leased or occupied by BPLP
could lead to governmental orders requiring investigation, control and/or remediation of such
release and could also lead to claims from third parties for harm caused by such release. BPLP
incurs substantial costs for nuclear waste management and changes in federal regulation could
result in additional costs that could have a material adverse affect on BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The wet bays at Bruce B have limited capacity to store used nuclear fuel. As required by contract
with BPLP, OPG has commenced the collection of used nuclear fuel bundles stored in the wet bays for
transport to and storage at OPG&#146;s dry storage facility at the Bruce site. OPG has title to all
used nuclear fuel bundles in the wet bays. Failure of OPG to continue to provide collection
services of adequate quality or in a timely manner or problems associated with the in station
modifications to the Bruce B wet bays to support the loading of used nuclear fuel bundles into dry
storage containers, could have a material adverse effect on BPLP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Restructuring of Ontario&#146;s Electricity Industry</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government of Ontario has the overall power to regulate Ontario&#146;s electricity industry.
Ontario&#146;s electricity market opened to competition on May&nbsp;1, 2002 with the introduction of
competition in both the wholesale and retail markets in Ontario. The Ontario government
subsequently announced regulatory changes. It is possible that further changes in the structure of
the electricity market may occur based on the experience of the regulatory authorities and market
participants. Such changes could be accomplished either through fundamental changes made by the
government of Ontario to the structure of the Ontario electricity market, or through changes made
to the market rules by the regulators.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The occurrence of any of these events could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Spot Market Electricity Prices</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant portion of BPLP&#146;s revenue is tied, either directly or indirectly, to the spot market
price for electricity in Ontario. The spot market price for electricity will vary depending on,
amongst other variables: the availability of generation and transmission systems; economic growth;
economic slowdown; seasonal and weather-based variations in electricity demand; the plans and
activities of other market participants; the evolution of newly deregulated electricity markets;
regulatory decisions in Ontario and neighbouring jurisdictions (including deregulation); the
exchange rate for the Canadian dollar; wholesale market trading rules; mechanisms for maintaining
adequate generation reserves; and the overall level of competition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Although BPLP engages in risk management activities, including trading of electricity and related
contracts to mitigate these risks, there can be no assurance that these activities will be
successful. Electricity prices can be volatile.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Reliance on Single Contractors</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP is dependent upon OPG for certain nuclear support services, Cameco for
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> supply and UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services, and CFM for fuel
manufacturing services. Reliance by BPLP on a single contractor for each of these services is a
supply security risk. Failure of any of these suppliers to provide services of adequate quality or
in a timely manner, or, in the case of OPG, to agree to extend the term of short-term material
service agreements, could have a material adverse impact on BPLP&#146;s expected contribution to
Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Reliance on Transmission Systems</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s ability to sell electricity depends on the capacity and reliability of the Ontario
electricity transmission system operated by Hydro One and the other North American electricity
transmission systems that are connected to the Ontario electricity transmission system.
Accordingly, the success of BPLP&#146;s business is dependent upon the functioning of interconnected
electrical transmission systems in North America, Hydro One&#146;s operating performance and financial
stability, as well as the provincial regulation of Ontario&#146;s electricity transmission system. The
lack of adequate and
</DIV>
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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 10pt">reliable electricity transmission capacity could have a material adverse impact on BPLP&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Effects of Weather and Economic Conditions</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By the nature of its business, BPLP&#146;s earnings are sensitive to weather variations from time to
time. Variations in winter weather affect the demand for electrical heating requirements.
Variations in summer weather affect the demand for electrical cooling requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Demand erosion continues to dominate the Ontario landscape, driven by declining economic conditions
in Ontario and in North America, which has resulted in partial loss of industrial and wholesale
demand. Since 2004 wholesale load has decreased by 35% (700GWh) and in 2008 Ontario demand is
down by approximately 2% or 2 TWh in comparison to 2007. BPLP continues to implement a diversified
contracting strategy that hedges output against exposure to Ontario low spot prices by sales into
the retail contract market and into neighbouring jurisdictions such as the NYISO market place.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Credit Risk</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Credit risk is the risk of non-performance by contractual counterparties with respect to payment
for services provided. A significant portion of BPLP&#146;s revenues are derived from sales through the
spot market administered by government regulators. Participants in the spot market must meet
standards mandated by regulators for creditworthiness with the result that BPLP&#146;s risk for these
sales should be effectively managed. To the extent that the credit support provided by purchasers
of power to regulators is inadequate, all market participants, including BPLP, could be responsible
for any shortfall in proportion to their market activity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A significant portion of BPLP&#146;s revenues are derived from the sale of electricity under medium-term
and long-term power purchase and electricity price hedging agreements. The purchasers and BPLP
under such agreements must meet certain standards for creditworthiness and, in certain
circumstances, must supply financial assurances as security for non-performance. The requirement
of purchasers to provide financial assurances should result in BPLP&#146;s credit risk for these sales
being effectively managed. To the extent that financial assurances provided by such purchasers are
inadequate, BPLP is subject to credit risk, the occurrence of which could have a material adverse
impact on BPLP&#146;s expected contribution to Cameco&#146;s financial results. BPLP is likewise obligated,
in certain circumstances, to provide financial assurances to such purchasers. Depending on the
circumstances, this may burden the credit capacity of BPLP and Cameco. Cameco has committed to
provide a certain amount of financial assurances to BPLP.
</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra&#146;s business is sensitive to the volatility of gold prices</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s revenue is largely dependent on the world market price of gold. The gold price is
subject to volatile movements over time and is affected by numerous factors beyond Centerra&#146;s
control. These factors include global supply and demand; central bank lending, sales and
purchases; expectations for the future rate of inflation; the level of interest rates; the strength
of, and confidence in, the US dollar; market speculative activities; and global or regional
political and economic events, including Asia&#146;s economies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If the market price of gold falls and remains below variable production costs of any of Centerra&#146;s
mining operations for a sustained period, losses may be sustained and, under certain circumstances,
there may be a curtailment or suspension of some or all of Centerra&#146;s mining and exploration
activities. Centerra would also have to assess the economic impact of any sustained lower gold
prices on recoverability and, therefore, the cut-off grade and level of Centerra&#146;s gold reserves
and resources. These factors could have a material adverse impact on Centerra&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>

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</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra&#146;s reserves may not be replaced</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor and Boroo mines are currently Centerra&#146;s only sources of gold production and will be
depleted by 2014 and 2010 respectively, based upon the current life-of-mine plans. If these
reserves are not replaced, this could have a material adverse impact on Centerra&#146;s expected
contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra may experience further ground movements at the Kumtor mine</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On July&nbsp;8, 2002, a highwall ground movement at the Kumtor mine resulted in the death of one of
Centerra&#146;s employees and the temporary suspension of mining operations. The movement led to a
considerable shortfall in 2002 gold production because the high-grade Stockwork Zone was rendered
temporarily inaccessible. Consequently, Centerra milled lower-grade ore and achieved lower recovery
rates. In February&nbsp;2004, movement was also detected in the southeast wall of the open pit and a
crack was discovered at the crest of the wall. In February&nbsp;2006, there was further movement
detected in the southeast wall of the open pit. In July&nbsp;2006, there was ground movement in the
northeast wall of the open pit that resulted in a new mining sequence and lower than anticipated
gold production in 2006. In the first quarter of 2007, minor slope movement was detected in the
waste dump above the SB Zone highwall in the Central Pit. Deformation cracks in the waste rock
above the till focused attention on wall instability seated in the glacial till between the waste
dumps and the underlying bedrock. Drilling has indicated that further push backs of the Kumtor pit
will encounter unfrozen, water-saturated till. The outer face of the till is frozen and hence the
water behind the slope face is pressurized. If depressurization of the till and of the underlying
rocks cannot be achieved, a flatter slope angle will be required which would lead to a reduction of
the mineral reserves mineable by open pit. For a description of these incidents, see <I>Centerra -
Kumtor Mine &#150; Geotechnical Issues Affecting the Kumtor Open Pit</I>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Although extensive efforts are employed by Centerra to prevent further ground movement, there
is no guarantee against further ground movements. A future ground movement could result in a
significant interruption of operations. Centerra may also experience a loss of reserves or a
material increase in costs, if it is necessary to redesign the open pit as a result of a ground
movement. The consequences of a ground movement will depend upon the magnitude, location and timing
of any such movement. If mining operations are interrupted to a significant magnitude or the mine
experiences a significant loss of reserves or materially higher costs of operation, this could have
a material adverse impact on Cameco.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Changes in, or more aggressive enforcement of, laws and regulations could adversely impact
Centerra&#146;s business</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Mining operations and exploration activities are subject to extensive laws and regulations. These
relate to production, development, exploration, exports, imports, taxes and royalties, labour
standards, occupational health, waste disposal, protection and remediation of the environment, mine
decommissioning and reclamation, mine safety, toxic substances, transportation safety and emergency
response and other matters.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Compliance with these laws and regulations increases the costs of exploring, drilling, developing,
constructing, operating and closing mines and other facilities. It is possible that the costs,
delays and other effects associated with these laws and regulations may impact Centerra&#146;s decision
as to whether to continue to operate existing mines, ore refining and other facilities or whether
to proceed with exploration or development of properties. Since legal requirements change
frequently, are subject to interpretation and may be enforced to varying degrees in practice,
Centerra is unable to predict the ultimate cost of compliance with these requirements or their
effect on operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In this regard, the Mongolian Parliament has passed a new Minerals Law that, among other things,
empowers Parliament to designate mineral deposits that have a potential impact on national
security, economic and social development or deposits that have a potential of producing above 5%
of the country&#146;s GDP as deposits of strategic importance. The state may take up to a 50% interest
in the exploitation of a minerals deposit of strategic importance where state-funded exploration
was used to determine proven reserves and up to a 34% interest in an investment to be made by a
license holder in a mineral deposit of strategic importance where proven reserves were determined
through funding sources other than the state budget. The Mongolian Parliament has also passed a new
law that imposes a windfall profits tax of 68% when gold prices are in excess of $850(US) per
ounce. While the Boroo Stability Agreement affords Boroo protection against these laws, Centerra&#146;s
Gatsuurt project does not yet benefit from such status.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Since there is not yet a stability agreement in place for the Gatsuurt project, there is a risk
that the Mongolian Parliament could designate it as a strategic deposit and take up to a 34%
interest in it under the new Minerals Law. In addition,
</DIV>
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</DIV>


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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Gatsuurt may be subject to the windfall profits tax. Accordingly, Centerra has suspended further
development of the property pending the completion of negotiations with the Government.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The foregoing uncertainties and changes in governments, regulations and policies and practices
could have a material adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial
results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra&#146;s operations in the Kyrgyz Republic and Mongolia are located in areas of seismic
activity</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The areas surrounding both the Kumtor mine and Boroo operations are seismically active. While the
risks of seismic activity were taken into account when determining the design criteria for
Centerra&#146;s Kumtor and Boroo operations, there can be no assurance that Centerra&#146;s operations will
not be materially adversely affected by this kind of activity, which could have a material adverse
impact on Centerra&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra&#146;s properties are located in remote locations and require a long lead-time for
equipment and supplies</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra operates in remote locations and depends on an uninterrupted flow of materials, supplies
and services to those locations. In addition, Centerra uses expensive, large equipment that
requires a long time to procure, build and install. Any interruptions to the procurement of
equipment, or the flow of materials, supplies and services to Centerra&#146;s properties could have a
material adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial results. Access
to the Kumtor mine has been restricted on several occasions by illegal roadblocks. (See <I>Centerra
Gold &#150; Kumtor Mine &#150; Environmental Matters</I>.)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Illegal mining has occurred on Centerra&#146;s Mongolian properties, is difficult to control, may
disrupt Centerra&#146;s operations and may expose Centerra to liability.</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Illegal mining is widespread in Mongolia. Illegal miners have and may continue to trespass on
Centerra&#146;s properties and engage in very dangerous practices, including climbing inside caves and
old exploration shafts without any harnessing or safety devices. Although Centerra has hired
security personnel to protect its activities, it is unable to continuously monitor the full extent
of its exploration and operating properties. The presence of illegal miners could also lead to
project delays and disputes regarding the development or operation of commercial gold deposits.
The illegal activities of these miners could cause environmental damage (including environmental
damage from the use of mercury by these miners) or other damage to Centerra&#146;s properties or further
personal injury or death, for which Centerra could potentially be held responsible, all of which
could have a material adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial
results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Centerra may experience reduced liquidity and difficulty in obtaining future financing</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The further development and exploration of mineral properties in which Centerra holds an interest
or which Centerra may acquire may depend upon Centerra&#146;s ability to obtain financing through joint
ventures, debt financing, equity financing or other means. There is no assurance that Centerra
will be successful in obtaining required financing as and when needed. Volatile gold markets, a
claim against Centerra, a significant event disrupting Centerra&#146;s business or operations, or other
factors may make it difficult or impossible for Centerra to obtain debt financing or equity
financing on favourable terms or at all. Centerra&#146;s principal operations are located in, and
Centerra&#146;s strategic focus is on, Asia and the former Soviet Union, developing areas that have
experienced past economic and political difficulties and may be perceived as unstable. This may
make it more difficult for Centerra to obtain debt financing from project or other lenders.
Failure to obtain additional financing on a timely basis may cause Centerra to postpone development
plans, forfeit rights in Centerra&#146;s properties or joint ventures or reduce or terminate Centerra&#146;s
operations. Reduced liquidity or difficulty in obtaining future financing could have a material
adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>As a holding company, Centerra&#146;s ability to make payments depends on the cash flows of its
subsidiaries.</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra
is a holding company that conducts substantially all of its operations through subsidiaries,
many of which are incorporated outside of North America. Centerra has no direct operations and no
significant assets other than the shares of its subsidiaries. Therefore, Centerra is dependent on
the cash flows of its subsidiaries to meet its obligations,
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 126 - <!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">including payment of principal and interest on any debt it incurs. The ability of Centerra&#146;s
subsidiaries to provide it with payments may be constrained by the following factors:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the cash flows generated by operations, investment activities and financing activities;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the level of taxation, particularly corporate profits and withholding taxes, in the
jurisdiction in which they operate; and</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the introduction of exchange controls and repatriation restrictions or the availability of
hard currency to be repatriated.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If Centerra is unable to receive sufficient cash from its subsidiaries, Centerra may be required to
refinance its indebtedness, raise funds in a public or private equity or debt offering or sell some
or all of its assets. There can be no assurances that an offering of its debt or equity or
refinancing of its debt can or will be completed on satisfactory terms or that it would be
sufficient to enable it to make payment with respect to its debt, all of which could have a
material adverse impact on Centerra&#146;s expected contribution to Cameco&#146;s financial results.
</DIV>


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

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The authorized share capital of Cameco consists of an unlimited number of First Preferred Shares
without nominal or par value, issuable in series (none of which are outstanding); an unlimited
number of Second Preferred Shares without nominal or par value, issuable in series (none of which
are outstanding); an unlimited number of common shares without nominal or par value, of which, at
March&nbsp;18, 2009, 392,454,823 common shares were outstanding as fully paid and non-assessable shares
and one Class&nbsp;B Share of which one is outstanding as a fully paid and non-assessable share. In
addition, as of March&nbsp;18, 2009 there were 8,404,984 stock options outstanding to acquire common
shares of Cameco pursuant to the Company&#146;s stock option plan. The Articles of Incorporation of
Cameco (the &#147;Articles&#148;) contain provisions imposing restraints on the issue, transfer and ownership
of voting securities of Cameco. (See <i>Restrictions on Ownership and
Voting below</i>.) The following
is a summary of the material provisions attaching to these classes of shares.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Common Shares</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject to the limitations described below, the holders of common shares are entitled to one vote
per common share on all matters to be voted on by the shareholders at any meetings of shareholders
(other than at meetings of only holders of some other class or series), and are entitled to receive
such dividends as may be declared by the board of directors of Cameco. The common shares are
subordinate to the rights of the holders of each series of the First Preferred Shares and Second
Preferred Shares that may be outstanding as to payment of dividends and to the distribution of
assets in the event of liquidation, dissolution or winding up of Cameco or any other distribution
of the assets of Cameco among its shareholders for the purpose of winding up its affairs. The
holders of the common shares have no pre-emptive, redemption, purchase or conversion rights in
respect of such shares. Except as described under <i>Description of Share Capital &#150; Restrictions on
Ownership and Voting</i> below, non-residents of Canada who hold common shares have the same rights as
shareholders who are residents of Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Class&nbsp;B Shares</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The holder of the Class&nbsp;B share (the &#147;Class&nbsp;B Share&#148;), the Province of Saskatchewan, is entitled to
receive notice of and to attend all meetings of shareholders including meetings of any class or
series thereof but does not have the right to vote at any such meeting other than a meeting of the
holder of the Class&nbsp;B Share as a class. The holder of the Class&nbsp;B Share does not have the right to
vote separately as a class, except on any proposal to: (i)&nbsp;amend Part&nbsp;I of Schedule&nbsp;B of the
Articles; (ii)&nbsp;amalgamate that would effect an amendment to Part&nbsp;I of Schedule&nbsp;B of the Articles;
or (iii)&nbsp;amend the Articles so as to alter the rights attached to the Class&nbsp;B Share. Part&nbsp;I of
Schedule&nbsp;B of the Articles provides that (A)&nbsp;the registered office and head office operations of
Cameco must be located in the Province of Saskatchewan (the
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 127 - <!-- /Folio -->
</DIV>

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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;Province&#148;), (B)&nbsp;all of the executive officers (vice-chairman of the board, chief executive
officer, chief operating officer, chief financial officer and president) of the Company, except for
the chairman of the board, and substantially all of the senior officers (vice presidents) of the
Company must be ordinarily resident in the Province, and (C)&nbsp;all annual meetings of shareholders of
the Company must be held at a place in the Province. The holder of the Class&nbsp;B Share is entitled
to request and receive information from Cameco for the purpose of determining whether the
provisions of Part&nbsp;I of Schedule&nbsp;B of the Articles are being complied with. The holder of the
Class&nbsp;B Share does not have the right to receive any dividends declared by the Company. Subject to
the prior rights of each series of First Preferred Shares and Second Preferred Shares, the holder
of the Class&nbsp;B Share ranks equally with holders of common shares with respect to the distribution
of assets in the event of liquidation, dissolution or winding up of the Company. The holder of the
Class&nbsp;B Share has no pre-emptive, redemption, purchase or conversion rights in respect of such
share. The Class&nbsp;B Share is non-transferable.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>First Preferred Shares</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The First Preferred Shares are issuable from time to time in one or more series and the board of
directors of Cameco may determine by resolution the number of shares in, and the designation,
rights, privileges, restrictions and conditions attaching to, each series. The First Preferred
Shares of each series will rank equally with the shares of every other series of First Preferred
Shares and prior to the Second Preferred Shares, the common shares and the Class&nbsp;B Share with
respect to the payment of dividends and the distribution of assets in the event of liquidation,
dissolution or winding up of the Company and may carry voting rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Second Preferred Shares</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Second Preferred Shares are issuable from time to time in one or more series and the board of
directors of Cameco may determine by resolution the number of shares in, and the designation,
rights, privileges, restrictions and conditions attaching to, each series. The Second Preferred
Shares of each series will rank equally with the shares of every other series of Second Preferred
Shares and prior to the common shares and the Class&nbsp;B Share with respect to the payment of
dividends and the distributions of assets in the event of liquidation, dissolution or winding up of
the Company and may carry voting rights.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Restrictions on Ownership and Voting</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Limits on the Holdings of Residents and Non-Residents of Canada</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Articles, pursuant to the requirements of the <I>Eldorado Nuclear Limited Reorganization and
Divestiture Act </I>(Canada) as amended (the &#147;ENL Reorganization Act&#148;), contain provisions imposing
constraints on the issue, transfer and ownership, including joint ownership, of voting securities
of Cameco so as to prevent both residents and non-residents from owning or controlling more than a
specified percentage of voting securities. The constraints affect the common shares of the
Company.
</DIV>

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 128 - <!-- /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; margin-left: 4%"><I>Enforcement</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In order to give effect to such constraints, the Articles contain provisions for the enforcement of
the restrictions relating to ownership and voting by residents and non-residents described above,
including provisions for suspension of voting rights, forfeiture of dividends and other
distributions to shareholders, prohibitions against the issue and transfer of securities and
suspension of all remaining shareholders&#146; rights.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The provisions allow Cameco to require holders, proposed transferees or other subscribers for
voting securities and certain other persons to furnish shareholder declarations as to residence,
ownership of voting securities and certain other matters relative to the enforcement of the
restrictions. Cameco is precluded from issuing or registering a transfer of any voting securities
where a contravention of the resident or non-resident ownership restrictions would result.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">If Cameco has reason to believe, whether through shareholder declarations filed with it or its
books and records or those of its registrar and transfer agent or otherwise, that voting securities
are held by a shareholder in contravention of the resident or non-resident ownership restrictions,
it has the power to suspend all rights of the shareholder in respect of all securities held, other
than the right to transfer them, not earlier than 30&nbsp;days after first sending notice to the
shareholder, unless the voting securities so held have been disposed of by the shareholder and
Cameco has been so advised.
</DIV>

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following definitions apply for the purposes of the restrictions described above:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<I>non-resident</I>&#148; means:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an individual, other than a Canadian citizen, who is not ordinarily resident in Canada;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation incorporated, formed or otherwise organized outside Canada;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a foreign government or an agency thereof;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by non-residents, directly or indirectly, as defined in any of (i)&nbsp;to (iii)&nbsp;above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a trust:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>established by a non-resident as defined in any of (ii)&nbsp;to (iv)&nbsp;above, other
than a trust for the administration of a pension fund for the benefit of individuals a
majority of whom are residents; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in which non-residents as defined in any of (i)&nbsp;to (iv)&nbsp;above have more than
fifty percent of the beneficial interest; or</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a corporation that is controlled by a trust described in (v)&nbsp;above;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<I>resident</I>&#148; means an individual, corporation, government or agency thereof or trust that is not a
non-resident;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<I>voting security</I>&#148; means a share or other security of Cameco carrying full voting rights under all
circumstances or under some circumstances that have occurred and are continuing, and includes:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a security currently convertible into such a share or other security; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>currently exercisable options and rights to acquire such a share or other security or such
convertible share or other security;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<I>person</I>&#148; includes any individual, corporation, government or agency thereof, executor,
administrator or other legal representative; a person is an associate of another person if:
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 129 - <!-- /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="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation of which the other is an officer or director;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a corporation that is controlled by the other or by a group of persons of which the other is a member;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a partnership of which the other is a partner;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(iv)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>one is a trust of which the other is a trustee;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(v)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are corporations controlled by the same person;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(vi)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are members of a voting trust or parties to an arrangement that relates to voting securities of Cameco; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(vii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>both are at the same time associates, within the meaning of any of (i)&nbsp;to (vi)&nbsp;above, of the
same person; provided that:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(A)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if a resident who, but for this paragraph, would be an associate of a
non-resident submits to Cameco a statutory declaration stating that no voting
securities are held, directly or indirectly, for a non-resident, that resident and
non-resident are not associates of each other, provided the statutory declaration is
not false;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(B)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>two corporations are not associates pursuant to (vii)&nbsp;above by reason only that
each is an associate of the same person pursuant to (i)&nbsp;above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(C)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if any person appears to Cameco to hold voting securities to which are attached
not more than the lesser of four one-hundredths of one percent of the votes that may
ordinarily be cast to elect directors of Cameco and 10,000 such votes, that person is
not an associate of any other person and no other person is an associate of that person
in relation to those voting securities;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<I>control</I>&#148; means control in any manner that results in control in fact, whether directly through
ownership of securities or indirectly through a trust, an agreement, the ownership of nay body
corporate or otherwise; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">&#147;<I>beneficial ownership</I>&#148; includes ownership through a trustee, legal representative, agent or other
intermediary.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Other Restrictions</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The ENL Reorganization Act places certain other restrictions on Cameco, including prohibition
against applying for continuance in another jurisdiction and a prohibition against Cameco enacting
articles of incorporation or bylaws containing provisions inconsistent with the provisions included
in the ENL Reorganization Act. The ENL Reorganization Act provides that the Articles must contain
restrictions on Cameco including a prohibition against Cameco creating restricted shares (generally
a participating share containing restrictive voting rights) and the requirement that Cameco
maintain its registered office and its head office operations within the Province of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>The Saskatchewan Mining Development Corporation Reorganization Act </I>also requires Cameco to maintain
its registered office and its head office operations (generally all executive, corporate planning,
senior management, administrative and general management functions) within the Province of
Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The bylaws of the Company provide that a majority of the members of the board of directors of
Cameco shall be resident Canadians. The Articles provide that the number of directors will be not
less than three and not more than fifteen. The number of directors is presently fixed at thirteen.
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 130 - <!-- /Folio -->
</DIV>

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has one series of senior unsecured debentures outstanding and is a frequent issuer of
commercial paper. Cameco&#146;s senior unsecured debentures (&#147;Senior Unsecured Debentures&#148;) consist of
$300&nbsp;million of debentures that bear interest at the rate of 4.7% per annum and which mature
September&nbsp;16, 2015. $189&nbsp;million of commercial paper was outstanding at March&nbsp;1, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">As summarized in the following table, DBRS and Standard &#038; Poor&#146;s (&#147;S&#038;P&#148;) have provided ratings of
the Company&#146;s commercial paper and Senior Unsecured Debentures:
</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="57%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="13%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DBRS</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>S&#038;P</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commercial Paper
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">R-1 (low)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">A-1 (low)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Unsecured Debentures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">A (low)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BBB&#043;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Published as of June&nbsp;26, 2008</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Published as of October&nbsp;31, 2008</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>A-1 (low)&nbsp;is the Canadian National Scale Rating while the Global Scale Rating
is A-2.</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The credit ratings provided by DBRS and S&#038;P (&#147;Rating Agencies&#148;) are not recommendations to buy,
hold or sell the securities, as such ratings do not comment on the market price or suitability for
an individual investor. There is no assurance that any rating will remain in effect for any given
period of time or that any rating will not be revised or withdrawn entirely by a Rating Agency in
the future if in its judgment circumstances so warrant. Cameco provides the Rating Agencies with
confidential, in-depth information in support of the rating process.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The rating ranges, definitions of the rating categories and the relative rankings assigned within
the respective rating classification systems are as follows:
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Commercial Paper</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial paper rating scales are meant to give an indication of the risk that a borrower will not
fulfill its near-term debt obligations in a timely manner. DBRS rates commercial paper by rating
categories ranging from a high of R-1 to a low of D. The rating of R-1 (low)&nbsp;from DBRS is at the
lower end of the R-1 category. An R-1 (low)&nbsp;rating is characterized as having &#147;satisfactory credit
quality&#148; and is the third highest of ten available credit ratings. S&#038;P rates commercial paper by
rating categories ranging from a high of A-1 (high)&nbsp;to a low of D. The rating of A-1 (low)&nbsp;from
S&#038;P is characterized as having &#147;satisfactory capacity to meet its financial commitments on the
obligation&#148; and is the third highest of eight available credit ratings.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><I>Senior Unsecured Debentures</I>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Long-term debt rating scales are meant to give an indication of the risk that a borrower will not
fulfill its full obligations in a timely manner, with respect to both interest and principal
commitments. DBRS rates senior unsecured debt by rating categories ranging from a high of AAA to a
low of D. The rating of A (low)&nbsp;from DBRS is at the lower end of the A category. The A category
is characterized as having &#147;satisfactory credit quality&#148; and is the third highest of ten available
credit ratings. S&#038;P rates senior unsecured debt by rating categories ranging from a high of AAA to
a low of D. The rating of BBB&#043; from S&#038;P is at the higher end of the BBB category. The BBB
category is characterized as exhibiting &#147;adequate protection parameters&#148; and is the fourth highest
of ten available credit ratings.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the time of the Company&#146;s initial public offering in 1991, the board of directors of the Company
established a policy of paying quarterly dividends.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2004, Cameco&#146;s board of directors approved a three-for-one stock split of its
outstanding common shares, to be effected by way of a stock dividend. All shareholders received
two additional shares for each share owned on the record date of December&nbsp;31, 2004. The board of
directors also approved an increase in the annual dividend from $0.60 to $0.72 ($0.24 post split)
beginning in 2005.
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 131 - <!-- /Folio -->
</DIV>

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



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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In January&nbsp;2006, Cameco&#146;s board of directors approved a two-for-one stock split of its outstanding
shares, to be effected by way of a stock dividend. All shareholders received one additional share
for each share owned on the record date of February&nbsp;17, 2006. The board of directors also approved
an increase in the annual dividend from $0.24 to $0.32 ($0.16 post-split) beginning in 2006.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2006, Cameco&#146;s board of directors approved an increase in the annual dividend from
$0.16 to $0.20 beginning in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In December&nbsp;2007, Cameco&#146;s board of directors approved an increase in the annual dividend from
$0.20 to $0.24 beginning in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">This policy will be reviewed from time to time in light of the Company&#146;s financial position and
other factors considered relevant by the board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following table sets forth the cash dividends per common share for each of the most recently
completed financial years (adjusted for the February&nbsp;17, 2006 stock split).
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash dividends declared per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>LEGAL PROCEEDINGS</B>
</DIV>
<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A description of certain legal proceedings to which Cameco or its subsidiaries are a party is
included in Notes 16 and 24 to the 2008 Financial Statements.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>2008 FINANCIAL STATEMENTS</B>
</DIV>
<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s audited consolidated financial statements and notes thereto for the year ended December
31, 2008 are incorporated herein by reference. This document is available on SEDAR at
www.sedar.com and on EDGAR at www.sec.gov as an exhibit to Cameco&#146;s Form 40-F. This document is
also referred to in this Annual Information Form as &#147;2008 Financial Statements&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B>
</DIV>
<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s Management&#146;s Discussion and Analysis for the year ended December&nbsp;31, 2008 is
incorporated herein by reference. This document (also referred to in this Annual Information Form
as the 2008 MD&#038;A)  is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov as an
exhibit to Cameco&#146;s Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>MARKET FOR SECURITIES</B>
</DIV>
<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s common shares are listed and traded on the Toronto Stock Exchange (CCO)&nbsp;and the New
York Stock Exchange (CCJ).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The Canadian registrar and transfer agent for the Company&#146; common shares is CIBC Mellon Trust
Company through its offices at 320 Bay Street, P.O. Box 1, Toronto, Ontario M5H&nbsp;4A6. The US
registrar and transfer agent for the Company&#146;s common shares is Mellon Investor Services LLC
through its offices at 29 Jersey City, New Jersey, 07310.
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 132 - <!-- /Folio -->
</DIV>

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

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




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Price Range and Trading Volume of Common Shares</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The following table sets forth the range of high and low closing prices and trading volume for the
common shares of the Company on the TSX for the periods indicated.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>TSX</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>High ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Low ($)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Volume</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">January</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">51,627,442</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">February</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45,733,118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">March</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32.28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,277,827</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">April</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,924,792</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">May</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43.74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,587,465</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">June</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,532,707</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">July</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,706,764</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">August</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,250,435</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">September</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,417,388</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">October</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23.96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57,049,737</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">November</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,957,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">December</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22.95</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,641,376</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>DIRECTORS AND OFFICERS</B>
</DIV>
<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


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

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Municipality of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Occupation or Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOHN S. AUSTON <SUP style="font-size: 85%; vertical-align: text-top">(2, 6)</SUP>

</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Geologist; Corporate Director,
2000 to present; prior:
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">West Vancouver, British Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President, Director and Chief
Executive Officer, Ashton Mining
of Canada Inc. 1996-2000.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOHN H. CLAPPISON <SUP style="font-size: 85%; vertical-align: text-top">(2, 3, 4)</SUP><br>
Toronto, Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, commencing in
2006; prior: 1990 to December
2005, managing partner of the
Toronto office of
PricewaterhouseCoopers LLP.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JOE F. COLVIN <SUP style="font-size: 85%; vertical-align: text-top">(4, 6) </SUP><br>
Kiawah Island, South Carolina, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director and President
Emeritus of Nuclear Energy
Institute, February&nbsp;16, 2005 to
present; prior: President and
Chief Executive Officer, Nuclear
Energy Institute 1996 to February
15, 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">HARRY D. COOK <SUP style="font-size: 85%; vertical-align: text-top">(2, 4, 6)</SUP><br>
La Ronge, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, March&nbsp;31,
2005 to present; prior: Chief,
Lac La Ronge Indian Band from
1987 until March&nbsp;31, 2005.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1992</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">JAMES R. CURTISS <SUP style="font-size: 85%; vertical-align: text-top">(4, 5)</SUP><br>
Brookeville, Maryland, U.S.A.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, April&nbsp;1, 2008
to present; prior: Lawyer,
Partner, Winston &#038; Strawn, 1993
to March&nbsp;31, 2008
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1994</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GEORGE S. DEMBROSKI <SUP style="font-size: 85%; vertical-align: text-top">(5, 6)</SUP><br>
Toronto, Ontario, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, 1998 to
present; prior: Vice-Chairman and
Director, RBC Dominion Securities
Limited (investment dealer)
1981-1998.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1996</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 133 - <!-- /Folio -->
</DIV>

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Municipality of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Principal Occupation or Employment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Director Since</B><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GERALD W. GRANDEY<br>
President and Chief Executive Officer
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position 2003;
prior: President 2000-2002;
Executive Vice-President
1997-2000.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">NANCY E. HOPKINS, Q.C. <SUP style="font-size: 85%; vertical-align: text-top">(3, 6)</SUP><br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawyer, Partner, McDougall
Gauley, 1984 to present.
Effective January&nbsp;2001 Gauley &#038;
Company merged with McDougall
Ready to form McDougall Gauley.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1992</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">OYVIND HUSHOVD <SUP style="font-size: 85%; vertical-align: text-top">(2, 3, 5)</SUP><br>
Kristiansand S, Norway
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, June&nbsp;1, 2005
to present; prior: Chairman and
Chief Executive Officer of
Gabriel Resources Ltd., May&nbsp;2003
to May&nbsp;31, 2005; and President
and Chief Executive Officer of
Falconbridge Ltd. 1996 to 2002.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2003</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">J.W. GEORGE IVANY <SUP style="font-size: 85%; vertical-align: text-top">(3, 5, 6)</SUP><br>
Kelowna, British Columbia, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, 1999 to
present; prior: President and
Vice-Chancellor, University of
Saskatchewan 1989-1999.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1999</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. ANNE McLELLAN <SUP style="font-size: 85%; vertical-align: text-top">(4, 5, 6)</SUP><br>
Edmonton, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Lawyer, Counsel, Bennett Jones
LLP June, 2006 to present; prior:
1993 to 2006, served as a cabinet
minister in various portfolios
with the Canadian government,
most recently as Deputy Prime
Minister of Canada from 2003 to
2006.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2006</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">A. NEIL McMILLAN <SUP style="font-size: 85%; vertical-align: text-top">(2, 3, 4)</SUP><br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive
Officer, Claude Resources Inc.
March&nbsp;1, 2004 to present; prior:
1996 to March&nbsp;1, 2004 President
of Claude Resources Inc.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2001</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">ROBERT W. PETERSON <SUP style="font-size: 85%; vertical-align: text-top">(3, 4, 5)</SUP><br>
Regina, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Member of the Senate of Canada
2005 to present and President and
Chief Operating Officer Denro
Holdings Ltd. 1994 to present.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">1994</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VICTOR J. ZALESCHUK <SUP style="font-size: 85%; vertical-align: text-top">(2, 5, 6)</SUP><br>
Calgary, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, November&nbsp;2001
to present; prior: President and
Chief Executive Officer, Nexen
Inc. (formerly Canadian
Occidental Petroleum Ltd.) from
June&nbsp;1, 1997 to June&nbsp;1, 2001.
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">2001</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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

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

<TR valign="top">
    <TD nowrap align="left">Notes:</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>Each director will hold office until the next annual meeting unless such director&#146;s office is
earlier vacated in accordance with the corporate law requirements applicable to the Company
from time to time.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the reserves oversight committee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the audit committee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the safety, health and environment committee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the human resources and compensation committee.</TD>
</TR>

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

<TR valign="top">
    <TD nowrap align="left">(6)</TD>
    <TD>&nbsp;</TD>
    <TD>Member of the nominating, corporate governance and risk committee.</TD>
</TR>

</TABLE>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 134 - <!-- /Folio -->
</DIV>

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



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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Name, Office held in Corporation and Municipality</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Principal Occupation or Employment for Past Five</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>of Residence</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">VICTOR J. ZALESCHUK<br>
Chair <br>Calgary, Alberta, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Director, November&nbsp;2001 to present; prior:
President and Chief Executive Officer, Nexen Inc.
(formerly Canadian Occidental Petroleum Ltd.) from
June&nbsp;1997 to June&nbsp;2001.
</TD>
</TR>



<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GERALD W. GRANDEY<br>
President and Chief Executive Officer<br> Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2003; prior:
President, 2000-2002; Executive Vice-President 1997-2000.
</TD>
</TR>




<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">TIMOTHY S. GITZEL<br>Senior Vice-President and Chief Operating Officer<br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2007; prior:
Executive Vice-President, mining business unit, AREVA
June&nbsp;2004 to January&nbsp;2007; President and Chief
Executive Officer, Cogema Resources Inc. September
2001 to June&nbsp;2004.
</TD>
</TR>






<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GEORGE B. ASSIE<br>Senior Vice-President, Marketing and Business Development <br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2003; prior: President Cameco Inc., Eden Prairie, Minnesota 1999 -
2002.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">O. KIM GOHEEN<br>
Senior Vice-President
and Chief Financial Officer<br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position August&nbsp;2004; prior
Vice-President &#038; Treasurer May&nbsp;1999 to August&nbsp;2004.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">RITA M. MIRWALD<br>
Senior Vice-President, Corporate Services <br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position April&nbsp;1997.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GARY M.S. CHAD, Q.C.<br>
Senior Vice-President, Governance, Law
and Corporate Secretary <br>
Saskatoon, Saskatchewan, Canada
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Assumed current position January&nbsp;2000; prior: Senior
General Counsel and Secretary 1990-1999.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To the knowledge of the Company, the number of common shares of Cameco which were beneficially
owned, directly or indirectly, or over which control or direction was exercised by all directors
and officers of Cameco as a group, as at March&nbsp;18, 2009, was 426,415 representing less than 1% of
the outstanding common shares of Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To the knowledge of the Company, the number of common shares of Centerra which were beneficially
owned, directly or indirectly, or over which control or direction was exercised by all directors
and officers of Cameco as a group, as at March&nbsp;18, 2009, was 29,600, representing less than 1% of
the outstanding common shares of Centerra.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cease Trade Orders, Bankruptcies, Penalties or Sanctions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">None of the directors or officers of the Company or a shareholder holding a sufficient number of
securities of the Company to affect materially the control of the Company are, or have been within
the past ten years, a director or executive officer of another company which, during such
individual&#146;s tenure:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was the subject of a cease trade or similar order or an order that denied that company access
to any statutory exemptions for a period exceeding 30 consecutive days;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>was subject to an event that resulted, after the director or executive officer ceased to be a
director or executive officer, in the company being the subject of a cease trade or similar
order or an order that denied that issuer access to any statutory exemptions for a period
exceeding 30 consecutive days; or</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 135 - <!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>within a year of that person ceasing to act in that capacity, became bankrupt, made a
proposal under any legislation relating to bankruptcy or insolvency or was subject to or
instituted any proceedings, arrangement or compromise with creditors or had a receiver,
receiver manager or trustee appointed to hold the assets of that issuer.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">None of the directors or officers of the Company or a shareholder holding a sufficient number of
securities of the Company to affect materially the control of the Company are, or have been within
the past ten years, directors, officers or promoters of other companies which were declared
bankrupt or made a voluntary assignment in bankruptcy, made a proposal under any legislation
relating to bankruptcy or insolvency or has been subject to or instituted any proceedings,
arrangement or compromise with any creditors or had a receiver, receiver manager or trustee
appointed to hold the assets of that company.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">None of the directors or executive officers of the Company or a shareholder holding a sufficient
number of securities of the Company to affect materially the control of the Company has been
subject to:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any penalties or sanctions imposed by a court relating to securities legislation or by a
securities regulatory authority or has entered into a settlement agreement with a securities
regulatory authority; or</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any other penalties or sanctions imposed by a court or regulatory body that would likely be
considered important to a reasonable investor in making an investment decision.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Interest of Management and Others in Material Transactions</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the best of the Company&#146;s knowledge, none of the directors, executive officers or shareholders
exercising control or direction or over 10% of any class of the Company&#146;s outstanding securities,
nor their associates or affiliates, have any material interests in material transactions which have
affected, or will materially affect, the Company.
</DIV>


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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


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

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A copy of the audit committee charter is attached as Appendix &#147;A&#148; and is also available on the
Company&#146;s website www.cameco.com under &#147;Governance&#148;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Composition of the Audit Committee</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The members of the audit committee are Nancy Hopkins (chair), Oyvind Hushovd, George Ivany, Neil
McMillan, Robert Peterson and John Clappison. Each member of the committee is independent and
financially literate within the meaning of Multilateral Instrument 52-110 of the Canadian
Securities Administrators.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">John Clappison, a corporate director, is the former managing partner of the Toronto office of
PricewaterhouseCoopers LLP. He currently serves on three other publicly traded companies, and the
boards of other private and not-for-profit organizations. Mr.&nbsp;Clappison is a chartered accountant
and a Fellow of the Institute of Chartered Accountants of Ontario. Mr.&nbsp;Clappison will become the
audit committee chair following the annual general meeting in May&nbsp;2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Nancy Hopkins is a partner with the law firm of McDougall Gauley, LLP in Saskatoon where she
concentrates her practice on corporate and commercial law and taxation. She currently serves on
two other publicly traded companies, the board of governors of the University of Saskatchewan, the
board of the Saskatoon Airport Authority and the CPP Investment board. She formerly served on the
board of the Canadian Institute of Chartered Accountants. Ms.&nbsp;Hopkins has a Bachelor of Commerce
degree and a Bachelor of Laws degree from the University of Saskatchewan. Ms.&nbsp;Hopkins will cease
to be the audit committee chair in May&nbsp;2009.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 136 - <!-- /Folio -->
</DIV>

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


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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Oyvind Hushovd, a corporate director, is the former Chair and Chief Executive Officer of Gabriel
Resources Ltd., a Canadian-based precious metals exploration and development company, retiring in
2005. Prior to that he was the President and Chief Executive Officer of Falconbridge Limited from
1996 to 2002. He currently serves on the board of one other publicly traded company and one
private company. Mr.&nbsp;Hushovd received a Master of Economics and Business Administration degree
from the Norwegian School of Business and a Master of Law degree from the University of Oslo.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">George Ivany, a corporate director, is the former President and Vice-Chancellor of the University
of Saskatchewan. Dr.&nbsp;Ivany received a Bachelor of Science degree in Chemistry and Physics and a
diploma in education from Memorial University of Newfoundland. He received a Master of Arts degree
in Physics Education from the Teachers College, Columbia University and a Ph.D. in Secondary
Education from the University of Alberta.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Neil McMillan is the President and Chief Executive Officer of Claude Resources Inc., a gold mining
and oil and gas producing company based in Saskatoon, Saskatchewan. He currently serves on the
boards of two other publicly traded companies (including Claude Resources Inc.) and previously sat
on the board of Atomic Energy Canada Ltd. Mr.&nbsp;McMillan received a Bachelor of Arts degree in
History and Sociology from the University of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Robert Peterson, Senator, is a member of the Senate of Canada, having been appointed in 2005. He
is also the President and Chief Operating Officer of Denro Holdings Ltd., a diversified corporation
involved in real estate development, investor fund management and property management. Mr.
Peterson received a Bachelor of Science degree in Civil Engineering from the University of
Saskatchewan.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fees Paid to External Auditors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fees paid to the external auditors during the years ended December&nbsp;31, 2008 and 2007 were as
follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,062,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">34.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">890,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra and other subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,197,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;&nbsp;&nbsp;&nbsp;661,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,259,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">72.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,551,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">78.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit-Related Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sarbanes-Oxley 404 scoping project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Translation services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco consulting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra consulting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Potential financing &#038; convertible debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">609,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">239,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Tax Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">121,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">130,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Planning and advice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;&nbsp;&nbsp;58,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">189,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>All Other Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,113,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,980,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>External Audit Pre-Approval Practices</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Cameco&#146;s corporate governance practices, under Cameco&#146;s audit committee charter, the
audit committee is required to pre-approve the audit and non-audit services performed by the
external auditors. The audit committee pre-approves the audit and non-audit services up to a
maximum specified level of fees. If fees relating to audit and non-audit services are expected to
exceed this level or if a type of audit or non-audit service is to be performed that previously has
not been pre-approved, then separate pre-approval by Cameco&#146;s audit committee or audit committee
chair, or in the absence of the audit committee chair, the chair of the board, is required. All
pre-approvals granted pursuant to the
</DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 137 - <!-- /Folio -->
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">delegated authority must be presented by the member(s) who granted the pre-approvals to the full
committee at its next meeting. The audit committee has adopted a written policy to provide
procedures to implement the foregoing principles.
</DIV>


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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following are the only material contracts, other than contracts entered into in the ordinary
course of business not otherwise required to be disclosed, that have been entered into by Cameco
within the most recently completed fiscal year or before the most recently completed fiscal year
but still in effect:
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;1, 2005, Cameco entered into an underwriting agreement with RBC Dominion
Securities Inc. and Scotia Capital Inc. in connection with the issuance on September&nbsp;15, 2005
of $300&nbsp;million principal amount of 4.7% unsecured debentures due in 2015. For more details
on these debentures, see <I>Description of Securities-Rating of Securities</I>.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;16, 2005, Cameco entered into the Third Supplemental Indenture with CIBC Mellon
Trust Company in connection with the issuance on September&nbsp;15, 2005 of $300&nbsp;million principal
amount of 4.7% unsecured debentures due in 2015. This Third Supplemental Indenture, together
with the July&nbsp;12, 1999 original indenture, sets out the terms and conditions pertaining to the
$300&nbsp;million principal amount of 4.7% unsecured debentures due in 2015. For more details on
these debentures, see <I>Description of Securities-Rating of Securities</I>.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On December&nbsp;2, 2005, Cameco entered into an agreement to acquire a 100% interest in Ziractec
(now Cameco Fuel Manufacturing Inc.), a Canadian manufacturer of nuclear fuel bundles. The
purchase was completed on February&nbsp;1, 2006 at a purchase price of $109&nbsp;million. For more
details on this purchase, see <I>Uranium Fuel Conversion Services-Operations</I>.</TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>



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

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Company&#146;s auditor is KPMG LLP, independent chartered accountants, who have audited the 2008
Financial Statements.
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The qualified persons, as defined by NI 43-101, who have prepared or supervised preparation of the
scientific and technical information in this Annual Information Form regarding the Company&#146;s
material uranium properties (McArthur River and Cigar Lake), including uranium mineral reserve and
resources estimates, are named above at <I>The Nuclear Business &#150; Reserves and Resources</I>. Except for
Mr.&nbsp;Edwards, all of the qualified persons are employees of Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The
qualified persons, as defined by NI 43-101, who have prepared or supervised the preparation of
scientific and technical information in this Annual Information Form regarding the Company&#146;s
material gold property (Kumtor), including mineral reserve and resource estimates, are named above
at <I>Centerra Gold Inc. &#150; Centerra &#150; Kumtor Mine</I>. Two qualified persons, Ian Atkinson and Dan
Redmond, are employees of Centerra, a subsidiary of Cameco. The other two qualified persons are
not employees of Cameco or its subsidiaries.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">KPMG LLP is independent within the meaning of the Rules of Professional Conduct of the Institute of
Chartered Accountants of Saskatchewan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To the knowledge of the Company, the qualified persons named or referred above under &#147;Name of
Experts&#148; beneficially own, directly or indirectly, less than 1% or more of any class of the
Company&#146;s outstanding securities.
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 138 - <!-- /Folio -->
</DIV>

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




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

<DIV align="left">
<DIV style="font-size: 1pt; margin-top: 0pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Additional information relating to the Company is available on the System for Electronic Document
Analysis and Retrieval (SEDAR)&nbsp;under the Company&#146;s name at <U>www.sedar.com</U>. Further
additional information, including directors&#146; and officers&#146; remuneration and indebtedness, principal
holders of Cameco securities, if any, and securities authorized for issuance under equity
compensation plans, can be found in Cameco&#146;s April&nbsp;9, 2008 Management Proxy Circular for its May
2008 annual meeting of shareholders and will be found in Cameco&#146;s Management Proxy Circular for its
May&nbsp;2009 annual meeting of shareholders that is expected to be available in April&nbsp;2009. Such
additional financial information is provided in the 2008 Financial Statements and the 2008 MD&#038;A
relating to the same, which are incorporated herein by reference, as well as in the reconciliation
to United States GAAP filed with securities regulators on SEDAR.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 139 - <!-- /Folio -->
</DIV>

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




<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>Appendix &#147;A&#148;<DIV style="font-size: 6pt">&nbsp;</DIV>
AUDIT COMMITTEE<BR>
OF THE BOARD OF DIRECTORS<DIV style="font-size: 6pt">&nbsp;</DIV>
MANDATE</B>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The primary purpose of the audit committee (committee)&nbsp;is to assist the board of directors (board)
in fulfilling its oversight responsibilities for (a)&nbsp;the accounting and financial reporting
processes, (b)&nbsp;the internal controls, (c)&nbsp;the external auditors, including performance,
qualifications, independence, and their audit of the corporation&#146;s financial statements, (d)&nbsp;the
performance of the corporation&#146;s internal audit function, (e)&nbsp;risk management of financial risks as
delegated by the board, (f)&nbsp;the corporation&#146;s process for monitoring compliance with laws and
regulations (other than environmental and safety laws) and its code of conduct and ethics, and (g)
prevention and detection of fraudulent activities. The committee shall also prepare such reports as
required to be prepared by it by applicable securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In addition, the committee provides an avenue for communication between each of the internal
auditor, the external auditors, management, and the board. The committee shall have a clear
understanding with the external auditors that they must maintain an open and transparent
relationship with the committee and that the ultimate accountability of the external auditors is to
the board and the committee, as representatives of the shareholders. The committee, in its capacity
as a committee of the board, subject to the requirements of applicable law, is directly responsible
for the appointment, compensation, retention, and oversight of the external auditors.<U> </U>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The committee has the authority to communicate directly with the external auditors and internal
auditor.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The committee shall make regular reports to the board concerning its activities and in particular
shall review with the board any issues that arise with respect to the quality or integrity of the
corporation&#146;s financial statements, the performance and independence of the external auditors, the
performance of the corporation&#146;s internal audit function, or the corporation&#146;s process for
monitoring compliance with laws and regulations other than environmental and safety laws.<U> </U>
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The board shall appoint annually, from among its members, a committee and its chair. The committee
shall consist of at least three members and shall not include any director employed by the
corporation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Each committee member will be independent pursuant to the standards for independence adopted by the
board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Each committee member shall be financially literate with at least one member having accounting or
related financial expertise, using the terms defined as follows:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>&#147;Financially literate&#148; </I>means the ability to read and understand a set of financial statements that
present a breadth and level of complexity of accounting issues that are generally comparable to the
breadth and complexity of issues that can be reasonably be expected to be raised by the
corporation&#146;s financial statements; and
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>&#147;Accounting or related financial expertise</I>&#148; means the ability to analyse and interpret a full set
of financial statements, including the notes attached thereto, in accordance with Canadian
generally accepted accounting principles.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In addition, where possible, at least one member of the committee shall qualify as an &#147;audit
committee financial expert&#148; within the meaning of applicable securities law.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Members of the committee may not serve on the audit committees of more than two additional public
companies without the approval of the board.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 140 - <!-- /Folio -->
</DIV>

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




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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The committee will meet at least four times annually and as many additional times as the committee
deems necessary to carry out its duties effectively. The committee will meet separately in private
with the external auditors, the internal auditor and management at each regularly scheduled
meeting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A majority of the members of the committee shall constitute a quorum. No business may be
transacted by the committee except at a meeting of its members at which a quorum of the committee
is present.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The committee may invite such officers, directors and employees of the corporation as it may see
fit from time to time to attend at meetings of the committee and assist thereat in the discussion
and consideration of any matter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">A meeting of the committee may be convened by the chair of the committee, a member of the
committee, the external auditors, the internal auditor, the chief executive officer or the chief
financial officer. The secretary, who shall be appointed by the committee, shall, upon direction
of any of the foregoing, arrange a meeting of the committee. The committee shall report to the
board in a timely manner with respect to each of its meetings.
</DIV>


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

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To carry out its oversight responsibilities, the committee shall:
</DIV>


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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management and the external auditors any items of concern, any proposed changes
in the selection or application of major accounting policies and the reasons for the change,
any identified risks and uncertainties, and any issues requiring management judgement, to the
extent that the foregoing may be material to financial reporting.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider any matter required to be communicated to the committee by the external auditors
under applicable generally accepted auditing standards, applicable law and listing standards,
including the external auditors&#146; report to the committee (and management&#146;s response thereto)
on: (a)&nbsp;all critical accounting policies and practices used by the corporation; (b)&nbsp;all
material alternative accounting treatments of financial information within generally accepted
accounting principles that have been discussed with management, including the ramifications of
the use of such alternative treatments and disclosures and the treatment preferred by the
external auditors; and (c)&nbsp;any other material written communications between the external
auditors and management.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Require the external auditors to present and discuss with the committee their views about the
quality, not just the acceptability, of the implementation of generally accepted accounting
principles with particular focus on accounting estimates and judgements made by management and
their selection of accounting principles.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss with management and the external auditors (a)&nbsp;any accounting adjustments that were
noted or proposed (i.e. immaterial or otherwise) by the external auditors but were not
reflected in the financial statements, (b)&nbsp;any material correcting adjustments that were
identified by the external auditors in accordance with generally accepted accounting
principles or applicable law, (c)&nbsp;any communication reflecting a difference of opinion between
the audit team and the external auditors&#146; national office on material auditing or accounting
issues raised by the engagement, and (d)&nbsp;any &#147;management&#148; or &#147;internal control&#148; letter issued,
or proposed to be issued, by the external auditors to the corporation.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss with management and the external auditors any significant financial reporting issues
considered during the fiscal period and the method of resolution. Resolve disagreements
between management and the external auditors regarding financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 141 - <!-- /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="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management and the external auditors (a)&nbsp;any off-balance sheet financing
mechanisms being used by the corporation and their effect on the corporation&#146;s financial
statements and (b)&nbsp;the effect of regulatory and accounting initiatives on the corporation&#146;s
financial statements, including the potential impact of proposed initiatives.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with management and the external auditors and legal counsel, if necessary, any
litigation, claim or other contingency, including tax assessments, that could have a material
effect on the financial position or operating results of the corporation, and the manner in
which these matters have been disclosed or reflected in the financial statements.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review with the external auditors any audit problems or difficulties experienced by the
external auditors in performing the audit, including any restrictions or limitations imposed
by management, and management&#146;s response. Resolve any disagreements between management and the
external auditors regarding these matters.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">9.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the results of the external auditors&#146; audit work including findings and
recommendations, management&#146;s response, and any resulting changes in accounting practices or
policies and the impact such changes may have on the financial statements.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">10.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the external auditors the audited annual financial
statements and related management discussion and analysis, make recommendations to the board
with respect to approval thereof, before being released to the public, and obtain an
explanation from management of all significant variances between comparable reporting periods.
Obtain confirmation from management and the external auditors that the reconciliation of the
audited financial statements to U.S. GAAP complies with the requirements of U.S. securities
laws.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">11.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with management and the external auditors all interim unaudited financial
statements and quarterly reports and related interim management discussion and analysis and
make recommendations to the board with respect to the approval thereof, before being released
to the public.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">12.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Obtain confirmation from the chief executive officer and the chief financial officer (and
considering the external auditors&#146; comments, if any, thereon) to their knowledge:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the audited financial statements, together with any financial information
included in the annual MD&#038;A and annual information form, fairly represent in all
material respects the corporation&#146;s financial condition, cash flow and results of
operation, as of the date and for the periods presented in such filings; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that the interim financial statements, together with any financial information
included in the interim MD&#038;A, fairly represent in all material respects the
corporation&#146;s financial condition, cash flow and results of operation, as of the date
and for the periods presented in such filings.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">13.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review earnings press releases, before being released to the public. Discuss the type and
presentation of information to be included in earnings press releases (paying particular
attention to any use of &#147;pro-forma&#148; or &#147;adjusted&#148; Non-GAAP, information).</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">14.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review any news release, before being released to the public, containing earnings guidance or
financial information based upon the corporation&#146;s financial statements prior to the release
of such statements.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">15.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the appointment of the chief financial officer and have the chief financial officer
report to the committee on the qualifications of new key financial executives involved in the
financial reporting process.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">16.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consult with the human resources and compensation committee on the succession plan for the
chief financial officer and controller. Review the succession plans in respect of the chief
financial officer and controller.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 142 - <!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive from management a statement of the corporation&#146;s system of internal controls over
accounting and financial reporting.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider and review with management, the internal auditor and the external auditors, the
adequacy and effectiveness of internal controls over accounting and financial reporting within
the corporation and any proposed significant changes in them.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consider and discuss the scope of the internal auditors and external auditors review of the
corporation&#146;s internal controls, and obtain reports on significant findings and
recommendations, together with management responses.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discuss, as appropriate, with management, the external auditors and the internal auditor, any
major issues as to the adequacy of the corporation&#146;s internal controls and any special audit
steps in light of material internal control deficiencies.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review annually the disclosure controls and procedures, including (a)&nbsp;the certification
timetable and related process and (b)&nbsp;the procedures that are in place for the review of
corporation&#146;s disclosure of financial information extracted from corporation&#146;s financial
statements and the adequacy of such procedures. Receive confirmation from the chief executive
officer and the chief financial officer of the effectiveness of disclosure controls and
procedures, and whether there are any significant deficiencies and material weaknesses in the
design or operation of internal control over financial reporting which are reasonably likely
to adversely affect the corporation&#146;s ability to record, process, summarize and report
financial information or any fraud, whether or not material, that involves management or other
employees who have a significant role in the corporation&#146;s internal control over financial
reporting. In addition, receive confirmation from the chief executive officer and the chief
financial officer that they are prepared to sign the annual and quarterly certificates
required by applicable securities law.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review management&#146;s annual report and the external auditors&#146; report on the assessment of the
effectiveness of the corporation&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Receive a report, at least annually, from the reserves oversight committee of the board on
the corporation&#146;s mineral reserves.</TD>
</TR>

</TABLE>
</DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>(i)&nbsp;External Auditors&#146; Qualifications and Selection</I>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Subject to the requirements of applicable law, be solely responsible to select, retain,
compensate, oversee, evaluate and, where appropriate, replace the external auditors, who must
be registered with agencies mandated by applicable law. The committee shall be entitled to
adequate funding from the corporation for the purpose of compensating the external auditors
for completing an audit and audit report.</TD>
</TR>

</TABLE>
</DIV>






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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
<td>Instruct the external auditors that:</td>
</TABLE>
</DIV>



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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>they are ultimately accountable to the board and the committee, as
representatives of shareholders; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>they must report directly to the committee.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ensure that the external auditors have direct and open communication with the committee and
that the external auditors meet regularly with the committee without the presence of
management to discuss any matters that the committee or the external auditors believe should
be discussed privately.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Evaluate the external auditors&#146; qualifications, performance, and independence. As part of
that evaluation:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 143 - <!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>at least annually, request and review a formal report by the external auditors
describing: the firm&#146;s internal quality-control procedures; any material issues raised
by the most recent internal quality-control review, or peer review, of the firm, or by
any inquiry or investigation by governmental or professional authorities, within the
preceding five years, respecting one or more independent audits carried out by the
firm, and any steps taken to deal with any such issues; and (to assess the auditors&#146;
independence) all relationships between the external auditors and the corporation,
including the amount of fees received by the external auditors for the audit services
and for various types of non-audit services for the periods prescribed by applicable
law; and<U> </U></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annually review and confirm with management and the external auditors the
independence of the external auditors, including the extent of non-audit services and
fees, the extent to which the compensation of the audit partners of the external
auditors is based upon selling non-audit services, the timing and process for
implementing the rotation of the lead audit partner, reviewing partner and other
partners providing audit services for the corporation, whether there should be a
regular rotation of the audit firm itself, and whether there has been a &#147;cooling off&#148;
period of one year for any former employees of the external auditors who are now
employees with a financial oversight role, in order to assure compliance with
applicable law on such matters; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>annually review and evaluate senior members of the external audit team,
including their expertise and qualifications. In making this evaluation, the audit
committee should consider the opinions of management and the internal auditor.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Conclusions on the independence of the external auditors should be reported to the board.
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the corporation&#146;s policies for the corporation&#146;s hiring of employees and
former employees of the external auditors. Such policies shall include, at minimum, a one-year
hiring &#147;cooling off&#148; period.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>(ii)&nbsp;Other Matters</I>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Meet with the external auditors to review and approve the annual audit plan of the
corporation&#146;s financial statements prior to the annual audit being undertaken by the external
auditors, including reviewing the year-to-year co-ordination of the audit plan and the
planning, staffing and extent of the scope of the annual audit. This review should include an
explanation from the external auditors of the factors considered by the external auditors in
determining their audit scope, including major risk factors. The external auditors shall
report to the committee all significant changes to the approved audit plan.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the basis and amount of the external auditors&#146; fees with respect to the
annual audit in light of all relevant matters.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">8.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and pre-approve all audit and non-audit service engagement fees and terms in
accordance with applicable law, including those provided to the subsidiaries of the
corporation by the external auditors or any other person in its capacity as external auditors
of such subsidiary. Between scheduled committee meetings, the chair of the committee, on
behalf of the committee, is authorised to pre-approve any audit or non-audit service
engagement fees and terms. At the next committee meeting, the chair shall report to the
committee any such pre-approval given. Establish and adopt procedures for such matters.<U>
</U></TD>
</TR>

</TABLE>
</DIV>

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




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

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

<td>Review and approve the appointment or removal of the internal auditor.</td>
 </TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with the external auditors, management, and internal auditor the
responsibilities, budget and staffing of the corporation&#146;s internal audit function.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 144 - <!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and approve the mandate for the internal auditor and the scope of annual work planned
by the internal auditor, to receive summary reports of internal audit findings, management&#146;s
response thereto, and reports on any subsequent follow-up to any identified weakness.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ensure that the internal auditor has direct and open communication with the committee and
that the internal auditor meets regularly with the committee without the presence of
management to discuss any matters that the committee or the internal auditor believe should be
discussed privately, such as problems or difficulties which were encountered in the course of
internal audit work, including restrictions on the scope of activities or access to required
information, and any disagreements with management.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review and discuss with the internal auditor and management the internal auditor&#146;s ongoing
assessments of the corporation&#146;s business processes and system of internal controls.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Review the effectiveness of the internal audit function, including staffing, organizational
structure and qualifications of the internal auditor and staff.</TD>
</TR>

</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monitor compliance by the corporation with all payments and remittances required to be made
in accordance with applicable law, where the failure to make such payments could render the
directors of the corporation personally liable.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The receipt of regular updates from management regarding compliance with laws and regulations
and the process in place to monitor such compliance, excluding, however, legal compliance
matters subject to the oversight of the safety, health and environmental committee of the
board. Review the findings of any examination by regulatory authorities and any external
auditors&#146; observations relating to such matters.</TD>
</TR>

</TABLE>
</DIV>





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

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

<td>Establish and oversee the procedures in the code of conduct and ethics policy to address:</td>
</TR>

</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the receipt, retention and treatment of complaints received by the corporation
regarding accounting, internal accounting or auditing matters; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>confidential, anonymous submissions by employees of concerns regarding
questionable accounting and auditing matters.</TD>
</TR>

</TABLE>
</DIV>





<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Receive periodically a summary report from the senior vice-president law, regulatory affairs and
corporate secretary on such matters as required by the code of conduct and ethics policy.</div>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Monitor management&#146;s implementation of the code of conduct and ethics policy and the international
business conduct policy and review compliance therewith by, among other things, obtaining an annual
report summarising statements of compliance by employees pursuant to such policies and reviewing
the findings of any investigations of non-compliance. Periodically review the adequacy and
appropriateness of such policies and make recommendations to the board thereon.</div>



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Monitor management&#146;s implementation of the anti-fraud policy; and review compliance therewith by,
among other things, receiving reports from management on:</div>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any investigations of fraudulent activity;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>monitoring activities in relation to fraud risks and controls; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>assessments of fraud risk.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Periodically review the adequacy and appropriateness of the anti-fraud policy and make
recommendations to the board thereon.
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio --> - 145 - <!-- /Folio -->
</DIV>

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

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



<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Review all proposed related party transactions and situations involving a director&#146;s, senior
officer&#146;s or an affiliate&#146;s potential or actual conflict of interest that are not required to be
dealt with by an &#147;independent committee&#148; pursuant to securities law rules, other than routine
transactions and situations arising in the ordinary course of business, consistent with past
practice. Between scheduled committee meetings, the chair of the committee, on behalf of the
committee, is authorised to review all such transactions and situations. At the next committee
meeting, the chair shall report to the results of such review. Ensure that political and charitable
donations conform with policies and budgets approved by the board.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Monitor management of hedging, debt and credit, make recommendations to the board respecting
policies for management of such risks, and review the corporation&#146;s compliance therewith.<U> </U>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Approve the expenses submitted for reimbursement by the chief executive officer.</TD>
</TR>

</TABLE>
</DIV>

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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The procedures governing the committee shall, except as otherwise provided for herein, be
those applicable to the board as set forth in Part&nbsp;7 of the General Bylaws of the corporation.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The members and the chair of the committee shall be entitled to receive remuneration for
acting in such capacity as the board may from time to time determine.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The committee shall have the resources and authority appropriate to discharge its duties and
responsibilities, including the authority to:</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to select, retain, terminate, set and approve the fees and other retention
terms of special or independent counsel, accountants or other experts, as it deems
appropriate; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to obtain appropriate funding to pay, or approve the payment of, such approved
fees;</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>without seeking approval of the board or management</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any member of the committee may be removed or replaced at any time by the board and shall
cease to be a member of the committee upon ceasing to be a director. The board may fill
vacancies on the committee by appointment from among its members. If and whenever a vacancy
shall exist on the committee, the remaining members may exercise all its powers so long as a
quorum remains in office. Subject to the foregoing, each member of the committee shall remain
as such until the next annual meeting of shareholders after that member&#146;s election.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The committee shall annually review and assess the adequacy of its mandate and recommend any
proposed changes to the nominating, corporate governance and risk committee for recommendation
to the board for approval.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">6.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The committee shall participate in an annual performance evaluation by the nominating,
corporate governance and risk committee, the results of which will be reviewed by the board.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">7.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The committee shall perform any other activities consistent with this mandate, the
corporation&#146;s governing laws and the regulations of stock exchanges, as the committee or the
board deems necessary or appropriate.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="right" style="font-size: 10pt; margin-top: 12pt">2008 Cameco Annual Information Form
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio --> - 146 - <!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>o54391exv99w2.htm
<DESCRIPTION>2008 CONSOLIDATED AUDITED FINANCIAL STATEMENTS
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.2</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

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

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.2</B>
</DIV>


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


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>2008 CONSOLIDATED FINANCIAL STATEMENTS</B>

</DIV>

<DIV align="Center" style="font-size: 10pt; margin-top: 6pt">February&nbsp;12, 2009

</DIV>

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

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The accompanying consolidated financial statements have been prepared by management in accordance
with Canadian generally accepted accounting principles. Management is responsible for ensuring that
these statements, which include amounts based upon estimates and judgment, are consistent with
other information and operating data contained in the annual financial review and reflect the
corporation&#146;s business transactions and financial position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Management is also responsible for the information disclosed in the management&#146;s discussion and
analysis including responsibility for the existence of appropriate information systems, procedures
and controls to ensure that the information used internally by management and disclosed externally
is complete and reliable in all material respects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In addition, management is responsible for establishing and maintaining an adequate system of
internal control over financial reporting. The internal control system includes an internal audit
function and a code of conduct and ethics, which is communicated to all levels in the organization
and requires all employees to maintain high standards in their conduct of the corporation&#146;s
affairs. Such systems are designed to provide reasonable assurance that the financial information
is relevant, reliable and accurate and that the company&#146;s assets are appropriately accounted for
and adequately safeguarded. Management conducted an evaluation of the effectiveness of the system
of internal control over financial reporting based on the criteria established in &#147;Internal Control
&#150; Integrated Framework&#148; issued by the Committee of Sponsoring Organizations of the Treadway
Commission. Based on this evaluation, management concluded that the company&#146;s system of internal
control over financial reporting was effective as at December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">KPMG LLP has audited the consolidated financial statements in accordance with Canadian generally
accepted auditing standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The board of directors annually appoints an audit committee comprised of directors who are not
employees of the corporation. This committee meets regularly with management, the internal auditor
and the shareholders&#146; auditors to review significant accounting, reporting and internal control
matters. Both the internal and shareholders&#146; auditors have unrestricted access to the audit
committee. The audit committee reviews the financial statements, the report of the shareholders&#146;
auditors, and management&#146;s discussion and analysis and submits its report to the board of directors
for formal approval.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Original signed by Gerald W. Grandey</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>Original signed by O. Kim Goheen</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>President and Chief Executive Officer</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><I>Senior Vice-President and Chief Financial Officer</I></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">February&nbsp;12, 2009
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">February&nbsp;12, 2009</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

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

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

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>To the Shareholders of Cameco Corporation</B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We have audited the consolidated balance sheets of Cameco Corporation (&#147;the Corporation&#148;) 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. These financial statements are the responsibility of the corporation&#146;s management. Our
responsibility is to express an opinion on these financial statements based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">We conducted our audits in accordance with Canadian generally accepted auditing standards and the
standards of the Public Company Accounting Oversight Board (United States). Those standards require
that we plan and perform an audit to obtain reasonable assurance whether the financial statements
are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In our opinion, these consolidated financial statements present fairly, in all material respects,
the financial position of the corporation as at December&nbsp;31, 2008 and 2007 and the results of its
operations and its cash flows for each of the years then ended in accordance with Canadian
generally accepted accounting principles.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Original signed by KPMG</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>LLP</B></SUB>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Chartered Accountants<BR>
Saskatoon, Canada</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;12, 2009

</DIV>

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

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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>As at December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$269,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$131,932</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">568,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347,097</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories &#091;note 4&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">470,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">428,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Supplies and prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">301,937</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term receivables,
investments and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49,836</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,164</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,659,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,282,159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment &#091;note 5&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,416,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,437,450</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets and goodwill &#091;note 6&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255,484</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables, investments and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">628,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,304</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term inventory &#091;note 4&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>7,010,601</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,371,382</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities and Shareholders&#146; Equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$580,903</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$541,283</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Short-term debt &#091;notes 8, 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,817</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Dividends payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,943</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,220</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term debt &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,175</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,816</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of other liabilities &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,222</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,492</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future income taxes &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,857</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84,653</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">888,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">684,464</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,212,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation &#091;note 10&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258,511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income taxes &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,936</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,716,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,191,714</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">779,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435,807</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,062,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">819,268</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contributed surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,153,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,779,629</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">167,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,514,923</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,743,861</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>7,010,601</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>5,371,382</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Commitments and contingencies &#091;notes 10,16,23,24&#093;
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See accompanying notes to consolidated financial statements.

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Approved by the board of directors<BR>
Original signed by Gerald W. Grandey and Nancy E. Hopkins</B>

</DIV>

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

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

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

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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">($Cdn thousands, except per share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenue from</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Products and services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,859,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,309,741</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Expenses</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Products and services sold <SUP style="font-size: 85%; vertical-align: text-top">(i)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,517,760</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211,664</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,539</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,791</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127,229</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,258</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,813</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Research and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,998</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,609</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and other &#091;note 13&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">300,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,673</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake remediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,369</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,403</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Restructuring of gold business &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option plan amendment &#091;note 20&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gain on sale of assets &#091;note 14&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,097</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,028</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,334,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,834,731</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings from operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">524,170</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">475,010</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other expense &#091;note 15&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,273</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,078</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings before income taxes and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">484,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">465,932</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income tax (recovery)&nbsp;expense &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(24,755</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,468</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$450,117</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$416,112</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic earnings per common share &#091;note 26&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$1.29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$1.18</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings per common share &#091;note 26&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$1.28</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$1.13</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(i)&nbsp;Excludes depreciation, depletion and reclamation expenses of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$284,456</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$217,398</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See accompanying notes to consolidated financial statements.

</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Statements of Shareholders&#146; Equity</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2" style="border-bottom: 1px solid #ffffff"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Share capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$819,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$812,769</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares repurchased &#091;note 12&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,750</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,249</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debenture conversions &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242,435</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,062,714</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>819,268</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Contributed surplus</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">540,173</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares repurchased &#091;note 12&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(406,577</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock option plan amendment &#091;note 20&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,987</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,875</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,770</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(40</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,960</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debenture conversions &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,441</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>131,858</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>119,531</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Retained earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,779,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,433,549</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in accounting policy &#151; inventory &#091;note 3(a)(iii)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">416,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends on common shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(85,218</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70,032</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,153,315</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,779,629</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accumulated other comprehensive income (loss)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25,433</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(927</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141,603</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>167,036</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,433</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total retained earnings and accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,320,351</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,805,062</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Shareholders&#146; equity at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,514,923</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,743,861</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">See accompanying notes to consolidated financial statements.

</DIV>


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



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


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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$416,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income (loss), net of taxes &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized foreign currency translation gains (losses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(111,169</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gains on derivatives designated as cash flow hedges
transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,320</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses on available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Losses on available-for-sale securities transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>141,603</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>26,360</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total comprehensive income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$591,720</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$442,472</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Statement of Accumulated Other Comprehensive Income</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Currency</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Translation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cash Flow</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Available-For-</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands)(net of related income taxes)&#091;note 16&#093;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Adjustment</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Hedges</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Sale Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2006</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(39,766</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(39,766</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Transition adjustment resulting from adopting
new financial instruments standards</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38,839</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in unrealized foreign currency translation
gains (losses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(111,169</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(111,169</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in gains on derivatives designated as cash
flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,215</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">206,215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in gains on derivatives designated as cash
flow hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,320</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,320</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in unrealized losses on available-for-sale
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at December&nbsp;31, 2007</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(150,935</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$182,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$25,433</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in unrealized foreign currency translation
gains (losses)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,577</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217,577</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in gains on derivatives designated as cash
flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,976</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,976</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in gains on derivatives designated as cash
flow hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,056</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,056</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in unrealized losses on available-for-sale
securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,271</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,271</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Change in losses on available-for-sale securities
transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,377</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance at December&nbsp;31, 2008</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$66,642</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$101,654</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B></B></TD>
    <TD align="right"><B>$(1,260</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$167,036</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">See accompanying notes to consolidated financial statements.
</DIV>


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

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

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




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

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the years ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">($Cdn thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Operating activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$416,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Items not requiring (providing)&nbsp;cash:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225,539</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for future taxes &#091;note 16&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(142,196</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(134,129</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Deferred gains</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,361</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,441</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses (gains)&nbsp;on derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,098</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(50,032</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized foreign exchange losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,241</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation &#091;note 20&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,821</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,770</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of assets &#091;note 14&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,097</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,028</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity in loss from associated companies &#091;note 15&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,706</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,439</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other income &#091;note 15&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(425</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(536</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Writedown of investments &#091;notes 7, 15&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29,992</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring of gold business &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock option plan amendment &#091;note 20&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,352</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other operating items &#091;note 17&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(136,679</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118,505</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash provided by operations</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>708,267</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>800,726</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Investing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions to property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(629,151</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(494,473</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Acquisitions, net of cash &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(503,157</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in long-term receivables, investments and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,518</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,167</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proceeds on sale of property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,093</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,824</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash used in investing</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(1,144,733</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(526,816</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Financing activities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Decrease in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(20,593</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,900</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase in debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">640,089</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,815</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issue of shares</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shares repurchased &#091;note 12&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(429,327</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(80,495</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,906</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash provided by (used in) financing</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>539,973</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>(437,029</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in cash during the year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,507</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(163,119</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Exchange rate changes on foreign currency cash balances</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,737</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,038</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,932</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">334,089</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$269,176</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$131,932</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Cash and cash equivalents comprised of:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$173,155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$89,438</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96,021</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,494</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$269,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$131,932</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Supplemental cash flow disclosure</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$52,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$47,691</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income taxes paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$136,284</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$154,748</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

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


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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the years ended December&nbsp;31, 2008 and 2007
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">($Cdn thousands except per share amounts and as noted)

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>1. Cameco Corporation</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco Corporation is incorporated under the Canada Business Corporations Act. Cameco
Corporation and its subsidiaries (collectively, Cameco or the company) are primarily engaged in the
exploration for and the development, mining, refining, conversion and fabrication of uranium for
sale as fuel for generating electricity in nuclear power reactors in Canada and other countries.
The company has a 31.6% interest in Bruce Power L.P. (BPLP), which operates the four Bruce B
nuclear reactors in Ontario. Cameco&#146;s 52.7% subsidiary Centerra Gold Inc. (Centerra) is involved in
the exploration for and the development, mining and sale of gold.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2. Significant Accounting Policies</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Consolidation Principles</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated financial statements include the accounts of Cameco and its subsidiaries.
Interests in joint ventures are accounted for by the proportionate consolidation method. Under this
method, Cameco includes in its accounts its proportionate share of assets, liabilities, revenues
and expenses.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The consolidated financial statements are prepared by management in accordance with Canadian
generally accepted accounting principles. Management makes various estimates and assumptions in
determining the reported amounts of assets and liabilities, revenues and expenses for each year
presented, and in the disclosure of commitments and contingencies. The most significant estimates
are related to the lives and recoverability of mineral properties, provisions for decommissioning
and reclamation of assets, future income taxes, financial instruments and mineral reserves. Actual
results could differ from these estimates. This summary of significant accounting policies is a
description of the accounting methods and practices that have been used in the preparation of these
consolidated financial statements and is presented to assist the reader in interpreting the
statements contained herein.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cash and cash equivalents</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash and cash equivalents consists of balances with financial institutions and investments in
money market instruments, which have a term to maturity of three months or less at time of
purchase.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Inventories</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Inventories of broken ore, uranium concentrates, refined and converted products and gold are
valued at the lower of average cost and net realizable value. Average cost includes direct
materials, direct labour, operational overhead expenses and depreciation, depletion and
reclamation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Supplies</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consumable supplies and spares are valued at the lower of cost or replacement value.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investments</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Investments in associated companies over which Cameco has the ability to exercise significant
influence are accounted for by the equity method. Under this method, Cameco includes in earnings
its share of earnings or losses of the associated company. Portfolio investments are classified as
available-for-sale and are carried at fair value in the consolidated balance sheets with unrealized
gains and losses reported in other comprehensive income (OCI). Realized gains and losses, as well
as other-than-temporary declines in value, are recorded in the consolidated statements of earnings.</TD>
</TR>

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

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Property, Plant and Equipment</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Assets are carried at cost. Costs of additions and improvements are capitalized. When assets
are retired or sold, the resulting gains or losses are reflected in current earnings. Maintenance
and repair expenditures are charged to cost of production.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The decision to develop a mine property within a project area is based on an assessment of the
commercial viability of the property, the availability of financing and the existence of markets
for the product. Once the decision to proceed to development is made, development and other
expenditures relating to the project area are deferred and carried at cost with the intention that
these will be depleted by charges against earnings from future mining operations. No depreciation
or depletion is charged against the property until commercial production commences. After a mine
property has been brought into commercial production, costs of any additional work on that property
are expensed as incurred, except for large development programs, which will be deferred and
depleted over the remaining life of the related assets.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The carrying values of non-producing
properties are periodically assessed by management and if management determines that the carrying
values cannot be recovered, the unrecoverable amounts are written off against current earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco reviews the carrying values of its property, plant and equipment when changes in
circumstances indicate that those carrying values may not be recoverable. Estimated future net cash
flows are calculated using estimated recoverable reserves, estimated future commodity prices and
the expected future operating and capital costs. An impairment loss is recognized when the carrying
value of an asset held for use exceeds the sum of undiscounted future net cash flows. An impairment
loss is measured as the amount by which the asset&#146;s carrying amount exceeds its fair value.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Interest is capitalized on expenditures related to development projects actively being
prepared for their intended use. Capitalization is discontinued when the asset enters commercial
operation or development ceases.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Fuel services assets, mine buildings, equipment and mineral
properties are depreciated or depleted according to the unit-of-production method. This method
allocates the costs of these assets to each accounting period. For fuel services, the amount of
depreciation is measured by the portion of the facilities&#146; total estimated lifetime production that
is produced in that period. For mining, the amount of depreciation or depletion is measured by the
portion of the mines&#146; proven and probable reserves which are recovered during the period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nuclear generating plants are depreciated according to the straight-line method based on the
lower of useful life and remaining lease term.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Other assets are depreciated according to the straight-line method based on estimated useful
lives, which generally range from three to 10&nbsp;years.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(g)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intangible Assets and Goodwill</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Intangible assets acquired in a business combination are recorded at their fair values.
Finite-lived intangible assets are amortized over the estimated production profile of the business
unit to which they relate. The carrying values of intangible assets are periodically assessed by
management and if management determines that the carrying values cannot be recovered, the
unrecoverable amount is charged to earnings in the current period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Acquisitions are accounted for using the purchase method whereby acquired assets and
liabilities are recorded at fair value as of the date of acquisition. The excess of the purchase
price over such fair value is recorded as goodwill. Goodwill is assigned to assets and is not
amortized. Cameco tests goodwill for possible impairment on an annual basis and at any other time
if an event occurs or circumstances change that would more likely than not reduce the fair value of
a reporting unit below its carrying amount. In the event the carrying value of a reporting unit was
to exceed its estimated fair value, Cameco would compare the implied fair value of the reporting
unit&#146;s goodwill to its carrying amount. Any excess of the carrying value over the fair value is
charged to earnings.</TD>
</TR>

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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(h)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Future Income Taxes</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Future income taxes are recognized for the future income tax consequences attributable to
differences between the carrying values of assets and liabilities and their respective income tax
bases. Future income tax assets and liabilities are measured using enacted or substantively enacted
income tax rates expected to apply to taxable income in the years in which temporary differences
are expected to be recovered or settled. The effect on future income tax assets and liabilities of
a change in rates is included in earnings in the period, which includes the enactment date. Future
income tax assets are recorded in the financial statements and a valuation allowance is provided,
if necessary, to reduce the future income tax asset to an amount that is more likely than not to be
realized. Accrued interest and penalties for uncertain tax positions are recognized in the period
in which uncertainties are identified.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Research and Development and Exploration Costs</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expenditures for research and technology related to the products, processes and expenditures
for geological exploration programs are charged against earnings as incurred.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(j)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Environmental Protection and Asset Retirement Obligations</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of the liability for an asset retirement obligation is recognized in the period
incurred. The fair value, discounted using the company&#146;s credit adjusted risk free rate, is added
to the carrying amount of the associated asset and depreciated over the asset&#146;s useful life. The
liability is accreted over time, using the company&#146;s credit adjusted risk free rate, through
periodic charges to earnings and it is reduced by actual costs of decommissioning and reclamation.
Cameco&#146;s estimates of reclamation costs could change as a result of changes in regulatory
requirements, reclamation plans, cost estimates and timing of estimated expenditures. Costs related
to ongoing environmental programs are charged against earnings as incurred.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(k)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Employee Future Benefits</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco accrues its obligations under employee benefit plans. The cost of pensions and other
retirement benefits earned by employees is actuarially determined using the projected benefit
method pro-rated on service and management&#146;s best estimate of expected plan investment performance,
salary escalation, retirement ages of employees and expected health care costs. For the purpose of
calculating the expected return on plan assets, those assets are measured at fair value. Cameco
measures the plan assets and the accrued benefit obligations on December&nbsp;31 each year.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On both the Cameco-specific and BPLP-specific defined benefit pension plans, past service
costs arising from plan amendments are amortized on a straight-line basis over the expected average
remaining service life of the plan participants. Net actuarial gains, which exceed 10% of the
greater of the accrued
benefit obligation and the fair value of plan assets, are amortized on a straight-line basis over
the expected average remaining service life of the plan participants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On the Cameco-specific retirement benefit plans that do not vest or accumulate, past service
costs arising from plan amendments, and net actuarial gains and losses, are recognized in the
period they arise. Conversely, the BPLP-specific amounts are amortized on a straight-line basis
over the expected average remaining service life of the plan participants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(l)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock-Based Compensation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has five stock-based compensation plans that are described in note 20. These encompass
a stock option plan, an employee share ownership plan, a performance share unit plan, a deferred
share unit plan and a phantom stock option plan. In calculating compensation expense, Cameco
includes an estimate for forfeitures that is based on historic trends.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Options granted under the
stock option plan for which the holder cannot elect cash settlement are accounted for using the
fair value method. Under this method, the compensation cost of options granted is measured at
estimated fair value at the grant date and recognized over the shorter of the period to eligible
retirement or the vesting period. Options that may be settled in cash are accounted for as
liabilities and are carried at their intrinsic value. The intrinsic value of the liability is
marked to market each period and is amortized to expense over the shorter of, the period to
eligible retirement, or the vesting period. Effective November&nbsp;10, 2008, the stock option plan was
amended to eliminate the alternative to settle in cash.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Deferred share units, performance share units and phantom stock options are amortized over the
shorter of the period to eligible retirement or the vesting period and re-measured at each
reporting period, until settlement, using the quoted market value. Cameco&#146;s contributions under the
employee share ownership plan are expensed during the year of contribution. Shares purchased with
company contributions and with dividends paid on such shares, become unrestricted on January 1 of
the second plan year following the date on which such shares were purchased.</TD>
</TR>

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

<!-- PAGEBREAK -->
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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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(m)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Revenue Recognition</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco supplies uranium concentrates and uranium conversion services to utility customers.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco
recognizes revenue on the sale of its nuclear products when evidenced by a contract that
indicates the product, pricing and delivery terms, delivery occurs, the related revenue is fixed
or determinable and collection is reasonably assured.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has three types of sales arrangements with its customers in its uranium and fuel services
businesses. These arrangements include uranium supply, toll conversion services and conversion
supply (converted uranium), which is a combination of uranium supply and toll conversion
services.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Uranium Supply</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a uranium supply arrangement, Cameco is contractually obligated to provide uranium
concentrates to its customers. Cameco-owned uranium is physically delivered to conversion
facilities (Converters) where the Converter will credit Cameco&#146;s account for the volume of
accepted uranium. Based on delivery terms in a sales contract with its customer, Cameco instructs
the Converter to transfer title of a contractually-specified quantity of uranium to the
customer&#146;s account at the Converter&#146;s facility. At this point, Cameco invoices the customer and
recognizes revenue for the uranium supply.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Toll Conversion Services</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a toll conversion arrangement, Cameco is contractually obligated to convert customer-owned
uranium to a chemical state suitable for enrichment. The customer delivers uranium to Cameco&#146;s
conversion facilities. Once conversion is complete, Cameco physically delivers converted uranium
to enrichment facilities (Enrichers) where the Enricher will credit Cameco&#146;s account for the
volume of accepted processed uranium. Based on delivery terms in a sales contract with its
customer, Cameco instructs the Enricher to transfer title of a contractually-specified quantity
of converted uranium to the customer&#146;s account at the Enricher&#146;s facility. At this point, Cameco
invoices the customer and recognizes revenue for the toll conversion services.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Conversion Supply</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In a conversion supply arrangement, Cameco is contractually obligated to provide uranium
concentrates and conversion services to its customers. Cameco-owned uranium is converted and
physically delivered to an Enricher as described in the toll conversion services arrangement.
Based on delivery terms in a sales contract with its customer, Cameco instructs the Enricher to
transfer title of a contractually-specified quantity of converted uranium to the customer&#146;s
account at the Enricher&#146;s facility. At this point, Cameco invoices the customer and recognizes
revenue for both the uranium supplied and the conversion service provided. It is rare for Cameco
to enter into back-to-back arrangements for uranium supply and
toll conversion services. However, in the event that a customer requires such an arrangement,
revenue from uranium supply is deferred until the toll conversion service has been rendered.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue from deliveries to counterparties with whom Cameco has arranged a standby product loan
facility (up to the limit of the loan facilities) and the related cost of sales are deferred
until the loan arrangements have been terminated, or if drawn upon, when the loans are repaid and
that portion of the facility is terminated.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue on the sale of gold is recorded when title passes, delivery is effected and there is
reasonable assurance with respect to measurement and collectability.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Electricity sales are recognized at the time of generation, and delivery to the purchasing
utility is metered at the point of interconnection with the transmission system. Revenues are
recognized on an accrual basis, which includes an estimate of the value of electricity produced
during the period but not yet billed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(n)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Amortization of Financing Costs</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For financial instruments that are measured at amortized cost, the effective interest method of
amortization is used for any debt discounts and issue expenses. Unamortized costs are classified
with their related financial liability.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(o)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Foreign Currency Translation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Monetary assets and liabilities denominated in foreign currencies are translated into Canadian
dollars at year-end rates of exchange. Revenue and expense transactions denominated in foreign
currencies are translated into Canadian dollars at rates in effect at the time of the
transactions. The applicable exchange gains and losses arising on these transactions are
reflected in earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The United States dollar is considered the functional currency of most of Cameco&#146;s uranium and
gold operations outside of Canada. The financial statements of these operations are translated
into Canadian dollars using the current rate</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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

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


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


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>method whereby all assets and liabilities are translated at the year-end rate of exchange and
all revenue and expense items are translated at the average rate of exchange prevailing during
the year. Exchange gains and losses arising from this translation, representing the net
unrealized foreign currency translation gain (loss)&nbsp;on Cameco&#146;s net investment in these foreign
operations, are recorded in the foreign currency translation adjustments component of
accumulated other comprehensive income (AOCI). Exchange gains or losses arising from the
translation of foreign debt designated as hedges of a net investment in foreign operations are
also recorded in the foreign currency translation adjustments component of accumulated other
comprehensive income. These adjustments are not included in earnings until realized through a
reduction in Cameco&#146;s net investment in such operations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(p)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Derivative Financial Instruments and Hedging Transactions</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Financial Assets and Financial Liabilities</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All financial assets and liabilities are carried at fair value in the consolidated balance
sheets, except for items classified in the following categories, which are carried at amortized
cost: loans and receivables, held-to-maturity securities and financial liabilities not
held-for-trading. Realized and unrealized gains and losses on financial assets and liabilities
that are held-for-trading are recorded in the consolidated statements of earnings. Unrealized
gains and losses on financial assets that are available-for-sale are reported in OCI until
realized, at which time they are recorded in the consolidated statements of earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><I>&nbsp;</I></TD>
    <TD width="1%"><I>&nbsp;</I></TD>
    <TD><I>Hedge Accounting and Derivatives</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivative financial and commodity instruments are employed by Cameco to reduce exposure to
fluctuations in foreign currency exchange rates, interest rates and commodity prices. All
derivative instruments are recorded at fair value in the consolidated balance sheets, except
for those designated as hedging instruments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purpose of hedging transactions is to modify Cameco&#146;s exposure to one or more risks by
creating an offset between changes in the fair value of, or the cash inflows attributable to,
the hedged item and the hedging item. Hedge accounting ensures that the offsetting gains,
losses, revenues and expenses are recognized to net earnings in the same period or periods.
When hedge accounting is appropriate, the hedging relationship is designated as a fair value
hedge, a cash flow hedge, or a foreign currency risk hedge related to a net investment in a
self-sustaining foreign operation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the inception of a hedging relationship, Cameco formally documents all relationships between
hedging instruments and hedged items, as well as its risk management objective and strategy for
undertaking various hedge transactions. The process includes linking all derivatives to
specific assets
and liabilities on the balance sheet or to specific firm commitments or forecasted
transactions. Cameco also formally assesses, both at the inception and on an ongoing basis,
whether the derivatives that are used in hedging transactions are highly effective in
offsetting changes in fair values or cash flows of hedged items.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For fair value hedges, changes in the fair value of the derivatives and corresponding changes
in fair value of the hedged items attributed to the risk being hedged are recognized in the
consolidated statements of earnings. For cash flow hedges, the effective portion of the changes
in the fair values of the derivative instruments are recorded in OCI until the hedged items are
recognized in the consolidated statements of earnings. Derivative instruments that do not
qualify for hedge accounting, or are not designated as hedging instruments, are
marked-to-market and the resulting net gains or losses are recognized in interest and other in
the consolidated statements of earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivatives may be embedded in other financial instruments (the &#147;host instrument&#148;). Embedded
derivatives are treated as separate derivatives when their economic characteristics and risks
are not clearly and closely related to those of the host instrument, the terms of the embedded
derivative are the same as those of a stand-alone derivative, and the combined contract is not
held-for-trading or designated at fair value. These embedded derivatives are measured at fair
value with subsequent changes recognized in gains or losses on derivatives within interest and
other on the consolidated statements of earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(q)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Earnings Per Share</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Earnings per share are calculated using the weighted average number of common shares
outstanding.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The calculation of diluted earnings per share assumes that outstanding options and warrants
which are dilutive to earnings per share are exercised and the proceeds are used to repurchase
shares of the company at the average market price of the shares for the period. The effect is
to increase the number of shares used to calculate diluted earnings per share.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->12<!-- /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 align="left" style="font-size: 10pt; margin-top: 12pt"><B>3. Accounting Standards</B>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes in Accounting Policies</B></TD>
</TR>

</TABLE>
</DIV>

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On January&nbsp;1, 2008, Cameco adopted the standard issued by the Canadian Institute of
Chartered Accountants (CICA)&nbsp;relating to capital disclosures. The standard requires
disclosure of Cameco&#146;s objectives, policies and processes for managing capital,
quantitative data about what Cameco regards as capital and whether Cameco has complied
with any capital requirements and, if it has not complied, the consequences of such
non-compliance. <BR>
<BR style="font-size:6pt">
Cameco&#146;s capital structure reflects our vision and the environment in
which we operate. We seek growth through development and expansion of existing assets
and by acquisition. Our capital resources are managed to support achievement of our
goals. The overall objectives for managing capital remained unchanged in 2008 from the
prior comparative period.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s management considers its capital structure to consist of long-term debt,
short-term debt (net of cash and cash equivalents), minority interest and shareholders&#146;
equity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The capital structure at December&nbsp;31, 2008 was as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Thousands)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,223,157</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,817</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash and cash equivalents</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(269,176</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,043,798</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">779,203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,514,923</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,294,126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total capital</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">5,337,924</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco is bound by certain covenants in its general credit facilities. These covenants place
restrictions on total debt, including guarantees, and set minimum levels for net worth. As of
December&nbsp;31, 2008, Cameco met these requirements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Instruments</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On January&nbsp;1, 2008, Cameco adopted CICA Handbook Sections&nbsp;3862, Financial Instruments &#151;
Disclosures and 3863, Financial Instruments &#151; Presentation. These sections replaced Handbook
Section&nbsp;3861, Financial Instruments &#151; Disclosures and Presentation. They enhance the users&#146;
ability to evaluate the significance of financial instruments to an entity, related exposures
and the management
of these risks. There was no financial impact to previously reported financial statements as a
result of the implementation of these new standards.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco is exposed in varying degrees to a variety of financial instrument related risks.
Management and the board of directors, both separately and together, discuss the principal
risks of our businesses. The board sets policies for the implementation of systems to manage,
monitor and mitigate identifiable risks. Cameco&#146;s risk management objective in relation to
these instruments is to protect and minimize volatility in cash flow.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco engages in various business activities which expose the company to market risk from
changes in commodity prices and foreign currency exchange rates. As part of its overall risk
management strategy, Cameco uses derivatives to manage some of its exposures to market risk
that result from these activities.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Derivative instruments may include financial and physical forward contracts. Such contracts may
be used to establish a fixed price for a commodity, an interest-bearing obligation or a cash
flow denominated in a foreign currency. Market risks are monitored regularly against defined
risk limits and tolerances.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s actual exposure to these market risks is constantly changing as the company&#146;s
portfolios of foreign currency and commodity contracts change. Changes in fair value or cash
flows based on market variable fluctuations cannot be extrapolated as the relationship between
the change in the market variable and the change in fair value or cash flow may not be linear.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->13<!-- /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 align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The types of risk exposure and the way in which such exposure is managed are as follows:
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commodity Price Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As a significant producer and supplier of uranium, nuclear fuel processing, gold and
electricity, Cameco bears significant exposure to changes in prices for these products. A
substantial change in prices will affect the company&#146;s net earnings and operating cash flows.
Prices for Cameco&#146;s products are volatile and are influenced by numerous factors beyond the
company&#146;s control, such as supply and demand fundamentals, geopolitical events and, in the case
of electricity prices, weather.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s sales contracting strategy focuses on reducing the volatility in future earnings and
cash flow, while providing both protection against decreases in market price and retention of
exposure to future market price increases. Centerra policy currently prohibits the hedging of
gold. To mitigate the risks associated with the fluctuations in the market price for uranium
products, Cameco seeks to maintain a portfolio of uranium product sales contracts with a
variety of delivery dates and pricing mechanisms that provide a degree of protection from
pricing volatility. To mitigate risks associated with fluctuations in the market price for
electricity, BPLP enters into various energy and sales related contracts that qualify as cash
flow hedges. At December&nbsp;31, 2008, the effect of a $1/TWh increase in the market price for
electricity would be a decrease of $288,000 in net earnings, and a decrease in other
comprehensive income of $4,889,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Foreign Exchange Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The relationship between the Canadian and US dollars affects financial results of the uranium
business as well as the fuel services 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Sales of uranium and fuel services are routinely denominated in US dollars while production
costs are largely denominated in Canadian dollars. Cameco attempts to provide some protection
against exchange rate fluctuations by planned hedging activity designed to smooth volatility.
Cameco also has a natural hedge against US currency fluctuations because a portion of its
annual cash outlays, including purchases of uranium and fuel services, is denominated in US
dollars. At December&nbsp;31, 2008, the effect of a $0.01 increase in the US to Canadian dollar
exchange rate on our portfolio of currency hedges and other USD denominated exposures would be
a decrease of $7,100,000 in net earnings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Counterparty Credit Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s sales of uranium product, conversion and fuel manufacturing services expose the
company to the risk of non-payment. Counterparty credit risk is associated with the ability of
counterparties to satisfy their contractual obligations to Cameco, including both payment and
performance.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco manages this risk by monitoring the credit worthiness of our customers and seeking
pre-payment or other forms of payment security from customers with an unacceptable level of
credit risk.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s maximum counterparty credit exposure at the balance sheet date consists primarily of
the carrying amount of financial assets such as accounts receivable and short-term investments.
At December&nbsp;31, 2008, there were no significant concentrations of credit risk and no amounts
were held as collateral.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Liquidity Risk</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial liquidity represents Cameco&#146;s ability to fund future operating activities and
investments. Cameco ensures that there is sufficient capital in order to meet short-term
business requirements, after taking into account cash flows from operations and the company&#146;s
holdings of cash and cash equivalents. The company believes that these sources will be
sufficient to cover the likely short-term and long-term cash requirements.</TD>
</TR>



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->14<!-- /Folio -->
</DIV>

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

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


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



</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The tables below outline the maturity dates for Cameco&#146;s non-derivative financial liabilities
including principal and interest as at December&nbsp;31, 2008:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Due in less</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Due in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Due in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Due after</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">than 1 year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">1-3 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">3-5 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">5 years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$1,042</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Short-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>90</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total contractual repayments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$1,313</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$100</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Due in less</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Due in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Due in</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">Due after</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">than 1 year</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">1-3 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">3-5 years</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2">5 years</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$142</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on BPLP lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on short-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total interest payments</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$226</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$49</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On January&nbsp;1, 2008, Cameco adopted the new Canadian standard, Handbook Section&nbsp;3031,
Inventories, which supersedes Handbook Section&nbsp;3030 and converges with the International
Accounting Standard Board&#146;s recently amended standard IAS 2, Inventories. This Section
provides more extensive guidance on the determination of cost, including allocation of
overhead; narrows the permitted cost formulas; allows for the write-up of subsequent
increases in net realizable value of previously impaired inventory; and expands the
disclosure requirements to increase transparency. Upon adoption of the standard, the
company assigned a value of $20,400,000 (US)&nbsp;to previously unvalued gold ore stockpiles at
Centerra, its 52.7% owned subsidiary. This amount, with accompanying adjustments to income
taxes and minority interest, has been recognized as at January&nbsp;1, 2008 with a corresponding
adjustment of $8,787,000 (Cdn) to retained earnings. Prior periods have not been restated.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective August&nbsp;1, 2008, Cameco voluntarily de-designated its foreign currency forward
sales contracts as hedges of anticipated cash inflows. Accordingly, all subsequent changes
in the fair value of these contracts have been recorded in earnings rather than in other
comprehensive income. Mark-to-market gains and losses arising prior to August&nbsp;1, 2008 will
be recognized in net earnings at the time when the previously hedged transactions occur.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Future Changes in Accounting Policy</B></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>International Financial Reporting Standards (IFRS)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Accounting Standards Board (AcSB) has announced that Canadian publicly accountable
enterprises will be required to adopt IFRS effective January&nbsp;1, 2011. Although IFRS employs
a conceptual framework that is similar to Canadian GAAP, there are significant differences
in recognition, measurement and disclosure. Cameco has undertaken a project to assess the
potential impacts of the transition to IFRS and has developed a detailed project plan to
ensure compliance with the new standards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has completed the initial phase of the implementation project including the detailed
diagnostic analysis which included a high-level impact assessment to identify key areas
that may be impacted by the adoption of IFRS. This analysis resulted in the prioritization
of areas to be evaluated in the next phase of the project plan, component evaluation. This
phase, which is currently in progress, includes the analysis of accounting policy
alternatives available under IFRS as well as the determination of changes required to
existing information systems and business processes. Cameco continues to assess the impact
of the conversion on internal controls over financial reporting and disclosure controls and
procedures and will continue to invest in training and resources throughout the transition
period to facilitate a timely conversion. Cameco is currently assessing the impact of the
adoption of IFRS on our results of operations, financial position and financial statement
disclosures.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->15<!-- /Folio -->
</DIV>



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


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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Goodwill and Intangible Assets</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2009, Cameco will adopt the new Canadian standard, Handbook Section&nbsp;3064,
Goodwill and Intangible Assets, which replaces Handbook Section&nbsp;3062, Goodwill and Other
Intangible Assets and Section&nbsp;3450, Research and Development Costs. The standard introduces
guidance for the recognition, measurement and disclosure of goodwill and intangible assets,
including internally generated intangible assets. The standard also harmonizes Canadian
standards with IFRS and applies to annual and interim financial statements for fiscal years
beginning on or after October&nbsp;1, 2008. Cameco is assessing the impact of the new standard on its
consolidated financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Noncontrolling Interests in Consolidated Financial Statements</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2009, Cameco will adopt the new Canadian standard, Handbook Section&nbsp;1602,
Noncontrolling Interests in Consolidated Financial Statements. This section specifies that
noncontrolling interests be treated as a separate component of equity, not as a liability or
other item outside of equity. Section&nbsp;1602 is effective for periods beginning on or after
January&nbsp;1, 2011 and will be applied prospectively to all noncontrolling interests, including any
that arose before the effective date. Cameco does not expect the adoption of this standard will
have a material impact on its consolidated financial statements.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2009, Cameco will adopt the new Canadian standard, Handbook Section&nbsp;1601,
Consolidated Financial Statements<I>, </I>which replaces the existing standard. This section
establishes the standards for preparing consolidated financial statements and is effective for
periods beginning on or after January&nbsp;1, 2011. Cameco does not expect the adoption of this
standard will have a material impact on its consolidated financial statements.</TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2009, Cameco will adopt the new Canadian standard, Handbook Section&nbsp;1582,
Business Combinations. This section specifies a number of changes including: an expanded
definition of a business, a requirement to measure all business acquisitions at fair value, a
requirement to measure noncontrolling interests at fair value and a requirement to recognize
acquisition-related costs as expenses. Section&nbsp;1582 applies prospectively to business
combinations occurring on or after January&nbsp;1, 2011.</TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>4.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Inventories</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Concentrate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">287,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">291,071</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Broken ore</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,396</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,313</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">308,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">299,384</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fuel Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89,635</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gold</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Finished</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,662</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,986</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stockpile</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,931</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,329</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">94,593</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,315</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>492,703</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>437,487</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less: Non-current portion &#091;note 3(a)(iii)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(22,054</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,985</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>470,649</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>428,502</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The non-current portion of inventory represents values assigned to low-grade stockpiles of gold ore
that are not expected to be further processed in the next 12&nbsp;months.
</DIV>

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

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Property, Plant and Equipment</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Accumulated<BR>
Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>and Depletion</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008 Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007 Net</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Uranium</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,490,181</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,690,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,799,885</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,415,498</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-producing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,325,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,325,532</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">888,872</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fuel Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">474,725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">195,334</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,391</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">222,892</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Electricity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Assets under capital lease</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">164,290</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,070</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">102,540</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551,133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">184,129</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">367,004</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">397,693</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Gold</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mining</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,263,798</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">786,708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">477,090</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">365,294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-producing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,551</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,676</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">107,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,649</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,985</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>7,383,479</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>2,967,186</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>4,416,293</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>3,437,450</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>6.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Intangible Assets and Goodwill</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Accumulated</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Cost</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Depreciation</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008 Net</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007 Net</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">118,819</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$17,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">101,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">108,712</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">N/A</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181,902</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">146,772</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>300,721</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$17,377</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>283,344</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>255,484</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The intangible asset value relates to intellectual property acquired with Zircatec Precision
Industries, Inc. in 2006. It is being amortized on a straight-line basis at a rate of approximately
$6,000,000 per year. </DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco&#146;s goodwill is related to its investment in Centerra, which is
denominated in United States dollars. Accordingly, the amount of goodwill is remeasured to reflect
the current foreign exchange rate at each financial statement date.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In 2007, Centerra acquired the outstanding 5% non-controlling interest in one of its subsidiaries.
The book value of the minority interest acquired in the transaction was in excess of the purchase
price and, as a result, goodwill was reduced by $6,046,000.
</DIV>

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

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

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

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>7.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Long-Term Receivables, Investments and Other</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP &#091;note 19&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital lease receivable from Bruce A L.P.</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$97,044</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$97,328</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivatives &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,994</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75,788</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Receivable from Ontario Power Generation (OPG)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,907</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued pension benefit asset &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,061</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,864</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor Gold Company (KGC)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reclamation trust fund</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,795</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity accounted investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Global Laser Enrichment LLC (privately held) &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240,018</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Govi High Power Exploration Inc. (privately held) &#091;note 22&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34,442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UNOR Inc. (market value $1,088)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,088</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,790</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">UEX Corporation (market value $25,783)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Huron Wind (privately held)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,623</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,174</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minergia S.A.C. (privately held)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">683</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Western Uranium Corporation (market value $3,296)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,296</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,351</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cue Resources Ltd. (market value $422)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,751</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">168,641</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost of sales &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,943</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Advances receivable from Inkai JV LLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">126,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47,045</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued pension benefit asset &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,874</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,201</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,381</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">678,808</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">551,468</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(49,836</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(164,164</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$628,972</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$387,304</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During 2008, the investments in Western Uranium Corporation, Cue Resources Ltd. and UNOR Inc.
were determined to be impaired and charges of $17,092,000, $6,479,000 and $6,421,000
respectively were recognized during the year &#091;note 15&#093;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BPLP leases the Bruce A nuclear generating plants and other property, plant and equipment to
Bruce A L.P. under a sublease agreement. Future minimum base rent sublease payments under the
capital lease receivable are imputed using a 7.5% discount rate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Through an unsecured shareholder loan, Cameco has agreed to fund the development of the Inkai
project. The limit of the loan facility is $300,000,000 (US)&nbsp;and advances under the facility
bear interest at a rate of LIBOR plus 2%. At December&nbsp;31, 2008, $257,000,000 (US)&nbsp;of principal
and interest was outstanding (2007 &#151; $119,000,000 (US)), of which 40% represents the joint
venture partner&#146;s share. Of the cash available for distribution each year, 80% is to be used to
repay the loan until it is repaid in full.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>8.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Short-Term Debt</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2008, a promissory note in the amount of $73,344,000 (US)&nbsp;was issued to finance the
acquisition of GE Hitachi Global Laser Enrichment LLC (GLE) &#091;note 22&#093;. The promissory note is
payable on demand and bears interest at market rates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In February&nbsp;2009, Cameco concluded an arrangement for a $100,000,000 unsecured revolving credit
facility, maturing February&nbsp;5, 2010, and extendable for two additional 364-day terms upon mutual
agreement with the lender. There is no amount outstanding under this credit agreement.</TD>
</TR>

</TABLE>
</DIV>

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

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

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

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>9. Long-Term Debt</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$298,177</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">297,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Convertible debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">205,575</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital lease obligation &#151; BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">180,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">189,600</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Commercial paper and bank debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">744,196</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,866</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,223,157</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">725,946</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(10,175</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,816</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>1,212,982</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>717,130</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">On September&nbsp;25, 2003, the company issued unsecured convertible debentures in the amount of
$230,000,000. The debentures bore interest at 5% per annum, were to mature on October&nbsp;1, 2013, and
at the holder&#146;s option were convertible into common shares of Cameco. The debentures were
redeemable by the company beginning October&nbsp;1, 2008, at a redemption price of par plus accrued and
unpaid interest. The fair value of the conversion option associated with the convertible debentures
on the date of issuance was $30,473,000, resulting in an effective interest rate of 7.21%. The
amount was reflected as contributed surplus. The conversion price was $10.83 per share, a rate of
approximately 92.3 common shares per $1,000 of convertible debentures. Interest was payable
semi-annually in arrears on April 1 and October 1. On August&nbsp;14, 2008, Cameco gave notice of its
intention to redeem these debentures on October&nbsp;1, 2008. As a result of debenture conversions and
redemptions, 21,204,585 shares were issued during the year &#091;note 12&#093;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco has $300,000,000 outstanding in senior unsecured debentures (Series&nbsp;C). These debentures
bear interest at a rate of 4.7% per annum (effective interest rate of 4.79%) and mature September
16, 2015.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco has a $500,000,000 unsecured revolving credit facility that is available until November&nbsp;30,
2012. In addition to direct borrowings under the facility, up to $100,000,000 can be used for the
issuance of letters of credit and, to the extent necessary, up to $400,000,000 may be allocated to
provide liquidity support for the company&#146;s commercial paper program. The facility ranks equally
with all of Cameco&#146;s other senior debt. At December&nbsp;31, 2008 there was $149,800,000 outstanding
under this credit facility (2007 &#151; nil) bearing interest at an average rate of 1.7%. Cameco may
also borrow directly in the commercial paper market. Commercial paper outstanding at December&nbsp;31,
2008, was $152,800,000 (2007 &#151; $32,866,000) and bears interest at an average rate of 2.7% (2007 &#151;
4.8%). These amounts, when drawn, are classified as long-term debt.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">In 2008, Cameco arranged for a $470,000,000, 364-day unsecured revolving credit facility,
extendable for up to two additional 364-day terms upon mutual agreement with the lenders. The
facility ranks equally with all of Cameco&#146;s other senior debt. At December&nbsp;31, 2008, there was
$29,885,000 (Cdn) and $336,200,000 (US)&nbsp;outstanding under this credit facility, bearing interest at
2.30% and 2.58% respectively. Borrowings under this short-term facility were incurred to finance
acquisitions &#091;note 22&#093;. In February&nbsp;2009, Cameco agreed with its lenders to extend this credit
facility to June&nbsp;2010 and increase its limit to $500,000,000.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco is bound by certain covenants in its revolving credit facilities. The significant financial
covenants require a funded debt to tangible net worth ratio equal to or less than 1:1 and a
tangible net worth greater than $1,250,000,000. Non-compliance with any of these covenants could
result in accelerated payment and termination of the revolving credit facility. At December&nbsp;31,
2008, Cameco was in compliance with covenants and does not expect its operating and investing
activities in 2009 to be constrained by them.
</DIV>

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

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco has $464,110,000 ($329,450,000 and $109,960,000 (US)) in letter of credit facilities. The
majority of the outstanding letters of credit at December&nbsp;31, 2008 relate to future decommissioning
and reclamation liabilities &#091;note 10&#093; and amounted to $428,910,000 ($294,650,000 and $109,640,000
(US)) (2007 &#151; $302,773,000 ($235,189,000 and $68,398,000 (US)).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">BPLP holds a long-term lease with OPG to operate the Bruce nuclear power facility. The term of the
lease, which expires in 2018, is 18&nbsp;years with an option to extend the lease for up to an
additional 25&nbsp;years. The interest rate associated with the lease is 7.5%.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">BPLP has a $200,000,000 (Cameco&#146;s share $63,200,000) revolving credit facility that is available
until July&nbsp;20, 2009, as well as $173,000,000 (Cameco&#146;s share $54,668,000) in letter of credit
facilities. As at December&nbsp;31, 2008, BPLP had $39,000,000 (Cameco&#146;s share $12,324,000) outstanding
under the revolving credit facility and $173,000,000 (Cameco&#146;s share $54,668,000) outstanding under
the letter of credit facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The table below represents currently scheduled maturities of long-term debt over the next five
years.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$10,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">453,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317,452</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,325</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">412,645</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$1,223,157</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%"><B>Standby Product Loan Facilities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Cameco had arranged for a standby product loan facility with one of its customers. The
arrangement, which was finalized in 2006, allowed Cameco to borrow up to 2,600,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent over the period 2006 to 2008 with repayment in 2008
and 2009. Of this material, up to 1,000,000 kilograms of uranium could have been borrowed in
the form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. Under the loan facility, standby fees of 2.25% were payable
based on the market value of the facility, and interest was payable on the market value of
any amounts drawn at a rate of 4.0%. Any borrowings would have been secured by letters of
credit and payable in kind.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">On January&nbsp;29, 2008, Cameco gave notice of termination to the counterparty of the
product loan arrangement. The loan facility was terminated on April&nbsp;1, 2008 and the
associated letter of credit facilities were cancelled on January&nbsp;31, 2008. Cameco
recognized previously deferred revenues and costs in its earnings during 2008 &#091;notes 7
and 11&#093;.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Previously, Cameco had two other product loan arrangements with another one of its
customers. These arrangements had allowed Cameco to borrow up to 2,960,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent. Of this material, up to 400,000 kilograms of uranium
could be borrowed in the form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. During 2007, Cameco terminated these two
arrangements and cancelled the related letter of credit facilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">On April&nbsp;1, 2008, Cameco arranged for a standby product loan facility with one of its
customers. The arrangement allows Cameco to borrow up to 2,400,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent over the period 2008 to 2011 with repayment during
2012 to 2014. Under the loan facility, standby fees of 2% are payable based on the market
value of the facility, and interest is payable on the market value of any amounts drawn at a
rate of 5%. Any borrowings are payable in kind. As at December&nbsp;31, 2008, Cameco did not have
any loan amounts outstanding under the facility.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>10.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Provision for Reclamation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s estimates of future asset retirement obligations are based on reclamation standards
that satisfy regulatory requirements. Elements of uncertainty in estimating these amounts
include potential changes in regulatory requirements, decommissioning and reclamation
alternatives and amounts to be recovered from other parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco estimates total future decommissioning and reclamation costs for its operating assets to
be $556,288,000. These estimates are reviewed by Cameco technical personnel as required by
regulatory agencies or more frequently as circumstances warrant. In connection with future
decommissioning and reclamation costs, Cameco has provided financial assurances of $428,077,000
in the form of letters of credit to satisfy current regulatory requirements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the BPLP lease agreement, OPG, as the owner of the Bruce nuclear plants, is responsible to
decommission the Bruce facility and to provide funding and meet other requirements that the
Canadian Nuclear Safety Commission (CNSC)&nbsp;may require of BPLP as licensed operator of the Bruce
facility. OPG is also responsible to manage radioactive waste associated with decommissioning of
the Bruce nuclear plants.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Following is a reconciliation of the total liability for asset retirement obligations:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">284,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">228,496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in estimates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59,487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Liabilities settled</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,787</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,034</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accretion expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16,979</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,768</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Impact of foreign exchange</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,179</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(12,044</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Balance, end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>353,344</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>284,673</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">Following is a summary of the key assumptions on which the carrying amount of the asset retirement
obligations is based:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total undiscounted amount of the estimated cash flows &#151; $556,288,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Expected timing of payment of the cash flows &#151; timing is based on life of mine plans. The
majority of expenditures are expected to occur after 2014.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Discount rates &#151; 5.25% to 7.50% for operations in North America and 8.00% to 9.00% for
operations in Central Asia.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 3%">The asset retirement obligations liability relates to the following segments:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">213,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">166,725</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fuel Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99,644</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97,329</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,619</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>353,344</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>284,673</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>11.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Liabilities</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred sales &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$31,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">113,461</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivatives &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,869</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,619</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued post-retirement benefit liability &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Zircatec acquisition holdback</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,000</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued post-retirement benefit liability &#091;note 21&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117,038</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104,046</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Derivatives &#091;note 25&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">534</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,057</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,677</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">297,102</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291,003</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(117,222</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(32,492</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$179,880</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>258,511</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>12.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Share Capital</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Authorized share capital:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Unlimited number of first preferred shares<br>
Unlimited number of second preferred shares <br>
Unlimited number of voting common shares, and One Class&nbsp;B share
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Common Shares</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Number Issued</B> (Number of Shares)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">344,398,698</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,292,632</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Issued:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Shares repurchased</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,575,300</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock option plan &#091;note 20&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,640</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,681,366</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Debenture conversions &#091;note 9&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,204,585</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Issued share capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>365,718,923</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>344,398,698</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Class&nbsp;B Share</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>One Class&nbsp;B share issued during 1988 and assigned $1 of share capital, entitles the shareholder
to vote separately as a class in respect of any proposal to locate the head office of Cameco to
a place not in the province of Saskatchewan.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Share Repurchase Program</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On September&nbsp;6, 2007, Cameco announced an open market share repurchase program for cancellation
of up to 17,700,000 of its common shares, representing 5% of its common shares then outstanding. This
repurchase program was authorized to be in effect until September&nbsp;10, 2008. In 2007, a total of
9,575,300 shares were repurchased under this program at a cost of $429,327,000 at an average
share price of $44.84. The excess of the repurchase cost of these shares over their book value,
amounting to $406,577,000, has been charged to contributed surplus. During 2008, no additional
shares were repurchased.</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>13.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Interest and Other</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$51,950</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$42,743</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on short-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,377</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign exchange losses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,006</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20,955</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Losses (gains)&nbsp;on derivatives</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">202,651</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(53,606</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12,498</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,922</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,903</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(25,960</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(39,185</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(30,727</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$300,394</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(32,673</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>14.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Gain on Sale of Assets</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sale of geological data</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">$(927</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">$(5,317</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,170</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(4,097</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(4,028</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>15.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Expense</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Writedown of investments &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">$</TD>
    <TD align="right">(29,992</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity in loss from associated companies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,706</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,439</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Claim settlement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,175</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(39,273</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(9,078</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->23<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>16.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Income Taxes</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The significant components of future income tax assets and liabilities at December&nbsp;31 are as
follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$291,874</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$201,560</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,349</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,335</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign exploration and development</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56,535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,389</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">68,731</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65,060</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Future income tax assets before valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510,489</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">391,344</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(128,064</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(113,092</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Future income tax assets, net of valuation allowance</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$382,425</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$278,252</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$420,559</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$473,734</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,914</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19,601</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term investments and other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">116,506</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Future income tax liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$532,634</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$609,841</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px"><B>Net future income tax liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$150,209</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$331,589</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Less current portion</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(68,857</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(84,653</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$81,352</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$246,936</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">The provision for income taxes differs from the amount computed by applying the combined expected
federal and provincial income tax rate to earnings before income taxes. The reasons for these
differences are as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$484,897</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$465,932</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Combined federal and provincial tax rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">32.3%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35.7%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Computed income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156,622</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">166,338</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Increase (decrease)&nbsp;in taxes resulting from:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reduction in income tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(18,036</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Provincial royalties and other taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,988</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Federal and provincial resource allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(492</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Manufacturing and processing deduction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(771</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,112</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Difference between Canadian rate and rates
applicable to subsidiaries in other countries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(198,642</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(187,328</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring of gold business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(37,053</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,156</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in valuation allowance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,827</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Capital and other taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,938</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,707</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(306</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other permanent differences</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24,422</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,897</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income tax (recovery)&nbsp;expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(24,755</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$29,468</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->24<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2008, as part of the ongoing annual audits of Cameco&#146;s Canadian tax returns, Canada Revenue
Agency (CRA)&nbsp;disputed the transfer pricing methodology used by Cameco and its wholly-owned Swiss
subsidiary, Cameco Europe Ltd. (CEL), in respect of sale and purchase agreements for uranium
products. In December&nbsp;2008, CRA issued a notice of reassessment, which increased Cameco&#146;s 2003
Canadian taxable income by approximately $43,000,000 (which does not
result in any cash taxes becoming
payable for that year). Cameco believes it is likely that CRA will reassess Cameco&#146;s tax returns
for the years 2004 through 2008 on a similar 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="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Late in 2008, CRA&#146;s Transfer Pricing Review Committee decided not to impose a penalty for 2003
based on the documentation that had been submitted by Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Having regard to advice from its external advisors, Cameco&#146;s opinion is that CRA&#146;s position is
incorrect, and Cameco intends to contest CRA&#146;s position. However, to reflect the uncertainties of
CRA&#146;s appeals process and litigation, Cameco has decided to increase its reserve for uncertain tax
positions and recognize an income tax expense of $15,000,000 in 2008 for the years 2003 through
2008. No provisions for penalties or interest have been recorded. We do not expect any cash taxes
to be payable due to availability of elective deductions and tax loss carryforwards. While the
resolution of this matter may result in liabilities that are higher or lower than the reserve,
management believes that the ultimate resolution will not be material to Cameco&#146;s financial position,
results of operations or liquidity over the period. However, an unfavourable outcome for the years
2003 to 2008 could be material to Cameco&#146;s financial position, results of operations or cash flows
in the year(s) of resolution.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2007, the federal government introduced amendments to the Canadian Income Tax Act that provide
for a 4% reduction in the general corporate income tax rate. The federal tax rate will decline in 2012
from 19% to 15%. This legislation was substantively enacted in 2007. Under Canadian accounting
rules, the cumulative effect of a change in income tax legislation on future income tax assets and
liabilities is included in a company&#146;s financial statements in the period of substantive enactment.
Accordingly, Cameco reduced its balance sheet provision for future income taxes and recognized a
non-cash income tax adjustment of $25,400,000 in 2007.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before income taxes and minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">$(389,608</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">$(297,519</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">874,505</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">763,451</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD><B></B></TD>
    <TD align="right"><B>$484,897</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$465,932</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$44,752</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$99,066</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">72,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64,531</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD><B></B></TD>
    <TD align="right"><B>$117,441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$163,597</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income taxes (recovery)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">$(138,798</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right">$(126,303</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,398</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,826</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B></B></TD>
    <TD align="right"><B>$(142,196</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B></B></TD>
    <TD align="right"><B>$(134,129</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Income tax (recovery)&nbsp;expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B></B></TD>
    <TD align="right"><B>$(24,755</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$29,468</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 2%">Other comprehensive income included on the consolidated statements of shareholders&#146; equity and the
consolidated statements of comprehensive income is presented net of income taxes. The following
income tax amounts are included in each component of other comprehensive income:</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">(Losses) gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"></TD>
    <TD align="right">$(6,773</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$92,860</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(38,415</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,104</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized losses on assets available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,072</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,152</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Losses on assets available-for-sale transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total income tax (recovery)&nbsp;expense included in OCI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(44,236</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$63,604</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accumulated other comprehensive income included on the consolidated statements of shareholders&#146;
equity and the consolidated statement of accumulated other comprehensive income is presented net of
income taxes. The following income tax amounts are included in each component of accumulated other
comprehensive income:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow hedges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$103,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$110,032</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gains on derivatives designated as cash flow hedges transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(66,519</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(28,104</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrealized losses on assets available-for-sale</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,224</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,152</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Losses on assets available-for-sale transferred to net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,024</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total income tax expense included in AOCI</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$36,540</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$80,776</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>17.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Statements of Cash Flows</B><br><B>
Other Operating Items</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Changes in non-cash working capital:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">$(143,266</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$103,118</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inventories</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(61,810</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Supplies and prepaid expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(62,352</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35,631</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable and accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,941</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,677</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedge position settlements</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52,152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,948</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(16,872</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17,203</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;
</B></TD>
    <TD align="right"><B>$(136,679</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$118,505</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->26<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>18.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Uranium Joint Ventures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco conducts a portion of its exploration, development, mining and milling activities
through joint ventures. Cameco&#146;s significant uranium joint venture interests are comprised of:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Producing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McArthur River</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">69.81</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">83.33</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">60.00</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-producing:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">50.03</TD>
    <TD nowrap>%</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium joint ventures allocate uranium production to each joint venture participant and the
joint venture participant derives revenue directly from the sale of such product. Mining and
milling expenses incurred by the joint venture are included in the cost of inventory. At
December&nbsp;31, 2008, Cameco&#146;s share of property, plant and equipment in these joint ventures
amounted to $2,233,000,000 (2007 &#151; $2,037,000,000) &#091;note 5&#093;.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>19.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment in BPLP</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco holds a 31.6% interest in the BPLP partnership, which is governed by an agreement that
provides for joint control of the strategic operating, investing and financing activities among
the three major partners. Cameco proportionately consolidates its 31.6% interest in BPLP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fuel Supply Agreements</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has entered into fuel supply agreements with BPLP for the procurement of fabricated
fuel. Under these agreements, Cameco will supply uranium, conversion services and fabrication
services. Contract terms are at market rates and on normal trade terms. During 2008, sales of
uranium and conversion services to BPLP amounted to $58,611,000 (2007 &#151; $49,608,000),
approximately 2.0% (2007 &#150; 2.1%) of Cameco&#146;s total revenue. At December&nbsp;31, 2008, amounts
receivable under these agreements totaled $11,131,000 (2007 &#151; $4,550,000).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following schedules reflect Cameco&#146;s 31.6% proportionate interest in the balance sheets,
statements of earnings and statements of cash flows of the BPLP partnership.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Balance Sheets</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$190</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">403</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">411</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables and investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">156</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">181</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$749</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$751</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$110</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">370</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">414</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">467</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$749</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$751</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->27<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Statements of Earnings</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$445</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$417</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">278</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before interest and taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$147</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$139</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Statements of Cash Flows</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$173</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$159</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by (used in) investing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(35</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(178</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(126</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>20.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock-Based Compensation Plans</B><br><B>
Stock Option Plan</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has established a stock option plan under which options to purchase common shares may be
granted to officers and other employees of Cameco. Options granted under the stock option plan
have an exercise price of not less than the closing price quoted on the TSX for the common
 shares of Cameco on the trading day prior to the date on which the option is granted. The
options vest over three years and expire eight years from the date granted. Options granted
prior to 1999 expire 10&nbsp;years from the date of the grant of the option. Options have not been
awarded to directors since 2003 and the plan has been amended to preclude the issue of options
to directors.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The aggregate number of common shares that may be issued pursuant to the Cameco stock option
plan shall not exceed 43,017,198, of which 24,126,719 shares have been issued.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Stock option transactions for the respective years were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Number of Options)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,422,592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,390,053</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,154,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">976,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised &#091;note 12&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(330,852</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,794,515</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(125,200</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(149,421</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>End of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,120,555</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,422,592</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exercisable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,957,129</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,696,479</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->28<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Weighted average exercise prices were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$25.40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$19.92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options exercised</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.62</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.34</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Options forfeited</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38.77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.32</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>End of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$27.98</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$25.40</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Exercisable</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$22.08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B></B></TD>
    <TD align="right"><B>$16.46</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Total options outstanding and exercisable at December&nbsp;31, 2008 were as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>2008</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="10" style="border-bottom: 1px solid #000000"><B>Options Outstanding</B></TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD style="border-bottom: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 1px solid #000000"><B>Options Exercisable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Weighted</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Average</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Remaining</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Exercisable</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Option Price Per Share</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Life</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Number</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Price</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">$4.80 - 12.00</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,219,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$8.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,219,160</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"></TD>
    <TD align="right">$8.10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">12.01 - 28.05</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,599,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.97</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,599,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.97</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">28.06 - 54.50</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,301,553</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,138,127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.48</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7,120,555</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4,957,129</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="21" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The foregoing options have expiry dates ranging from February&nbsp;21, 2009 to March&nbsp;2, 2018.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On July&nbsp;27, 2007, Cameco&#146;s board of directors approved an amendment to the company&#146;s stock option
program introducing a cash settlement feature for the exercise of employee stock options. The cash
settlement feature allowed option holders to elect to receive an amount in cash equal to the
intrinsic value, being the excess market price of the common share over the exercise price of the
option, instead of exercising the option and acquiring common shares. All outstanding stock options
were subsequently classified as liabilities and carried at their intrinsic value. The intrinsic
value of the liability was marked to market each period and amortized to expense over the shorter
of the period to eligible retirement or the vesting period. The impact of the reclassification of
the stock options at July&nbsp;27, 2007 was an increase in liabilities of $116,050,000, a decrease in
contributed surplus of $21,875,000 and a decrease to earnings of $94,175,000. In addition, a future
tax recovery of $35,225,000 was recorded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective November&nbsp;10, 2008, the stock option plan was amended to eliminate the alternative to
settle in cash. As a result of the amendment all outstanding options are classified as equity and
the fair value determined using the Black-Scholes option-pricing model. The impact of the
reclassification of the stock options at November&nbsp;10, 2008, was a decrease in liabilities of
$25,987,000 with a corresponding increase in contributed surplus.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the year ended December&nbsp;31, 2008, Cameco has recorded a net recovery of $48,625,000 (2007
recovery &#151; $4,868,000), related to options that vested during the year. These amounts are exclusive
of the earnings impact recorded upon adoption of the cash settlement feature on July&nbsp;27, 2007.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->29<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The fair value of the options granted each year was determined using the Black-Scholes
option-pricing model with the following weighted average assumptions:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Number of options granted</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,154,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">976,475</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average strike price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$38.82</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$46.82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected dividend</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$0.24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$0.20</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected volatility</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">39%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">36%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Risk-free interest rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.9%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.0%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected life of option</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">3.5 years</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" nowrap align="center">3.5 years</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expected forfeitures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">15%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average grant date fair values</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$11.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$14.30</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Executive Performance Share Unit (PSU), Deferred Share Unit (DSU), and Other Plans</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commencing in 2005, Cameco provides each plan participant an annual grant of PSUs in an amount
determined by the board. Each PSU represents one phantom common share that entitles the participant
to a payment of one Cameco common share purchased on the open market, or cash at the board&#146;s
discretion, at the end of each three-year period if certain performance and vesting criteria have
been met. The final value of the PSUs will be based on the value of Cameco common shares at the end
of the three-year period and the number of PSUs that ultimately vest. Vesting of PSUs at the end of
the three-year period will be based on total shareholder return over the three years, Cameco&#146;s
ability to meet its annual cash flow from operations targets and whether the participating
executive remains employed by Cameco at the end of the three-year vesting period. As of December
31, 2008, the total PSUs held by the participants was 179,810 <BR>
(2007 &#151; 152,196).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco offers a deferred share unit plan to non-employee directors. A DSU is a notional unit that
reflects the market value of a single common share of Cameco. 60% of each director&#146;s annual
retainer is paid in DSUs. In addition, on an annual basis directors can elect to receive the
remaining 40% of their annual retainer and any additional fees in the form of DSUs. Each DSU fully
vests upon award. The DSUs will be redeemed for cash upon a director leaving the board. The
redemption amount will be based upon the weighted average of the closing prices of the common
shares of Cameco on the TSX for the last 20 trading days prior to the redemption date multiplied by
the number of DSUs held by the director. As of December&nbsp;31, 2008, the total DSUs held by
participating directors was 380,890 <BR>
(2007 &#151; 329,908).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco makes annual grants of bonuses to eligible non-North American employees in the form of
phantom stock options. Employees receive the equivalent value of shares in cash when exercised.
Options granted under the phantom stock option plan have an award value equal to the closing price
quoted on the TSX for the common shares of Cameco on the trading day prior to the date on which the
option is granted. The options vest over three years and expire eight years from the date granted.
As of December&nbsp;31, 2008, the number of options held by
participating employees was 332,749 (2007 &#151; 339,072) with exercise prices ranging from $4.81 to $46.88 per share (2007 &#151; $4.81 to $46.88) and a
weighted average exercise price of $26.41 (2007 &#151; $39.56).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Commencing in 2007, Cameco created an employee share ownership plan whereby both employee and
company contributions are used to purchase shares on the open market for employees. The company&#146;s
contributions are expensed during the year of contribution. Under the plan, all employees have the
opportunity to participate in the program to a maximum of 6% of eligible earnings each year with
Cameco matching the first 3% of employee-paid shares by 50%. Cameco contributes $1,000 of shares
annually to each employee that is enrolled in the plan. At December&nbsp;31, 2008, there were 3,067
participants in the plan (2007 &#151; 2,637). The total number of shares purchased in 2008 on behalf of
participants, including the company contribution, was 287,847 shares
(2007 &#151; 159,761). In 2008, the
company&#146;s contributions totaled $4,513,000 (2007 &#151; $3,716,000).</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->30<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has recognized the following expenses (recoveries)&nbsp;under these plans:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Performance share units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">$(112</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$4,288</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred share units</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,252</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,606</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Phantom stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,505</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,410</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employee share ownership plan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,513</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,716</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2008, a liability of $11,200,000 (2007 &#151; $23,630,000) was included in the
balance sheet to recognize accrued but unpaid expenses for these plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>21.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco maintains both defined benefit and defined contribution plans providing pension and
post-retirement benefits to substantially all of its employees.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under the defined pension benefit plans, Cameco provides benefits to retirees based on their
length of service and final average earnings. The non-pension post-retirement plan covers such
benefits as group life and supplemental health insurance to eligible employees and their
dependents. The costs related to the non-pension post-retirement plans are charged to earnings
in the period during which the employment services are rendered. However, these future
obligations are not funded.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effective date for the most recent valuations for funding purposes on the pension benefit
plans is January&nbsp;1, 2006. The next planned effective date for valuation for funding purposes of
the pension benefit plans is set to be January&nbsp;1, 2009. The status of the defined plans is as
follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Accrued Benefit Obligation</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$28,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$23,272</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$13,143</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$12,166</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,027</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,310</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,502</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,785</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(370</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,838</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan curtailments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,990</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,318</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(619</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(701</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(617</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$23,580</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$28,441</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$11,842</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$13,143</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Plan Assets</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value at beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$23,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$24,412</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,039</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(595</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(595</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Fair value at end of year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$20,289</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$23,864</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->31<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Plan assets consist of:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset Category (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">35</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">11</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other (ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">45</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 0pt; margin-top: 3pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">(i)</TD>
    <TD>&nbsp;</TD>
    <TD>The defined benefit plan assets contain no material amounts of related party assets at
December&nbsp;31, 2008 and 2007 respectively.<BR></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(ii)</TD>
    <TD>&nbsp;</TD>
    <TD>Relates to the value of the refundable tax account held by the Canada Revenue Agency. The
refundable total is approximately equal to half of the sum of the realized investment income
plus employer contributions less half of the benefits paid by the plan.</TD>
</TR>

</TABLE>



<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Funded Status Reconciliation</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="6" style="border-bottom: 0px solid #000000"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">20,289</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">23,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,580</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28,441</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,842</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,143</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funded status of plans &#151; deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,291</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,577</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(11,842</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(13,143</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized net actuarial loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,451</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accrued benefit asset (liability) &#091;notes 7, 11&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$4,815</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$5,874</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(11,842</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(13,143</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Net Pension Expense</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$1,198</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$1,027</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,569</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,259</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,039</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial (gain)&nbsp;loss</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,310</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,502</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance prior to adjustments to recognize the long-term
nature of employee future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">496</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,796</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actual and expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,859</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(820</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial loss recognized for year and actual
actuarial (gain)&nbsp;loss on accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,158</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(3,088</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Amortization of transitional obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">240</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Defined benefit pension expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,128</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Defined contribution pension expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net pension expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$15,800</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$13,033</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->32<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.0%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">4.5%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term rate of return on assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.5%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Post-Retirement Benefit (Recovery) Expense</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$504</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$510</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">606</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,785</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(370</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan amendment costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,838</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan curtailment gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,990</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other post-retirement benefit (recovery)&nbsp;expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(600</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$1,594</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.0%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Initial health care cost trend rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">8.0%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.0%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost trend rate declines to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year the rate reaches its final level</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2011</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits Cash Payments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions to funded pension plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$55</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid for unfunded benefit plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,425</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">641</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash contributions to defined contribution plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,905</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total cash payments for employee future benefits</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$15,489</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$11,601</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Benefits paid by the funded pension plan were $595,000 for 2008 (2007 &#151; $595,000). Cameco&#146;s
expected contributions for the year ended December&nbsp;31, 2009 are approximately $64,000 for the
pension benefit plans.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following are estimated future benefit payments, which reflect expected future service:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Benefit Plans</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$922</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$453</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,313</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">578</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,325</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">662</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,394</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">789</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014 to 2018</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,591</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,947</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->33<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>BPLP</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BPLP has a funded registered pension plan and an unfunded supplemental pension plan. The funded
plan is a contributory, defined benefit plan covering all employees up to the limits imposed by the
Income Tax Act. The supplemental pension plan is a non-contributory, defined benefit plan covering
all employees with respect to benefits that exceed the limits under the Income Tax Act. These plans
are based on years of service and final average salary.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>BPLP also has other post-retirement benefit and other post-employment benefit plans that provide
for group life insurance, health care and long-term disability benefits. These plans are
non-contributory.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The effective date for the most recent valuations for funding purposes on the pension benefit plans
is January&nbsp;1, 2008. The next planned effective date for valuation for funding purposes of the
pension benefit plans is set to be January&nbsp;1, 2009. The status of Cameco&#146;s proportionate share
(31.6%) of the defined plans is as follows:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Funded Status Reconciliation</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="6" style="border-bottom: 0px solid #000000"><B>Other Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Fair value of plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">546,755</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">618,096</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Accrued benefit obligation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">617,259</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">816,574</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">112,355</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">137,421</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Funded status of plans &#151; deficit</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(70,504</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(198,478</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(112,355</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(137,421</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unrecognized prior service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,331</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized net actuarial loss (gain)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76,565</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">204,342</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,564</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,044</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Accrued benefit asset (liability) &#091;notes 7, 11&#093;</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$6,061</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$5,864</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(117,038</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(104,046</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension Asset Categories</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000">&nbsp;&nbsp;&nbsp;<B>Asset Allocation</B></TD>

    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000">&nbsp;&nbsp;&nbsp;<B>Target Allocation</B></TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Asset Category (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Equity securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">56</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">57</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">60</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fixed income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">42</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">40</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right"><B>100</B></TD>
    <TD nowrap><B>%</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The assets of the pension plan are managed on a going concern basis subject to legislative
restrictions. The plan&#146;s investment policy is to maximize returns within an acceptable risk
tolerance. Pension assets are invested in a diversified manner with consideration given to the
demographics of the plan participants. Rebalancing will take place on a monthly basis if outside of
3% of the target asset allocation.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">(i)&nbsp;The defined benefit plan assets contain no material amounts of related party assets at December
31, 2008.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->34<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<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>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Net Pension Expense</B></TD>
</TR>
</TABLE></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$27,599</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$29,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,375</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40,658</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actual return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,229</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(238,037</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(34,978</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance prior to adjustments to recognize the long-term
nature of employee future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(88,834</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36,988</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actual and expected return on plan assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(121,493</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(44,632</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial loss recognized and actual actuarial
gain on accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">249,271</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,544</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net pension expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$38,944</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$38,900</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.3</TD>
    <TD nowrap>%</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term rate of return on assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE></DIV>


<DIV style="margin-top: 6pt">
<TABLE width="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>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Other Benefit Plans Expense</B></TD>
</TR>

</TABLE></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current service cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$7,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$8,423</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest cost</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,308</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,272</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Plan amendments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,829</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Actuarial gain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(36,228</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(15,939</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance prior to adjustments to recognize the long-term nature of employee
future benefit costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(21,913</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(2,073</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between amortization of past service costs and actual plan
amendments for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,526</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Difference between actuarial loss recognized and actual actuarial gain on
accrued benefit obligation for year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37,608</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,991</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other benefit plans expense</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$16,145</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$19,444</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE></DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Significant assumptions at December 31</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Discount rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.4%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.1%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rate of compensation increase</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.5%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Initial health care cost trend rate</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.5%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.0%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cost trend rate declines to</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0%</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.0%</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Year the rate reaches its final level</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2019</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2019</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE></DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->35<!-- /Folio --></DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<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>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits Cash Payments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Employer contributions to funded pension plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$37,604</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$31,284</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Benefits paid for unfunded benefit plans</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,815</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,458</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total cash payments for employee future benefits</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$41,419</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$33,742</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Benefits paid by the funded pension plan were $37,015,000 for 2008 (2007 &#151; $22,600,000). BPLP&#146;s
expected contributions for the year ended December&nbsp;31, 2009 are approximately $63,055,000 for the
pension benefit plans. <BR>
<BR style="font-size:6pt">
The following are estimated future benefit payments, which reflect expected
future service:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="84%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Pension Benefit Plans</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Other Benefit Plans</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$38,921</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$4,093</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,679</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46,285</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,321</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50,218</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,964</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54,262</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,607</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2014 to 2018</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">329,429</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42,346</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>22.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisitions</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisition of Interest in GE-Hitachi Global Laser Enrichment LLC (GLE)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective June&nbsp;19, 2008, Cameco, through a wholly owned subsidiary acquired a 24.0%
interest in GLE at an initial cost of $123,848,000 (US). In addition, a promissory note in
the amount of $73,344,000 (US)&nbsp;was issued in support of future development of the business.
The remainder of GLE is owned indirectly by General Electric Company (51%) and Hitachi Ltd.
(25%). GLE is in the process of developing uranium enrichment technology. The investment in
GLE extends Cameco&#146;s involvement in the front end of the nuclear fuel cycle. The promissory
note is payable on demand and bears interest at market rates. The purchase price was
financed with cash and debt. The equity method is being used to account for this
investment.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purchase price allocation of Cameco&#146;s 24.0% investment is as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$46,415</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Notes receivable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">27,488</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant &#038; equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,289</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115,485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(603</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity interest acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">197,074</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD colspan="5" align="left" style="border-top: 0px solid #000000">Financed by:</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">123,774</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Promissory note</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">73,300</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">197,074</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount allocated to the investment in GLE includes an excess purchase price of approximately
$110,517,000 over Cameco&#146;s incremental share of the book value of the underlying net assets of the
business. The values assigned to assets will be amortized to income over their estimated lives.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->36<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisition of Interest in Kintyre Uranium Exploration Project (Kintyre)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective August&nbsp;11, 2008, a venture comprised of a wholly owned Cameco subsidiary (70%) and
Mitsubishi Development Pty Ltd. (30%) acquired a 100% interest in the Kintyre uranium
exploration project in the East Pilbara region of Western Australia from Rio Tinto for a total
cost of $495,000,000 (US). Cameco will operate the project and is funding its share of the
purchase price through existing credit facilities. Kintyre is an advanced exploration project
located in Western Australia about 1,250 kilometres northeast of Perth.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The values assigned to the net assets acquired were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant &#038; equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$501,287</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(150,386</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net assets acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$350,901</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financed by:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$350,901</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Acquisition of Interest in Govi High Power Exploration Inc. (GoviEx)</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective August&nbsp;22, 2008, Cameco, through a wholly owned subsidiary, acquired a 10.88%
interest in GoviEx at an initial cost of $28,125,000 (US). GoviEx is a closely held exploration
company formed in 2006 with uranium exploration properties in Niger, Africa. The company holds
about 2,300 square kilometres of exploration property in the region around Arlit, Niger, which
has been extensively explored since the 1960s. GoviEx field teams are analyzing historical data
and have begun a drilling program to confirm and expand historical resource estimates and to
provide data that conforms to current Canadian standards. GoviEx also holds about 2,400 square
kilometres near Agadez, Niger. This area is in the early stages of exploration. The strategic
alliance will also effectively provide Cameco with access to all of GoviEx&#146;s initiatives in
other African countries. The equity method is being used to account for this interest.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco can acquire another approximate 10% interest in GoviEx for $31,250,000 (US)&nbsp;following
completion of a due diligence review. If Cameco opts to increase its ownership in GoviEx after
completion of due diligence, it secures additional ownership and governance rights. These
include the right for Cameco to increase its ownership interest up to a maximum of
approximately 48% over the next four years by exercise of warrants issued by GoviEx and options
granted on shares held by the principal shareholders of GoviEx. Increasing ownership to 48%
would cost Cameco between $145,000,000 (US)&nbsp;and $212,500,000 (US)&nbsp;depending upon timing of the
exercise. Future decisions by Cameco to increase its ownership in GoviEx will be guided by
achievement of certain technical milestones agreed to by the parties.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The purchase price allocation of Cameco&#146;s 10.88% investment is as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$4,179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant &#038; equipment</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30,719</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(212</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Future income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,204</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Equity interest acquired</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$28,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Financed by:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Bank debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$28,482</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The amount allocated to the investment in GoviEx includes an excess purchase price of approximately
$22,977,000 over Cameco&#146;s incremental share of the book value of the underlying assets related to
the GoviEx mineral exploration rights. This amount will be amortized to income on a unit of
production basis upon commencement of mining operations.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->37<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>23.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Restructuring of the Gold Business</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the first quarter of 2007, the Parliament of the Kyrgyz Republic accepted in the first
reading and returned to committee for further deliberation draft legislation that, among other
things, challenges the legal validity of Kumtor Gold Company (Kumtor) agreements with the
Kyrgyz Republic, proposes recovery of additional taxes on amounts relating to past activities,
and provides for the transfer of gold deposits (including Kumtor) to a state-owned entity. If
the law is enacted, there would be a substantial risk of harm to Centerra&#146;s rights and
therefore the value of Cameco&#146;s investment in Centerra.<BR>
<BR style="font-size:6pt">
As a result, Cameco and Centerra entered into discussions with the Kyrgyz Government. These
discussions resulted in the signing of two agreements, both dated August&nbsp;30, 2007, between the
Government of the Kyrgyz Republic and, respectively, Cameco and Centerra. Under the terms of
the agreements, the Kyrgyz Government and Kyrgyzaltyn JSC, a joint stock company owned by the
Kyrgyz Government, agreed to support Centerra&#146;s continuing long-term development of the Kumtor
project and to facilitate eventual divestiture of Cameco&#146;s interest in Centerra. In return, the
Kyrgyz Government would have received 32,305,238 shares (22,305,238 net from Cameco and
10,000,000 treasury shares from Centerra) upon closing of the definitive legal agreements. Of
these, 15,000,000 shares would have been received immediately with 17,305,238 shares held in
escrow to be released within four years subject to a number of conditions, including the
approval by the Parliament of the Kyrgyz Republic.<BR>
<BR style="font-size:6pt">
These agreements were originally to expire on October&nbsp;31, 2007, but the parties subsequently
agreed to extend the deadline for closing the transactions to June&nbsp;1, 2008. This deadline has
now passed and the agreements have expired. However, the conditions that gave rise to these
agreements still exist and Cameco believes the number of Centerra shares that would have been
transferred to the Kyrgyz Government is indicative of the ultimate cost to remedy those
conditions.<BR>

<BR style="font-size:6pt">
During the year ended December&nbsp;31, 2008, Cameco increased its estimated pre-tax loss on the
transactions by $17,200,000 (2007 &#151; $113,000,000), as a result of the increase in the carrying
value in its investment in Centerra since December&nbsp;31, 2007.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>24.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Commitments and Contingencies</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>On February&nbsp;12, 2004, Cameco, Cameco Bruce Holdings II Inc., BPC Generation Infrastructure
Trust and TransCanada Pipelines Limited (collectively, the &#147;Consortium&#148;) sent a notice of claim
to British Energy Limited and British Energy International Holdings Limited (collectively, BE)
requesting, amongst other things, indemnification for breach of a representation and warranty
contained in the February&nbsp;14, 2003, Amended and Restated Master Purchase Agreement.
The alleged breach is that the Unit 8 steam generators were not &#147;in good condition, repair
and proper working order, having regard to their use and age.&#148; This defect was discovered
during a planned outage conducted just after closing. As a result of this defect, the
planned outage had to be significantly extended. The Consortium has claimed damages in the
amount of $64,558,200 being 79.8% of the $80,900,000 of damages actually incurred, plus an
unspecified amount to take into account the reduced operating life of the steam generators.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>By agreement of the parties, an arbitrator has been appointed and a schedule has been set
for the next steps in the proceeding. The Consortium served its claim on October&nbsp;21, 2008.
In addition to the $64,558,200 in damages sought in the notice of claim, the claim seeks an
additional $189,130,000 for the likely reduction in the useful lives of the steam
generators, including lost revenues resulting from future outages to effect repairs or
replacement. BE served its answer and counter-statement on December&nbsp;22, 2008 and the
Consortium served its reply and answer to counter-statement on January&nbsp;22, 2009.
<BR>
<BR style="font-size:6pt">

Following the close of pleadings the parties will exchange documents and conduct oral
discoveries. The schedule provides for the completion of oral discoveries by May&nbsp;15, 2009.
The hearing has been scheduled from September&nbsp;14 to October&nbsp;2, 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In anticipation of this claim, BE issued on February&nbsp;10, 2006, and then served on Ontario
Power Generation Inc. (OPG)&nbsp;and Bruce Power LP a Statement of Claim. This Statement of
Claim seeks damages for any amounts that BE is found liable to pay to the Consortium in
connection with the Unit 8 steam generator arbitration described above, damages in the
amount of $500,000,000, costs and pre and post judgment interest amongst other things. This
action is in abeyance pending further developments on the Unit 8 steam generator
arbitration.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->38<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="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>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Annual supplemental rents of $26,000,000 (subject to CPI) per operating reactor are payable by
BPLP to OPG. Should the hourly annual average price of electricity in Ontario fall below $30 per
megawatt hour, the supplemental rent reduces to $13,000,000 per operating reactor. In accordance
with the Sublease Agreement, Bruce A L.P. will participate in its share of any adjustments to the
supplemental rent.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco, TransCanada and BPC have assumed the obligations to provide financial guarantees on
behalf of BPLP.
Cameco has provided the following financial assurances, with varying terms that range from
2004 to 2018:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Licensing assurances to Canadian Nuclear Safety Commission of up to
$133,300,000. At December&nbsp;31, 2008,
Cameco&#146;s actual exposure under these assurances was $23,700,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Guarantees to
customers under power sales agreements of up to $38,300,000. Cameco did not have any actual
exposure under these guarantees at 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="8%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Termination payments to OPG pursuant
to the lease agreement of $58,300,000. The fair value of these guarantees is nominal.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s North American workforce includes about 3,100 employees, of which approximately 900
(29%) belong to three separate labour unions. Collective agreements for two of the three unions,
representing about 625 employees, are set to expire in 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2008, Cameco&#146;s purchase commitments, the majority of which are fixed price
uranium and conversion purchase arrangements, were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="84%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2">(Millions (US))</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">136</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2012</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2013</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">294</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Thereafter</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><B>$946</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>25.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Financial Instruments</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The majority of revenues at Cameco are derived from the sale of uranium products, electricity
through its investment in BPLP, and gold through its investment in Centerra. Cameco&#146;s uranium
product financial results are closely related to the long and short-term market price of
uranium sales and conversion services. Prices fluctuate and can be affected by demand for
nuclear power, worldwide production and uranium levels, and political and economic conditions
in uranium producing and consuming countries. BPLP&#146;s revenue from electricity is affected by
changes in electricity prices associated with an open spot market for electricity in Ontario.
Centerra&#146;s gold revenue is largely dependent on the market price of gold, which can be affected
by political and economic factors, industry activity and the policies of central banks with
respect to their level of gold held as reserves. Financial results for Cameco are also impacted
by changes in foreign currency exchange rates and other operating risks. Finally, certain
financial assets are subject to credit risks including cash and securities, accounts
receivable, and commodity and currency instruments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with certain financial assets, Cameco will hold positions with a
variety of large creditworthy institutions. Sales of uranium products, with short payment
terms, are made to customers that management believes are creditworthy.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with foreign currency on its sale of uranium products, Cameco
enters into forward sales contracts to establish a price for future delivery of the foreign
currency.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To mitigate risks associated with the fluctuations in the market price for uranium products,
Cameco seeks to maintain a portfolio of uranium product sales contracts with a variety of
delivery dates and pricing mechanisms that provide a degree of protection from price
volatility. To mitigate risks associated with the fluctuations in the market price for
electricity, BPLP enters into various energy and sales related contracts that qualify as cash
flow hedges. These instruments have terms ranging from 2009 to 2014. At December&nbsp;31, 2008, the
mark-to-market gain on BPLP&#146;s sales contracts was $71,100,000.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->39<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Except as otherwise disclosed, the fair market value of Cameco&#146;s financial assets and liabilities
approximates the carrying amount as a result of the short-term nature of the instruments, or the
variable interest rate associated with the instruments, or the fixed interest rate of the
instruments being similar to market rates.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Currency</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At December&nbsp;31, 2008, Cameco had $975,000,000 (US)&nbsp;in forward contracts at an average exchange rate
of $1.12 and <font face="times new roman,times">&#128;</font>35,500,000 at an average exchange rate of $1.30. The foreign currency contracts are
scheduled for use as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>US</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cdn</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Euro</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Rate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>US</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2009</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$535</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$610</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right"><FONT face="'Times New Roman',times,serif">&#128;</FONT>22</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$29</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2010</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">335</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">358</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">2011</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">105</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.27</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$975</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$1,085</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B><FONT face="'Times New Roman',times,serif">&#128;</FONT>36</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1.30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$47</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>These positions consist entirely of forward sales contracts. The average exchange rate reflects the
original spot prices at the time the contracts were entered into and includes forward points. The
realized exchange rate will depend on the forward premium (discount)&nbsp;that is earned (paid)&nbsp;as
contracts are utilized. As of December&nbsp;31, 2008 all forward contracts mature in 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Derivatives</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table summarizes the fair value of derivatives and classification on the balance
sheet:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="12" style="border-bottom: 1px solid #000000"><B>As at December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cameco</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>BPLP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-hedge derivatives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,951</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">4,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">$(4,607</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,125</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(105,125</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,116</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">71,116</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(114,076</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>75,460</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>&nbsp;</B></TD>
    <TD align="right"><B>$(38,616</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Classification:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term receivables, investments
and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$5,793</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">43,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$49,447</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term receivables, investments and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,340</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of other liabilities &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,918</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(73</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(110,991</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(8,951</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(461</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(9,412</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(114,076</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>$</B></TD>
    <TD align="right"><B>75,460</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>$</B></TD>
    <TD align="right"><B>(38,616</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->40<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="12" style="border-bottom: 1px solid #000000"><B>As at December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cameco</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>BPLP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-hedge derivatives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$7,318</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$7,185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$14,503</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,834</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,834</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,870</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">124,870</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67,546</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$147,022</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$74,731</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$221,753</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Classification:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of long-term receivables, investments
and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$125,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$35,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$160,940</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Long-term receivables, investments and other &#091;note 7&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43,540</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39,949</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">83,489</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Current portion of other liabilities &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,213</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(448</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,661</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other liabilities &#091;note 11&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(4,406</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(609</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(5,015</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$147,022</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$74,731</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$221,753</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table summarizes different components of the
(gains)&nbsp;and losses on derivatives:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="12" style="border-bottom: 1px solid #000000"><B>For the year ended December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cameco</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>BPLP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-hedge derivatives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$18,052</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$2,841</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$20,893</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Interest rate contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">906</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,031</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(1,031</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ongoing hedge inefficiency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,210</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$200,841</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$1,810</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$202,651</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="12" style="border-bottom: 1px solid #000000"><B>For the year ended December 31, 2007</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Cameco</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>BPLP</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Non-hedge derivatives:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Embedded derivatives &#151; sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$(634</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$(634</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Foreign currency contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,107</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(14,107</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,183</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,183</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash flow hedges:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Energy and sales contracts</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,616</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(7,616</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ongoing hedge inefficiency</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,252</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(6,252</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Ineligible for hedge accounting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,814</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">(17,814</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$(38,807</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$(14,799</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$(53,606</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="13" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Over the next twelve months, based on current exchange rates, Cameco expects an estimated
$37,822,000 of pre-tax gains from the foreign currency cash flow hedges to be reclassified through
other comprehensive income to net earnings. The maximum length of time Cameco hedges its exposure
to the variability in future cash flows related to foreign currency on anticipated transactions is
five years.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->41<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Over the next twelve months, based on current prices, Cameco expects an estimated $41,858,000 of
pre-tax gains from BPLP&#146;s various energy and sales related cash flow hedges to be reclassified
through other comprehensive income to net earnings. The maximum length of time BPLP is hedging
its exposure to the variability in future cash flows related to electricity prices on
anticipated transactions is five years.</TD>
</TR>

<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>26.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Per Share Amounts</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Per share amounts have been calculated based on the weighted average number of common shares
outstanding during the year. The weighted average number of paid shares outstanding in 2008 was
350,130,431 (2007 &#151; 351,175,226).</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic earnings per share computation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$416,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic earnings per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$1.29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$1.18</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings per share computation</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$416,112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilutive effect of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,624</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings, assuming dilution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$450,117</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
    <TD align="right">$425,736</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">350,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">351,175</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dilutive effect of:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Convertible debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21,209</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock options</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,487</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Weighted average common shares outstanding, assuming dilution</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">352,112</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">376,871</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings per common share</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$1.28</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$1.13</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->42<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>27.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Segmented Information</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco has four reportable segments: uranium, fuel services, electricity and gold. The uranium
segment involves the exploration for, mining, milling, purchase and sale of uranium concentrate.
The fuel services segment involves the refining, conversion and fabrication of uranium
concentrate and the purchase and sale of conversion services. The electricity segment involves
the generation and sale of electricity. The gold segment involves the exploration for, mining,
milling and sale of gold.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s reportable segments are strategic business units with different products, processes and
marketing strategies.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Accounting policies used in each segment are consistent with the policies outlined in the
summary of significant accounting policies.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Business Segments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="25" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fuel</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Inter-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Uranium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Services</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Segment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$1,512.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$251.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$445.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$676.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$(26.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$2,859.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Products and services sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">712.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">217.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">245.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">371.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28.5</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,517.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">293.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake remediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring costs &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Gain on sale of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.1</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.1</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-segmented expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">420.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings before income taxes
and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>566.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>5.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>153.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>176.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>484.8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax recovery</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24.8</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$450.1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt">
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$4,599.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$311.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$826.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$990.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$6,727.3</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Intangibles</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$101.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$101.4</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Goodwill</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$181.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$181.9</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital expenditures for the year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$421.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$77.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$32.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$98.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$629.2</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->43<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" colspan="25" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fuel</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Inter-</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Uranium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Services</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Gold</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Segment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Total</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$1,269.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$238.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$417.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$404.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$(21.0</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$2,309.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Products and services sold</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">516.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">237.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(21.4</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,211.7</TD>
    <TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD nowrap><DIV style="margin-left:30px; text-indent:-15px">Depreciation, depletion and reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Exploration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake remediation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring costs &#091;note 23&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Loss (gain)&nbsp;on sale of assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5.8</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(4.0</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-segmented expenses</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">191.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Earnings (loss)&nbsp;before income taxes
and minority interest</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>572.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(23.3</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>137.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(29.0</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>466.0</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax expense</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$416.1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$3,383.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$272.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$821.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$638.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$5,115.9</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Intangibles</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$108.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$108.7</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Goodwill</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$146.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$146.8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Capital expenditures for the year</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$304.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$26.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$30.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$132.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$494.5</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="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>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Geographic Segments</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left">(Millions)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Revenue from products and services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada &#151; domestic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$589.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$610.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:73px; text-indent:-15px">&#151; export</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">291.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,301.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,035.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Kyrgyzstan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">502.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">173.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$2,859.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$2,309.7</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$4,145.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$3,891.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">798.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Kyrgyzstan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">721.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">577.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Australia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">505.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Mongolia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">431.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">247.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">194.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">275.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Kazakhstan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133.8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$7,010.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$5,371.4</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="7" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<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>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Major Customers</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco relies on a small number of customers to purchase a significant portion of its uranium
concentrates and uranium conversion services. During 2008, revenues from one customer of
Cameco&#146;s uranium and fuel services segments represented approximately $106,799,000 (2007 &#151;
$179,175,000), about 6% (2007 &#151; 12%) of Cameco&#146;s total revenues from these segments. As
customers are relatively few in number, accounts receivable from any individual customer may
periodically exceed 10% of accounts receivable depending on delivery schedules.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During 2008, electricity revenues from one customer of BPLP represented approximately 4%
(2007 &#151; 6%) of BPLP&#146;s total revenues.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>28.</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comparative Figures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Certain prior year balances have been reclassified to conform to the current financial statement
presentation.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>o54391exv99w3.htm
<DESCRIPTION>2008 MANAGEMENT'S DISCUSSION AND ANALYSIS
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.3</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.3</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CAMECO CORPORATION<BR>
2008 MANAGEMENT&#146;S DISCUSSION &#038; ANALYSIS (MD&#038;A)<BR>
FEBRUARY 16, 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This management&#146;s discussion and analysis (MD&#038;A) reflects information known to management as at
February 16, 2009. This MD&#038;A is intended to supplement and complement our audited consolidated
financial statements and notes thereto for the year ended December&nbsp;31, 2008, prepared in accordance
with Canadian generally accepted accounting principles (GAAP) (collectively, our financial
statements). We also prepare a reconciliation of our Canadian GAAP annual financial statements to
US GAAP, which is filed with securities regulatory authorities. You are encouraged to review our
financial statements in conjunction with your review of this MD&#038;A. Additional information relating
to the company, including our most current annual information form, is available on SEDAR at
sedar.com. All dollar amounts are in Canadian dollars, unless otherwise specified. The financial
information in this MD&#038;A has been prepared in accordance with Canadian GAAP, unless otherwise
indicated. In addition, we use non-GAAP financial measures as supplemental indicators of our
operating performance and financial position. We use these non-GAAP financial measures internally
for comparing actual results from one period to another, as well as for planning purposes. We have
historically reported non-GAAP financial results as supplemental information, as we believe their
use provides more insight into our performance. When non-GAAP measures are used in this MD&#038;A, they
are clearly identified as a non-GAAP measure and reconciled to the most closely corresponding GAAP
measure. All sensitivity analysis discussions in this MD&#038;A address the potential impact of changes
to the variables discussed for the full 2009&nbsp;year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Statements contained in this MD&#038;A, which are not current statements or historical facts, are
forward-looking statements that are based on a number of assumptions and estimates believed to be
reliable but involve risks, uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by such forward-looking statements. For more
detail on these factors, see the section titled &#147;Caution Regarding Forward-Looking Information and
Statements&#148; in this MD&#038;A.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following is a list of the key sections of this MD&#038;A.
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>EXECUTIVE SUMMARY</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>3</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>1.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR BUSINESSES, OBJECTIVES &#038; STRATEGIES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>5</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Our Businesses</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Our Objectives and Strategies</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>2.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>THE NUCLEAR ENERGY, URANIUM AND FUEL SERVICES INDUSTRIES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>7</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Nuclear Energy Trends</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">The Uranium Industry</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">12</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">The Fuel Services Industry</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">16</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>3.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR KEY PERFORMANCE DRIVERS, BUSINESS STRATEGIES AND CAPABILITIES TO DELIVER RESULTS</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>18</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Our Uranium Business</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">18</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Our Fuel Services Business</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Foreign Exchange</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">43</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>4.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR PERFORMANCE AND OUTLOOK</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>45</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Consolidated Financial Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">45</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Uranium Business Financial Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">49</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Fuel Services Business Financial Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">51</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Nuclear Electricity Generation Business Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">52</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Gold Business Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">54</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Outlook for 2009</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">56</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008 Fourth Quarter Consolidated Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">63</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">2008
Fourth Quarter Business Segment Financial Results</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">65</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Liquidity and Capital Resources</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">69</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Outstanding Share Data</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">73</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>5.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR MINERAL RESERVES AND RESOURCES</B>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>74</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Mineral Reserves and Resources</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">74</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>6.0</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B>OUR RISKS AND RISK MANAGEMENT, PLUS CONTROLS AND PROCEDURES AND CRITICAL ACCOUNTING ESTIMATES</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Risks and Risk Management</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">80</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Controls and Procedures</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">97</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Critical Accounting Estimates</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">97</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">New Accounting Pronouncements</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">98</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><FONT style="font-variant: SMALL-CAPS">Use of Non-GAAP Financial Measures</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">100</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>QUALIFIED PERSONS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>101</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>101</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>ADDITIONAL INFORMATION</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top"><B>103</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>EXECUTIVE SUMMARY</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($Cdn millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2,859</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share (EPS) &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; adjusted and diluted ($)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.67</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>708</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(12)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium production (millions of pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>17.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(14)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Uranium sales (millions of pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>34.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">30.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price ($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>39.52</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">37.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price ($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>43.91</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">41.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Vision and Strategy</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s vision is to be a dominant nuclear energy company producing uranium fuel and generating
clean electricity. Our key strategy to deliver this vision is to sustain and grow uranium
production in a way that is safe, clean, cost-effective and community supported, with a profitably
integrated fuel services business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Financial Performance in 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco had record adjusted net earnings<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> of $589&nbsp;million in 2008, 3% higher than
adjusted net earnings of $572&nbsp;million in 2007. We enjoyed record consolidated revenues of nearly
$2.9&nbsp;billion, 24% higher than the previous record of $2.3&nbsp;billion achieved in 2007. Cash provided
by operations in 2008 of $708&nbsp;million, was down 12% from the record $801&nbsp;million reached in 2007.
This decrease of $93&nbsp;million was mainly attributable to the higher working capital requirements in
2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Key Achievements, Developments and Challenges in 2008</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Achievements</I></B>

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco acquired a 70% interest in Kintyre, an advanced exploration project in Australia, to
further our strategy to expand our portfolio of uranium assets. If successfully developed,
Kintyre will add potential for open pit production and offers geographic diversification.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco also acquired a 24% interest in Global Laser Enrichment (GLE)&nbsp;based in North
Carolina. GLE is developing a third-generation uranium enrichment process using laser
technology. This investment extends our involvement in the nuclear fuel cycle.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">1</TD>
    <TD>&nbsp;</TD>
    <TD>Net earnings for the years ended December&nbsp;31, 2007 and 2008 have
been adjusted to exclude a number of items. Adjusted net earnings and adjusted
EPS are non-GAAP measure. See &#147;Use of Non-GAAP Financial Measures&#148; in this MD&#038;A
for a description and reconciliation to GAAP.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2</TD>
    <TD>&nbsp;</TD>
    <TD>Including changes in working capital.</TD>
</TR>

</TABLE>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Developments</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Despite supply shortages, construction and development of the Inkai project in Kazakhstan
advanced and we expect to declare commercial production in 2009.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the McArthur River mine, the transition to new mining areas continued with production
expected to begin in 2009 and 2010.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Challenges</I></B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>During the year, our operating mines and mills experienced several production challenges.
The challenges were largely related to reagent supply and aging infrastructure. We have
addressed the issues affecting 2008 production and, over the next several years, plan to
continue refurbishing our asset base to ensure their long-term, efficient operation.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September, the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was restarted upon completion of a
year-long rehabilitation program. However, operations were suspended at the end of November
because we were unable to resolve a contract dispute with our sole supplier of hydrofluoric
acid. Because of contract negotiations and logistical issues, supply arrangements are not
expected to be established before mid-2009, with production resuming thereafter.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake rehabilitation continued. The original water inflow area was successfully sealed
and dewatering of the mine began in the summer of 2008. However, in August a new inflow
occurred, causing dewatering to be suspended. The location of this inflow has been identified
on the 420 metre level, and preparation for sealing of the inflow area is underway. It is
expected to take most of 2009.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Industry Fundamentals</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco remains optimistic about the prospects for nuclear energy around the world. Nuclear energy
is widely recognized as a critical component of the solution to global environmental issues and
concerns about energy security. We noted the following during 2008:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In the global fleet of existing reactors, modest capacity growth continues with
ongoing improvements in capacity factors, plant power uprates, and plant life
extensions.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>New-build projects continue to be announced in current nuclear power jurisdictions
and also in the developing world, with some countries such as China, Russia and
India pursuing aggressive construction programs. However, the current financial
crisis may slow or delay the new build program.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The NEI reported that in 2007, US nuclear power plants continued to enjoy the lowest
average direct costs of 1.76 cents (US)&nbsp;per kilowatt hour, for baseload, non-hydro,
electricity production.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Despite the significant decrease in the uranium price since the beginning of 2008,
the long-term uranium market fundamentals remain positive as:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Worldwide production continues to be outstripped by demand.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Demand that could not be satisfied through mine production was met by the consumption
of various secondary supplies, including those of the Russian and US governments. The large
majority of these secondary supplies are finite and additional primary production is
required to meet future reactor requirements.</TD>
</TR>

</TABLE>
</DIV>
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<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>1.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR BUSINESSES, OBJECTIVES &#038; STRATEGIES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Our Businesses</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is involved in four business segments:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>uranium,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>fuel services,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nuclear electricity generation, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>gold.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, we extended our involvement in the nuclear fuel cycle with an investment in the
development of a third-generation uranium enrichment process. Testing of the innovative technology
is planned to begin in mid-2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The only significant commercial use for uranium is to fuel nuclear power plants for the generation
of electricity. In recent years, nuclear plants generated about 15% of the world&#146;s electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major stages in the production of nuclear fuel are uranium exploration, mining and milling,
refining and conversion, enrichment and fuel fabrication. Once a commercial uranium deposit is
discovered and mineral reserves delineated, regulatory approval to mine is sought. Following
regulatory approval, the mine is developed, and ore is extracted and processed at a mill to produce
uranium concentrates. Mining companies sell uranium concentrates to nuclear electricity generating
companies around the world on the basis of the amount of uranium (U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
contained in the concentrates. These utilities then contract with converters, enrichers and fuel
fabricators to produce the required reactor fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is one of the world&#146;s largest uranium producers, accounting for approximately 15% of the
world&#146;s production in 2008 with about 500&nbsp;million pounds of proven and probable mineral reserves of
uranium. We have controlling ownership of the world&#146;s largest high-grade uranium mineral reserves
and low-cost operations located in northern Saskatchewan. Cameco operates four mines located in
Canada and the United States, and has two mines under development, one in Canada and the other in
Kazakhstan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel Services</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company is an integrated uranium fuel supplier with refining facilities at Blind River and fuel
services facilities (conversion and fuel manufacturing) at Port Hope and Cobourg, all located in
Ontario, Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Blind River facility refines uranium concentrates into uranium trioxide (UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>), an
intermediate product in the uranium conversion process. Our Port Hope conversion services plants
chemically change the form of the UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to either uranium hexafluoride (UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>) or
uranium dioxide (UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>). The Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>plant has the licensed capacity to
produce about 20% of the world&#146;s annual requirements of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> used in making
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">fuel for light water reactors. In
2005, Cameco signed a toll-conversion agreement to acquire UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services from
Springfields Fuels Ltd. (SFL)&nbsp;in Lancashire, United Kingdom. Under the 10-year agreement, SFL will
annually convert a base quantity of up to 5&nbsp;million kilograms of uranium (kgU) as UO<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB> to
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> for Cameco. This arrangement increases our UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion capacity by
40%. In addition, Port Hope is the world&#146;s only commercial producer of natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, the
fuel used by all Canadian-designed Candu reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco manufactures fuel bundles for use in Candu reactors and participates in all stages (from
uranium exploration and production to fuel fabrication) of the Candu nuclear fuel cycle.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Enrichment</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;20, 2008, Cameco entered an agreement with entities owned and controlled by General
Electric (GE)&nbsp;and Hitachi Ltd. whereby we provided $124&nbsp;million (US)&nbsp;in cash and issued a
promissory note in the amount of $73&nbsp;million (US)&nbsp;to acquire a 24% interest in Global Laser
Enrichment LLC (GLE), a uranium enrichment development company based in Wilmington, North Carolina. The
promissory note represents Cameco&#146;s support for future development of the business. The remainder
of GLE is owned indirectly by GE (51%) and Hitachi Ltd. (25%). We do not expect to incur further
development and commercialization expenditures before 2010. GLE is developing a third-generation
uranium enrichment process using laser technology to commercially enrich uranium for nuclear power
plants. In 2009, the test loop phase is planned. This is the next important milestone for the
technology, which is intended to verify performance and reliability data necessary to support the
construction of a commercial-scale enrichment facility. In June&nbsp;2008, when the agreement was
announced, GLE expected to achieve commercial production in 2013. GLE will be responsible for
marketing all the enrichment services from this plant. The target annual capacity of the proposed
commercial facility is between 3.5 and 6.0&nbsp;million separative work units.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium enrichment is a key step in the process of producing fuel for light water nuclear power
plants. Naturally occurring uranium is made up of two isotopes, approximately 99.3% U-238 and 0.7%
U-235. Uranium enrichment is the process that increases the U-235 concentration from 0.7%. Most
commercial reactors require uranium fuel to have a U-235 content of 3% to 5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nuclear Electricity Generation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco generates clean electricity through its 31.6% interest in the Bruce Power Limited
Partnership (BPLP), which operates the four Bruce B nuclear reactors and manages the overall site
located in southern Ontario. We are the fuel procurement manager for uranium, conversion services
and fuel fabrication for BPLP&#146;s four B nuclear reactors and for the two operating Bruce A reactors.
Cameco provides 100% of the uranium concentrates for BPLP and under an agreement executed in 2008,
we have agreed to supply Bruce Power A Limited Partnership (BALP)&nbsp;with the majority of its future
uranium concentrates requirements. Cameco also supplies BPLP and BALP with all of their conversion
services and fuel fabrication requirements. BPLP&#146;s four B reactors have a combined net generation
capacity of about 3,260 megawatts (MW), supplying about 15% of Ontario&#146;s electricity.
</DIV>


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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gold</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has a 52.7% interest in Centerra Gold Inc. (Centerra), which began trading on the Toronto
Stock Exchange (TSX)&nbsp;in June&nbsp;2004. Cameco transferred substantially all its gold assets to Centerra
as part of the strategy to maximize the value of those assets. Centerra is a growth-orientated
Canadian-based gold producer focused on acquiring, exploring and developing gold properties in
Central Asia, the former Soviet Union and other emerging markets. Centerra operates two gold mines,
located in the Kyrgyz Republic and Mongolia. Gold is not a core business for Cameco. Centerra was
created as a vehicle for Cameco to eventually exit the gold business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Our Objectives and Strategies</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s goal is to be a dominant nuclear energy company &#151; the supplier, partner, employer and
investment of choice in the nuclear industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Having made significant progress in the past three years on our objectives for vertical integration
including securing additional conversion capacity, acquiring fuel manufacturing facilities and
investing in development of a third-generation enrichment process, our strategy has now become more
focused on uranium production. We intend to sustain and grow our uranium production in a way that
is safe, clean, cost-effective and community supported, with a profitably integrated fuel services
business.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will maintain and enhance our operations and will achieve our growth objectives and strong
financial performance by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continuously improving our ability to produce uranium fuel for nuclear reactors in a way
that is safe, clean, cost-effective and reliable (operational excellence),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maintaining the respect and support of communities, indigenous people, governments and
regulators impacted by current and future operations, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>building an engaged, qualified and diverse workforce capable of leading and implementing
the required growth strategies.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our specific strategies in the uranium and fuel services businesses &#151; the company&#146;s core
businesses &#151; are discussed under the sections &#147;Uranium Strategies&#148; and &#147;Fuel Services Strategies,&#148;
respectively, in this MD&#038;A.
</DIV>


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>2.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>THE NUCLEAR ENERGY, URANIUM AND FUEL SERVICES INDUSTRIES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Nuclear Energy Trends</B></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The nuclear energy industry is experiencing stable growth in the form of capacity factor
improvements, power uprates, refurbishments, life extensions and, in the developing world,
aggressive new-build programs. The following discussion outlines a number of factors that may have
a positive or negative impact on the outlook for nuclear energy and, hence, the demand for uranium
fuel. While it is difficult to determine which factors will dominate in the long term, the demand
for nuclear energy is expected to accelerate in response to concerns about electricity supply, the
need for non-emitting baseload power, and security of fuel supply.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Positive Factors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>North America</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A November&nbsp;2008 US national public opinion survey by Bisconti Research for the Nuclear Energy
Institute (NEI)&nbsp;indicates public support for nuclear electricity reached a record high of 74%. This
compares to 63% in April&nbsp;2008. Those strongly in favour of nuclear energy outnumber those strongly
opposed by nearly four to one (38% to 10%).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Support for nuclear energy in Canada continues to grow. Canadians expressed support for nuclear
energy in a national poll (Ipsos Reid) conducted for the Canadian Nuclear Association (CNA)&nbsp;in
September&nbsp;2008. Support for nuclear energy was up 15% since February&nbsp;2005. National support for
refurbishing reactors and new builds are at historic levels: 67% support refurbishment and 49%
support new build.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2008, the US Nuclear Regulatory Commission (NRC)&nbsp;had received 17 applications for
combined construction and operating licences (COL)&nbsp;for 26 new nuclear reactors. The NRC has stated
that starting in 2009, it expects to receive additional applications for approval to construct at
least seven reactors. Of these applications, we expect four to eight new reactors will be constructed in the US over the next decade.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Canada, the province of Ontario has announced that it has chosen the Darlington nuclear power
plant as the site for two new reactors. Ontario has stated that it plans to choose a preferred
reactor vendor in 2009. Bruce Power is considering building reactors in Ontario and northern
Alberta and has recently completed a feasibility study to look at the possibility of building a
nuclear power plant with two reactors in Saskatchewan. In addition, New Brunswick Power has
publicly stated that it is considering the construction of a second nuclear reactor to produce
electrical power for export to the northeastern US. Hydro-Quebec announced that it will move
forward with a refurbishment project to extend the life-span of the Gentilly-2 reactor, which began
commercial operation in 1983. The refurbishment will enable the 675 megawatt Candu-6 reactor to
operate until around 2040.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Europe</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The government of Sweden announced that it has reversed a decision to phase out the country&#146;s 10
commercial reactors and stated that existing reactors could be replaced at the end of their
operating lives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UK government formally announced a decision to support a new generation of nuclear power
plants. Reports indicate up to 10 nuclear reactors could be built by 2020.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>India</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In October&nbsp;2008, the US government approved the Nuclear Cooperation Agreement (NCA)&nbsp;with India (123
Agreement). India has also completed NCAs with France and Russia. Nuclear trade missions to India
have commenced and a number of countries (including Canada) are negotiating bilateral agreements.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Negative Factors</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While nuclear power has finally been recognized as a non-emitting technology in US energy
legislation, it still does not qualify internationally for greenhouse gas emission credits. Nuclear
plant phase-out programs still exist in a number of European countries, including Germany, Belgium
and Spain, although these plans are reportedly being reconsidered.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although progress is being made in several countries on the management of radioactive waste from
the nuclear fuel cycle, it remains a controversial issue. Concerns about the long-term management
of radioactive waste continue to be an impediment to the nuclear renaissance. Many environmental
groups continue to oppose the nuclear power industry.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The first few new generation nuclear plants will face significant business risks, including
&#147;first-of-a-kind&#148; costs, as well as possible delays in financing, licensing and construction.
Escalating costs of construction materials and uncertain regulatory environments present a major
obstacle to new plant construction. It remains to be seen whether new plants can be competitive in
all regions with other forms of baseload electricity generation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current global financial crisis may slow or delay new reactor builds and upgrades to existing
facilities, however the demand for new baseload electricity still exists. The financial crisis is
not expected to impact long-term climate change or energy security policies. Indeed government
stimulus packages may promote large projects like nuclear plants.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nuclear Power Share</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The International Atomic Energy Agency (IAEA)&nbsp;released its 2008 edition of Energy, Electricity and
Nuclear Power Estimates for the period to 2030. The report estimates nuclear power generation in
2030, and both the low and high case projections are significantly higher than the estimates
released in 2007. The high case estimates worldwide nuclear capacity in 2030 at 748 gigawatt
electric (GWe), about twice the current level of 372 GWe. The low case predicts worldwide nuclear
capacity in 2030 rising to 473 GWe. In comparison, the 2007 edition of the report put the high case
estimate for 2030 at 691 GWe and put the low case estimate at 447 GWe. Under the high projection in
the 2008 IAEA report, nuclear power will retain a 14% share of total worldwide electricity
generation in 2030, and under the low projection nuclear&#146;s share of electricity generation is
expected to decline to 12.5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Nuclear Plant Performance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Operating Costs</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2007, the last year for which data is available, the direct costs of US nuclear electricity
production were the lowest for baseload (non-hydro) electricity production for the seventh
consecutive year. Production costs were 1.76 cents (US)&nbsp;per kilowatt hour for nuclear, 2.47 cents
(US)&nbsp;for coal, 6.78 cents (US)&nbsp;for natural gas and 10.26 cents (US)&nbsp;for petroleum (Source: NEI).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reactors &#151; Operating, Planned and Under Construction</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are 436 reactors operating worldwide and a total of 115 new reactors under construction or
planned for completion within the next 10&nbsp;years (as of January&nbsp;2009). These more than offset 18
anticipated closures, for a net increase of 97 reactors during the period. Given that </DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->9<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">new reactors
 tend to be larger than older units, this represents a 28% growth in nuclear generating capacity.
Highlights include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>68 reactors are scheduled to be built in Asia, as energy demand is driven by economic
expansion. About three-quarters of this growth is expected to occur in China and India, which
have announced plans to build 31 and 18 reactors, respectively,</TD>
</TR>
</TABLE>
</DIV>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>India is implementing plans with four separate nuclear plant vendors to build light water reactors,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR>

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>China is debating increasing its nuclear construction program from 40 GWe to 60 or 70 GWe by 2020.</TD>
</TR>








</TABLE>
<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in Russia, Ukraine and Armenia, it is anticipated that 23 reactors will be built, offset by
one closure in Armenia and six in Russia,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in Finland, a new European Pressurized Water Reactor (EPR)&nbsp;is being constructed and, when
completed, will bring the country&#146;s total to five nuclear reactors. An application for a sixth unit has been filed,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in France, the construction of a second EPR is expected to begin in 2012 and a third EPR is
being considered,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in Canada, BALP is refurbishing two A units that had previously been shutdown, and both
Bruce Power and Ontario Power Generation Inc. (OPG)&nbsp;have initiated the regulatory process for
new generating units,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in the US, South Carolina and Georgia are likely to follow Florida in providing an encouraging nuclear plant investment climate, and</TD>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>South Korea's generation blueprint anticipates that by 2020 roughly half the country's electricity will be nuclear generated.</TD>





</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Reactors &#151; Potential</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, there were no new reactors connected to the electricity grid, and three reactors were
shutdown. There were seven countries that completed power uprates in 2008, totalling 1.2 GWe. The
net result was a 0.5 GWe decrease in nuclear capacity. Construction of 10 reactors commenced in
2008 (six in China; two in South Korea and two in Russia), which will add 11 GWe of new nuclear
capacity when they connect to the electricity grid. The following table summarizes Cameco&#146;s
estimate of world nuclear reactor status to 2018.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->10<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>World Nuclear Reactors (Cameco estimate, January&nbsp;2009)</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Outlook to 2018</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Nuclear</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Operating</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Operating</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2007</B><B><SUP style="font-size: 85%; vertical-align: text-top">2</SUP> (%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>New</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Shutdown</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>2018</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GWe Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Argentina</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Brazil</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Mexico</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">USA</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">104</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Americas Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>128</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>136</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8.8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">China</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">India</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Indonesia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Iran</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Japan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">56</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Korea (South)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pakistan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Taiwan</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Turkey</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Asia Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>109</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>68</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>175</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>69.0</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Belgium</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bulgaria</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Czech Republic</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Finland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">France</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Germany</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hungary</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Lithuania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Netherlands</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Romania</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Slovakia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Spain</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Slovenia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sweden</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Switzerland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">UK</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-1.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Europe Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>150</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>13</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>155</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10.0</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Russia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Armenia</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">-0.4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ukraine</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Russia
and Eastern Europe Total</B>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>47</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>23</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>63</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>20.6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">South Africa</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>0.3</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>World Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>15</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>436</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>115</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>18</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>533</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>108.6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="25" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 3pt; width: 18%; border-top: 1px solid #ffffff">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Estimated by Cameco, January&nbsp;2009. Based on public announcements made prior to January
2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>World Nuclear Association (WNA).</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->11<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>The
Uranium Industry</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Worldwide Uranium Supply and Demand</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium market supply and demand fundamentals remained strong in 2008, indicating a need for
more primary mine production over the coming decade. During the past 23&nbsp;years, uranium consumption
has exceeded mine production by a wide margin, with the difference being made up from various types
of inventory and recycled products, often collectively referred to as secondary sources. Based on Cameco&#146;s 10 year supply and demand outlook, cumulative
uranium consumption requirements are expected to reach about 2.0&nbsp;billion pounds. Total existing mine supply and secondary supplies are expected to meet
approximately 80% of this demand. The remaining 20% (approximately 400&nbsp;million pounds) must come from new supplies, which may include expansions of
existing mines, and new mines starting production.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>World Uranium Production and Consumption</B><BR>
(Sources: World Nuclear Association ^ and Cameco estimate *)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o54391o5342201.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I><b>Uranium Demand</b></I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Overall, nuclear power trends support moderately growing demand for uranium and conversion services
in the next 10&nbsp;years, with the potential for more rapid growth thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco estimates the world uranium consumption totalled about 172&nbsp;million pounds in 2008, similar
to 2007. In 2009, we expect world uranium demand to increase to about 181&nbsp;million pounds. We
estimate annual world uranium consumption will reach 226&nbsp;million pounds in 2018, reflecting an
annual growth rate of almost 3%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Growth in demand could be tempered as uranium price increases encourage utilities to utilize more
enrichment services and less uranium. Uranium demand is affected by the enrichment process, which
is one of the steps in making most nuclear fuel. Utilities choose the amount of uranium and
enrichment services they will use depending on the price of each. Utilities may to some extent
substitute enrichment for uranium, thereby decreasing the demand for uranium and increasing the
demand for enrichment. For example, when uranium prices rise, utilities tend to use more
enrichment, assuming enrichment prices remain constant. If enrichment prices increase, utilities
would likely use less enrichment and more uranium. The tails assay (percentage of U-235 left in the
waste stream after processing) is an indication of the mix of uranium and enrichment used. At
different prices for uranium, conversion and enrichment services there is a combination that minimizes the fuel cost,
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">which is called the optimal tails assay. The lower the tails assay, the
less uranium is being used.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, the uranium price had increased in excess of 250% since December&nbsp;31, 2003.
Over the same period, enrichment prices had increased by only 47%. Thus, utilities, where
permitted, are choosing lower tails assay under their enrichment contracts, using less uranium and
more enrichment services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Based on current demand, a 0.01% decrease in tails assay would decrease uranium requirements by 2%,
or about 3&nbsp;million pounds of uranium per year, and increase the demand for enrichment services by
2%. It is important to note that there is a limit to the enrichment capacity that is currently
available. In addition, enrichment contracts generally limit the ability to substitute enrichment
for uranium. In the past, enrichers offered a wide range of tails assay, much like volume
flexibilities on uranium contracts. Currently, enrichers are offering tails assays ranging from
0.25% to 0.30%, thus, over time, as old enrichment contracts expire, we expect that the average
tails assay will move to this range.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Supply</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">World uranium supply comes from primary mine production and a number of secondary sources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mine Production</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We estimate world mine production in 2008 was about 115&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>,<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>up 7% from 107&nbsp;million pounds in 2007. We expect world
production to total in the range of 125 to 130&nbsp;million pounds in 2009. However, production targets
are not always easily achievable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect that, with higher uranium prices, new mines will continue to start up, but the lead time
before they enter commercial production may be lengthy, often up to 10&nbsp;years, depending on the
region. As a result, primary supply will be less than world consumption in the near-term. The level
of increase in primary mine production is dependent on a number of factors, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the strength of uranium prices,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the efficiency of regulatory regimes in various regions,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the quality and size of the mineral reserves,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability and sufficiency of required infrastructure and skilled workforce,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>currency exchange rates in producer countries compared to the US dollar,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prices for other mineral commodities produced in association with uranium (i.e. byproducts
or co-products), and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the availability of financing for exploration and mine development.</TD>
</TR>

</TABLE>
</DIV>


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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2008 World Uranium Production by Country</B><BR>
(Cameco estimate)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o54391o5342202.gif" alt="(PIE CHART)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Secondary Sources</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Secondary sources of supply consist of surplus US, Russian and other military materials, excess
commercial inventory and recycled products. Recycled products include reprocessed uranium, mixed
oxide fuel and re-enriched tails material. Some utilities use reprocessed uranium and mixed oxide
fuel recovered from used reactor fuel. In recent years, another source of supply has been
re-enriched depleted uranium tails generated using excess enrichment capacity. We estimate these
recycled products will account for about 5% of world requirements over the next 10&nbsp;years. With the
exception of recycled products, secondary supplies are finite. Currently, most recycled products
are a high-cost fuel alternative and are used by utilities in only a few countries.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One of the largest sources of secondary supply is the uranium derived from Russian highly enriched
uranium (HEU). As a result of the 1993 HEU agreement between the US and Russia to reduce the number
of nuclear weapons, additional supplies of uranium have been available to the market. Under the
20-year agreement, weapons-grade HEU is blended down in Russia to low enriched uranium capable of
being used in western world nuclear power plants. We estimate that uranium derived from Russian HEU
could meet about 6% of world consumption over the next 10&nbsp;years based upon deliveries under the
current Russian HEU commercial agreement. All deliveries are scheduled to be made by 2013, when the
1993 HEU agreement expires. In parallel, the US has made some of its military inventories available
to the market, although in quantities much smaller than those derived from the 1993 HEU agreement.
We expect about 3% of world demand through 2018 will be met from this source.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With respect to non-military excess inventories, we believe most of these have been consumed. In
recent years, some utilities have been purchasing uranium to rebuild strategic inventories.
Over the next 10&nbsp;years, with new mines under development such as Cigar Lake and Inkai, this
shortfall between consumption and production is expected to narrow slowly. The production response
is expected to remain challenged, while demand is expected to continue growing due to better
reactor operations, reactor uprates, life extensions and the construction of new units. There are a
number of potential new mines and planned mine expansions that are expected to help meet this
shortfall, but the timing and production rates are uncertain.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium production in 2008 met about 67% of global uranium requirements. Secondary supplies (such
as recycling and blended down HEU) continue to bridge the gap and this is expected to continue in
the near future.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Markets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities secure a substantial percentage of their uranium requirements by entering into long-term
contracts with uranium suppliers. These contracts usually provide for deliveries to begin two to
four years after contracts are finalized. In awarding contracts, utilities consider the commercial
terms offered, including price, and the producer&#146;s record of performance and uranium mineral
reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are a number of pricing formulas, including fixed prices adjusted by inflation indices and
market referenced prices (spot and/or long-term indicators). Many contracts also contain floor
prices, ceiling prices and other negotiated provisions that affect the amount ultimately paid.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities acquire the remainder of their uranium requirements through spot purchases from producers
and traders. Spot market purchases are those that call for delivery within one year. Traders and
investors or investment funds are active in the market and generally source their uranium from
organizations holding excess inventory, including utilities, producers and governments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Spot Market</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry average spot price (TradeTech and Ux Consulting (UxC)) on December&nbsp;31, 2008, was
$52.50 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, a 41% decrease from the December&nbsp;31, 2007, price
of $89.50 (US). Spot market volume in 2008 more than doubled to about 43&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from 20&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in 2007. The 2008
volume exceeded the previous high of 42&nbsp;million pounds recorded in 1995. Historically, the volumes
traded in the spot market have ranged from about 10% to 15% of annual consumption.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The main spot sellers in 2008 were traders and financial players. The financial players liquidated
volumes late in the year as a result of the world financial turmoil. As a result of the lower spot
price in 2008 relative to 2007, utilities returned to the spot market and represented slightly less
than half of all spot purchases. Since the utilities&#146; average inventory levels have increased over
the last several years and financial restraint is likely, we expect more price volatility in 2009.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>Spot and Long-term Uranium Contract Volumes</b><br>
(Sources: Ux and Cameco)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o54391o5342203.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Long-Term Uranium Market</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry average long-term price (TradeTech and UxC) on December&nbsp;31, 2008, was $70.00 (US)&nbsp;per
pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, down 26% from $95.00 (US)&nbsp;at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We estimate long-term contracting in 2008 to have been about 130&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, approximately half the volumes contracted in 2007, but still above the
annual average levels prior to 2005.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The increased volatility in the spot market, the large differential between spot and term market
prices, as well as the fact that most utilities are well covered for the next several years
contributed to the lower contracting level when compared to 2007. We estimate the 2009 long-term
contracting volume will be comparable or lower than the 2008 level, but this is highly dependent
upon supply developments, market expectations and market prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>The Fuel Services Industry</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our activities in the fuel services industry include participation in uranium refining, conversion
and fuel manufacturing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The industry practice for measuring conversion services is kilograms of uranium (kgU) rather than
pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. For example, 66&nbsp;million kgU is equivalent to about 172
million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<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 align="left" style="font-size: 10pt; margin-top: 6pt">The following sections discuss the conversion services market only, as information on the other
segments of the fuel services industry is not publicly available.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conversion Services Demand</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">World demand for UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> and natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services was estimated to be
about 66&nbsp;million kgU in 2008. Western world demand accounted for about 58&nbsp;million kgU, with the
remaining 8&nbsp;million kgU coming from the non-western world (Russia, China and eastern Europe).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next 10&nbsp;years, world demand is expected to increase by 32% to about 87&nbsp;million kgU. In
2009, total world conversion services demand is expected to increase by 5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conversion Services Supply</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion industry consists of Cameco and three other significant
producers, with an annual nameplate conversion capacity of about 51&nbsp;million kgU. In 2005, Cameco
signed a toll-conversion agreement to acquire UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services from one of these
other converters, SFL in Lancashire, United Kingdom. Under the 10-year agreement, SFL will annually
convert a base quantity of up to 5&nbsp;million kgU to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> for Cameco. Cameco&#146;s Canadian
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant capacity, coupled with our toll-conversion capacity with SFL, accounts for
about 35% of the western world UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> nameplate conversion capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, supplies are available from secondary sources, including excess western inventories,
Russian sales in the form of low enriched uranium, Russian re-enriched depleted tails, and Russian
and US uranium derived from dismantling nuclear weapons. Russia supplies most of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion requirements of the former Soviet Union and eastern Europe in the form of low enriched
uranium.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Conversion Services Markets</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Utilities contract a substantial percentage of their UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services through
long-term contracts, purchasing the remainder on the spot market. Cameco is the only commercial
supplier in the world of conversion for natural UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> customers. In addition to the
Canadian requirements, Cameco also exports UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> to South Korea for its Candu reactors and
to the US and Japan for use as blanket fuel in boiling water reactors. Cameco also sells conversion
services packaged with U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> as a UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> or UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> product.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Spot/Long-Term UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> Conversion Market</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, spot market prices decreased for North American UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services and for European
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services year-over-year. Outlined below are the industry average spot market prices
(TradeTech and UxC) for North American and European UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services as at the dates specified.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Average spot market price ($US/kgU)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/08</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(3</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5</TD>
    <TD nowrap>)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->17<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Outlined in the following table are the industry average long-term prices (TradeTech and UxC) for
North American and European conversion services as at the dates specified. The industry does not
publish spot or long-term UO<SUB style="font-size: 85%; vertical-align: text-bottom">2 </SUB>prices.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD style="border-bottom: 1px solid #000000"><B>Average long-term price ($US/kgU)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/08</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Dec 31/07</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North America</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Europe</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>3.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR KEY PERFORMANCE DRIVERS, BUSINESS STRATEGIES AND CAPABILITIES TO DELIVER RESULTS</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Our Uranium Business</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Key Performance Drivers</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major factors that drive Cameco&#146;s uranium business results are:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>prices &#151; spot and long-term,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>volume &#151; sales, production and purchases,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>costs &#151; production and purchases, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exchange rate between the US and Canadian dollars.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Prices &#151; Spot/Long-Term</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Background</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While Cameco has historically not sold significant quantities in the spot market, Cameco
occasionally buys and sells spot material to take advantage of trading opportunities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco generally targets a 60/40 mix of market-related and base (or fixed-price) escalated pricing.
Recent contracting activity has resulted in a higher ratio of market-related contracts and
currently our portfolio is 65/35 market-related and base escalated pricing. Uranium market price
indicators are quoted by the industry in US dollars per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium contract terms generally reflect market conditions at the time the contract is negotiated.
Historically, after a contract negotiation was completed, deliveries under that contract typically
did not begin for two to four years. For example, a contract that was signed in 2003, when the spot
price averaged less than $12.00 (US), could have started deliveries in 2005 and have deliveries
through 2010. Typically these older contracts would protect the buyer with a price ceiling. Many of
the contracts in our current portfolio reflect market conditions when uranium prices were
significantly lower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a result, Cameco&#146;s average realized price for uranium sales in 2008 was $39.52 (US)&nbsp;per pound of
uranium compared to an average spot price of $61.58 (US)&nbsp;and average long-term price of $82.50
(US). Our average realized selling price rose by 5% over 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->18<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information on Cameco&#146;s contracting strategy, see the section titled &#147;Uranium Strategies&#148;
in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Volume &#151; Sales, Production and Purchases</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Sales Volume</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco reported sales of 34.1&nbsp;million pounds of uranium, representing a 13% increase from
2007 sales of 30.2&nbsp;million pounds. The higher reported volumes were the result of accounting
adjustments related to the termination of product loan agreements, higher spot sales and shifting
customer requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco sells more uranium than it produces from its mines and meets its contractual delivery
commitments through a combination of mine production, long-term purchase arrangements, spot
purchases and inventory.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales of the company&#146;s uranium are routinely denominated in US dollars, while production costs are
largely denominated in Canadian dollars. A discussion about Cameco&#146;s currency hedging program can
be found under the heading &#147;Foreign Exchange&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Production Volumes</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><U><FONT style="font-variant: SMALL-CAPS">Uranium Operations</FONT></U>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Cameco&#146;s share of production</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>(million lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009 Planned</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008 Actual</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch/Highland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">20.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">17.3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>See the section titled &#147;Cameco&#146;s Uranium Supply Outlook&#148; in this MD&#038;A for more
information about assumptions and risk factors associated with this production forecast.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Inkai&#146;s 2008 production is not considered commercial. Inkai is expected to
reach commercial production in 2009.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">McArthur River/Key Lake </FONT>(ownership interest 70%/83%)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s 70% share of production of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> at McArthur River/Key Lake in
Saskatchewan was 11.6&nbsp;million pounds for 2008, 0.4&nbsp;million pounds less than our previous estimate
of 12.0&nbsp;million pounds. The production shortfall resulted from various process and equipment
problems experienced at Key Lake. The problems encountered were corrected and Cameco&#146;s share of
production for 2009 is expected to be 13.1&nbsp;million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco successfully renewed Canadian Nuclear Safety Commission (CNSC)&nbsp;facility operating
licences for McArthur River and Key Lake for five-year terms that expire on October&nbsp;31, 2013.
Saskatchewan Ministry of Environment (SMOE)&nbsp;five-year operating permits expire
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->19<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;31, 2009 for McArthur River and November&nbsp;30, 2009 for Key Lake. In 2009, we intend to apply
to renew the SMOE permits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to increase the annual production licence capacity at the McArthur River/Key Lake
operations to 22&nbsp;million pounds from 18.7&nbsp;million pounds. As the first step, in November&nbsp;2004, we
submitted an environmental assessment for an increase in the annual licensed capacity. The
environmental assessment was delayed due to discussions with the regulator regarding how to deal
with the local accumulation of molybdenum and selenium in the Key Lake mill downstream environment.
We expect that reducing the current level of these metals in our effluent will help advance the
environmental assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has developed an action plan to modify the effluent treatment process to reduce
concentrations of molybdenum and selenium discharged to the environment. The CNSC facility
operating licence includes a condition for the Key Lake mill to implement this action plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to this action plan Cameco has been proceeding to modify the mill effluent treatment
process in order to reduce molybdenum and selenium levels to very low concentrations. The project,
originally planned to be complete in the first part of 2008, experienced difficulties in
commissioning that have subsequently required further project changes. We now expect this project
to be completed and the new process changes optimized in the first half of 2009. Cameco will update
the CNSC in April&nbsp;2009 with respect to the indicative performance of the molybdenum and selenium
removal circuit. Depending on the relative success of this project in reducing molybdenum and
selenium concentrations in the Key Lake mill effluent, further work identified in the action plan
referred to in the licence condition may or may not be required.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to obtaining approval for the environmental assessment (which has to be resubmitted at
the appropriate time) and licence approval to operate at higher production levels, we need to move
to new mining areas at McArthur River and to implement various mill process modifications at Key
Lake in order to sustain increased production levels. Mine planning, development and freezehole
drilling for the McArthur River mining area transition are ongoing and only after this transition
is complete can we fully assess the production rate capacity of the new mining areas.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant milestone was achieved at McArthur River during the fourth quarter of 2008. The brine
distribution system in zone 2, panel 5 was activated and formation of the new freezewall is in
progress. By mid-2009, the ground should be sufficiently frozen to begin developing the raisebore
chamber. We intend to produce over 85&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> from this area,
and initial production is anticipated in the latter part of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Development work in lower zone 4 also progressed in 2008. This area is classified as higher risk
development and we have adjusted our development and production schedules to recognize and mitigate
these risks. In 2009, development of this zone will continue and freeze hole drilling is expected
to take place. Production is now scheduled for 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the fourth quarter of 2008, access was
successfully re-established along the previously backfilled
zone&nbsp;2, panel&nbsp;3 freezewall on the
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->20<!-- /Folio -->
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">530&nbsp;metre level.
This mining area will be used to extend the life of panel&nbsp;3 and
is part of the revised production plan for 2009 to address the rescheduling of
production from lower zone 4.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A revitalization assessment of the Key Lake mill was completed in the first part of 2008.
Subsequently, engineering commenced and further assessment of alternative options began. The Key
Lake revitalization plan includes upgrading circuits with new technology for simplified operation,
increased production capacity and improved environmental performance. The engineering and project
planning for replacement of the acid and oxygen plants was further advanced. Construction of these
replacement plants is planned to start in 2009, subject to regulatory approvals.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If approval for the increased production limit is received, annual production is expected to range
between current planned production of 18.7&nbsp;million pounds and 20&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> until such time as revitalization is complete at Key Lake. Annual
production levels after mill revitalization are expected to be largely dependent on mine
production. As such, Cameco anticipates it will be a number of years before it can achieve a
sustainable increased production rate at these operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information about McArthur River/Key Lake, refer to the section titled
&#147;Uranium &#151; Capability to Deliver Results&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground exploration drilling and development at McArthur River continued in 2008. Activity for
2009 will focus on evaluation of mineral resources, mainly to the south of the mine. In 2008, we
concluded mineral resources to the south of the mine have greater near-term development potential
for future mining due to established infrastructure and were made a higher priority exploration
target. Mineral resources to the north of the mine are planned for further evaluation in either
late-2009 or 2010, depending on progress made south of the mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Refer to the section titled &#147;Uranium Exploration&#148; in this MD&#038;A for information on exploration
programs near McArthur River.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Rabbit Lake (</FONT>ownership interest 100%)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Rabbit Lake achieved expected production of 3.6&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> for 2008.
Reduced mill head grade was addressed through increased tonnage. In 2008, we were successful in
adding mineral reserves at Rabbit Lake, extending the expected mine
life by one year, to 2013. From initial startup in 1975 to the end
of 2008, Rabbit Lake has produced a total of approximately
175&nbsp;million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;1, 2008, we successfully renewed the Rabbit Lake CNSC facility operating licence and
SMOE operating permit for five-year terms, expiring on October&nbsp;31, 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In early 2008, uranium in groundwater seepage was detected in an excavation for a new effluent
treatment circuit adjacent to the Rabbit Lake mill. Subsequent to investigation, concrete repairs
and restoration of various containment areas in the mill were carried out. The investigation
determined that the uranium in groundwater seepage was localized to the immediate vicinity of the
mill where it was detected, and that the nearby Rabbit Lake in-pit
tailings management facility
(RLITMF)&nbsp;afforded regional control as groundwater near the mill flows to the RLITMF.


<P align="center" style="font-size: 10pt"><!-- Folio -->21<!-- /Folio -->
</DIV>
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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake substantial work has been carried out to renew the mill and associated facilities. A
full replacement of the mill-distributed control system was completed in 2008. Selected plant
equipment and process vessel replacement is ongoing. Extensive projects to reduce mill effluent
concentrations of uranium (completed in 2006) and molybdenum and selenium (scheduled to be
completed in 2009) are expected to meet current regulatory requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A milestone for the future of Rabbit Lake was regulatory approval of the Rabbit Lake solution
processing project environmental assessment in the summer of 2008. This will allow for extension of
the operation of the Rabbit Lake mill, allowing it to process uranium solution from Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This environmental assessment included expansion of the RLITMF. In September, the expansion of the
RLITMF was initiated and completion is planned in the second quarter of 2009. In addition to
sufficient capacity to contain all the tailings expected from future processing of Rabbit Lake&#146;s
share of Cigar Lake uranium solution, we expect that the expanded facility will have sufficient
capacity to support continued mine and mill production from Eagle Point ore to 2013 (based upon
expected ore grades and milling rates).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Refer to the section titled &#147;Uranium Exploration&#148; in this MD&#038;A for information on exploration
programs near Rabbit Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Smith Ranch-Highland and Crow Butte (</FONT>ownership interest 100%)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Smith Ranch-Highland and Crow Butte in situ recovery (ISR)&nbsp;mines, located in Wyoming and Nebraska
collectively produced 1.8&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> in 2008, slightly below our
previous target of 1.9&nbsp;million pounds. In 2009, the two operations are expected to produce
approximately 2.5&nbsp;million pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Smith Ranch-Highland received regulatory approval for construction of an additional
satellite facility (SR-2), which will extend the life of the Smith Ranch-Highland operation. The
new SR-2 facility was started up in December&nbsp;2008 and is expected to operate for about nine years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The operating environment in the US for Cameco&#146;s ISR facilities has become more complex as a result
of increased public interest and regulatory oversight. In 2008, Cameco reached a settlement
agreement with the Wyoming Department of Environmental Quality (WDEQ)&nbsp;related to the Notice of
Violation received in March&nbsp;2008. Cameco Resources agreed to increase the level of bonding to
$80&nbsp;million (US)&nbsp;from $40.7&nbsp;million (US)&nbsp;to guarantee financing of restoration and reclamation
activity. The settlement allows Smith Ranch-Highland to apply for an increase in production after
March&nbsp;1, 2009. The increasing complexity may have a negative impact on our ISR operations in the
US, including on our plans to increase production.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->22<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Uranium Projects</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cigar Lake (</FONT>ownership interest 50%)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Site crews at Cigar Lake continue to make progress on the remediation plan following a rockfall
that caused a flood of the underground development in October&nbsp;2006. Construction was about 60%
complete at that time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The inflow area was successfully sealed and dewatering of the mine commenced in the summer of 2008.
A new source of increased water inflow developed in the mine on August&nbsp;12, 2008, which caused
remediation work to be suspended.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have confirmed that the main source of the increased water inflow observed on August&nbsp;12, 2008,
is from a fissure located in the top of the tunnel on the 420 metre level.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has developed a remediation plan to seal the tunnel. The plan includes remotely installing
bulkheads on either side of the inflow location and then injecting concrete and grout into the
tunnel and ultimately into the rock through holes drilled from surface. The equipment necessary to
accomplish this has been mobilized and some initial work both on surface and on the 420 metre level
has started. The work on the 420 metre level involves removal of pipes, doors, ventilation ducting,
loose sand and other miscellaneous items. This is being done using submersible, remotely operated
vehicles (ROVs) that are commercially available for this type of work. We estimate that sealing of
the August&nbsp;12, 2008, inflow will take most of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Remediation of shaft 2 continues following a water inflow at the base of the shaft in April&nbsp;2006.
The water inflow resulted in flooding and cessation of activities in the shaft. The water inflow
was limited to shaft 2 as it was not connected to the mine. The inflow sources have been sealed and
effectiveness of the seal demonstrated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the fourth quarter, dewatering of shaft 2 commenced. The water level was pumped down to the
260 metre level and held there for several weeks. The inflow measured during this time was very low
and stable, confirming that the sources of the inflow have been sealed. In preparation for further
lowering the water level, the installation of ventilation and water pumping infrastructure began in
the shaft. It is anticipated that the removal of all water in the shaft will be complete in the
second quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco obtained an amended CNSC construction licence for Cigar Lake in 2007, which expires December
31, 2009. We will be applying to amend the licence to extend the term to allow for completion of
the mine remediation work.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In December&nbsp;2008, Cameco submitted to the CNSC a project description for measures intended to
effectively manage the increased quantities of water inflow that can potentially be experienced
during the construction and operation of the Cigar Lake mine. The project involves modification of
water handling and effluent treatment facilities and will require an environmental assessment under
the provisions of the Canadian Environmental Assessment Act.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has incurred $359&nbsp;million in capital costs to develop Cigar Lake to the end of 2008. We no
longer anticipate production startup in 2011 and are assessing the impact of the August inflow on
the planned production date and capital cost estimate. We will provide new estimates after the mine has been dewatered, the condition of the underground has been evaluated, and the resulting
information has been incorporated in a new mining plan.

</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to capital costs, Cameco&#146;s share of remediation expenses is now expected to total $92
million, of which $46&nbsp;million has been expensed to the end of 2008. In 2009, Cameco expects to
spend $21&nbsp;million on remediation expenses for Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS">Inkai (</FONT>ownership interest 60%)
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Two areas are currently in production development (blocks 1 and 2) at the Inkai
ISR project in Kazakhstan and there is one exploration area (block 3).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco&#146;s share of production at Inkai was 0.3&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8.</SUB>
Production during the year was hampered by supply shortages, including sulphuric acid, compounded
by a slower uranium dissolution rate at block 1 than was experienced in the test mine conducted in
block 2. Work to accelerate the dissolution rate and increase the production rate in block 1
continued through the fourth quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At block 1, construction of a commercial processing facility is underway. During the fourth quarter
of 2008, commissioning of the front half of the main processing plant was completed and the
processing of solutions from block 1 was initiated. We expect to complete construction and begin
commissioning the facility in the first half of 2009. Construction of a satellite plant to process
solution recovered from block 2 was also initiated in 2008 and was about 50% complete by the end of
the year. Commissioning of this facility is anticipated in the second half of 2009. Once the
facilities are commissioned, we expect to declare commercial production in 2009, subject to the
availability of acid as noted below.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the third quarter of 2007, the availability of sulphuric acid required for ISR mining was
restricted due to a fire at one sulphuric acid plant in Kazakhstan and delays in the startup of a
new plant. As a result, Inkai and other ISR operations in Kazakhstan were subject to reduced acid
allotments. This shortage continued throughout 2008. At the very end of the year additional
supplies became available from both inside and outside the country. With this additional supply the
project is currently receiving an adequate supply to acidify the wellfields in preparation for
commercial production in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production from blocks 1 and 2 is expected to total 5.2&nbsp;million pounds (Cameco&#146;s share is 60% or 3.1&nbsp;million pounds) per year by 2012, subject to
availability of sulphuric acid and regulatory approval. However, a non-binding memorandum of understanding (MOU)&nbsp;signed between Cameco and
Kazatomprom (Cameco&#146;s state owned joint venture partner) in May&nbsp;2007 targets the doubling of future
production capacity from the Inkai uranium deposit, raising the total annual production capacity to
10.4&nbsp;million pounds on a timeframe yet to be confirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While the existing project ownership would not change, Cameco&#146;s share of the additional capacity
under the MOU would be 50%, raising Cameco&#146;s expected share of the future annual production at
Inkai to 5.7&nbsp;million pounds if the 10.4&nbsp;million pound production target is achieved.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The production increase was approved by both partners at an Inkai board meeting in July&nbsp;2008. A
binding agreement to finalize the terms of the MOU and various government approvals will be
required to implement this production increase. This MOU also contemplates studying the feasibility
of constructing a uranium conversion facility as well as considering other collaborations in
uranium conversion. For more information, refer to the section titled &#147;Fuel Services Business &#151;
Key Performance Drivers &#151; Production Volume&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The total cost to bring Inkai to commercial production (100% basis) is now projected to be about
$271&nbsp;million (US). The development expenditures for Inkai in 2009 are expected to total about $13
million (US). The production obtained from the Inkai mine is being sold and proceeds from the sales
are being used to fund the construction and operation of the project. Including the recoveries
related to these sales, the net cost of development at Inkai is expected to be about $128&nbsp;million
(US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco provides funding to Inkai for project development. In September&nbsp;2008, we increased our loan
facility to Inkai from $250&nbsp;million (US)&nbsp;to $300&nbsp;million (US). As of December&nbsp;31, 2008, $226
million (US)&nbsp;was outstanding on the loan with accrued interest of $31&nbsp;million (US). Of the cash
available for distribution each year, 80% is used to repay the loan until it is repaid in full.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Inkai received an initial approval for the mining licence for block 2 to replace its
exploration licence. Final approval is subject to completion of an amendment to the Resource Use
Contract. The mining licence for block 1 expires in 2024 and the mining licence for block 2, if
granted, will expire in 2030. In addition, Inkai applied for and received an initial approval for a
two-year extension of its exploration licence for block 3. The final approval is subject to
completion of an amendment to the Resource Use Contract. Under Kazakh law, in order for a further
extension of the licence to be obtained, there must be a commercial discovery. In 2009, Inkai plans
to spend $2.5&nbsp;million (US)&nbsp;for exploration drilling at block 3.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our annual information form (AIF), we describe the Kazakh tax regime that applies for the
purpose of determining the taxes and other governmental charges payable by Inkai. A new tax code
became law on January&nbsp;1, 2009. Inkai has received a letter from the Ministry of Energy and Mineral
Resources (MEMR)&nbsp;requiring that Inkai amend the existing Resource Use Contract to reflect the new
tax regime despite the fact that Inkai&#146;s Resource Use Contract contains provisions stabilizing the
tax regime that was in effect at the date the contract was signed (2000). We are in discussions
with the MEMR over this matter and are assessing the impact of the new tax code, including on the
tax stabilization provisions of the Resource Use Contract, pending the issuance of the detailed
calculation of the applicable taxes. Obtaining necessary ongoing government approvals and
amendments to the Resource Use Contract may be dependent on Inkai&#146;s acceptance of the new tax
regime.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our AIF, we also describe the Kazakh Subsoil Law, which defines the framework and procedures
connected with the granting of subsoil rights, and the regulation of activities of subsoil users,
which applies to Inkai. The Kazakh Parliament is considering a draft of a new Subsoil
Law. It is contemplated that this new Subsoil Law will enter into force six months after its
adoption by parliament and signature by the president. The new Subsoil Law introduces significant
changes in terms of the regulation of the activities of subsoil users,
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->25<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">including the abolition of the existing stabilization regime for all subsoil users, except for
those operating under product sharing agreements and subsoil use contracts approved by the Kazakh
President. We do not know if the exemption described above will apply to Inkai, when the proposed
legislation will be adopted or what will be contained in the final provisions of any new law. The
most recent draft law provides that disputes among the subsoil user and the government are to be
resolved through the courts in Kazakhstan and does not provide for international arbitration, as is
the case under the current Resource Use Contract. We are assessing the implications for Inkai,
including the stabilization provisions of its Resource Use Contract.
See the section titled &#147;Cameco&#146;s Uranium Supply Outlook&#148; in this MD&#038;A for more information about
assumptions and risk factors associated with the forward-looking information regarding Inkai
discussed above.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Purchase Volumes</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has purchase commitments for uranium products and services from various sources. Most
of these purchase commitments are in the form of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>. At the end of 2008, these purchase
commitments totalled 39&nbsp;million pounds uranium equivalent from 2009 to 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Of the total purchase commitments, 36&nbsp;million pounds (about 7&nbsp;million pounds uranium equivalent
annually to 2013) are from our agreement with Techsnabexport (Tenex) to purchase uranium from
dismantled Russian weapons (the Russian HEU commercial agreement). In 2008, Cameco and its partners
agreed with Tenex to a new pricing structure for the period 2011 to 2013, affecting approximately 7
million pounds during that time frame. The US government has approved the new pricing structure. We
expect Russian government approval will be received in the first quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cameco&#146;s Uranium Supply Outlook</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">
An update for our near-term production outlook is provided in the table below.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco&#146;s Share of Production (million pounds U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>) Excluding Cigar Lake</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Current Forecast</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2012</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2013</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River/Key Lake<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">US ISR<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3.7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai<SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">0.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">2.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">3.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">3.1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total*</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>20.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>21.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>22.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>22.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>21.6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>While a single estimate has been included for each year of the production outlook, actual
production may differ significantly from these estimates as forecasting production is
inherently uncertain.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A revised production forecast for Cigar Lake will be provided after the mine has been
dewatered, the condition of the underground development has been assessed, and the findings
incorporated in the new mine development and production plans.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Cameco has applied to increase its licensed capacity from 18.7&nbsp;million pounds to 22
million pounds (Cameco&#146;s share 70%), but is awaiting regulatory approval. Until approval has
been received, the production forecast has assumed the current licensed capacity. (See
discussion in &#147;Uranium Operations&#148; in this MD&#038;A).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Refers to Cameco&#146;s Smith Ranch-Highland and Crow Butte ISR operations in the US and
other ISR development projects in the US.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Inkai mineral reserves assume production at an annual rate of 5.2&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Inkai currently has regulatory approval to produce at an annual
rate of 2.6&nbsp;million pounds and an application for regulatory approval to increase annual
production to 5.2&nbsp;million pounds was made in 2005. Cameco is familiar with the statutory,
regulatory and procedural framework governing new mining projects in Kazakhstan and, based upon its experience to date,
Cameco believes that it is reasonably likely that all permits and approvals required for the
construction and operation of its new ISR mine at Inkai &#151; including approvals for increased
annual production to 5.2&nbsp;million pounds &#151; will be obtained. However, there can be no certainty
that permits or approvals will be forthcoming.</TD>
</TR>

</TABLE>


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</DIV>





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<DIV style="font-family: 'Times New Roman',Times,serif">







<DIV align="left" style="font-size: 9pt; margin-top: 10pt"><I>The current uranium production and HEU purchase forecast noted above for the company are
forward-looking information. This forward-looking information is based upon the key assumptions and
subject to the material risks that could cause results to differ materially, and which are
discussed under the heading &#147;Caution Regarding Forward-Looking Information and Statements&#148;. In
particular, we have assumed that:</I>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>the company&#146;s forecast production for each operation is achieved;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>the company&#146;s schedule for the development and rampup of production from Inkai is achieved,
which requires, among other things, resolution of the issues surrounding acid availability
required for mining;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>the successful transition to new mining areas at McArthur River beginning in 2009;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>the company is able to obtain or maintain the necessary permits and approvals from
government authorities (other than the approval necessary to increase capacity at McArthur
River/Key Lake referred to in note 2 above) to achieve the forecast production;</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>there is no disruption in production due to natural phenomena, labour disputes, political
risks or other development and operation risks; and</I></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 9pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>the HEU supplier complies with its delivery commitments.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 9pt; margin-top: 9pt"><I>Material risks that could cause actual results to differ materially include our inability to
achieve forecast production levels for each operation; our development and rampup of production
from Inkai does not proceed as anticipated; the transition to new mining areas at McArthur River is
not successful; the inability to obtain or maintain necessary permits or government approvals; and
a disruption or reduction in production or the failure of the HEU supplier to comply with its
delivery commitments. No assurance can be given that the indicated quantities will be produced or
purchased. Expected future production estimates are inherently uncertain, particularly in the later
years of the forecast, and could materially change over time.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Costs</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s cost of supply is influenced by its mix of produced mine material and uranium purchases.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production costs at our Saskatchewan uranium mines, our largest source of production, are primarily
fixed, with about 33% attributable to labour. The largest variable operating cost is production
supplies, which includes items such as propane, diesel and lime and accounts for about 29%. Another
large component of production costs is contracted services, which was 29% of the total for 2008.
Contracted services include items such as mining, maintenance, air charters, security and ground
freight. These three components (labour, production supplies and contracted services) make up 91%
of the production costs at our Saskatchewan uranium mines.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium mine production costs are driven mostly by the complexity of the operation. Unit costs of
production are driven primarily by the grade and volume of material mined. McArthur River is the
world&#146;s largest, high-grade uranium mine. At about 100&nbsp;times the world average, its grade averages 21% U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>,
which means it can produce more than 18&nbsp;million pounds per year by extracting only 100 to 120
tonnes of high-grade ore per day. While Rabbit Lake&#146;s average ore grade of around 1%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> is much lower, it compares favourably to other operating mines in the
world where grades are generally below 0.5%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">ISR extraction methods can make even lower grade mineralization commercially attractive. Worldwide,
ISR mines typically recover uranium from orebodies with an average grade in the range of 0.1%
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Cameco&#146;s cost of supply is influenced only modestly by the two US ISR
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">operations. In 2008, US ISR production accounted for about 11% of the company&#146;s primary output.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Purchased product also affects Cameco&#146;s cost of supply. Most of Cameco&#146;s purchase commitments are
under long-term, fixed-price arrangements reflecting prices significantly lower than the current
published spot and long-term prices. These purchase commitments totalled almost $623&nbsp;million (US)
at December&nbsp;31, 2008. Refer to note 24 in the financial statements. A significant portion of these
purchased pounds will be delivered into existing sales contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Strategies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s overall objective is to leverage our competitive advantage in uranium. In doing so, we
strive to meet four major goals:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remain one of the low-cost producers,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>expand our market position,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase supply flexibility, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maximize realized prices over time.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are a number of key strategies the company uses to achieve these goals. We strive to maintain
our low-cost position by adding economically attractive mineral reserves and improving our margins.
We look to expand our low-cost mineral reserves through acquisition, exploration around existing
operations and identifying geological regions that will provide the next tier of low-cost
production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We work to improve our margins by optimizing production to yield the highest rate of return
possible, gaining cost efficiencies through quality and business process improvements, and pursuing
fundamental productivity gains through technological development.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We seek to grow our market position by acquisition, accelerating production from existing
operations, and participating in new uranium opportunities at exploration and development stages.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To increase our supply flexibility, we are building a geographically diverse production base. This
includes accelerating production at Inkai, which is expected to achieve commercial production in
2009, working to bring Cigar Lake into production, and continuing to pursue a global exploration
program. Our program seeks to identify the most prospective regions and maximize options to access
and/or control land positions for future business advantage. To ensure we have adequate production,
we look to identify the optimal resource mix (i.e. different types of deposits such as unconformity
versus ISR), and replace mineral reserves through exploration and acquisition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To grow our market position, we build on our customer relationships and expand the range of
services available to customers while maintaining the company&#146;s reputation as a reliable supplier.
In addition, we maintain participation in secondary supplies, including enhancing our relationship
with Russia, influencing the timing of sales of secondary supplies to the market, and using market
intelligence to achieve early notice of new supply sources.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A key element for maximizing our realized price is our contracting strategy, which is influenced by
the supply and demand outlook for uranium. Since mid-2003, the supply side of the industry has
experienced significant impacts that caused uranium prices to rise rapidly. This upward trend has
been due, in large part, to the realization by market participants that excess secondary supplies
will not contribute as much to future uranium supply as they had previously expected. Consequently,
a greater volume of new primary mine production will be needed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The rise in prices has triggered predictable supply side responses. The most notable are the
increase in companies exploring for new uranium deposits, the construction of new mines and the
proposed expansion of existing ones. However, this is a recent phenomenon. Given the low prices of
the last two decades, very little exploration was undertaken on a global basis, and relatively
little investment was made in advancing new uranium projects. Producers were operating at close to
full capacity to minimize unit costs. Undeveloped deposits, identified in previous exploration
cycles, were mostly uneconomic or located in jurisdictions with political challenges. With higher
prices, existing projects are being expanded and newly discovered deposits will be developed, but
the lead time for commercial production may be lengthy depending on the region, especially because
of the current worldwide economic downturn. Due to the difficulty in raising capital in the current
market environment, the volatility of the uranium spot price and the rise in mining costs, several
uranium mining companies have announced the temporary shutdown of mines, delay in project startup
or a reduction in planned production. Consequently, the primary supply industry will be challenged
to significantly increase supply in the near-term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Future market prices will depend on a number of supply and demand factors, the more notable ones
being:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>additional production from the successful expansion of existing mines, startup of mines
currently under construction and development of known deposits,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the success of exploration programs in identifying new commercial uranium deposits that can
be developed in a reasonable period of time,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exchange rate in various producer country currencies relative to the US dollar,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the timing and extent of expansion of uranium produced as a byproduct or co-product of
other commodities, particularly in Australia and South Africa,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>availability of existing and possible new secondary materials, such as blended down uranium
from military stock, including dismantled weapons,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the manner in which investment funds liquidate their holdings,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ultimate sales by the US DOE,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the extent enrichment services are substituted for natural uranium feed,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the growth rate of nuclear power, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>inventory policies of market participants.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Given the uncertainty surrounding the foregoing supply/demand factors and the impact on price, we
believe it is appropriate to continue to target a mix of market-related and fixed-price mechanisms.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracting objective is to secure a solid base of earnings and cash flow to allow us to
maintain our core asset base and pursue growth opportunities over the long term. Our contracting
strategy focuses on reducing the volatility in our future earnings and cash flow, while providing
both protection against decreases in market price and retention of exposure to future market price
increases. This is a balanced approach, which we believe delivers the best value to our
shareholders over the long term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The overall strategy will continue to focus on achieving longer contract terms of up to 10&nbsp;years or
more, floor prices that provide downside protection, and retaining an appropriate level of upside
potential. In general, most new offers include price mechanisms with both market-related and fixed
components. The fixed-price component generally is equal to the industry long-term price indicator
at the time of offer and is adjusted by inflation. The market-related component references either
the spot price or the long-term price in effect near the time of delivery. The market-related
component may include a floor price (escalated by inflation), and while the level of floor prices
secured will depend on the prevailing market prices at the time of signing, recently, they have
been in the mid-$40 (US)&nbsp;range. Utilities are increasingly unwilling to accept unlimited upside
price risk and as a result some recent awards have contained ceiling prices in excess of $100 (US).
Today, Cameco is heavily committed under long-term contracts, and therefore has become increasingly
selective in adding additional commitments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the current volatile market environment and recent history of increasing uranium prices, this
strategy has allowed Cameco to add increasingly favourable contracts to its portfolio while
maintaining sensitivity to future price movements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has a variety of supply sources, including primary production, firm commitments for
long-term purchases, inventories of about six months forward sales and uranium from opportunistic
purchases in the spot market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Given our multiple sources of supply, Cameco generally includes supply interruption language in our
contracts. This language provides Cameco with the right to reduce, defer or cancel volumes on a
pro-rata basis if we experience a shortfall in planned production or deliveries of purchases under
the highly enriched uranium agreement. Today, in addition to standard force majeure language, new
contracts generally include this supply interruption language.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, for those contracts that are impacted by supply interruption language, we generally plan
to defer a portion of deliveries for a five to seven-year period. Contract specific decisions are
made in consultation with each of our customers. In 2008, no deliveries were deferred as a result
of the supply interruption provisions in our contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the baseload contracts put in place to support the development of Cigar Lake contain
provisions which allow Cameco to reduce, defer or terminate deliveries in the event of any delay or
shortfall in Cigar Lake production.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco continues to discuss with its customers the possible effect of the uranium production delay
at Cigar Lake. For the Cigar Lake baseload contracts with deliveries in 2009 and 2010, these volumes (as well as 2007 and 2008 delivery volumes) have been deferred to the end of the
respective contracts.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium &#151; Capability to Deliver Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will continue to enhance its capabilities in a number of areas to execute our strategies and
deliver on our goals to remain one of the low-cost producers, protect and expand our market
position and increase supply flexibility. We will seek to achieve these goals by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>transitioning successfully from current mining areas to new ones,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advancing other mining methods and technologies,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring availability of critical production supplies,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>proceeding with revitalization plans for our milling operations,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>obtaining timely regulatory approvals,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>securing sufficient human resources to replace an aging workforce, including ensuring the
availability of skilled tradespeople,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>ensuring capital is readily available over the longer term to support our expansion plans,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>allocating adequate resources to exploration, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluating and acting upon opportunities that we expect to add value.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Transition to New Mining Areas</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Underground drilling at McArthur River has delineated four mineralized zones with mineral reserves
(zones 1 to 4). Since mine startup in 2000, only zone 2 has been mined. Zone 2 is divided into four
panels (panels 1, 2, 3 and 5).
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><IMG src="o54391o5342204.gif" alt="(GRAPHIC)">
</DIV>



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</DIV>



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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The McArthur River mine schematic above illustrates the location of six mineralized zones.
The four described above and mineralized zones A and B are drilled from surface only and are currently categorized as inferred
mineral resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As
extraction of zone 2 (panels 1, 2 and 3) progresses, we expect to
place lower zone 1, zone 2, panel 5
and the lower mining area of zone 4 into production in stages between 2009 and late-2010. We plan
to continue using the current raiseboring method to extract ore in these zones.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Freeze
drilling and raisebore access for lower zone 1 have been developed on
the 530 metre level. As a precautionary measure, the 560 metre level
extraction chamber development will not be initiated until the production
freezewall has been established. Freeze drilling for lower zone 1 is
scheduled to begin in the second quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At zone 2, panel 5, the brine system to form the new freeze wall was activated in the fourth
quarter of 2008. Approximately six months of freeze time are required before the raisebore chamber
can be safely developed. For more information, refer to the section titled &#147;Uranium Operations &#151;
McArthur River/Key Lake&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In November&nbsp;2008, the lower extraction area for lower zone 4 development on the 590 metre level
encountered a small inflow of water that was quickly captured and controlled. This area was
considered low-risk development which is defined as having an inflow potential of less than 100
cubic metres per hour or an order of magnitude below our pump and treat capacity. The inflow has
not caused Cameco to alter any planned mining in this area. However, full grouting of the inflow
area is required before development in the area resumes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Mining Methods</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Currently, McArthur River uses raiseboring to extract ore from the mine. As we expected from the
start of mining, other mining methods will be used to maintain or expand production. In 2005, we
determined that the boxhole boring method would be better suited for the upper zone 4 at McArthur
River because it would allow development from a preferred location. Production from upper zone 4 is
scheduled to begin in 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to develop and test the boxhole boring method over the next four years. In 2006, we
placed an order for a boxhole borer for delivery in the first half of 2008, and in 2007 we
completed the mine plan for the boxhole boring test area. The first test raise was setup at the end
of 2008 and pilot hole drilling commenced in January&nbsp;2009. Three raises in waste are planned for
2009 as is completion of freeze drilling for a boxhole boring ore extraction test area. We expect
to install the brine distribution system for this area in 2009 as part of the plan for test raise
excavation in 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Cigar Lake, we plan to use the jet boring method, which has been examined through extensive test
mining programs. Overall, the test mine programs were considered highly successful with all initial
objectives fulfilled. However, as the jet boring mining method is new to the uranium mining
industry, the potential for technical challenges exists. We expect we will be able to solve the
challenges that may arise during the initial rampup period.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Availability of Supplies</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our production is dependent upon the availability of certain critical supplies. For example, at
Inkai, production is dependent on an adequate supply of sulphuric acid. We are examining our entire
supply chain to reduce vulnerability to shortages in any of our critical supplies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Revitalization of Mills</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Key Lake and Rabbit Lake mills commenced operations in 1983 and 1975 respectively. We plan to
renew both these mills to help maintain our uranium production capability.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A revitalization assessment for the Key Lake mill was completed in the first part of 2008. For more
information, refer to the section titled &#147;Uranium Operations &#151; McArthur River/Key Lake&#148; in this
MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Rabbit Lake substantial work has been carried out to renew the mill and associated facilities.
For more information, refer to the section titled &#147;Uranium Operations &#151; Rabbit Lake&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Regulatory Approval</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s growth plans depend on regulatory approvals such as environmental assessments, and
obtaining construction and operating licences in various jurisdictions, including Canada,
Australia, Kazakhstan and the US. The timing for approvals can be impacted by various factors, such
as the regulator&#146;s assessment of current performance, the comprehensiveness of the documentation
submitted to support the application, assessment of the significance of any anticipated incremental
impacts, the number of industry approval applications being assessed at any given time by the
regulator, changing regulatory practices and other factors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Human Resources</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s workforce reflects the national demographics where a significant number of the eligible
workforce is nearing retirement age. Approximately 25% of the workforce at our Saskatchewan uranium
mines was age 50 or older at December&nbsp;31, 2008. Cameco&#146;s challenge is to compete for the limited
number of people entering the workforce to replace retiring employees, as well as to retain our
current trained workforce and to adequately resource our growth plans. We have identified critical
workforce segments and developed a long-term people strategy that includes workforce planning to
meet this challenge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Ready Access to Capital</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has an ambitious plan to grow its uranium operations. Opportunities to invest are
unpredictable and often capital intensive. In the current economic environment raising new funds is
a challenge for most companies. However, we believe Cameco&#146;s history of strong financial discipline
will enable us to maintain financial flexibility and access additional funding to pursue
opportunities as they arise. We are prepared to go above our target level of 25% net debt to total
capital to pursue attractive opportunities, but would then return to this benchmark over time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Exploration</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A significant part of Cameco&#146;s future production is expected to result from our global exploration
activities. We have maintained an active exploration program even
during the bottom of the uranium price cycle, reflecting our long-term commitment to the industry.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the past five
years, we have significantly increased our investment in exploration programs. We invested about
$57&nbsp;million in direct uranium exploration during 2008. An additional $32&nbsp;million was invested in
three strategic partnerships with junior exploration companies, complementing our own exploration
program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have skilled and experienced exploration staff with more than 100 professionals searching for
the next generation of economic deposits. Our landholdings are substantial, with approximately 5.2
million hectares (12.8&nbsp;million acres) of Cameco and partner-operated land, primarily in Canada,
Australia, Kazakhstan, the US, and Mongolia. Our activities include both brownfields and
greenfields prospects and we monitor potential acquisition targets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At
year-end 2008, Cameco operated approximately 80% of our exploration projects, including joint
ventures. The majority of Cameco&#146;s exploration projects are early to middle stage, on which
indications of economic grades or quantities of uranium have not yet been identified. The nature of
mineral exploration is such that discovery of economic deposits on new projects is uncertain and
can take many years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Exploration Acquisition/Merger Approach</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s approach to future resource replacement is to combine its own exploration activities with
partnerships, joint ventures, or equity holdings in other companies with assets that meet the
company&#146;s investment criteria. The recovery of the world uranium market, and corresponding higher
prices for uranium particularly between 2004 and 2007, resulted in the creation of more than 400
uranium exploration companies listed on stock exchanges worldwide, with most of these companies
actively funding new exploration programs in Canada and other regions.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco maintains an ongoing dialogue with numerous companies, with the objective of positioning the
company for future participation in areas with promising results and leveraging Cameco&#146;s position
in the sustainable development of uranium resources worldwide.<BR>
We will continue to use Cameco&#146;s industry leadership position and specifically our exploration
expertise to leverage investments as the partner of choice in the junior sector and with larger
players.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also intend to create a portfolio of future options for Cameco through the structure of the
strategic alliances we are developing, and with our high quality exploration and development projects.
Our strategic alliances with junior exploration companies typically involve investments in publicly
listed or private companies, which themselves hold exploration land in which Cameco wishes to
participate. In return for these investments, Cameco typically obtains the right to own a majority
in and develop a successful discovery, resulting from exploration on the junior companies&#146; lands.
The lower uranium prices of 2008, and reduced availability of financing and credit worldwide, are
expected to reduce the uranium expenditures of most junior uranium companies, potentially opening
up new growth opportunities for Cameco.
</DIV>


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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Junior Exploration Companies</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, Cameco owned interests in the following junior exploration companies:
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="53%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="34%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Interest</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Dec. 31, 2008</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>Investment</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Location of Assets</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>%</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UEX Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Athabasca Basin, SK
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">21.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">UNOR Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nunavut, Canada
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">18.7</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">MINERGIA SAC
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Peru
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">25.0</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Western Uranium Corporation
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Nevada, US and Nunavut
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">9.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Cue Resources Ltd.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Paraguay
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">10.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">GoviEx Uranium Inc.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Niger
</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">10.9</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2008 Exploration Program</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Brownfield Exploration</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Brownfield exploration refers to uranium exploration activity undertaken near existing operations
and on advanced projects. In 2008, Cameco invested $13&nbsp;million on our brownfield exploration
program, all in Saskatchewan, with the largest programs being on McArthur River and Rabbit Lake. We
continue drilling programs intended to add mineral resources at both operations, intending to
extend their mine lives.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The diamond drilling program evaluating the P2 trend north of the McArthur River mine continued in
2008. The P2 structure has now been tested at approximately 200-metre intervals for a distance of
4.3 kilometres north of the mine. Results continue to be encouraging and will require follow-up
drilling.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have been successful at extending the mine life at Rabbit Lake by finding incremental mineral
reserves. The underground drilling reserve replacement program has been extended to include
drilling throughout 2009. Surface drilling was undertaken both in support of the Eagle Point
operation as well as to test more regional targets. Encouraging results were obtained east and
north-east of the mine that will be tested in the first quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On the
Dawn Lake project, the Tamarack deposit program to define the deposit at 25-metre drill
spacings is on target for completion in 2009. Pre-feasibility activities and an environmental
baseline study were initiated in 2008 and will continue in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Millennium deposit and surrounding area, drilling was completed targeting key sections of
the deposit, and replacing some of the drill core destroyed by a forest fire in 2007. Feasibility
work continued during the year with additional testing of two potential shaft pilot holes which
were drilled in 2007. Preliminary results of the detailed 3-D seismic survey have been obtained,
and will likely be valuable in identifying and mitigating problematic structures in the planned
development area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Studies required to collect the necessary baseline data to support the preparation of the
environmental impact statement were conducted through the year in support of the Millennium
project. Work continued on a slower pace on the feasibility study pending resolution of a number
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">of issues including the impact and status of a Treaty Land Entitlement (TLE)&nbsp;claim filed by the
English River First Nation on the lands overlaying the Millennium deposit, the availability of
tailing storage space at Key Lake and the structure of the Millennium project for the purposes of
the environmental assessment process. The filing of the project description for the environmental
assessment process was not done pending resolution of these issues. For more information on the
TLE, refer to the section titled &#147;Business Risks &#151; Aboriginal Title and Consultation Issues&#148; in
this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Regional Exploration</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, Cameco&#146;s exploration investment on regional exploration programs, along with support
costs, was about $44&nbsp;million. Australia was the largest single region, followed by Saskatchewan,
northern Canada and the rest of the global program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Testing of regional targets on the Read Lake project has led to the discovery of a new zone of
uranium mineralization intersected on a three hole fence drilled at Fox Lake located approximately
nine kilometres west of the McArthur River mine. The uranium mineralization discovered to date is
entirely located in the sandstone, between 90 and 150 metres above the unconformity. Exploration in
2009 will attempt to discover the unconformity or basement-hosted expression of this
mineralization. Cameco has a 78.24% interest and is the project operator while AREVA holds the
remaining interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, exploration activities were conducted on 65 projects worldwide including Nunavut, the
Northwest Territories, Quebec, Northern Territory (Australia), Western Australia, South Australia
and Mongolia.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>New Investments and Acquisitions in 2008</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U>Kintyre (Western Australia)</U></FONT>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In August, Cameco acquired a 70% interest in the Kintyre project located in Western Australia (WA).
Development of this project is subject to state government approval and reaching an agreement with
the traditional land owners. Mitsubishi Development Pty. owns the remaining 30% interest.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On November&nbsp;17,<SUP style="font-size: 85%; vertical-align: text-top"> </SUP>2008, the government of WA officially lifted the state ban on uranium
mining in WA, giving companies the ability to obtain exploration licences and mine and export
uranium. The lifting of the ban removes a potential obstacle for the development of the Kintyre
project should the exploration and development programs over the next several years lead to a
decision to mine the deposit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Logistical preparations related to the Kintyre project were underway by year end with the objective
of commencing exploration activities in the second quarter of 2009. Cameco is opening a regional
office in Perth, WA, to manage the large investment in this advanced exploration project over the
coming years.
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Angela Property (Northern Territory, Australia)</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On February&nbsp;20, 2008, the Northern Territory government awarded Cameco Australia Ltd. and Paladin
Energy Ltd. joint venture (Cameco-Paladin) the Angela uranium property located near Alice Springs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On October&nbsp;3, 2008, the Northern Territory Government issued Cameco-Paladin an exploration licence,
paving the way for exploration work to commence. Provided that all necessary permits are received,
exploration activities are expected to commence late in the first quarter of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>GoviEx (Niger)</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On August&nbsp;22, 2008, Cameco formed a strategic alliance with GoviEx Uranium Inc. (GoviEx) and
acquired an approximate 11% interest in the company for $28&nbsp;million (US).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Under the strategic alliance, Cameco can acquire another approximate 10% interest in GoviEx for $31
million (US)&nbsp;following completion of a due diligence review. The arrangement stipulates the vast
majority of the proceeds received from Cameco will be used for uranium exploration.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If we increase our ownership in GoviEx after completion of due diligence, we secure additional
ownership and governance rights. These include the right to increase our ownership interest up to a
maximum of approximately 48%. The cost to Cameco of increasing our ownership to 48% would be
between $145&nbsp;million (US)&nbsp;and $212&nbsp;million (US), depending upon the timing of the purchase, which
is subject to various technical milestones being met. GoviEx is the operator of its projects.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GoviEx is a closely held exploration company formed in 2006, with uranium exploration assets in
Niger, Africa.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GoviEx holds about 2,300 square kilometres of exploration property in the region around Arlit, and
2,400 square kilometers of property around Agadez.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">GoviEx field teams are analyzing historical data and have begun a drilling program to confirm and
expand historical resource estimates in the Arlit area to provide data that conforms to the
Canadian Securities Administrators&#146; National Instrument 43-101 (NI 43-101) standards.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2009 Exploration Program</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to invest approximately $50&nbsp;million to $55&nbsp;million on uranium exploration during 2009
as part of our long-term strategy.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Brownfield Exploration</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approximately 36% of the uranium exploration budget will be for brownfield exploration projects in
the Athabasca Basin and Australia. We plan to invest about $20&nbsp;million on eight advanced projects.
The largest proposed investment will be at Kintyre, with $7.7&nbsp;million to be used to advance the
deposit towards a NI 43-101 compliant resource estimate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approximately $2.5&nbsp;million will be invested in the Angela project to define the resource of the
existing deposits. The company also plans to continue with the P2
structure exploration program aimed at identifying mineralization in the vicinity of the McArthur River mine and will invest $2.4
million towards that goal.

</DIV>

<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">The Dawn Lake Joint Venture plans to continue delineation work on the Tamarack deposit.
Environmental studies will continue while more engineering-related geotechnical work will be
initiated, albeit at a slower pace in 2009. Work on the Millennium deposit feasibility study will
also continue at a slower pace in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Regional Exploration</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The remaining exploration expenditures in 2009 are expected to be allocated among 63 projects
worldwide, the majority of which are at drill target stage. Among the larger investments planned
are a $2&nbsp;million program on the Virgin River project in Saskatchewan, $3.6&nbsp;million on two adjacent
projects in Nunavut, and a $1.6&nbsp;million investment on the Wellington Range project in Northern
Territory, Australia.</div>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, exploration by Cameco or by partner companies will also take place in the US, Mongolia,
and South America. Cameco continues to evaluate other regions and projects globally, and we will
add to our land position as new prospects are confirmed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Our Fuel Services Business</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Key Performance Drivers</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major factors that drive Cameco&#146;s fuel services business results are:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>conversion prices &#151; spot and long-term,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>volume &#151; sales, production and purchases,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>costs &#151; production and purchases, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the exchange rate between the US and Canadian dollars.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Prices &#151; Spot/Long-Term (Conversion Services)</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco sells its conversion services directly to utilities located in many parts of the world,
primarily through long-term contracts. Conversion services are priced in US dollars per kgU. The
majority of conversion sales are at fixed prices adjusted for inflation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the next 10&nbsp;years, the majority of our contract commitments, totalling about 90&nbsp;million kgU
are at fixed prices adjusted for inflation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We continue to sign new long-term contracts with fixed prices that generally reflect long-term
prices at the time of the contract award. Like uranium sales, we begin delivery of conversion
services on average two to four years after the agreement has been finalized. Therefore, in the
coming years, Cameco&#146;s contract portfolio will benefit from higher fixed-price contracts signed in
the recent higher-priced environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Volumes &#151; Sales, Production, Purchases</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Sales Volume</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco
sold 14.8&nbsp;million kgU of fuel services in 2008, down 13% from
the 17.0&nbsp;million kgU sold in 2007.
Even though Port Hope
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production was suspended in July&nbsp;2007 through September 2008, we have met our UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> delivery obligations (see &#147;<I>Production Volume&#148; </I>below).
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are
working with our customers to manage our worldwide pool of inventories in order to meet customer
requirements at specific locations. In addition, we have arranged for voluntary deferrals of
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> deliveries and purchased UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services. These actions are
intended to allow us to meet utility delivery commitments through the first half of 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of the company&#146;s conversion services are sold in the US and sales are denominated in
US dollars, while production costs are incurred in Canada and denominated in Canadian dollars. A
discussion about Cameco&#146;s currency hedging program can be found under the heading &#147;Foreign
Exchange&#148; in this MD&#038;A.<BR>
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Production Volume</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><U>Fuel Services</U></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Port Hope fuel services production and SFL supply totalled 8.3&nbsp;million kgU in 2008 compared to
12.9&nbsp;million kgU in 2007. The decrease in 2008 is mainly due to the shut down of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
plant during most of the year. UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> conversion services and other activities at the site
were not affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Conversion Services</U></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco received regulatory approval and safely restarted the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant in late September
2008 after making significant upgrades to structures and equipment related to liquid management
practices. We believe that the combination of upgrades inside the plant and installation of a
groundwater management system outside the plant will enable us to ensure no further sub-surface
leaks can occur as well as to contain, recover and treat affected groundwater. In late November
2008, Cameco once again suspended UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production because it was unable to resolve a
contract dispute and obtain commercially viable supplies of hydrofluoric acid (HF)&nbsp;from its sole
supplier. Also because of logistical issues, alternative supplies could not be quickly established.
We continue discussions to broaden our sources of supply at competitive prices and plan to resume
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production in the second half of 2009. Suspending production resulted in temporary
layoffs for about 50 employees.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has completed a site-wide environmental investigation of subsurface contamination and is in
the process of conducting a site-wide risk assessment that will identify contaminants that could
pose a potential risk to the environment. The assessment is expected to be complete in the second
quarter of 2009. It will be used to guide the completion of an environmental management plan that
is intended to assure that corrective actions, largely in place already, mitigate potential risks.
The findings of a preliminary risk assessment and the low concentrations of contaminants in the
soil and groundwater outside the footprint of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, indicate that the health
and safety of employees and the public have not been and will not be adversely affected.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> plant restarted in mid-January&nbsp;2009 after being shut down for an extended
planned maintenance period. Floors and in-floor structures have been brought up to the new
standards of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The statements above regarding the resumption of Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6 </I></SUB><I>production and certain
other statements regarding future events, including meeting UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> utility delivery
commitments, are forward-looking information and are based upon the following key assumptions and
subject to the following material risks that could cause results to differ materially: we have
assumed that the UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> plant can be brought back into production without unforeseen
difficulty or delay and that we will be able to obtain adequate
supplies of hydrofluoric acid and at a reasonable cost, but
that is subject to a number of risks including the risk of unusual difficulties arising from the
extended length of time that the UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> plant will be shut down, the risk that there will
be a delay in or failure to procure the required contractors, equipment and suppliers (including of
hydrofluoric acid), the risk of equipment failure, the risk of natural phenomena including
inclement weather conditions and fire, and the risk of delay or ultimate lack of success; and we
have assumed our efforts to meet scheduled UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> delivery commitments will succeed, but
that is subject to a number of risks including customers accelerating UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6 </I></SUB><I>deliveries or
UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> production, purchases and deferrals not proceeding as planned.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Port Hope Conversion Facility Project</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Port Hope conversion facility project proposes to clean up and modernize the Port Hope
conversion facility site. The CNSC held a one-day public hearing to
consider the proposed environmental assessment guidelines for this project and concluded the proposed guidelines were
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">suitable. They recommended to the federal Minister of Environment that the guidelines be accepted
and a comprehensive environmental assessment was the appropriate process for the project. Subject
to the Minister&#146;s approval, the environmental assessment will proceed as per the guidelines. A
licence amendment would be required following acceptance of the environmental assessment. Design
and preliminary engineering for the project are continuing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Ulba Conversion</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Kazatomprom entered into a memorandum of understanding in 2007 to co-operate on the
development of uranium conversion capacity and to pursue additional uranium production. Kazatomprom
is owned by the Kazakh government<I>.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In June&nbsp;2008, following the completion of a scoping study the two parties announced the
establishment of Ulba Conversion LLP, to further advance the development work through the first
stage feasibility study of a 12,000-tonne, UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion facility at the Ulba
Metallurgical plant in Ust-Kamenogorsk, Kazakhstan. Ulba Conversion is owned 51% by Kazatomprom and
49% by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, in light of current market and economic conditions, the partners have decided to
discontinue the feasibility work and conduct a further review of the project to define the best way
to achieve the desired scope of the initiative by revisiting and developing a range of options,
including alternate plant locations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Refining</U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At our Blind River refinery, we produced 10.6&nbsp;million kgU of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>in 2008 compared to 9.5
million kgU for 2007. As in 2007, Cameco continued to limit production of UO<SUB style="font-size: 85%; vertical-align: text-bottom">3 </SUB>in 2008
because of the suspension of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production at Port Hope.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The final environmental assessment for the proposed increase in the Blind River licensed production
capacity from 18 to 24&nbsp;million kgU per year was approved by the CNSC in the fall of 2008, and a
written request for a licence amendment was submitted to the regulators in December&nbsp;2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><U>Fuel Manufacturing </U></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The primary business of our fuel manufacturing facilities is to fabricate nuclear fuel bundles for
sale to companies that generate electricity from Candu reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Port Hope, Ontario, our plant presses UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> powder into pellets that are loaded into
tubes and then assembled into fuel bundles for Candu utility customers. These bundles are ready to
insert into the reactor core to generate clean electricity. The fuel bundles are supplied to
Candu-style reactors, with sales to BPLP and BALP currently representing a substantial portion of
its business. The plant&#146;s annual capacity is approximately 1,200 tonnes uranium as finished fuel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are modifying our fuel manufacturing plant in Port Hope to produce fuel bundles containing
slightly enriched uranium (SEU), and an agreement has been reached
with BALP for supply of these bundles. Cameco received approval of both its environmental assessment and
</DIV>

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</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">licence amendment
to produce these fuel bundles and construction of the SEU production line has now been restarted.
The line will be in place in ample time to meet BALP&#146;s requirements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Cobourg, Ontario, we operate a facility where the primary product is zirconium tubing, an
integral part of fuel bundles used by nuclear reactors. The plant also manufactures various Candu
reactor components and monitoring equipment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Purchase Volume</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has conversion services purchase commitments, which primarily reflect the conversion
component of the low enriched uranium from Russian HEU, re-enriched tails product and the company&#146;s
agreement to purchase SFL&#146;s conversion services. Cameco&#146;s UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion purchase
commitments at December&nbsp;31, 2008, total about 53&nbsp;million kgU, most as conversion services.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Costs</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s mix of production and purchases influences its cost of sales. Operating costs are
primarily fixed with about 45% attributable to labour. The largest variable operating cost is for
anhydrous hydrogen fluoride, followed by energy (gas and electricity).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of Cameco&#146;s UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion purchase commitments are under long-term,
fixed-price arrangements reflecting prices lower than current spot prices. These purchase
commitments totalled $323&nbsp;million (US)&nbsp;at December&nbsp;31, 2008. Refer to note 24 in the financial
statements. A significant portion of these purchases have been committed under existing sales
contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel Services Strategies</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s objective is to:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>remain a sustainable competitive producer,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>increase supply flexibility, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>maximize realized prices.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company&#146;s strategies include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upgrade its plant and improve operating practices,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>secure a long term supply of HF,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>restart the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant and gradually increase production,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>continue to focus on lowering operating costs, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>complete construction of the new SEU manufacturing line.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Learning from the extended shutdown of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant, we have taken action to
enhance our plant and operating practices which we believe will ensure sustainable economic
production for the long term.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel Services &#151; Capability to Deliver Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will execute our strategies and deliver on our goals by seeking to ensure that:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>community relations at Port Hope continue to strengthen,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>sufficient human resources are available to replace an aging workforce,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>capital is readily available over the longer term to support our operations, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>critical production supplies are available.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Community Relations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We continue to strengthen our community outreach program in Port Hope through a series of ongoing
community liaison forums, presentations to the municipal council, community newsletters, newspaper
advertising, public displays and open houses, and a Port Hope community dedicated website. The
response from the community has been positive. Our forums, public displays and open houses have
been well attended. Annual public opinion research shows that Cameco continues to enjoy a strong
level of support in the community.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Human Resources</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As with our uranium business, we need to ensure we have sufficient human resources to replace the
aging fuel services workforce. At December&nbsp;31, 2008, about 36% of the conversion services workforce
was age 50 or older. We have identified the critical workforce segments and developed a long-term
people strategy that includes workforce planning to meet that challenge.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Ready Access to Capital</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For
information on this topic, refer to the section titled &#147;Uranium &#151; Capability to Deliver Results &#151;
Ready Access to Capital&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Availability of Supplies</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s production is dependent upon the availability of certain critical supplies. For example,
at Port Hope, production is dependent on an adequate supply of hydrofluoric acid. We are examining
our entire supply chain to reduce vulnerability to shortages in any of our critical supplies.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>
Foreign Exchange</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The exchange rate between the Canadian and US dollar affects the financial results of the uranium
business as well as the fuel services business. For that reason, the effect on both businesses will
be discussed in this section.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Sales of uranium and fuel services are routinely denominated in US dollars while production costs
are largely denominated in Canadian dollars. We attempt to provide some protection against exchange
rate fluctuations by planned hedging activity designed to smooth volatility.
</DIV>

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</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Hedging activities partly shelter our uranium and fuel services revenues against declines in the US
dollar in the shorter term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has a natural hedge against US currency fluctuations because a portion of its annual
cash outlays, including purchases of uranium and fuel services, is denominated in US dollars. The
influence on earnings from purchased material in inventory is likely to be dispersed over several
fiscal periods and is more difficult to identify.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, the US dollar strengthened against the Canadian dollar from $1.00 (US)&nbsp;for $0.99 (Cdn)
at December&nbsp;31, 2007 to $1.00 (US)&nbsp;for $1.22 (Cdn) at December&nbsp;31, 2008. Over the course of the
year, the exchange rate averaged $1.00 (US)&nbsp;for $1.07 (Cdn).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, we had foreign currency contracts of $975&nbsp;million (US)&nbsp;and EUR 36&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The US currency contracts had an average effective exchange rate of $1.00 (US)&nbsp;for $1.12 (Cdn) at
December&nbsp;31, 2008, which reflects the original foreign exchange spot prices at the time contracts
were entered into and includes net deferred gains.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, the mark-to-market loss on all foreign exchange contracts was $105&nbsp;million
compared to a $140&nbsp;million gain at December&nbsp;31, 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Timing differences between the maturity dates and designation dates on previously closed hedge
contracts may result in deferred revenue or deferred charges. At December&nbsp;31, 2008, net deferred
gains totalled $76&nbsp;million. The schedule for net deferred gains to be released to earnings, by
year, is as follows:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Deferred Gains (Charges)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2010</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2011</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><FONT style="font-variant: SMALL-CAPS">$ </FONT>millions<FONT style="font-variant: SMALL-CAPS"> (Cdn</FONT>)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, most of the net inflows of US dollars were hedged with currency derivatives. Net inflows
represent uranium and fuel services sales less US dollar cash expenses and US dollar product
purchases. For the uranium and fuel services businesses in 2008, the effective exchange rate, after
allowing for hedging, was unchanged at $1.00 (US)&nbsp;for $1.11 (Cdn) compared to 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For sensitivity of our net earnings in 2009 to changes in the US to Canadian dollar exchange rate,
see the section titled &#147;Consolidated Outlook for 2009&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Accounting Policy Change</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective August&nbsp;1, 2008, we voluntarily chose to discontinue designating our foreign currency
forward sales contracts as accounting hedges of anticipated US dollar and Euro-denominated cash
inflows. A significant portion of our portfolio of derivative instruments did not qualify for hedge
accounting. We concluded that the transparency of our financial reporting would be improved by
applying a consistent approach in our accounting treatment for all of our foreign currency sales
contracts. Since August&nbsp;1, 2008, all future changes in the fair value of these contracts have been
recorded in earnings rather than in other comprehensive income. Mark-to-market gains and losses recorded in other comprehensive
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->44<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-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">income prior to August&nbsp;1, 2008, will be
recognized in net earnings at the time when the previously hedged transactions are anticipated to
occur. The voluntary de-designation for accounting purposes only impacts reported earnings in
future periods and does not impact our underlying risk management activities or future cash flows.
See note 3 in the financial statements.
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>4.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR PERFORMANCE AND OUTLOOK</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Consolidated Financial Results</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Consolidated Earnings</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Earnings</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2008, our net earnings were $450&nbsp;million ($1.28 per share diluted),
$34&nbsp;million higher than net earnings of $416&nbsp;million ($1.13 per share diluted) recorded in 2007.
The increase was due largely to higher earnings in the gold and electricity businesses. Earnings
from the uranium business increased marginally over the prior year as a 5% increase in the realized
selling price was offset by higher costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The aggregate gross profit margin decreased in 2008 to 37% from 38% in 2007 due to higher costs in
all business segments. (Gross profit equals revenue less products and services sold less
depreciation, depletion and reclamation.)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Corporate Expenses</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Administration</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, direct administration costs were $177&nbsp;million, an increase of $48&nbsp;million compared to 2007
due to business development costs at BPLP, an increase in the workforce, higher charges for
recruiting and retention programs and systems enhancements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also recorded a net recovery of $61&nbsp;million in 2008 for stock compensation expense as a
result of the decline in the share price during 2008. A recovery of $2&nbsp;million was recorded in
2007.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>$ millions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>177</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">129</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center"><B>(61)</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(2)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>116</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">127</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-top: 3px solid double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px solid double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Stock-based compensation includes amounts charged to administration under the stock
option, deferred share unit, performance share unit and phantom stock option plans. It does
not include the $94&nbsp;million charge related to the amendment of the stock option plan in 2007.
See note 20 to the financial statements.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Interest and Other</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, interest and other charges were $333&nbsp;million higher than in 2007 due to an increase of
$42&nbsp;million in realized losses on financial instruments and a $14&nbsp;million reduction in interest
income related to lower average cash balances during the year. There was also a $277&nbsp;million
increase in unrealized losses on financial instruments, as a result of the significant decline in
the value of the Canadian dollar against the US dollar from 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->45<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco voluntarily de-designated its foreign currency forward sales contracts as hedges effective
August&nbsp;1, 2008. See note 3 to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, gross interest charges of $53&nbsp;million were $10&nbsp;million higher than the $43&nbsp;million
recorded in 2007 while interest capitalized increased to $39&nbsp;million from $31&nbsp;million in 2007. See
note 13 to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Income Taxes</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, we recorded a net recovery of income taxes of $25&nbsp;million compared to an expense of $29
million for 2007. This change was due largely to a recovery of tax expense related to the
restructuring of the gold business. See note 16 to the financial statements for more complete
information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, as part of the ongoing annual audits of Cameco&#146;s Canadian tax returns, Canada Revenue
Agency (CRA)&nbsp;disputed the transfer pricing methodology used by Cameco and its wholly-owned Swiss
subsidiary, Cameco Europe Ltd. (CEL), in respect of sale and purchase agreements for uranium
products for the year 2003. We believe it is likely that CRA will reassess Cameco&#146;s tax returns for
the years 2004 through 2008 on a similar basis. Our view is that CRA is incorrect and we intend to
contest their position. However, to reflect the uncertainties of CRA&#146;s appeals process and
litigation, Cameco has decided to increase its reserve for uncertain tax positions and recognize an
income tax expense of $15&nbsp;million in 2008 for the years 2003 through 2008. See note 16 to the
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Adjusted Earnings</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2008, our adjusted net earnings were $589&nbsp;million ($1.67 per share
adjusted and diluted), $17&nbsp;million higher than the adjusted net earnings of $572&nbsp;million ($1.54 per
share adjusted and diluted) recorded in 2007. In 2008, based on
adjusted net earnings, we recorded a
tax expense of $50&nbsp;million compared to $28&nbsp;million for 2007. Our effective tax rate increased to 7%
from 5% in 2007. This change was due to a higher proportion of taxable income being earned in
Canada where tax rates are higher.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco uses the measure &#147;adjusted earnings&#148; in order to provide a more meaningful basis for
period-to-period comparisons of the financial results. For a description of the adjustments, see
&#147;Use of Non-GAAP Financial Measures&#148; on page 101. Adjusted net earnings, a non-GAAP measure, should
be considered as supplemental in nature and not a substitute for related financial information
prepared in accordance with GAAP.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->46<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cash Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Operating Activities</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco generated cash from operations of $708&nbsp;million compared to $801&nbsp;million in 2007.
The decrease of $93&nbsp;million reflects an increase in working capital requirements that more than
offset the benefits of higher revenues. Trade receivables were $221&nbsp;million higher than at the end
of 2007 due to the timing of sales in the uranium and fuel services businesses. Materials
inventories and prepaid expenses were also higher compared to 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Investing Activities</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, cash used in investing activities was $1,145&nbsp;million compared to $527&nbsp;million in 2007.
Total expenditures for property, plant and equipment in 2008 were $629&nbsp;million, an increase of $135
million over 2007 due to increased capital expenditures at the Saskatchewan uranium operations. In
2008, Cameco spent $503&nbsp;million in the acquisition of its interests in Kintyre ($351&nbsp;million), GLE
($124&nbsp;million) and GoviEx ($28&nbsp;million).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, expenditures for property, plant and equipment included $112&nbsp;million for sustaining
capital at McArthur River/Key Lake, $86&nbsp;million for sustaining capital at Rabbit Lake, $57&nbsp;million
in development costs at Cigar Lake and $39&nbsp;million in capitalized interest charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Financing Activities</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco&#146;s financing activities provided $540&nbsp;million compared to a net use of $437&nbsp;million
in 2007 due largely to financing of acquisitions in the year. In 2007, Cameco spent $429&nbsp;million to
repurchase and cancel 9.6&nbsp;million shares. In 2008, the company paid a record total of $80&nbsp;million
in dividends, up from $67&nbsp;million in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Balance Sheet</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Cash</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, our consolidated cash balance totalled $269&nbsp;million with Centerra holding
$205&nbsp;million of this amount.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Inventories</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our total product inventories increased by $56&nbsp;million to $493&nbsp;million compared to the end of 2007.
The increase in the inventory value was attributable to higher gold inventories. The total carrying
value of the uranium and fuel services inventories was similar to 2007 as declines in the
quantities in inventory were offset by higher unit costs. The average cost of our uranium rose
predominantly due to higher production costs. The cost of conversion services has risen due to
higher production costs and an increase in the cost of purchased material. Refer to note 4 in the
notes to the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Debt</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, our total debt was $1,313&nbsp;million, representing an increase of $587&nbsp;million
compared to December&nbsp;31, 2007. Included in the December&nbsp;31, 2008, balance was $181&nbsp;million, which
represents our proportionate share of BPLP&#146;s capital lease obligation. At
December&nbsp;31, 2008, our consolidated net debt to capitalization ratio was 23%, up from 18% at the
end of 2007. Refer to notes 8 and 9 in the financial statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->47<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Off-Balance Sheet Arrangements</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the normal course of operations, Cameco enters into certain transactions which are not required
to be recorded on its balance sheet. These activities include the issuing of financial assurances
and long-term product purchase contracts. These arrangements are discussed in the following
sections of this MD&#038;A and the notes to the financial statements:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Financial Assurances:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>2008 Nuclear Electricity Generation Business,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liquidity and Capital Resources,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Risks and Risk Management, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Notes 8, 9, 23 and 25 of the financial statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Long-Term Product Purchase Contracts</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Uranium Business,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Liquidity and Capital Resources, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Note 24 of the financial statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2006-2008 Consolidated Financial Highlights</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>For the Years Ended December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions except per share amounts)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2,859</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,310</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,832</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>524</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">335</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">416</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">376</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; per common share (basic)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.07</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; per common share (diluted)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1.28</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1.02</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">274</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>708</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">801</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">418</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>7,011</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5,371</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5,140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term financial liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>2,024</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,633</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,592</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dividends per common share</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>&nbsp;</B></TD>
    <TD align="center"><B>0.24</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">0.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Net earnings for the years ended December&nbsp;31, 2006, 2007 and 2008 have been adjusted
to exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description,
see &#147;Use of Non-GAAP Financial Measures&#148; in this MD&#038;A.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following points are intended to assist the reader in analyzing the trends in the annual
financial highlights for the years 2006 through 2008.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue has trended higher over the three-year period, rising by 56% over 2006 to a record
$2,859&nbsp;million in 2008. This increase was primarily the result of an increase in the realized
selling price for uranium, which averaged $43.91 per pound (Cdn) in 2008 compared to $24.72
per pound (Cdn) in 2006. Revenue from the gold business has also risen significantly over the
three-year period due to improved prices.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Earnings from operations have also trended higher during the period, but the rise has been
tempered somewhat by higher costs for product sold, higher direct administration charges and greater investment in exploration. The increase in the cost of sales was attributable</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->48<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>to higher costs for purchased and produced uranium and conversion services, driven by rising spot
prices, lower production and higher royalty charges for uranium. Our administration costs have
risen over the three-year period due to growth in the workforce, higher costs for regulatory
compliance and business development activities.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net earnings have trended with revenue but our results have been significantly influenced
by unusual items over the past three years. In 2006, we recorded income tax recoveries of $73
million as the result of changes in tax legislation, and we recognized a gain of $29&nbsp;million
(after tax) on the sale of our interest in the Fort &#224; la Corne joint venture. In 2007, we
recorded charges of $153&nbsp;million after tax related to the restructuring of Centerra and $65
million after tax related to the amendment to the stock option plan to provide for a cash
settlement feature, as well as a $25&nbsp;million recovery of future income taxes due to tax
legislation changes. In 2008, we ceased to apply hedge accounting to our portfolio of foreign
exchange contracts and as a result, we recorded $166&nbsp;million in unrealized mark-to-market
losses due to the decline in the Canadian dollar relative to the US dollar. We also recorded
$30&nbsp;million in charges to reduce the carrying value of certain investments.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Adjusted net earnings for 2008 have more than doubled to $589&nbsp;million compared to the $274
million recorded in 2006. The 109% increase to $572&nbsp;million in 2007 from 2006 was attributable
to improved results in the uranium business related to an improved realized price, driven by a
significant increase in the spot price for uranium. Adjusted net earnings rose to $589&nbsp;million
in 2008 compared to $572&nbsp;million in 2007 due to improvement in the realized prices for gold
and electricity.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2008, Cameco generated cash from operations of $708&nbsp;million compared to $801&nbsp;million in
2007. This decrease of $93&nbsp;million was mainly attributable to the higher working capital
requirements in 2008, which were related to normal variations in our accounts receivable
balance. Cash from operations of $801&nbsp;million in 2007 represented an increase of $383&nbsp;million
compared to the $418&nbsp;million recorded in 2006. This increase was mainly due to higher revenues
in the uranium business.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The major components of Cameco&#146;s long-term financial liabilities are long-term debt, future
income taxes and the provision for reclamation. In 2008, Cameco&#146;s total long-term financial
liabilities increased to $2,024&nbsp;million from $1,633&nbsp;million at the end of 2007 due to a $69
million increase in our provision for reclamation and a $587&nbsp;million increase in debt,
partially offset by a $181&nbsp;million reduction in future income taxes.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At the end of 2008, Cameco&#146;s total assets amounted to $7,011&nbsp;million, an increase of $1,640
million over the previous year. Most of the change was due to investments in long-term assets
including the acquisitions of interests in Kintyre, GLE and GoviEx. A $221&nbsp;million increase in
accounts receivable also contributed to the change.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Uranium Business Financial Results</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s uranium business consists of the McArthur River, Key Lake and Rabbit Lake mine and mill
operations in Saskatchewan, two ISR mines in the United States, the Inkai ISR test mine in
Kazakhstan, the Cigar Lake development project in Saskatchewan and uranium exploration projects
located primarily in Canada, Australia and Kazakhstan. The uranium business also involves the
purchase and sale of uranium concentrates.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->49<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR 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>Uranium Business Highlights</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,512</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,269</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>665</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">648</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>44</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">51</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(14)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>567</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">572</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(1)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>39.52</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">37.47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>43.91</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">41.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million lbs)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>34.1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">30.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million lbs)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>17.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(14)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Revenue in the amount of $85&nbsp;million on 2.6&nbsp;million pounds previously deferred due to
a standby product loan was recognized in 2008 as a result of the cancellation of the product
loan agreement. In 2007, previously deferred revenue in the amount of $44&nbsp;million was
recognized on 2.9&nbsp;million pounds.</TD>
</TR>



<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Excludes Inkai production, which is not considered commercial.</TD>
</TR>



</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Revenue and Realized Price</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to 2007, revenue from our uranium business rose by 19% to $1,512&nbsp;million due to a 13%
increase in sales volume and a 5% increase in the realized selling price. The timing of deliveries
of uranium products within a calendar year is at the discretion of customers. Therefore, our
quarterly delivery patterns can vary significantly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracts include market-related and fixed pricing (escalated by inflation) mechanisms.
Market-related contracts reference either spot or long-term price indicators at the time of
delivery. The increase in our average realized price in 2008 was the result of higher prices under
both market-related and fixed-price contracts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cost of Products and Services Sold</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, the cost of products and services sold was $712&nbsp;million ($20.88 per pound
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>) compared to $516&nbsp;million ($17.09 per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>)
in 2007, due to higher costs for produced material and higher charges for royalties. In 2008, the
unit cost for produced uranium increased significantly compared to 2007 due to lower production,
which declined by 14%. Increased costs for labour, propane and reagents also contributed to the
rise in production costs. In 2008, Cameco recorded total royalty expenses of $82&nbsp;million compared
to $60&nbsp;million in 2007 due to the increase in realized selling price, resulting in higher overall
royalty payments and the recognition of $29&nbsp;million in tiered royalty charges.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Depreciation, Depletion and Reclamation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, depreciation, depletion and reclamation (DD&#038;R) charges were $135&nbsp;million compared to $105
million in 2007 due largely to the 13% increase in volume. On a per unit basis, DD&#038;R costs were
about 14% higher than in 2007 due to increased estimates for reclamation for the Saskatchewan mine
sites.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gross Profit</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, our gross profit from the uranium business amounted to $665&nbsp;million compared to $648
million in 2007, an increase of 3%. This was attributable to the 5%
increase in the realized price for uranium being largely offset by the higher production costs and charges for royalties. The
gross profit margin fell to 44% from 51% due to the increase in the unit cost of product sold.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->50<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Fuel Services Business Financial Results</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>Fuel Services Highlights</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>252</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">239</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(23)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(10)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">130</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(23)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">126</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million kgU)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>14.8</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">17.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(13)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million kgU)<SUP style="font-size: 85%; vertical-align: text-top">1, 2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>8.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">12.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(35)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Kilograms of uranium (kgU).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Production volume includes UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>, UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, fuel fabrication and
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> supply from SFL.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Revenue and Realized Price</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, revenue from our fuel services business rose by 5% to $252&nbsp;million compared to 2007 as the
impact of a decline in sales volumes was offset by an increase in the realized price. Compared to
2007, sales volumes were 13% lower due to UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production constraints in 2008. The
average realized selling price for our fuel services products was 21% higher than in 2007. Most
conversion sales are at fixed prices and have not yet fully benefited from the increase in
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> long-term market prices, but the trend has been positive.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cost of Products and Services Sold</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, the cost of products and services sold was $218&nbsp;million compared to $238&nbsp;million in 2007,
a decrease of 8% due largely to lower sales volumes. The cost of product sold was also impacted by
the shutdown of the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion plant following the discovery of contaminated soil in
July&nbsp;2007. All costs incurred during the shutdown have been expensed as incurred. In 2008, we
expensed $43&nbsp;million in operating costs compared to $27&nbsp;million in 2007. The cost of product sold
for 2007 also reflected an accrual of $15&nbsp;million that was recorded as a provision for the cleanup
of the contaminated material.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Depreciation, Depletion and Reclamation</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, DD&#038;R charges were $27&nbsp;million compared to $24&nbsp;million in 2007 due largely to increased
estimates for asset retirement obligations and increased investments in fixed assets. Late in 2006,
Cameco updated its decommissioning plans for its fuel services facilities. These plans included
revised cost estimates, which were more than double the previous amounts. The higher estimated
costs are charged to earnings over the remaining expected lives of the facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gross Profit</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco recorded gross profit from the fuel services business of $8&nbsp;million compared to a
loss of $23&nbsp;million in 2007 due largely to the increase in realized price. The gross profit margin
was 3% in 2008 compared to a loss of 10% for 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->51<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Nuclear Electricity Generation Business Results</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Bruce Power Limited Partnership (100% basis)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Output &#151; terawatt hours (TWh)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>24.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">25.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(2)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capacity factor (%)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>87</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">89</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(2)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>($&nbsp;millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,409</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,319</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>900</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">881</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; operating &#038; maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>585</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">578</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; fuel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>78</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; supplemental rent<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>116</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash costs (amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>121</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">122</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(1)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before interest
and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>509</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>41</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>468</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>547</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">503</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>85</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(13)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions<SUP style="font-size: 85%; vertical-align: text-top">4</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>329</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(28)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>36</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Capacity factor for a given period represents the amount of electricity actually
produced for sale as a percentage of the amount of electricity the plants are capable of
producing for sale.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Net of cost recoveries.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Supplemental rent is about $29&nbsp;million per operating reactor for 2008.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Distributions for 2008 exclude the full repayment of the partner loans of $225
million. Cameco&#146;s share of the debt repayment was $75&nbsp;million.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Bruce Power&#146;s five-year licence to operate the Bruce B reactors was to expire on March&nbsp;31, 2009.
After completion of day-one hearings, in December, 2008, the CNSC
temporarily extended the licence to October&nbsp;31, 2009
to allow completion of the day-two hearings.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco&#146;s Earnings from BPLP</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>$ millions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP&#146;s earnings before taxes (100%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>468</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">438</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cameco&#146;s share of pre-tax earnings
before adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>148</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">138</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proprietary adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center"><B>(7)</B></TD>
    <TD nowrap><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(1)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(600)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-tax earnings from BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>141</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">137</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->52<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Earnings Before Taxes</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2008, BPLP earnings before taxes were $468&nbsp;million compared to $438
million in 2007. The higher earnings are a result of higher realized prices, partially offset by
lower electricity generation and higher operating costs. For the year, Cameco&#146;s earnings before
taxes from BPLP amounted to $141&nbsp;million compared to $137&nbsp;million in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Output</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, the BPLP units achieved a capacity factor of 87% compared with 89% last year. These units
produced 24.7 TWh in 2008, a decrease of 0.6 TWh over 2007 due to an
increased number of outage days. In 2008,
there were 100 planned outage days compared to 80&nbsp;days in 2007 and unplanned outages increased to
65&nbsp;days from 45&nbsp;days in the prior year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Revenue and Realized Price</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, BPLP&#146;s electricity revenue totalled $1,409&nbsp;million compared to $1,319&nbsp;million in 2007.
During the year, BPLP&#146;s realized price averaged $57 per MWh from a mix of contract and spot sales
compared with $52 per MWh in 2007. The Ontario electricity spot price averaged about $49 per MWh in
2008, up $1 per MWh from 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, about 67% of BPLP&#146;s output was sold under fixed-price contracts compared to 38% in
2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2008, Cameco provided guarantees to customers under these contracts of up to $38
million. In addition, Cameco has agreed to provide up to $133&nbsp;million in guarantees to CNSC and $58
million to OPG to support other Bruce Power commitments. Of these amounts, corporate guarantees
have been issued for $24&nbsp;million to CNSC and $58&nbsp;million to OPG at December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Costs</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, operating costs were $900&nbsp;million compared with $881&nbsp;million in 2007. This increase
reflects the additional costs associated with the unit B5 planned outage, higher fuel costs,
additional overtime to maintain the base work programs and winter storm coverage during the first
quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cash from Operations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, BPLP generated $547&nbsp;million in cash from operations compared to $503&nbsp;million in 2007 due
largely to the higher revenues, partially offset by an increase in operating costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Capital Expenditures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, capital expenditures were $85&nbsp;million, down $13&nbsp;million from $98&nbsp;million in 2007. The
amounts for both 2008 and 2007 represented sustaining capital expenditures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cash Distributions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also distributed $329&nbsp;million to the partners in 2008. Cameco&#146;s share was $104&nbsp;million. The
partners have agreed that excess cash will be distributed on a monthly basis and that separate cash
calls will be made for major capital projects.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->53<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Gold Business Results </B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns about 53% of Centerra, a publicly traded gold company with two operating mines.
Centerra owns 100% of the Kumtor mine in the Kyrgyz Republic and a 100% interest in the Boroo mine
in Mongolia. Centerra is the operator of both mines. Centerra also has interests in exploration
properties, including a 100% interest in the Gatsuurt property in Mongolia, 35 kilometres from the
Boroo mine, and a 63% joint-venture interest in the REN property in Nevada. The geographic focus of
Centerra&#146;s exploration, development and acquisition efforts is in Central Asia, the former Soviet
Union and other emerging markets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra&#146;s growth strategy is to increase its reserve base and expand its current portfolio of gold
mining operations by:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>developing new mineral reserves at existing mines from in-pit, adjacent and regional
exploration,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>advancing late stage exploration properties by additional drill programs, and feasibility
studies as warranted, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>actively pursuing selective acquisitions or mergers primarily in Central Asia, the former
Soviet Union and other emerging markets worldwide.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2008, Centerra&#146;s proven and probable mineral reserves totalled 5.8&nbsp;million
ounces of contained gold. For more information see &#147;Our Mineral Reserves and Resources&#148; section of
this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will look for the right opportunity to divest of its investment in Centerra.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gold Operating Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco fully consolidates the results of Centerra&#146;s operations. Cameco adjusts for a 47.3% minority
interest in Centerra, which reflects that share of earnings attributable to shareholders other than
Cameco.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Gold Highlights (100%)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revenue ($&nbsp;millions)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top"><B>677</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">405</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">67</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gross profit ($&nbsp;millions)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top"><B>219</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">108</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">103</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Gross profit %
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top"><B>32</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">27</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">19</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Realized price ($US/ounce)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top"><B>853</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">691</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">23</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sales volume (ounces)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top"><B>746,000</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">541,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">38</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Production (ounces)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top"><B>749,000</B></TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">555,000</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="center" valign="top">35</TD>
    <TD nowrap valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2008 Gold Financial Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the year ended December&nbsp;31, 2008, revenue from our gold business increased by $272&nbsp;million to
$677&nbsp;million compared to 2007. The increase in revenue was due to a higher realized selling price and higher sales volumes. The realized price for gold rose to $853 (US)&nbsp;per ounce in 2008 compared
to $691 (US)&nbsp;per ounce in 2007, due to higher spot prices.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->54<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Kumtor&#146;s production was 556,000 ounces compared to 301,000 ounces in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Production at Boroo in 2008 was 193,000 ounces compared to 254,000 ounces in 2007. The average head
grade of ore fed to the mill was 2.7 g/t compared to 3.6 g/t in the same period last year.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The gross profit margin for gold increased to 32% in 2008 compared to 27% in 2007 due to the higher
realized price, partially offset by higher operating costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Kyrgyz Republic</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Kumtor Operations Update</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Kumtor, a new 30-month collective agreement was ratified in November&nbsp;2008. The new contract is
retroactive to July&nbsp;1, 2008, and will expire on January&nbsp;1, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The current pit design at Kumtor assumes that the glacial till and bedrock will be hydrologically
depressurized to permit mining at the planned pitwall slope angles. Geotechnical work to date has indicated
that the till is amenable to depressurization. A program to hydrologically depressurize the till
and bedrock was implemented in 2008. Therefore, to reflect the technical risks associated with
implementing the depressurization program, all remaining reserves in the central pit have been
reclassified to probable reserves at Kumtor. All ore in stockpile inventory as of December&nbsp;31,
2008, is placed in the proven reserve category.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra expects mining activity to expose the unfrozen glacial tills in the second quarter of
2009. The depressurization and dewatering programs will need to be fully functional to allow for
the geotechnical consolidation of the tills and to permit mining at the planned pitwall angles in
2009 and thereafter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor pit highwall has been studied extensively by Centerra since the SB Zone was developed in
2007. During 2008, vertical and horizontal drilling established dewatering and depressurization of
the till lithography. The dewatering program was established, in consultation with a third-party
consultant, to extract perched water and melt waters from the pit. Centerra reports the resulting
higher strengths in the unfrozen till structure and the dewatered rock structures will improve the
geotechnical characteristics in the pit walls as the mine is further developed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the third quarter of 2009, Centerra anticipates a two-week shutdown of the Kumtor mill to change
the ball mill ring gear and to replace the SAG mill liner.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Political Update</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During the third quarter of 2007, Cameco and Centerra entered into preliminary agreements with the
Kyrgyz government, which were expected to provide additional business certainty for mining
operations at Kumtor, further align the parties&#146; business interests and support Centerra&#146;s growth
plans.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->55<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">These agreements were subject to a number of conditions, including the approval by Parliament of
the Kyrgyz Republic. However, the agreements expired on June&nbsp;1, 2008, without receiving
parliamentary approval.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Discussions continue with the Kyrgyz government working group responsible for the negotiations in
order to resolve outstanding issues regarding the Kumtor project. To allow for such discussions to
continue and for the parties to concentrate on resolving outstanding issues related to the project,
Centerra agreed to suspend the international arbitration proceedings it had previously initiated
and that suspension continues. In the arbitration proceedings, the Kyrgyz Republic has taken the
position that the 2003 Investment Agreement required, but did not receive, parliamentary approval
and therefore is not in effect. As part of a lawsuit filed against the Kyrgyz government, a Kyrgyz
court issued an order invalidating the Southwest and Sarytor mining licences. Centerra has appealed
the decision.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Mongolia</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has resumed negotiations with respect to an investment agreement for the Gatsuurt project.
In December&nbsp;2008, the parliament enacted a change to the windfall profits tax in respect of gold
sales. A new threshold price in excess of $850 (US)&nbsp;per ounce was enacted, up from $500 (US)&nbsp;per
ounce.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Outlook for 2009</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Below is a table summarizing Cameco&#146;s 2009 consolidated outlook as well as the outlook for each of
our business segments. Following the table is a more detailed discussion of the outlook for 2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2009 Financial Outlook</B><SUP style="font-size: 85%; vertical-align: text-top"><B>1</B></SUP>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B>Nuclear</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>2009 Outlook</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Consolidated</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Uranium</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Fuel Services</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Electricity</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Gold</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Revenue
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decline<BR>
slightly</B><SUP style="font-size: 85%; vertical-align: text-top"><B>2</B></SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decrease 5% to
10%</B><SUP style="font-size: 85%; vertical-align: text-top"><B>3</B></SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 5% to 10%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 2% to 5%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Administration costs
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decrease 5% to 10%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
      </TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Tax rate
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>5% to 10%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sales volume
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>31 to 33&nbsp;million lbs</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Decline slightly</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Unit cost of
product sold
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase 5% to 10%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Increase slightly</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capacity factor
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>About 90%</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Production
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>20.1&nbsp;million lbs</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>8 to 12&nbsp;million kgU</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>720,000 to 770,000
oz.</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Capital expenditures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$367&nbsp;million</B><SUP style="font-size: 85%; vertical-align: text-top"><B>4</B></SUP>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>&#151;</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$38&nbsp;million</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>$96&nbsp;million (US)</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Cameco only provides outlook for the select items shown in the table. For all other
items listed in the table, no outlook is provided.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>This is the revenue outlook for the uranium, fuel services and nuclear electricity
businesses and does not include gold.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Based on a uranium spot price of $47.00 (US)&nbsp;per pound, reflecting the UxC spot price
as of February&nbsp;9, 2009.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Cameco&#146;s consolidated outlook for capital expenditures does not include Bruce Power
or Centerra capital expenditures.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->56<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 Consolidated Outlook</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, Cameco expects consolidated revenue to decline slightly compared to 2008, due largely to
an expected decline in revenue from the uranium business, where sales volumes are projected to be
5% to 10% lower.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Administration costs, excluding stock-based compensation, are projected to be about 5% to 10% lower
than in 2008. Uranium exploration costs are expected to range from $50&nbsp;million to $55&nbsp;million in
2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, the effective tax rate is expected to be in the range of 5% to 10% compared to 7% in
2008. The rate for 2008 is calculated on adjusted net earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At December&nbsp;31, 2008, every one-cent increase/decrease in the US to Canadian dollar exchange rate
would result in a corresponding increase/decrease in net earnings of about $4&nbsp;million (Cdn) related
to unhedged exposures and about a $7&nbsp;million (Cdn) decrease/increase related to mark-to-market
exposure on hedges that do not qualify for hedge accounting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Price Sensitivity (2009)</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, a $10.00 (US)&nbsp;per pound change in the uranium spot price from $47.00 (US)&nbsp;per pound
(reflecting the UxC spot price at February&nbsp;9, 2009) would change revenue by $87&nbsp;million (Cdn) and
net earnings by $57&nbsp;million (Cdn). This sensitivity is based on an expected effective exchange rate
of $1.00 (US)&nbsp;being equivalent to about $1.22 (Cdn), which was the rate on February&nbsp;9, 2009.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Capital Expenditures</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B><I>(Cameco&#146;s share in $ millions)</I></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2009 Plan</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008 Actual</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Growth Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">47</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Growth</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000"><B>104</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Sustaining Capital</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">McArthur River/Key Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">112</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">US ISR</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">42</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Inkai</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Fuel Services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">77</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Other</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">38</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Sustaining</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>260</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>355</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capitalized Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Uranium &#038; Fuel Services</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>367</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>498</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Bruce Power (BPLP)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">33</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gold ($US)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">96</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">95</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Reflects Cameco&#146;s 31.6% share of expenditures as well as investments made by the three major partners in 2008.<BR></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 100% of Centerra&#146;s expenditures and expected to be funded by Centerra.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->57<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2008, our capital expenditures of $498&nbsp;million for uranium and fuel services were $36&nbsp;million
lower than our planned expenditures for the year, due largely to curtailed activity at our Key Lake
operation. Projects to revitalize the operation were deferred to 2009 and future years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, we expect total capital expenditures for uranium and fuel services to decrease by 26% to
$367&nbsp;million. The decrease is largely the result of lower growth expenditures at Cigar Lake and
Inkai. In addition, sustaining capital expenditures will decrease at fuel services and Rabbit Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The major 2009 sustaining expenditures include:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>McArthur River/Key Lake</B>. For McArthur River, the largest component is mine development work
at about $40&nbsp;million. Other projects include installation of freezing and distribution
systems, and work on dewatering equipment and mine ventilation. The program continues to test
the boxhole boring method and we expect to take delivery of two new raisebore drills early in
the year. At Key Lake, mill revitalization is the largest project at approximately $25
million. The purpose of this multi-year project is to enhance the mill&#146;s capability to produce
over the long term. For more information refer to &#147;Uranium Operations &#151; McArthur River/Key
Lake&#148; in this MD&#038;A.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>US in situ recovery (ISR)</B>. Wellfield construction and well installation is the largest
project at approximately $25&nbsp;million. Work on Reynolds Ranch satellite operation and
infrastructure is also planned.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Rabbit Lake</B>. Mine development activity at Eagle Point is the largest project at about $15
million. Other projects include mine ventilation system, completion of the low pH clarifier,
and work to complete the expansion of the pit crest and to study options for long-term
tailings placement.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Capital expenditures are classified as growth or sustaining. Growth capital is defined as capital
incurred to bring on incremental production plus business development initiatives. The remainder is
classified as sustaining capital. For growth projects, total expenditures are projected to be $57
million in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This consolidated outlook for 2009 is forward-looking information and is based upon the key
assumptions and subject to the material risks that could cause results to differ materially which
are discussed under the heading &#147;Caution Regarding Forward-Looking Information and Statements&#148;, and
the particular assumptions and material risk factors relating to each of our business segments that
are discussed following the outlook for that segment presented below.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2009 Outlook for Uranium</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2009, reported uranium sales quantities are expected to total 31&nbsp;million to 33&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. We expect our reported revenue to be about 5% to 10% lower than in 2008
due to the expected decrease in reported sales volume. For an indication of our expected realized price for
2009, please see the section titled &#147;Uranium Price Sensitivity (2009 to 2013) in this MD&#038;A.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->58<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s share of uranium production for 2009 is projected to total about 20.1&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, up significantly compared to 2008 due to stronger operating performance
and the anticipated ramp-up of production at Inkai.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The unit cost of product sold is projected to increase by 5% to 10% as a result of expected higher
tiered royalty costs and increased production costs in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We currently estimate that tiered royalties will reduce net earnings between $40&nbsp;million and $45
million in 2009. We will be eligible for additional capital allowances once Cigar Lake commences
production, at which time we do not expect to pay tiered royalties until the additional allowances
are fully exhausted. The following is an example of how tiered royalties are estimated.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Calculation of Tiered Royalties</B><BR>
(2008 rates; index value to determine rates for 2009 not available until April&nbsp;2009)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Assumptions:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>based on 100,000 pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> sold, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>no capital allowance is available.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><b>Sales Price</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><b>Total Tiered</b></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Realized ($Cdn)</b></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Tier 1 Royalty</b><SUP style="font-size: 85%; vertical-align: text-top"><b>1</b></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Tier 2 Royalty</b><SUP style="font-size: 85%; vertical-align: text-top"><b>2</b></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Tier 3 Royalty</b><SUP style="font-size: 85%; vertical-align: text-top"><b>3</b></sup></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Royalty</b></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD align="center">&nbsp;</TD>
    <TD align="center">$25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">$47,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">$47,040</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">107,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">$37,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center">$3,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">147,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD>&nbsp;</TD>
    <TD align="center">45</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">167,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">77,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">53,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">297,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">227,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">117,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">103,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">447,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD>&nbsp;</TD>
    <TD align="center">65</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">287,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">157,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">153,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">597,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD align="center">75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">347,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">197,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">203,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">747,430</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD>&nbsp;</TD>
    <TD align="center">85</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">407,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">237,040</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">253,350</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">897,430</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>6% x (Sales Price &#151; $17.16) x 100,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>4% x (Sales Price &#151; $25.74) x 100,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>5% x (Sales Price &#151; $34.33) x 100,000 pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This uranium business outlook for 2009 is forward-looking information and is based upon the key
assumptions and subject to the material risks that could cause results to differ materially and
which are discussed under the heading &#147;Caution Regarding Forward-Looking Information and
Statements&#148;. In particular, we have assumed that there will be no significant changes in sales
volumes, purchases and prices, and that there will be no disruption or reduction of supply from our
facilities or third-party sources other than as disclosed. We have also assumed a uranium spot
price of $47.00 (US)&nbsp;per pound reflecting the UxC spot price as of February&nbsp;9, 2009. Material risks
that could cause actual results to differ materially include significant adverse changes in sales
volumes, purchases and prices, and the actual occurrence of additional supply disruptions or
reductions.</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->59<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Uranium Price Sensitivity (2009 to 2013)</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The prices shown in our expected average realized uranium price table below are intended to provide
the reader with a general indication of how Cameco&#146;s expected realized prices for uranium may tend
to vary with changes in market prices. The table shows an indicative range of average prices at
this time that Cameco would expect to realize under its uranium sales portfolio over the period
2009 to 2013.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The expected realized prices reported in this table may change from quarter to quarter based on
changes in a number of variables, including:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>new contracts entered into during the quarter,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>variations in the actual spot price or long-term price during the most recent quarter from
the price assumptions in the table published in the previous quarter,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in inflation assumptions,</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in delivery plans from those assumed in the table published in the previous quarter
as a result of requirements contracts or volume flexibility terms contained in some contracts,
and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>changes in the volume of uncommitted material.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the number of variables affecting Cameco&#146;s realized prices, we have made a simplifying
assumption by setting the spot price at the levels noted, and calculating our expected realized
prices accordingly. For example, under the $60.00 (US)&nbsp;spot price scenario, the calculation of
realized prices assumes the spot price reaches $60.00 (US)&nbsp;at January&nbsp;1, 2009, and remains at that
level through 2013. Each column in the table should be read assuming the column header spot price
remains constant for the entire five-year period. Actual realized prices in any given year will
differ from what is shown in the table due to the fact that we are continually signing new
contracts, with first deliveries generally beginning on average two to four years after contract
signing.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Many of the contracts we are delivering into during the period 2009 to 2013 were finalized in 2003
to 2005 when industry market prices were in the range of about $11 to $31 (US) (see table below for
industry average uranium market prices from 2003 to 2008). To the extent these contracts are fixed
at historic uranium prices or have low ceiling prices, they will yield lower prices than current
market prices. As these older contracts expire over the next few years and we begin delivering into
more contracts signed since 2006, our average realized price will benefit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The table below outlines the industry average uranium market prices over the past few years which
may help put our average realized prices into perspective.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Industry Average Uranium Market Prices ($US/lb U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="28%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2003</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2004</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2005</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2006</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Spot price indicator</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.60</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">99.29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.58</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term price
indicator</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">21.00</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">30.66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">90.83</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82.50</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The uranium price sensitivity table for the period 2009 to 2013 below has been updated to reflect
deliveries made and contracts entered into up to December&nbsp;31, 2008.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->60<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Cameco Expected Average Realized Uranium Price (Rounded to the nearest $1)<BR>
Current $US/lb U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="23%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Spot Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$20</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$40</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$60</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$80</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$100</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$120</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>$140</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2009</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">29</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2010</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">76</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2011</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">36</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">50</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2012</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">75</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">84</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2013</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>This price table is forward-looking information and is based upon the material assumptions, and
subject to the material risks, discussed under the heading &#147;Caution Regarding Forward-Looking
Information and Statements&#148;, as well as the following key assumptions, and material risks which
could cause actual prices to vary:</I>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>sales volume of 32&nbsp;million pounds for 2009 (which has been adjusted for the accounting
requirements of the product loan agreement) and a sales volume of about 30&nbsp;million pounds for
each year thereafter. Variations in our actual sales volume could lead to materially different
results,</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>utilities take the maximum quantities allowed under their contracts, unless a delivery
notice has been provided, which is subject to the risk that they take lower quantities
resulting in materially different realized prices,</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Cameco defers a portion of deliveries under contract for 2009 through 2011 as a result of
exercising its rights under supply interruption provisions,</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>all volumes for which there are no existing sales commitments are assumed to be delivered
at the spot price assumed for each scenario, which is subject to the risk that sales are at
prices other than spot prices which could result in materially different realized prices,</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>the average long-term price indicator in a given year is assumed to be equal to the average
spot price for that entire year. Fluctuations in the spot price or the long-term price, during
the course of a year could lead to materially different results, and</I></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>an inflation rate of 2.5%, but variations in the inflation rate could have a material
impact on actual results.</I></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><I>The assumptions stated above, including our annual sales volumes and the price realized from them,
are made solely for the purpose of the foregoing price table and do not necessarily reflect our
views of anticipated results.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel Services Outlook for 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco expects 2009 revenue from the fuel services business to be 5% to 10% higher than that
reported in 2008. The average realized selling price for our fuel services products is expected to
increase by 5% to 10%, while the reported sales volumes are expected to be slightly lower than
those reported in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Fuel services production at Port Hope and SFL supply are expected to total between 8 and 12&nbsp;million
kgU in 2009 compared to 8.3&nbsp;million kgU in 2008. Cameco expects the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion plant will restart production in the second half of 2009. We anticipate annual
production for 2009 at Blind River to be about 10&nbsp;million kgU.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Fuel Services Price Sensitivity Analysis</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of fuel services sales are at fixed prices with inflation escalators. In the short
term, Cameco&#146;s financial results for fuel services are relatively insensitive to changes in the
spot price for conversion. Newer fixed-price contracts generally reflect longer term prices at the
time of contract award. Therefore, in the coming years, we expect our contract portfolio for
conversion services will be positively impacted by these higher fixed-price contracts.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->61<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This fuel services business outlook for 2009 is forward-looking information and is based upon the
key assumptions and subject to the material risks that could cause results to differ materially and
which are discussed under the heading &#147;Caution Regarding Forward-Looking Information and
Statements&#148;. In particular, we have assumed that there will be no significant changes in sales
volumes, purchases and prices, and that there will be no disruption or reduction of supply from our
facilities or third-party sources other than as disclosed. We have also assumed the successful
restart and rampup of the Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> plant in mid-2009. Material risks that could
cause actual results to differ materially include significant adverse changes in sales volumes,
purchases and prices, the actual occurrence of additional supply disruptions and the unsuccessful
restart and/or rampup of the Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6 </I></SUB><I>plant.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>BPLP&#146;s Outlook for 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, we anticipate BPLP revenue to be 2% to 5% higher than in 2008 due primarily to higher
generation. The realized price for electricity is expected to be similar to the $57 per MWh
recorded in 2008. In 2009, capacity factors for the B units are expected to average about 90%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, the average unit cost (net of cost recoveries) is expected to increase marginally over
the $36 per MWh reported in 2008. Total operating costs are expected to rise by about 5% in 2009
over 2008, due primarily to increases in fuel and staff costs.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>2009 BPLP Capital Expenditures (100% Basis)</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP&#146;s sustaining capital is expected to total $119&nbsp;million in 2009. Cameco expects that funding of
these capital expenditures will come entirely from BPLP cash flows. However, available funds will
depend on electricity market prices and the operational performance of the BPLP reactors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Electricity Price Sensitivity Analysis</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, BPLP has about 12.5 TWh under contract, which would represent about 49% of Bruce B
generation at its planned capacity factor. For 2009, a $1.00 per MWh change in the spot price for
electricity in Ontario would change Cameco&#146;s after-tax earnings from BPLP by about $3&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This 2009 outlook for BPLP is forward-looking information and is based upon the key assumptions and
subject to the material risks that could cause results to differ materially and which are discussed
under the heading &#147;Caution Regarding Forward-Looking Information and Statements&#148;. In particular, we
have assumed that the B units will achieve their targeted capacity factor and that there will be no
significant changes in costs, contract levels and prices. Material risks that could cause actual
results to differ materially include the failure of the B units to achieve their targeted capacity
factor, and the occurrence of significant adverse changes in costs and prices.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gold Outlook for 2009</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Overall, 2009 production is expected to total between 720,000 to 770,000 ounces of gold. At Kumtor,
production for 2009 is expected to be about 560,000 to 600,000 ounces of gold, 40% of which is
expected to occur in the fourth quarter. At Boroo, we expect production in the range of 160,000 to
170,000 ounces of gold in 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra currently plans to leave its gold production unhedged.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->62<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Gold Price Sensitivity Analysis</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For 2009, a $25.00 (US)&nbsp;per ounce change in the gold spot price would change Cameco&#146;s net earnings
by about $8&nbsp;million (Cdn). This sensitivity is based on an expected effective exchange rate of
$1.00 (US)&nbsp;being equivalent to about $1.22 (Cdn), which was the rate on February&nbsp;9, 2009.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>This outlook for the gold segment of our business is forward-looking information and is based upon
the key assumptions, and subject to the material risks that could cause results to differ
materially and which are discussed under the heading &#147;Caution Regarding Forward-Looking Information
and Statements&#148;. In particular, we have assumed Centerra&#146;s planned 2-week shutdown of the Kumtor
mill in the third quarter of 2009 to change the ball mill ring gear and to replace the SAG mill
liner is successfully completed on time, but that is subject to a number of risks including the
risk of delay, or unforeseen difficulty which could result in disruption or reduction in planned
gold production; we have assumed the dewatering and depressurization programs at Kumtor continue to
function properly and the management system works as planned, but that is subject to a number of
risks including lack of success of these programs and systems or equipment failure; we have assumed
that the grade and recoveries at Kumtor will increase in the fourth quarter of 2009 in accordance
with mine plan and block model, but that is subject to the risk that grade and recoveries are not
as anticipated; and we have assumed there is no disruption or reduction in planned gold production
due to natural phenomena, labour disputes, political risks or other development and operation
risks, but that is subject to risk that there is a disruption or reduction due to the occurrence of
one or more these risks which could cause results to vary materially.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008
Fourth Quarter Consolidated Results</B></FONT>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>2008 Fourth Quarter Consolidated Results</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Financial Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">($ millions except per share amounts)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>918</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">86</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>65</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(4)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>340</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">496</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(49)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings per share (EPS) &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(56)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.08</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(53)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; adjusted and diluted ($)<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>0.49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">227</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Adjusted net earnings<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>179</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">238</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>After working capital changes.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Net earnings for the quarters ended December&nbsp;31, 2007 and 2008 have been adjusted to
exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description, see
&#147;Use of Non-GAAP Financial Measures&#148; in this MD&#038;A.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended December&nbsp;31, 2008, our adjusted net earnings were $179&nbsp;million ($0.49
per share diluted), $126&nbsp;million higher than the adjusted net earnings of $53&nbsp;million ($0.15 per
share diluted) recorded in the fourth quarter of 2007. The increase was due to higher earnings in
the uranium and gold businesses driven by increases in sales volumes and realized selling prices.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to the fourth quarter of 2007, exploration expenditures were $8&nbsp;million higher, at $25
million, with uranium exploration expenditures up $4&nbsp;million to $15&nbsp;million (focused in
Saskatchewan, Australia and Nunavut). Gold exploration expenditures at Centerra were $4&nbsp;million
higher compared to the fourth quarter of 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->63<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, we recorded an income tax expense of $31&nbsp;million, based on adjusted
earnings, compared to an $8&nbsp;million recovery in the same period of 2007. Our effective income tax
rate was 13% in the fourth quarter of 2008 compared to a 16% recovery in the same period in 2007
due to an increase in the proportion of income taxable in Canada.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, our costs for direct administration were $62&nbsp;million, an increase of
$23&nbsp;million compared to 2007. The increase reflects higher costs for BPLP business development
activities as well as an increase in the workforce.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>$ millions</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Direct administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>62</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Stock-based compensation<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(7</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(24</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total administration</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>55</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Stock-based compensation includes amounts charged to administration under the stock
option deferred share unit, performance share unit and phantom stock option plans. It does not
include the $94&nbsp;million charge related to the amendment of the stock option plan in 2007. See
note 20 to the financial statements.</TD>
</TR>

</TABLE>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2007-2008 Quarterly Consolidated Financial Highlights</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="20%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>($ millions except</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>per share amounts)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q4</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q2</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q1</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q4</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q3</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q2</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Q1</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">918</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">729</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">620</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">592</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">494</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">681</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">725</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">410</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">136</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">133</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">61</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">91</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">205</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">59</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; basic ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.44</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.58</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">EPS &#151; diluted ($)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.39</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.43</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.38</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.17</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0.16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">340</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">109</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">113</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">146</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">57</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">155</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">139</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following points are intended to assist the reader in analyzing the trends in the quarterly
financial highlights for 2008:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s financial results are strongly influenced by the performance of our uranium
business, which in 2008 accounted for 53% of annual consolidated revenues.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Revenue of $918&nbsp;million in the fourth quarter of 2008 represented an all-time record and
was 26% higher than in the third quarter due to increased sales volumes in the uranium and
gold businesses. Timing of customer requirements, which tend to vary from year to year, drives
revenue in the uranium and fuel services businesses. In 2007, sales volumes for uranium were
most heavily weighted to the second quarter of the year and the highest realized price was
recorded in the third quarter.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->64<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Net earnings do not trend directly with revenue because of unusual items and transactions
that occur from time to time. The company uses a non-GAAP measure, adjusted net earnings, to
provide a more meaningful basis for period-to-period comparison of financial results.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cash from operations tends to fluctuate largely due to the timing of deliveries and product
purchases in the uranium production and fuel services businesses.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>2008 Fourth Quarter Business Segment Financial Results</B></FONT>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 3pt"><B>2008 Fourth Quarter Uranium Business Financial Results</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">219</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">105</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>193</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">138</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>43</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">16</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($
millions)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>168</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">63</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">167</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average realized price</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($US/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>35.31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">38.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(9)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">($Cdn/lb)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>42.77</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">39.64</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million lbs)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>10.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">91</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production volume (million lbs)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>5.4</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">5.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(4)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Financial Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Fourth Quarter</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Compared to the fourth quarter of 2007, revenue from our uranium business increased by $231&nbsp;million
to $450&nbsp;million due to a 91% increase in reported sales volumes and an 8% increase in the realized
selling price (in Canadian dollars). The timing of deliveries of uranium products within a calendar
year is at the discretion of customers. Therefore, our quarterly delivery patterns can vary
significantly. The increase in the average realized price (in Canadian dollars) was related to
higher prices under fixed-price contracts and a more favourable foreign exchange rate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our total cost of products and services sold, including DD&#038;R, increased to $257&nbsp;million in the
fourth quarter of 2008 from $138&nbsp;million in the fourth quarter of 2007 due to the 91% increase in
reported sales volumes. In 2008, unit cost of product and services sold was similar to 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our earnings before taxes from the uranium business increased to $168&nbsp;million from $63&nbsp;million in
the fourth quarter of last year. The gross profit margin increased to 43% compared to 37% in the
fourth quarter of 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->65<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2008 Fourth Quarter Fuel Services Business Financial Results
</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>70</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">77</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(9</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>14</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>19</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(47</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">140</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(36</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">133</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (million kgU)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>4.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(28</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Production
volume (million
kgU)<SUP style="font-size: 85%; vertical-align: text-top">1, 2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Kilograms of uranium (kgU).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Production volume includes UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>, UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB>, fuel fabrication, and
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>supply from SFL.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Fuel Services Financial Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Fourth Quarter</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, revenue from our fuel services business was $70&nbsp;million, a decrease
of $7&nbsp;million compared to the same period in 2007 due to a 28% decrease in reported sales volumes,
partially offset by a 25% increase in the average realized price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Total cost of products and services sold, including DD&#038;R, decreased to $56&nbsp;million from $113
million in 2007. The cost of products sold was impacted by the shutdown of the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6
</SUB>conversion plant. In 2007, all costs associated with the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion plant ($18
million) were expensed as incurred in the fourth quarter. In addition, an estimate of $15&nbsp;million
related to the cleanup of contaminated material was recorded in the fourth quarter of 2007. In
2008, the UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> plant was operational in the fourth quarter and operating costs were
inventoried rather than expensed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, the company recorded earnings before taxes in fuel services of $12
million compared to a loss of $36&nbsp;million in 2007.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->66<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>2008 Fourth Quarter Nuclear Electricity Generation Business Financial Results</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Bruce Power Limited Partnership (100% basis)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Output &#151; terawatt hours (TWh)<SUP style="font-size: 85%; vertical-align: text-top"> </SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>7.0</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capacity factor (%)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>97</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">93</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">54</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Average Ontario electricity
spot price ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>49</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><I>($&nbsp;millions)</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>399</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">359</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>207</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">207</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cash costs</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; operating &#038; maintenance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>124</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(5)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; fuel</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>23</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">21</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&#151; supplemental rent<SUP style="font-size: 85%; vertical-align: text-top">3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>29</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Non-cash costs (amortization)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">30</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Income before interest
and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>192</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">26</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest and finance charges</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>11</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">N/A</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Earnings before taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>181</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash from operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>176</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">165</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Capital expenditures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>19</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">41</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(54)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Distributions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>205</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">185</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Operating costs ($/MWh)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>30</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(3)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Capacity factor for a given period represents the amount of electricity actually
produced for sale as a percentage of the amount of electricity the plants are capable of
producing for sale.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Net of cost recoveries.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Supplemental rent is about $29&nbsp;million per operating reactor for 2008.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the fourth quarter of 2008, BPLP generated cash from operations of $176&nbsp;million compared to $165
million in the fourth quarter of 2007. The increase reflects higher revenues, output and realized
prices, partially offset by increased working capital requirements. Capital expenditures for the
fourth quarter of 2008 totalled $19&nbsp;million compared to $41&nbsp;million during the same period in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also distributed $205&nbsp;million to the partners in the fourth quarter, with Cameco&#146;s share being
$65&nbsp;million. The partners have agreed that excess cash is to be distributed on a monthly basis and
that separate cash calls will be made for major capital projects.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->67<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Cameco&#146;s
Earnings from BPLP</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP&#146;s earnings before taxes (100%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>181</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">152</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cameco&#146;s share of pre-tax earnings
before adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>57</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">48</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">19</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Proprietary adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center"><B>(2)</B></TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(2)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">0</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Pre-tax earnings from BPLP</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>55</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">20</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Fourth Quarter</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Earnings Before Taxes</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s pre-tax earnings from BPLP amounted to $55&nbsp;million during the fourth quarter compared to
$46&nbsp;million in 2007. This increase in 2008 was due to improved generation and higher realized
prices in the quarter.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Output</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP achieved a capacity factor of 97% in the fourth quarter of 2008 compared to 93% in the same
period of 2007. During the fourth quarter of 2008, the BPLP units generated 7.0 TWh of electricity
compared to 6.7 TWh in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Revenue and Realized Price</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the fourth quarter of 2008, BPLP&#146;s electricity revenue increased to $399&nbsp;million from $359
million over the same period in 2007 due to higher output and a $3 per MWh increase in the realized
price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The realized price achieved from a mix of contract and spot sales averaged $57 per MWh in the
quarter, which was 6% higher than the realized price last year. During the quarter, the Ontario
electricity spot price averaged $49 per MWh compared to $48 per MWh in the fourth quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To reduce its exposure to spot market prices, BPLP has a portfolio of fixed-price sales contracts.
During the fourth quarter of 2008, about 76% of BPLP output was sold under fixed-price contracts,
up from the 40% level during the same period in 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Costs</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Operating costs (including amortization) were $207&nbsp;million in the fourth quarter of 2008, unchanged
compared to the same period of 2007. About 95% of BPLP&#146;s operating costs are fixed. As such, most
of the costs are incurred whether the plant is operating or not. On a per MWh basis, the operating
cost in the fourth quarter of 2008 was $30 compared to $31 in the fourth quarter of 2007.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->68<!-- /Folio -->
</DIV>




<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2008 Fourth Quarter Gold Results</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="64%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>Highlights</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>% Change</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Revenue ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>277</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">88</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">215</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>102</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">21</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">386</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gross profit %</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>37</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">54</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Realized price ($US/ounce)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>806</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">789</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Sales volume (ounces)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>299,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">113,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gold production (ounces)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>284,000</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">133,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">114</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents 100% of production from the Kumtor and Boroo mines.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gold Financial Results</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Fourth Quarter</I></B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the three months ended December&nbsp;31, 2008, revenue from our gold business increased by $189
million to $277&nbsp;million compared to the fourth quarter of 2007. The increase in revenue was due
mainly to higher sales, which increased by 165% due to higher production. The realized price for
gold rose modestly to $806 (US)&nbsp;per ounce in the quarter compared to $789 (US)&nbsp;per ounce in the
fourth quarter of 2007, due to higher spot prices. Centerra produced 284,000 ounces of gold in the
fourth quarter of 2008, which was 151,000 ounces more than the 133,000 ounces of gold reported in
the fourth quarter of 2007. The higher gold production was mainly due to higher output at the
Kumtor mine, where production increased to 237,000 ounces from 74,000 ounces in 2007 as the result
of a higher ore grade, averaging 5.6 g/t in the fourth quarter of 2008 compared to the 2.6 g/t
milled in the same quarter of 2007.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Liquidity and Capital Resources</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Overview</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">During 2008, Cameco arranged for a $470&nbsp;million short-term credit facility in support of two
significant acquisitions, entered into a standby product loan facility with one of its customers,
expanded its letter of credit facilities and redeemed its 5% convertible subordinated debentures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Discussion of Impact of Current Economic Conditions</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Financial liquidity represents the company&#146;s ability to fund future operating activities and
investments.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has large, reliable customers that continue to require uranium regardless of the current
world financial situation and we have built a uranium contract portfolio that we expect will
provide a solid revenue stream for years to come.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">However, the timing of Cameco&#146;s cash receipts does not necessarily coincide with the timing of
disbursements. Therefore, we rely on short-term debt predominately to fund these fluctuations in
working capital. We also use short-term debt to provide flexibility for funding longer-term
requirements until the balance accumulates to a level that warrants refinancing.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->69<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Recent uncertainty in the global financial markets has constrained the ability of most companies,
including Cameco, to access capital markets funding as had been done previously. However, we have
relied on strong operating cash flows and our existing bank credit facilities to provide liquidity.
We are also enhancing our liquidity by scaling back the pace of capital programs, reducing
discretionary expenditures where prudent, and pursuing additional sources of bank credit capacity
on reasonable terms. We continue to monitor the capital markets and, when market conditions are
appropriate, we may undertake a public offering of securities in order to further strengthen our
financial position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In early February&nbsp;2009, we reached an agreement with the lenders of our $470&nbsp;million credit
facility to expand the facility to $500&nbsp;million and to extend the maturity date of the facility to
June&nbsp;16, 2010. We also put in place an additional $100&nbsp;million in short-term bank credit, which
matures in February&nbsp;2010 and includes terms similar to the $470&nbsp;million facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All of these efforts are directed towards establishing an improved margin of safety during the
current credit crisis.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Some important measures of liquidity are summarized in the table below.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Liquidity Indicators</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations ($&nbsp;millions)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">708</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">801</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations/net debt<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">135</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Net debt<SUP style="font-size: 85%; vertical-align: text-top">1</SUP>/total capitalization (%)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">18</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Total debt less cash and cash equivalents based on consolidated amounts.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Indicators Defined</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash provided by operations reflects the net cash flow generated by operating activities after
consideration for changes in working capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cash provided by operations to net debt indicates the company&#146;s ability to meet debt obligations
from internally generated funds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Net debt to total capitalization measures the company&#146;s use of financial leverage. A lower
percentage means less reliance upon debt as a source of financing. Although debt is a lower cost
form of financing compared to equity, a lower percentage of debt also represents lower repayment
obligations.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->70<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Credit Ratings</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table provides Cameco&#146;s third-party ratings for our commercial paper and senior debt
as of December&nbsp;31, 2008:
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="72%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="9%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Security</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>DBRS</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>S&#038;P</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Commercial Paper
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">R-1 (low)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">A-1 (low)<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Senior Unsecured Debentures
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">A (low)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">BBB&#043;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A-1 (low)&nbsp;is the Canadian National Scale Rating while the Global Scale Rating is A-2.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Debt</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition to cash from operations, debt is used to provide liquidity. Cameco has sufficient
borrowing capacity to meet its current requirements, with unsecured lines of credit totalling about
$1,564&nbsp;million, which include the following facilities:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco may borrow directly from investors by issuing up to $400&nbsp;million in commercial paper. At
December&nbsp;31, 2008, there was $153&nbsp;million issued under the commercial paper program.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Lenders have provided a $500&nbsp;million unsecured revolving credit facility that matures November&nbsp;30,
2012. Upon mutual agreement, the facility can be extended for an additional year on the anniversary
date. In addition to direct borrowings under the facility, up to $100&nbsp;million can be used for the
issuance of letters of credit and, to the extent necessary, up to $400&nbsp;million may be allocated to
provide liquidity support for the company&#146;s commercial paper program referred to above. The
facility ranks equally with all of Cameco&#146;s other senior debt. At December&nbsp;31, 2008, $150&nbsp;million
was outstanding under this credit facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has in place a $500&nbsp;million, unsecured revolving credit facility, maturing June&nbsp;16, 2010,
and extendable for an additional 364-day term upon mutual agreement with the lenders. The facility
ranks equally with all of Cameco&#146;s other senior debt. At December&nbsp;31, 2008, there was $30&nbsp;million
(Cdn) and $336&nbsp;million (US)&nbsp;outstanding under this credit facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also has in place a $100&nbsp;million unsecured revolving credit facility, maturing February&nbsp;5,
2010, and extendable for two additional 364-day terms upon mutual agreement with the lender. There
is no amount outstanding under this credit agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Various financial institutions have entered into agreements to provide Cameco up to approximately
$464&nbsp;million in short-term borrowings and letters of credit. Letters of credit are predominantly
used to fulfill regulatory requirements to provide financial assurance for future decommissioning
and reclamation of our operating sites and as overdraft protection. At December&nbsp;31, 2008,
outstanding letters of credit amounted to $429&nbsp;million under these facilities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has operated within the investment-grade segment (high-credit quality) of the market when
obtaining credit. The cost, terms and conditions under which financing is available vary over time.
While future access to credit cannot be assured, we believe that our conservative
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->71<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">financial structure and stable cash flows support our ability to operate and grow in the current
economic environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Product Loan Facilities</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco arranged for a standby product loan facility with one of its customers. The arrangement,
which became effective April&nbsp;1, 2008, allows Cameco to borrow up to 2.4&nbsp;million pounds
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> equivalent over the period April&nbsp;1, 2008, to December&nbsp;31, 2011, with
repayment in 2012 through 2014. Under the loan facility, standby fees of 2.0% are payable based on
the long-term market value of the facility at the time the agreement was executed. Interest is
payable on any amounts drawn at the rate of 5.0%. Any borrowings will be repayable in kind. As at
December&nbsp;31, 2008, Cameco did not have any loan amounts outstanding under the facility.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Debentures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s senior unsecured debentures consist of $300&nbsp;million of debentures that bear interest at
the rate of 4.7% per annum and which mature September&nbsp;16, 2015.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Convertible Debentures</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco announced on August&nbsp;14, 2008, that it would redeem all of the outstanding 5% convertible
subordinated debentures due October&nbsp;1, 2013, (the &#147;Debentures&#148;). Subsequent to the announcement,
the majority of holders exercised their right to convert their Debentures into common shares prior
to the October&nbsp;1, 2008, redemption date. The remainder were redeemed by Cameco on October&nbsp;1, 2008.
The Debentures converted into a total of approximately 21.2&nbsp;million common shares. The conversion
reduced Cameco&#146;s outstanding debt by $207&nbsp;million and increased shareholders equity by $207
million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Debt Covenants</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is bound by certain covenants in its revolving credit facilities. The significant financial
covenants require a funded debt<SUP style="font-size: 85%; vertical-align: text-top">1</SUP> to tangible net worth ratio equal to or less than 1:1
and tangible net worth greater than $1,250&nbsp;million. The revolving credit facilities are also
subject to other customary covenants and events of default. Non-compliance with any of these
covenants could result in accelerated payment and termination of the revolving credit facility. At
December&nbsp;31, 2008, Cameco was in compliance with all covenants and does not expect its operating
and investment activities in 2009 to be constrained by them.
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Funded debt is comprised substantially of total debt
exclusive of non-recourse debt, guarantees, mark-to-market exposure on hedge
agreements, letters of credit in excess of $100&nbsp;million less cash on hand.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->72<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contractual Cash Obligations</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Less</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>As at December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Than 1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due After</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>1 - 3 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>4 - 5 Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5 Yrs</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,223</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">467</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">333</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">413</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>223</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">70</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">55</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">52</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>556</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>216</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">199</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unconditional product
purchase
obligations<SUP style="font-size: 85%; vertical-align: text-top">1, 2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>1,158</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual cash
obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center"><B>3,376</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1,241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Denominated in US dollars, converted to Canadian dollars at the December&nbsp;31, 2008
rate of $1.2246.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">

<TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Virtually all of Cameco&#146;s product purchase obligations are under long-term,
fixed-price arrangements.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Commercial Commitments</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Commercial commitments at December&nbsp;31, 2008 increased to $511&nbsp;million from $385&nbsp;million at December
31, 2007, through increases in standby letters of credit. Financial guarantees supporting BPLP
remained unchanged at $82&nbsp;million.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>As at December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total amounts committed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Standby letters of credit<SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP guarantees<SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total commercial commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The standby letters of credit maturing in 2009 were issued with a one-year term and
will be automatically renewed on a year-by-year basis until the underlying obligations are
resolved. These obligations are primarily the decommissioning and reclamation of Cameco&#146;s
mining and conversion facilities. As such, the letters of credit are expected to remain
outstanding well into the future.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2008, Cameco&#146;s total commitment for financial assurances given on
behalf of BPLP was estimated to be $82&nbsp;million. Refer to note 24 in the financial statements.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Outstanding Share Data</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At January&nbsp;31, 2009, there were 365,720,123 common shares and one Class&nbsp;B share outstanding. In
addition, there were 7,119,355 stock options outstanding with exercise prices ranging from $4.80 to
$54.50 per share.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->73<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>5.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR MINERAL RESERVES AND RESOURCES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Mineral
Reserves and Resources</B></FONT>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Canadian Securities Administrators&#146; National Instrument 43-101 (NI 43-101) requires mining
companies to disclose mineral reserves and mineral resources using the subcategories of proven
reserves, probable reserves, measured resources, indicated resources and inferred resources. Cameco
reports mineral reserves and resources separately.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco reports all its mineral reserves as a quantity of contained ore supporting the mining plans
and includes an estimate of the metallurgical recovery for each of
its uranium properties. Metallurgical
recovery is a term used in the mining industry to indicate the proportion of valuable material
physically recovered by the metallurgical extraction process. The estimated recoverable amount of a
commodity is obtained by multiplying the reserves &#147;Content&#148; by the &#147;Estimated Metallurgical
Recovery Percentage.&#148;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The technical and scientific information discussed in this MD&#038;A, including the reserve and resource
estimates for Cameco&#146;s material properties (McArthur River/Key Lake, Cigar and Kumtor) were
prepared by, or under the supervision of, individuals who are qualified persons for the purposes of
NI 43-101, named in the section titled &#147;Qualified Persons&#148; in this MD&#038;A.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->74<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Mineral Reserves</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium reserves as at December&nbsp;31, 2008, on a property
basis and Cameco&#146;s share.
</DIV>

<DIV align="center">
<TABLE style="font-size: 8pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><font style="font-size: 8pt"><B>RESERVES</B></font></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>PROVEN</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>PROBABLE</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>TOTAL RESERVES</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Estimated</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Metallurgical</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Recovery %</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Method</B></TD>
</TR>
<TR style="font-size: 7pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11">(tonnes in thousands; pounds in millions)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">497.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.67</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">226.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">113.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">780.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">703.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,483.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151; Peach</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,859.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,859.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">65.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">410.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">656.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,415.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">86,080.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">128.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,495.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">141.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">85.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Key Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.52</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">449.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.18</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">170.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">280.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">26.33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">162.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">729.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">332.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/ Brown
Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,879.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,879.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.99</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">776.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.98</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">96.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">757.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,066.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">855.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">855.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">908.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,006.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,915.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">80.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10,394.2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>416.8</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>103,674.3</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>348.5</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>114,068.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>765.3</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>495.0</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">Notes:
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Estimated metallurgical recovery factors must be applied in order to obtain the
expected amounts of recovered pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Cameco&#146;s share of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>
content is not adjusted for the estimated metallurgical recovery
factor.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves incorporate allowances for dilution and mining losses.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#151; Open Pit; UG &#151; Underground; ISR &#151; In situ recovery.
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral reserves are estimated using current geological models and current and/or
projected operating costs and mine plans. Cameco&#146;s data verification procedures have been
employed in connection with the mineral reserve estimations for each property.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with NI 43-101, an average
uranium price of $47 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was used. For the purpose of
estimating mineral reserves in accordance with US Securities Commission Industry Guide 7,
an average uranium price of $70 (US)/lb U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8 </SUB>was used. Estimated
mineral reserves are identical at either price.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">7.</TD>
    <TD>&nbsp;</TD>
    <TD>The key economic parameters underlying the mineral reserves include an exchange rate of
$1.00 US=$1.22 Cdn (reflecting the exchange rate at December&nbsp;31, 2008).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">8.</TD>
    <TD>&nbsp;</TD>
    <TD>Environmental, permitting, legal, title, taxation, socio-economic, political, marketing
or other issues are not expected to materially affect the above estimates of mineral
reserves.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">9.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">10.</TD>
    <TD>&nbsp;</TD>
    <TD>Inkai mineral reserves assume production at an annual rate of 5.2&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. Inkai currently has regulatory approval to produce at an annual
rate of 2.6&nbsp;million pounds and an application for regulatory approval to increase annual
production to 5.2&nbsp;million pounds was made in 2005. Cameco is familiar with the statutory,
regulatory and procedural framework governing new mining projects in Kazakhstan and, based
upon its experience to date, Cameco believes that it is reasonably likely that all permits
and approvals required for the construction and operation of its new ISR mine at Inkai &#151;
including approvals for increased annual production to 5.2&nbsp;million pounds &#151; will be
obtained. However, there can be no certainty that permits or approvals will be forthcoming.
Failure to obtain approval
for increased annual production at Inkai will require Cameco to recategorize half of the
mineral reserves at Inkai as mineral resources.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->75<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Measured and Indicated Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cautionary
Note to US Investors Concerning Estimates of Measured and Indicated Resources</FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This section uses the terms &#147;measured resources&#148; and &#147;indicated resources.&#148; US investors are
advised that, while those terms are recognized and required by Canadian securities regulatory
authorities, the US Securities and Exchange Commission does not recognize them. Investors are
cautioned not to assume that any part or all of the mineral deposit in these categories will ever
be converted into proven or probable mineral reserves.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium measured and indicated resources as at December&nbsp;31,
2008, on a property basis and Cameco&#146;s share.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD><B>RESOURCES</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED AND</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>MEASURED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>INDICATED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11"><B>INDICATED</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #ffffff">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD align="left">&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="11">(tonnes in thousands; pounds in millions)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.86</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">64.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,316.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,381.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">347.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.69</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">OP&#038;UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills &#151;
Peach</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,015.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,550.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,565.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">866.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">47.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">913.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,904.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10,904.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">17.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">209.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">42.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">39.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.37</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">248.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">49.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">34.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">468.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.53</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46.8</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/ Brown
Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">995.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,138.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,133.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,952.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,952.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.03</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">276.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.68</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">45.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,395.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,440.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">40.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">148.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">100.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">125.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">225.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">89.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.16</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,638.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,727.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.12</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,615.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.09</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,776.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,391.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6,040.7</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>53.7</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>34,145.9</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>132.1</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>40,186.6</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>185.8</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>127.6</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">Notes:
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of
reported mineral resources does not include those amounts identified as mineral reserves.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#151; Open Pit; UG &#151; Underground; ISR &#151; In situ recovery.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are estimated using current geological models. Cameco&#146;s normal data
verification procedures have been employed in connection with the mineral resource
estimations for each property.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic
viability.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->76<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Inferred Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS">Cautionary Note to US Investors Concerning Estimates of Inferred Resources</FONT>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">This section uses the term &#147;inferred resources.&#148; US investors are advised that, while this term is
recognized and required by Canadian securities regulatory authorities, the US Securities and
Exchange Commission does not recognize it. Under Canadian securities regulations, estimates of
inferred resources may not form the basis of feasibility or pre-feasibility studies. Investors are
cautioned not to assume that part or all of an inferred resource exists or is economically or
legally mineable.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following table shows the estimated uranium inferred resources as at December&nbsp;31, 2008, on a
property basis and Cameco&#146;s share.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="15"><B>INFERRED RESOURCES</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="15" style="border-bottom: 1px solid #ffffff"><B>(100% basis)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Grade</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Content</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Cameco&#146;s Share</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Mining</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Tonnes</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>% U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>(lbs U</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>3</B></SUB><B>O</B><SUB style="font-size: 85%; vertical-align: text-bottom"><B>8</B></SUB><B>)</B></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #ffffff"><B>Method</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="center" colspan="15">(tonnes in thousands; pounds in millions)</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>PROPERTY</B></DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cigar Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">317.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.92</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">118.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">59.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Crow Butte</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,539.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.11</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6.3</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Dawn Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gas Hills-Peach</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">812.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Highland</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">108.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Inkai</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">254,696.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.05</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">McArthur River</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">642.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.81</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">139.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">97.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Millennium</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">214.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.06</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">North Butte/ Brown
Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">665.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Northwest Unit</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">627.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Rabbit Lake</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">289.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.90</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reynolds Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,036.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.04</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4.7</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruby Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.14</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.2</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Ruth</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210.9</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.08</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.4</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shirley Basin</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">508.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.1</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Smith Ranch</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">598.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.07</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.9</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD colspan="3" align="center">ISR</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>267,321.5</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>544.4</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>335.6</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<DIV align="left" style="font-size: 8pt; margin-top: 3pt">Notes:
</DIV>


<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 8pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">1.</TD>
    <TD>&nbsp;</TD>
    <TD>Cameco reports mineral reserves and mineral resources separately. The amount of
reported mineral resources does not include those amounts identified as mineral reserves.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">2.</TD>
    <TD>&nbsp;</TD>
    <TD>Mining method: OP &#151; Open Pit; UG &#151; Underground; ISR &#151; In situ recovery.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">3.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are estimated using current geological models. Cameco&#146;s normal data
verification procedures have been employed in connection with the mineral resource
estimations for each property.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">4.</TD>
    <TD>&nbsp;</TD>
    <TD>Totals may not add up due to rounding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">5.</TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources that are not mineral reserves do not have demonstrated economic
viability</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">6.</TD>
    <TD>&nbsp;</TD>
    <TD>Inferred resources have a great amount of uncertainty as to their existence and their
economic and legal feasibility. It cannot be assumed that all or any part of an inferred
resource will ever be upgraded to a higher category.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->77<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Mineral Reserves Reconciliation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The reconciliation of Cameco&#146;s share of uranium mineral reserves reflects the changes in mineral
reserves during 2008. The net change to mineral reserves primarily results from the amount of
throughput or mill feed during 2008. The more noteworthy of these changes is at Rabbit Lake, where
4.1&nbsp;million pounds of mineral reserves were added as a result of new development. At Smith Ranch
and Highland, 4.0&nbsp;million pounds of mineral reserves were moved to resources as a result of
re-evaluation and reclassification.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Uranium Mineral Resources Reconciliation</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There were only modest changes in Cameco&#146;s share of uranium mineral resources in 2008. The more
noteworthy of these changes are:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At McArthur River, 19.8&nbsp;million pounds of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> were added to the
measured resources due to re-interpretation of zone 4 south. Inferred resources increased
by 30.9&nbsp;million pounds due to the remodelling of zones A and B.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Rabbit Lake, following underground development, 4.1&nbsp;million pounds of measured and
indicated resources were converted to mineral reserves.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>At Smith Ranch and Highland, measured and indicated resources
increased by 4.6&nbsp;million
pounds due to re-evaluation of mine unit 10 and reclassification from mineral reserves to
resources where production patterns are not yet designed.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->78<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Gold Reserves and Resources</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The following tables show Centerra&#146;s estimated gold reserves and resources as at December&nbsp;31, 2008,
on a property basis and Cameco&#146;s share.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Reserves</b><sup>(1)</sup> (Tonnes and Ounces in Thousands)<sup>(11)(12)</sup>
</div>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="25%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Proven (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Probable (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="23" style="border-bottom: 1px solid #000000"><B>Total Proven and Probable Reserves</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Grade (g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Grade (g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Grade (g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(6)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,412</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">150</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32,008</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,875</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35,420</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,025</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2,120</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,015</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">0.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">232</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9,440</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">546</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,455</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">778</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">410</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">9,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">9,101</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">1,005</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 1px solid #000000">529</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B><SUP style="font-size: 85%; vertical-align: text-top">(12)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>12,427</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>50,549</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>5,426</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>62,976</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>5,808</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" style="border-bottom: 3px solid double #000000"><B>3,059</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Measured and Indicated Resources</b><sup>(2)</SUP> (Tonnes and Ounces in Thousands)<sup>(11)(12)</sup>
</DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" BORDER="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Measured (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Indicated (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="19" style="border-bottom: 1px solid #000000"><B>Total Measured and Indicated Resources</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco Equity</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Grade (g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Grade (g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Grade (g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">18,966</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,689</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">14,989</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.4</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33,955</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,865</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,509</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(5)(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">452</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2.2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">32</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">210</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,916</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">242</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">127</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6,238</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">607</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">320</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">2,991</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12.7</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">1,220</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">408</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>19,418</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>1,721</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>28,682</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>3,213</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>48,100</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>4,934</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>2,364</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Inferred Resources</b><sup>(2)</SUP> (Tonnes and Ounces in Thousands)<sup>(11)(12)</sup>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="11" style="border-bottom: 1px solid #000000"><B>Inferred (100% Basis)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Grade</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Contained</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Cameco</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">Mining</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Property</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Tonnes</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">(g/t)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Gold (oz)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Equity (oz)<SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Method<SUP style="font-size: 85%; vertical-align: text-top">(4)</SUP></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Kumtor<SUP style="font-size: 85%; vertical-align: text-top">(5)(6)(7)(13)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13.8</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,384</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,255</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Boroo<SUP style="font-size: 85%; vertical-align: text-top">(5)(8)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7,323</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1.0</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">233</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">123</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Gatsuurt<SUP style="font-size: 85%; vertical-align: text-top">(9)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,437</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3.3</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">256</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">135</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">OP</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">REN<SUP style="font-size: 85%; vertical-align: text-top">(10)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">835</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">16.1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">432</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 1px solid #000000">144</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">UG</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>15,955</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>3,305</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-bottom: 3px solid double #000000"><B>1,657</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>For the purpose of estimating mineral reserves in accordance with National Instrument
43-101 of the Canadian securities regulatory authorities and in accordance with US Securities
and Exchange Commission Industry Guide 7, reserves have been estimated with cut-off grades
based on a gold price of $675 (US)&nbsp;per ounce.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Mineral resources are in addition to mineral reserves. Mineral resources that are not
mineral reserves do not have demonstrated economic viability when estimated using mineral
reserve assumptions.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Cameco&#146;s equity interest amounts to 52.7% of Centerra&#146;s equity interest of gold
reserves and resources for the properties. Centerra&#146;s equity interests for the properties
are: Kumtor 100%, Gatsuurt 100%, Boroo 100% and REN 63%. Cameco&#146;s equity is based on gold
content and does not include the estimated metallurgical recovery factor.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">4</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&#147;OP&#148; means open pit and &#147;UG&#148; means underground.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">5</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Open pit mineral resources occur outside the current pits, which have been designed
using a gold price of $675 (US)&nbsp;per ounce.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">6</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The open pit mineral reserves and resources at Kumtor are estimated based on a cut-off
grade of 1.0 gram of gold per tonne and include the Central Pit and the Southwest and Sarytor
deposits.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">7</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Underground mineral resources occur below the Central Pit shell and are estimated
based on a cut-off grade of 7.0 grams of gold per tonne.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">8</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves and resources at Boroo are estimated at
a cut-off grade of 0.5 grams of gold per
tonne.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">9</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The mineral reserves and resources at Gatsuurt are estimated using either a 1.2 or 1.8
grams of gold per tonne cut-off grade depending on the process method.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">10</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The mineral resources at REN are estimated based on a cut-off grade of 8.0 grams of gold per tonne.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">11</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>A conversion factor of 31.10348 grams of gold per ounce is used in the mineral reserve and resource estimates.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">12</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Numbers may not add up due to rounding.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">13</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Kumtor mineral reserves and resources include Sarytor reserves of 2.8&nbsp;million tonnes
grading 3.4 g/t for 311,000 contained ounces, Sarytor and Southwest indicated resources of 8.5
million tonnes grading 2.2 g/t for 598,000 contained ounces and Sarytor inferred resources of
0.52&nbsp;million tonnes grading 1.7 g/t for 29,000 contained ounces. The mining licenses for these
deposits were invalidated by the Bishkek Inter District Court on June&nbsp;17, 2008. That order is
under appeal by Centerra. The Company believes that current negotiations with the Kyrgyz Republic
are reasonably likely to lead to the resolution of outstanding issues, and to the reinstatement of
the Sarytor and Southwest licences. Therefore the Sarytor and Southwest reserves and resources are
included in this statement. See &#147;2008 Gold Business Results &#151; Political Update&#148; in this MD&#038;A.</TD>
</TR>

</TABLE>




<P align="center" style="font-size: 10pt"><!-- Folio -->79<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>6.0</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>OUR RISKS AND RISK MANAGEMENT, PLUS CONTROLS AND PROCEDURES AND CRITICAL ACCOUNTING ESTIMATES</B></TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><FONT style="font-variant: SMALL-CAPS"><B>Risks and Risk Management</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco attempts to mitigate risks that may affect its future performance through a systematic
process of identifying, assessing, reporting and managing risks of corporate significance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Management and the board, both separately and together, discuss the principal risks of our
businesses, particularly during the strategic planning and budgeting processes. The board sets
policies for the implementation of systems to manage and monitor identifiable risks. The
nominating, corporate governance and risk committee is responsible for the oversight of risk
management. Management has developed and implemented an enterprise risk management system that
reports quarterly to this committee and annually to the board. This enhances the directors&#146;
understanding of the principal business risks facing Cameco and improves the company&#146;s risk
management systems. The reserves oversight committee oversees the estimation of our mineral
reserves and the risks inherent in this estimation. In addition, the audit committee monitors
certain financial risks and the safety, health and environment committee reviews systems and
performance related to safety, health and environmental risk.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The following discusses our approach to managing our most significant risks that may affect our
future performance. It contains statements and information which are neither about the present nor
historical facts, and are therefore forward-looking. This forward-looking information is based upon
a number of assumptions which may prove to be incorrect, and there are material risks that could
cause actual results to differ materially. See &#147;Caution Regarding Forward-Looking Information and
Statements&#148;. Also, see the discussion of the company&#146;s risks contained in Cameco&#146;s annual
information form that are likely to influence investors&#146; decisions to purchase or sell our
securities. The annual information form is filed on SEDAR at sedar.com and available on the
company&#146;s website at cameco.com.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Regulatory Approval and Expediency</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Regulators must approve the construction, startup, continued operation, including any significant
changes, and decommissioning of most of Cameco&#146;s facilities. These facilities are subject to
numerous laws and regulations regarding safety and environmental matters, including the management
of hazardous wastes and materials.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant economic value is dependent on our ability to obtain and renew the licences and other
approvals necessary to operate. Failure to obtain regulatory approvals or failure to obtain them in
a timely manner would result in project delays or modifications, leading to higher costs. In the
extreme, a project may be suspended or terminated, which would negatively impact future earnings
and cash flow. For example, periodically we are required to apply for licence renewals or seek
amendments to existing licences for many of our uranium and fuel services operations, and a failure
to obtain these would have a significant adverse impact on our operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>McArthur River/Key Lake/Rabbit Lake</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco plans to increase the annual production licence capacity at the McArthur River/Key Lake
operation to 22&nbsp;million pounds from 18.7&nbsp;million pounds. As
the first step, we submitted an environmental assessment for an increase in the annual licensed capacity in November&nbsp;2004.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->80<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The
environmental assessment was delayed due to the discussions with the regulator regarding how to
deal with the local accumulation of molybdenum and trace amounts of selenium in the downstream
discharge environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We expect that reducing the current level of these metals will help advance the environmental
assessment. Refer to the section titled &#147;Uranium Operations &#151; McArthur River/Key Lake&#148; in this
MD&#038;A for more information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Further delay in achieving this increase in production negatively affects the company&#146;s potential
revenue due to a delay in the sale of these additional pounds.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Key Lake/Rabbit Lake Tailings Management Facilities</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Key Lake mill, tailings are deposited in the Deilmann tailings management facility (TMF). In
2008, Cameco requested regulatory approval to deposit tailings to a moderately higher elevation
within the Deilmann TMF, sufficient to secure tailings capacity for the medium term.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In February of 2009, we received regulatory approval for the moderately higher tailings elevation.
The approved capacity of the Deilmann TMF at current production rates increases to approximately
eight years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco also initiated technical pre-feasibility work to secure long-term tailings capacity at Key
Lake that will be sufficient to hold all tailings generated from processing of McArthur River
mineral reserves as well as substantial additional capacity to allow for other potential sources of
production. This tailings option study is considering the feasibility of further extending the
capacity of the Deilmann TMF and options for new tailings management facilities. Cameco expects to
submit a project description to regulatory agencies in 2009 that will initiate the environmental
assessment process for securing long-term tailings capacity at Key Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There was also significant progress in 2008 in terms of securing increased tailings capacity at
Rabbit Lake. Increased tailings capacity by means of expanding the
Rabbit Lake in-pit TMF pit crest
was assessed as part of the environmental assessment to process uranium solution from Cigar Lake
phase 1 mining. Cigar Lake ore will be processed at AREVA&#146;s McClean Lake mill into a uranium
solution. Under the Rabbit Lake Toll Milling agreement, about 50% of the uranium solution will be
shipped to the Rabbit Lake mill and further processed into U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. This process
will generate tailings at Rabbit Lake. Refer to the section titled &#147;Uranium Operations &#151; Rabbit
Lake&#148; in this MD&#038;A for more information.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, Cameco has undertaken a study to examine adding new tailings management capacity at
Rabbit Lake to support longer-term production growth potential. A new tailings management facility
would require an environmental assessment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to receive regulatory approval for TMF expansion at Key Lake and Rabbit Lake could
constrain uranium production. The financial impact is the loss of uranium sales revenue and
earnings.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->81<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Kumtor Tailings Management and Facility</I>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor tailings management facility is located in the Kumtor River valley and consists of twin
tailings pipelines, a tailings dam, an effluent treatment plant and two diversion ditches around
the area to prevent runoff and natural watercourses from entering the tailings basin. In 2008, the
tailings dam height was raised, which is expected to increase the capacity to store tailings until
the end of 2010. An additional capacity increase is planned for construction between 2009 and
2012. Centerra expects this will extend the life of the facility to the end of the current
reserves. If all necessary permits and authorizations are not obtained, or all work is not
successfully completed to further increase the capacity of the tailings dam by 2012, delays in,
interruptions or cessation of Centerra&#146;s production from Kumtor may occur.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Centerra&#146;s management of environmental issues, Centerra assesses the physical
characteristics of its tailings storage facilities. In 2003, Centerra undertook work in order to
proactively deal with some minor horizontal movement of the tailings dam. In 2007 and 2008,
additional construction work was completed and test pits were excavated to confirm that sound
foundations had been achieved.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The levels of movement encountered in the Kumtor dam foundation to date are not excessive and fall
well within the range of movements experienced by other such dams around the world. The Kumtor dam
material is strain tolerant and shows little effect of the minor horizontal movement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Blind River Refinery</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The environmental assessment study report for the proposed increase in licensed capacity of the
Blind River refinery from 18 to 24&nbsp;million kgU per year was approved and a letter requesting a
regulatory licence amendment was sent to the CNSC in December&nbsp;2008. Approval of the licence
amendment will allow construction of modifications to meet the new licensed capacity to be
completed. If we do not receive approval for the licence amendment, it will result in reduced
UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production either at our Port Hope conversion facility or the SFL facility. The
combined production of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> from the two facilities would be limited to between 15
million and 16&nbsp;million kgU.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Cigar Lake</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The existing licence expires on December&nbsp;31, 2009. Cameco will be applying to amend the licence to
allow for completion of the mine remediation work prior to the end of the existing licence term.
For more information on the remediation work, see the section titled &#147;Uranium Projects &#151; Cigar
Lake&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to receive the licence amendment at Cigar Lake could delay completion of the remediation
work and the eventual startup of production. The financial impact would be the loss of future
uranium sales revenue and earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Inkai</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai mineral reserves assume production at an annual rate of 5.2&nbsp;million pounds of
U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>, Cameco&#146;s share being 3.1&nbsp;million pounds. Inkai currently has regulatory
approval to produce at an annual rate of 2.6&nbsp;million pounds and an application for regulatory
approval to increase
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">annual production to 5.2&nbsp;million pounds was made in 2005. Cameco is familiar with the statutory,
regulatory and procedural framework governing new mining projects in Kazakhstan and, based upon its
experience to date, Cameco believes that it is reasonably likely that all permits and approvals
required for the construction and operation of its new ISR mine at Inkai &#151; including approvals for
increased annual production to 5.2&nbsp;million pounds &#151; will be obtained. However, there can be no
certainty that permits or approvals will be forthcoming. Failure to obtain approval for increased
annual production at Inkai will require Cameco to recategorize half of the mineral reserves at
Inkai as mineral resources.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Environmental Regulations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Environmental regulation affects nearly all aspects of Cameco&#146;s operations, imposing very strict
standards and controls. Regulation is becoming more stringent in Canada and the US. For example,
changes to our operational processes are increasingly subject to regulatory approval, which may in
turn result in delays due to the longer and more complex regulatory review and approval processes.
These increasing requirements are expected to result in higher administration costs and capital
expenditures for compliance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Changes to environmental regulation could impose further requirements on companies involved in the
nuclear fuel cycle. Such changes could include more stringent regulation on emissions and water
quality standards, and on property decommissioning and reclamation. These changes could affect
Cameco&#146;s operational costs or future decommissioning costs, or lower production levels, negatively
impacting future earnings and cash flow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">One example of a regulatory change that has significantly impacted our costs is the requirement to
reduce the concentrations of molybdenum and selenium in the effluent released from the Key Lake
mill. In recent years the CNSC and other regulators have increasingly focused on indicators of
potential longer-term environmental impact in the downstream receiving environments from our
facilities. For example, the CNSC raised concerns regarding the local accumulation of molybdenum
and selenium in the Key Lake mill downstream environment. To address these concerns of potential
impact, Cameco proposed an action plan to further reduce molybdenum and selenium discharges in the
mill effluent. The action plan was agreed to by the CNSC and subsequently included as a condition
in the Key Lake facility operating licence since January&nbsp;2007. For more information refer to the
section titled &#147;Uranium Operations &#151; McArthur River/Key Lake&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The costs to Cameco of this regulatory requirement are substantial in many aspects. Total capital
expenditures to add the molybdenum and selenium removal circuit are
forecast at $30&nbsp;million. The remainder of these capital
expenditures, approximately $5&nbsp;million, are expected to be
incurred in 2009. The
environmental assessment to increase the annual production licence capacity at McArthur River and
Key Lake has been on hold since 2006, pending the demonstration of the effectiveness of the
molybdenum and selenium removal circuit. The addition of the molybdenum and selenium removal
circuit adds further process complexity to the effluent treatment process and increases the
potential for effluent treatment upsets that can interfere with safe production. Finally, annual
operating costs are anticipated to increase by as much as $2&nbsp;million for additional reagents to
ensure removal of selenium to extremely low concentrations in the effluent.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco seeks to reduce its environmental impacts as one way to mitigate risks from changes in
environmental regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For example, McArthur River is taking proactive steps to reduce molybdenum that is discharged to
the environment ahead of regulatory limits that may be imposed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Early in the start up of the McArthur River operation, we recognized that the three shafts at the
site produced quantities of water that would exceed the needs of the underground operations.
Capture of the shaft seepage eliminated the need to pipe surface water down for underground mining
activities. The shafts produce water of good quality, and at shaft three, the water quality has
been assessed and approved for discharge to the environment, without treatment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">By mid-2009, Cameco expects direct discharge to the environment will be achieved at shaft three,
thereby preventing that source of water from contacting our underground processes. Accordingly,
molybdenum loadings should be reduced. In addition, we are targeting to have excess water from the
other shafts sent in a more direct manner to the surface effluent treatment plant. These two
actions are expected to reduce effluent treatment volume by approximately 5% to 10% and reduce the
molybdenum concentration in our effluent by an additional 5% to 10%. Combined, reduced loadings to
the environment in the second half of 2009 could see a 10% to 20% overall reduction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Going forward, since regulatory requirements change frequently, are subject to changing
interpretations and may be enforced in varying degrees, we are unable to predict the ultimate cost
of compliance with these requirements or their effect on operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Limited Number of Customers</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The nuclear industry is highly consolidated. As a result, Cameco relies on a relatively small
number of customers that purchase a significant portion of the company&#146;s uranium concentrates and
conversion services. BPLP also relies on a limited number of major customers for its electricity
sales, and our fuel manufacturing subsidiary has a significant portion of its sales committed to
BPLP and BALP. The loss of any of these large customers, or the reduction in product purchases by
these customers, could have a material adverse effect on Cameco&#146;s financial condition, liquidity
and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Uranium and Fuel Services</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For the period 2009 through 2011, our five largest customers are anticipated to account for about
47% of our contracted supply of U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB>. For the period 2009 through 2011, our
five largest UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion customers are anticipated to account for approximately 37%
of our contracted supply of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services. Cameco is currently the only
commercial supplier of UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> for use in Canadian Candu heavy water reactors, with sales to
its largest customer, OPG, accounting for approximately 46% of the company&#146;s UO<SUB style="font-size: 85%; vertical-align: text-bottom">2</SUB> sales
in 2008. For 2008, sales to one customer of Cameco&#146;s uranium and fuel services segments amounted to
$107&nbsp;million or 7% of our combined revenue from those businesses. As well, sales to BPLP and BALP
represented a substantial portion of our fuel manufacturing business.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have worked hard to build long-term relationships with our customers. In addition, Cameco
continues to implement a strategy that focuses on achieving longer contract terms. Today, new
contracts tend to reflect delivery terms up to 10&nbsp;years or more. Our current contract portfolio for
uranium and conversion services has contract terms averaging about 10&nbsp;years. Cameco has never had a
customer default on payment for a delivery.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While there are a small number of buyers for uranium and conversion services, there are also a
small number of suppliers. As such, customers have limited opportunity to exclude major producers
from their contracting activities. Cameco is one of two suppliers of Candu fabricated fuel bundles.
The capacity of the two producers currently exceeds demand, but neither producer alone can supply
all of the demand.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, 81% of the estimated world production of 115&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> was
marketed by seven producers. Cameco accounted for about 15% of world production in 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There are four significant producers of UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> conversion services in the western world.
Cameco manages about 35% of the nameplate capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Bruce Power</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP also relies on some major customers for its electricity sales. During 2008, electricity
revenue from one of BPLP&#146;s customers represented about 4% of BPLP&#146;s total revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In Ontario, during periods of peak demand, there is a shortage of available electrical generation
capacity. BPLP, as a baseload supplier, is well positioned and has the capacity to supply about 15%
of Ontario&#146;s electricity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Mineral Reserve Estimates</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our uranium mineral reserves are the foundation of the company and fundamental to our success.
Uranium mineral reserves and resources are estimated on a number of variables and assumptions,
including geological interpretation, extraction plans, commodity prices and operating and capital
costs. If our mineral reserves or resource estimates are inaccurate or reduced in the future, it
could have an adverse impact on our future cash flows and earnings. For example, if there are fewer
mineral reserves than estimated at any site, our future earnings would decrease from reduced sales
and higher depreciation costs. Depreciation of mine assets is generally calculated over the mine
life. A decrease in actual mineral reserves could decrease the mine life, which would result in
increased depreciation expenses over the same period of time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">McArthur River has about 25&nbsp;years of mineral reserves at the planned production rate. At Rabbit
Lake, the mineral reserves are expected to sustain mill production through 2013. We are seeking to
extend the mine life at both operations by conducting exploration drilling near the mine. At Rabbit
Lake, addition of further mineral reserves will also be dependent on identifying additional
tailings capacity beyond the currently planned expansion. For more information refer to the section
titled &#147;Uranium Operations &#151; Rabbit Lake&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">After the Cigar Lake mine has been dewatered and the condition of the underground development has
been assessed, the findings will be incorporated in the new mine
development and production plans.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2008, Cameco&#146;s share of proven mineral reserves at Cigar
Lake was 113.2&nbsp;million pounds. At the planned production rate, the mine life at Cigar Lake is
expected to total almost 15&nbsp;years. However, the planned
production rate may change as a result of a new mining plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inkai is expected to reach commercial production in 2009. We expect Inkai to ramp up to full
production of 5.2&nbsp;million pounds U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> per year by 2012. At the end of 2008,
Inkai had 141.8&nbsp;million pounds of proven and probable mineral reserves. Cameco&#146;s share of
production and mineral reserves is 60%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Centerra&#146;s Kumtor gold mine, the existing mineral reserves of the Kumtor mine and Sarytor
deposit should support gold production activities until 2014. The combined Boroo and Gatsuurt
mineral reserves are expected to provide mill and heap leach production for approximately seven
years if a bio-oxidation circuit is added to the current Boroo mill facility. The decision to add a
bio-oxidation circuit to the current Boroo mill facility is subject to Centerra reaching an
acceptable investment agreement for the Gatsuurt property.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reserve estimates are based on our knowledge, mining experience and analysis of drilling results.
We estimate mineral reserves and disclose them in a manner that conforms to industry practices and
applicable regulations, including NI 43-101.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">While we believe the mineral reserve and resource estimates included are well-established and
reflect management&#146;s best estimates, by their nature, reserve and resource estimates are imprecise
and depend to a certain extent upon, among other things, geological and statistical inferences,
which may ultimately prove inaccurate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Labour Relations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has unionized employees at its McArthur River mine, Key Lake mill and Port Hope conversion
and fuel manufacturing facilities. The collective agreement at the fuel manufacturing facility will
expire on June&nbsp;1, 2009, and the collective agreement covering unionized employees at McArthur River
and Key Lake will expire December&nbsp;31, 2009. The collective agreement with unionized employees at
the conversion facility in Port Hope expires on June&nbsp;30, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP has approximately 3,700 employees and most of them are unionized. The Power Workers&#146; Unions,
representing about 2,500 employees, have signed a three-year collective agreement that expires on
December&nbsp;31, 2009. The Society of Energy Professionals&#146; collective agreement, which began January
1, 2005, expires December&nbsp;31, 2009. Under the 2005 restructuring agreements, all employees remain
with BPLP and all employee costs are apportioned between BPLP and BALP.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Kumtor mine is unionized and all of Centerra&#146;s national employees in the Kyrgyz Republic are
subject to a collective agreement between the Kumtor Operating Company (KOC)&nbsp;and the Trade Union
Committee (TUC). This collective agreement was ratified by the membership in November&nbsp;2008 and will
expire January&nbsp;1, 2011.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Boroo, Centerra negotiated a collective agreement, effective December&nbsp;10, 2007, with the union
representing Boroo employees. The collective agreement expires February&nbsp;1, 2010.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We cannot predict at this time whether we will be able to reach new collective agreements with our
unionized employees without a work stoppage. Any lengthy work disruptions could affect our earnings
adversely.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Counterparty Risk</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco
takes measures that are intended to ensure its customers, suppliers
and hedging counterparties can fulfill their
contractual obligations. However, due to the current global economic situation the risk of default by
these parties has increased. Default by one or more significant
customers, critical
suppliers or hedging counterparties could be material to Cameco&#146;s financial condition, liquidity and results of operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Customers</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s sales of uranium product, conversion and fuel manufacturing services expose the company to
the risk of non-payment. We manage this risk by monitoring the credit worthiness of our customers
and seeking pre-payment or other forms of payment security from customers with an unacceptable
level of credit risk. As of December&nbsp;31, 2008, about 3% of Cameco&#146;s forecast revenue under contract
for the period 2009 to 2011 is with customers whose creditworthiness does not meet Cameco&#146;s
standards for unsecured payment terms. As well, Cameco&#146;s purchase of uranium product and conversion
services, such as under the HEU Commercial Agreement and Springfields toll-conversion agreement,
exposes the company to the risk of the supplier&#146;s failure to fulfill its delivery commitment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Suppliers</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco purchases reagents and other production inputs and supplies from numerous suppliers around
the world, and is therefore exposed to risk should any of these suppliers default on their
contractual commitments to Cameco. There are a number of instances where Cameco has been reliant on
a sole supplier, for example, the supply of hydrofluoric acid to the Port Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB>
conversion facility and the supply of sulphuric acid to the Inkai operation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Port Hope, Cameco suspended UF<SUB style="font-size: 85%; vertical-align: text-bottom">6</SUB> production in late November&nbsp;2008 due to a contract
dispute with its sole supplier of hydrofluoric acid. For more information refer to the section
titled &#147;Our Fuel Services Business &#151; Volumes &#151; Sales, Production, Purchases &#151; Production Volume
&#151; Conversion Services&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the Inkai project, during the third quarter of 2007 a fire at one acid plant in Kazakhstan and a
delay in the startup of a new plant limited the availability of sulphuric acid required for mining.
For more information refer to the section titled &#147;Uranium Projects &#151; Inkai&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is examining its entire supply chain, looking to diversify or add inventory where we are
vulnerable.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Hedging Counterparties</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco employs the use of derivative financial and commodity instruments to reduce exposure to
fluctuations in foreign currency exchange rates, interest rates and commodity prices. The purpose
of hedging transactions is to modify Cameco&#146;s exposure to one or more risks by creating an offset
between changes in the fair value of, or the cash inflows attributable to, the hedged item and the
hedging item.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Counterparty risk on hedging arrangements is managed by dealing with highly-rated counterparties
with reasonable exposure limits. At December&nbsp;31, 2008, all counter-parties to foreign exchange
hedging contracts had a Standard and Poor's credit rating of A or better. As Cameco is in a
mark-to-market loss position on its foreign exchange contracts, there is likely no counterparty
default risk on Cameco&#146;s hedging arrangements at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If the Canadian dollar decreases significantly against the US dollar and a counterparty defaults
under its contract there is an increased risk of financial loss to Cameco. For more information on
our hedging activities, see the section titled &#147;Foreign Exchange&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Aboriginal Title and Consultation Issues</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">First Nations and M&#233;tis title claims, as well as related consultation issues, may affect the
ability of Cameco to pursue exploration, development and mining at its Saskatchewan uranium
producing properties (McArthur River and Rabbit Lake) and developmental property (Cigar Lake), as
well as milling ore at Key Lake. Cameco has received formal demands from the English River First
Nation (ERFN)&nbsp;and the M&#233;tis Nation of Saskatchewan to be consulted and accommodated with respect to
development on aboriginal traditional lands, which is an expectation of all aboriginal groups in
northern Saskatchewan. It is generally accepted that pursuant to historical treaties, First Nation
bands in northern Saskatchewan ceded title to most of the lands in northern Saskatchewan in
exchange for various treaty lands including Reserve land.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the ERFN has selected claims for Treaty Land Entitlement (TLE)&nbsp;designation that
include the surface lands covering the Millennium uranium deposit. The Saskatchewan government
recently rejected this selection (December&nbsp;2008). However, the ERFN has challenged that rejection
in the courts. Similarly, the Peter Ballantyne Cree Nation has selected lands under the TLE process
that cover portions of the mineral claims held by the Dawn Lake joint venture. The TLE process does
not affect the rights of our mining joint ventures. However, it may have an impact on the surface
rights and benefits ultimately negotiated as part of the development of our two uranium deposits.
Cameco, as operator of both affected joint ventures, is investigating the potential implications of
the TLE land issue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Managing these issues is an integral part of exploration, development and mining in Canada, and
Cameco is committed to managing these issues effectively. However, in view of the legal and factual
uncertainties, no assurance can be given that these issues will not impact our operations and
future development activities.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Market Risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Product Prices</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a significant producer and supplier of uranium, nuclear fuel processing, gold and electricity,
Cameco bears significant exposure to changes in prices for these
products. A substantial downturn in prices will negatively affect the company&#146;s net earnings and operating cash flows.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Prices for our products are volatile and are influenced by numerous factors beyond the company&#146;s
control, such as supply and demand fundamentals, geopolitical events and, in the case of
electricity prices, weather.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Uranium</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Uranium spot prices have mostly been less than $20 (US)&nbsp;per pound U<SUB style="font-size: 85%; vertical-align: text-bottom">3</SUB>O<SUB style="font-size: 85%; vertical-align: text-bottom">8</SUB> (constant<SUB style="font-size: 85%; vertical-align: text-bottom"> </SUB>dollars) since the company was formed in 1988. Beginning mid-2003, the
uranium price increased rapidly, primarily as a result of market participants recognizing that secondary supplies would contribute less to future supply than anticipated. In the last few years, the spot price has been more volatile. The following graph shows the month-end uranium spot prices
since 1988 in current (i.e. non-inflation adjusted) dollars.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><b>Uranium Spot Price 1988-2008</b><BR>
<b>(Industry Average Price &#151; Ux &#038; TradeTech)</b>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><IMG src="o54391o5342205.gif" alt="(PERFORMANCE GRAPH)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Deliveries under new contracts typically do not begin for, on average, two to four years after the
contract is signed. As a result, many of the contracts in our current portfolio have limited
sensitivity to spot price changes in the near term. For information on Cameco&#146;s sensitivity to spot
prices, see &#147;Uranium Price Sensitivity (2009)&#148; and Uranium Price Sensitivity (2009 to 2013)&#148; in
this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our contracting objective is to secure a solid base of earnings and cash flow to allow us to
maintain our core asset base and pursue growth opportunities over the long term. For more
information on uranium contracting, see &#147;Uranium Strategies&#148; in this MD&#038;A.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Fuel Services</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The majority of our fuel services sales are at fixed prices with inflation escalators. For more
information on fuel services contracting, see &#147;Fuel Services Price Sensitivity Analysis&#148; in this
MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Bruce Power</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly, BPLP reduces price volatility by committing sales under fixed-price contracts. For more
information on Bruce Power&#146;s contracting, see &#147;Electricity Price Sensitivity Analysis&#148; in this
MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In addition, the BPLP restructuring agreement provides for a floor price that was $47.45 per MWh in
2008 (escalated by inflation) for the electricity sold into the spot market. In 2009, the estimated
floor price is $48.38 per MWh. The floor price extends to 2019<I>. </I>The floor price has a true-up
mechanism, which is settled on a monthly basis with a contingent support payment. The aggregate of
contingent support payments is tracked, as any payments received are subject to a recapture payment
dependent on the annual spot price. BPLP would have to pay back the difference between the market
and floor price, up to a value not exceeding the current contingent support payment balance. If a
repayment is made, this amount is then subtracted from the contingent support payment balance.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Gold</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra is totally exposed to the fluctuations in the spot market for gold. Centerra currently
plans to leave its gold production unhedged due to the strong industry fundamentals, which it
expects to continue to put upward pressure on price.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more information refer to the section titled &#147;Gold Price Sensitivity Analysis&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Foreign Exchange Risk</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The relationship between the Canadian and US dollars affects financial results of the uranium
business as well as the fuel services business. For a discussion of Cameco&#146;s currency hedging
program, see information under the heading &#147;Foreign Exchange&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Political Risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Overview</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has ownership interests in mining operations and development projects in the Republic of
Kazakhstan, the Kyrgyz Republic and Mongolia. All three countries are developing countries and have
experienced varying degrees of political and economic difficulties in recent years. Potential risks
could develop from actions by governmental authorities or internal unrest or political instability.
This could result in an adverse impact on Cameco&#146;s future cash flows, earnings, and financial
condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Kyrgyz Republic</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco owns about 53% of Centerra. Kyrgyzaltyn, a Kyrgyz joint stock company whose shares are 100%
owned by the Government of the Kyrgyz Republic, owns about 16% of Centerra. The president of
Kyrgyzaltyn is currently a member of Centerra&#146;s board of
directors. Kyrgyzaltyn has agreed to maintain ownership of at least 5% of the outstanding Centerra common shares as long as
the Kyrgyz government continues to control Kyrgyzaltyn.

</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Discussions continue with the Kyrgyz government working group responsible for the negotiations in
order to resolve outstanding issues regarding the Kumtor project. If the outstanding issues cannot
be resolved, the risks to Cameco&#146;s investment in Centerra may increase significantly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For more
information refer to the section titled &#147;2008 Gold Business
Results &#151; Kyrgyz Republic&#148;
in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mongolia</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">On June&nbsp;29, 2008, Mongolia held a parliamentary election. A coalition government was formed and, as
a result of government restructuring a new ministry of mining was established.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Centerra has resumed negotiations with respect to an investment agreement for the Gatsuurt project.
In December&nbsp;2008, the parliament enacted a change to the windfall profits tax affecting gold sales.
A new threshold price in excess of $850 per ounce was enacted, up from $500 per ounce.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Kazakhstan</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We formed a strategic alliance through a joint venture with Kazatomprom, a state-owned entity of
the Kazakhstan government. Cameco has agreed to provide funding of up to $300&nbsp;million (US)&nbsp;to the
Joint Venture Inkai for project development. We have also invested at least $4&nbsp;million (US)&nbsp;over
the last several years on sustainable development activities. To date, the Kazakhstan government
has supported the project. In the event of a dispute arising at Inkai with our partner Kazatomprom,
the dispute will be submitted to international arbitration. The provision for settlement of
disputes with the government under the Resource Use Contract pursuant to international arbitration
is threatened by the proposed draft Subsoil Law which directs disputes to Kazakh courts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The political risk in Kazakhstan is increasing. In 2007, amendments to the Subsoil Law allow the
government to reopen subsoil use agreements in certain circumstances. At the end of 2008, the
Kazakh Parliament adopted a new tax code and is currently considering a new Subsoil Law, both of
which either challenge or abolish the tax stabilization regime contained in contracts previously
signed with the Kazakh government. The Kazakh government has requested that Inkai agree to amend
its Resource Use Contract to adopt the new tax code. In addition, the Kazakh government has
rejected Inkai&#146;s request that the 2009 production targets contemplated by its Resource Use Contract
be reduced. Due to lack of sulphuric acid and other operational challenges, Inkai does not believe
it will be able to achieve the 2009 production target currently required under the contract. Inkai
is in discussions with the government to resolve this and other matters relating to its Resource
Use Contract and changes to the tax code and the proposed new Subsoil Law, which we believe we will
be able to do. If we are unable to satisfactorily resolve these matters, the risks to Cameco&#146;s
investment in Kazakhstan may increase significantly.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra practise the principles of sustainable development &#151; to be a leader in business
ethics, workplace safety, environmental protection and community economic development. As a result,
we believe our commitment to sustainable development will further enhance our goal of becoming a
partner of choice for governments and state-owned enterprises where we operate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and Centerra have entered into agreements with the governments of these countries in an
effort to mitigate the political risk. In addition, Cameco and Centerra have made an assessment of
the political risk associated with their foreign investments and have purchased political risk
insurance to partially mitigate losses. There can be no assurance that these agreements will prove
to be enforceable or provide adequate protection.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Losses due to political risk could be material to Cameco&#146;s future cash flows, earnings, results of
operations and financial condition.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Restructuring of Ontario&#146;s Electricity Industry</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Through Cameco&#146;s investment in BPLP, we are exposed to various business risks associated with the
generation and marketing of electricity. In Ontario, political risk results from uncertainty over
the future direction of government energy policies. BPLP sells electricity into the wholesale spot
market and the contract market.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There is a risk that the Ontario government could regulate the wholesale market in the future. This
would limit the upside potential for BPLP&#146;s revenue. Given the shortage of generating capacity in
Ontario, the need to attract new investment and recent market structure changes made by the
government, we believe the risk that the wholesale market will be regulated is low, but the
government continues to have an influence on the market in part through: (1)&nbsp;ministerial directives
to the Ontario Power Authority (OPA)&nbsp;for procurement of generation, (2)&nbsp;entering into long-term
supply agreements with developers via the OPA and (3)&nbsp;its interest as an owner of OPG in the future
of coal and nuclear generation.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Operational Risks</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B><I>Overview</I></B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s businesses are subject to a number of operational risks and hazards, which, if one or more
of them occur, could impact us significantly. These risks and hazards include environmental
pollution, accidents or spills; industrial accidents; social or political activism, including
blockades; regulatory changes; non-compliance with laws; fire; natural phenomena, including
underground floods, cave-ins and pitwall failures; encountering unusual or unexpected geological
conditions; adverse ground conditions, and technological failure of mining methods.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We contract for the transport of our uranium and uranium products to refining, conversion,
fuel manufacturing, enrichment facilities and nuclear facilities in North America and Europe, as
well as processing facilities in Kazakhstan, which exposes the
company to transportation risks. In addition, we are exposed to
transportation risks related to the transport of chemicals used in
our processing facilities. The
potential risk is damage to the environment from a transportation incident, which results in a
spill of product. We may be held liable as owner of the product. This could damage our reputation,
which could make it more difficult to ship our products.
</DIV>

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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Although we maintain insurance to cover some of these risks and hazards in amounts we believe to be
reasonable, this insurance may not provide adequate coverage in all circumstances.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Engineering and Technical</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Water Inflow</I>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Due to the unique geological conditions of the deposits at McArthur River, Cigar Lake and Rabbit
Lake, some technical challenges exist, including the potential inflow of water into a mine.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In April&nbsp;2003, a rockfall that resulted in a water inflow into the McArthur River mine suspended
mining for nearly three months and was a major setback to development of new mining zones as
revised mining plans were subsequently prepared and improved controls were put in place to access
the zone where the inflow occurred. Similar difficulties could result in lower uranium production
levels.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Starting in 2006, three water inflows have occurred at Cigar Lake. In October&nbsp;2006, a rockfall
causing a water inflow at Cigar Lake flooded the underground development. The company is currently
in the process of mine remediation. For more information, see the section titled &#147;Uranium Projects
&#151; Cigar Lake&#148; under &#147;Uranium Business&#148; in this MD&#038;A.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco has operational controls in place that are intended to reduce risk of water inflow,
including detailed procedural training for employees, equipment inspections and testing, ground
control inspections by our site engineers, and a program of rock mechanics reviews. In addition,
there is a renewed focus on safety culture.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Notwithstanding these operational controls, inflows do occur. The controls aim to reduce the
likelihood of a large uncontrolled inflow and to improve the contingency preparation to deal with
an inflow if it occurs. Examples of smaller inflows that were successfully managed include a
November&nbsp;2007 inflow at Rabbit Lake and a November&nbsp;2008 inflow at McArthur River. Both of these
inflows were in the range of 100 cubic metres per hour (m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr), an order of magnitude
less than the McArthur River 2003 and Cigar Lake 2006 mine inflows and were quickly managed through
site contingency plans. The source of the Rabbit Lake inflow was fully plugged early in 2008. At
McArthur River, the 2008 inflow area was quickly secured and work is ongoing in the early part of
2009 to fully grout the inflow area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In 2008, Cameco increased pumping capacity at the McArthur River mine to 1,650 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr
from the previous level of 1,500 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr. We have the ability to treat between 750 and 800
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr through our regular water treatment plant. In addition, we have another 750
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr contingency water treatment capacity available which requires regulatory approval
to use. Beyond that, we have water storage capability of 50,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> in a surface pond,
which could provide several weeks storage for any inflows in excess of hourly treatment capacity.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Current discharge rates are limited by the SMOE with the approval to release up to 360
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr during the period of April&nbsp;15 to June&nbsp;15 to allow passage of spawning fish through
the downstream Read Creek culvert and up to 833 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr for the remainder of the year.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are working on obtaining regulatory clarity for contingency water treatment and release in the
event of a large water inflow.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At McArthur River, in 2009, we plan to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>upgrade the Read Creek culvert to allow fish passage during high flow conditions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>apply to SMOE for removal of the 360 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr flow restriction; and,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>submit an application to CNSC and SMOE for formal approval of the McArthur Contingency
Water Management Plan that would allow Cameco to operate the contingency water treatment
plant and discharge at rates up to 1,500 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr during mine inflow conditions.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Cigar Lake project has pumping capacity of 1,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr. We plan to increase the
pumping capacity to 2,300 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr after the mine has been dewatered and secured. We will
continue to examine the pumping capacity and adjust as required. Currently, we have the ability to
treat and release 550
m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr and
have an additional 74,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP> of storage capacity
at surface. We are early in the process of applying for regulatory approval to increase treatment
and release limits to handle future potential inflows. Cameco has proposed using an approach that
establishes expected and upper bound limits for potential inflows. Today, the system is modelled to
be in the order of 3,000 m<SUP style="font-size: 85%; vertical-align: text-top">3</SUP>/hr.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Jet Boring Mining Method at Cigar Lake</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Cigar Lake, the major technical factors influencing the mining method selection include ground
stability, control of groundwater, radiation exposure, and ore handling and storage. Various
studies on ground conditioning and non-entry mining methods were conducted. A test mine program,
which ran three campaigns, resulted in the selection and validation of the jet boring mining
method.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The overall test mine program was considered successful with all initial objectives fulfilled.
However, as the jet boring mining method is new to the uranium mining industry, the potential for
technical challenges exists. We are confident we will be able to solve the challenges that may
arise during the initial rampup period, but failure to do so would have a significant impact on
Cameco. We could experience a delay in production startup, which would result in the delay of sales
and revenue. Costs would likely rise as we examined solutions to deal with the technical
challenges. Given that we cannot foresee what these problems and solutions might be, we cannot
predict the costs at this time.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Transition to New Mining Areas at McArthur River</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are currently mining in zone 2 (panels 1, 2, and 3) at the McArthur River mine and have mined
exclusively in these areas since production commenced at McArthur River in 1999. In 2009, we expect
to transition production to panel 5 of zone 2 and plan to bring lower zone 4 into operation in
2010. All production from these zones will continue to come from our mining method of raiseboring.
For more information on this transition, see the section under &#147;Uranium Business&#148; titled &#147;Uranium &#151;
Capability to Deliver Results &#151; Transition to New Mining Areas&#148; in this MD&#038;A.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Failure to successfully transition to new zones could delay production and could result in a loss
of sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Boxhole Boring Mining Method at McArthur River</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Work also progressed on the planning of a boxhole boring mining method, which we anticipate using
for production from upper zone 4 beginning in 2013. Boxhole boring is used to excavate an orebody
where there is limited or no access from above. The machine is set up on the lower level, and a
raise is bored upward into the orebody. The ore and rock are carried by gravity down the hole and
are deflected away from the machine. Boxhole boring is a vertical development technique used at a few mines in the world; however, it would be a first in uranium mining and as a production method. We have some
experience with boxhole boring as we have previously conducted trials and tested the boxhole method
at Rabbit Lake and Cigar Lake.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Technical
challenges associated with this mining method include raise stability in the new mining areas,
controlling raise deviation, material handling, ore containment and control of radiation exposure. Accordingly, we have scheduled a long lead
time for implementation to ensure the technical challenges are understood and risks mitigated.
Until Cameco has fully developed and tested the boxhole boring method at McArthur River, there is
uncertainty in the estimated productivity. A dedicated &#147;Mining Methods Development&#148; team has been
assembled at McArthur River to develop the boxhole method and capital equipment, including a
boxhole raise drill that was ordered late in 2006. Design of specialized components was completed
in 2007, along with mine planning of the test area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Presently we are actively drilling the pilot hole for the first test hole in waste and we are
nearing completion of the freeze drilling for the test raises in ore planned for 2010. We have
confidence we will be able to successfully implement this mining method at McArthur River. Failure
to do so would delay production from this zone and could result in a loss of sales.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Kumtor Highwall Ground Movement</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The highwall ground movement at the Kumtor mine in July of 2002 resulted in a temporary suspension
of mining operations and a significant shortfall in gold production. Since that event, additional
ground movements in 2004, 2006 and 2007 have been detected in various areas of the mine. Some of
these ground movements have impacted production in the years in which they occurred.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">There can be no assurance that there will not be any further ground movements. A ground movement
could result in a significant interruption of operations. The consequences of a ground movement
will depend upon the magnitude, location and timing of any such movement. If mining operations are
interrupted or Centerra experiences a loss of reserves or a material increase in costs, this could
have a material adverse impact on Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Reclamation and Decommissioning</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The company plans for the closure, reclamation and decommissioning of its operating sites.
Decommissioning and reclamation costs may increase over time due to increasingly stringent
regulatory requirements and labour market conditions.
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Periodically, Cameco re-estimates its total decommissioning and reclamation costs, based on current
operations to date, for its operating assets. At the end of 2008, the total estimate was $556
million, which is the undiscounted value of the obligation. Most of these expenditures are
typically incurred at the end of the useful lives of the operations to which they relate and,
therefore, only a small percentage of total estimated decommissioning and reclamation costs are
expected to be incurred over the next five years.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At the end of 2008, Cameco&#146;s accounting provision for future reclamation costs totalled $353
million, which represents the present value of the $556&nbsp;million mentioned above. At the end of
2007, the accounting provision for reclamation costs was $285&nbsp;million. The provision increased by
$68&nbsp;million in 2008 due to higher estimates for decommissioning of the US ISR minesites and
accretion expense. The revised estimates for these operations were approximately double prior
amounts, which were based on studies completed about five years earlier. The increase is largely
due to higher expected costs for labour and equipment. See note 10 in the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco typically provides letters of credit (LC)&nbsp;to provide financial assurances, where required,
for decommissioning and reclamation costs. Cameco&#146;s LCs issued in support of reclamation
liabilities totalled $429&nbsp;million at the end of 2008 (2007 &#151; $300&nbsp;million). Since 2001, all
Cameco&#146;s North American operations have had in place LCs providing financial assurance, which are
aligned with preliminary plans for site-wide decommissioning. Beginning in 1996, the company has
conducted regulatory-required reviews of its decommissioning plans for all Canadian sites. These
periodic reviews are done on a five-year basis, or at the time of an amendment to or renewal of an
operating licence.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In
addition, Cameco owns or operates certain facilities where historic
soil and groundwater conditions are the subject of ongoing
investigation and/or remediation and planning. For example, Cameco is
addressing issues related to historic soil and groundwater
contamination at the Port Hope conversion facility, the Blind River
refinery, the Welcome waste site, the Port Granby waste site, the
Rabbit Lake mine and milling complex and at its fuel manufacturing
facility. While the management of these issues is ongoing and in some
cases subject to agreements limiting the company&#146;s financial
commitment, the ultimate costs of future investigation or remediation
at these sites or with respect to other sites that it owns or operates
affected by historic contamination are uncertain and may be material.</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Safety, Health, Environment and Quality</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco is subject to the normal worker health, safety and environmental risks associated with all
mining and chemical processing. In addition, our workforce faces other risks associated with
radiation related to uranium mining and milling, and fuel services operations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Over the last few years, Cameco has been implementing a quality system that incorporates our
environmental management and health and safety management systems. Most of Cameco&#146;s uranium
facilities are ISO 14001 certified or in the process of developing the program and obtaining
certification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Monitoring and reporting programs for environmental, health and safety performance in all our
operations are in place to ensure environmental and regulatory standards are met. For 2008, we
invested about $137&nbsp;million for environmental monitoring, protection and assessment programs; and
$24&nbsp;million for safety and health programs. The increased expenditures year-over-year are due
primarily to an upgrade in the reverse osmosis plant and additional costs for bulk neutralization
at Key Lake, the addition of a mill clarifier at Rabbit Lake, the remediation project at the Port
Hope UF<SUB style="font-size: 85%; vertical-align: text-bottom">6 </SUB>conversion facility, and the inclusion of Cigar Lake expenditures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Inspections, assessments and audits are also designed to provide reasonable assurances of our
performance to management. Contingency plans are in place for a timely response to an environmental
event.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->96<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The occurrence of any one or more of the safety, health, environmental and quality risks may have a
material impact upon Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><I>Electricity Business</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The capacity factor is directly related to the operating performance of BPLP&#146;s generating assets.
The capacity factor for a given period represents the amount of electricity actually produced for
sale as a percentage of the amount of electricity the plants are capable of producing for sale.
BPLP&#146;s anticipated contribution to Cameco&#146;s financial results in a given year could be
significantly impacted if the aggregate capacity factor is less than expected due to planned
outages extending significantly beyond their scheduled periods or if there are unplanned outages
for an extended period of time. The impact of a lower capacity factor is reduced electricity sales
and revenue.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Reduced generation capacity may cause electricity prices to rise, which can partially offset the
loss in sales volume.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">BPLP manages this risk through preventive maintenance to improve overall equipment reliability, by
adopting more efficient operational processes and by improving employee performance at all levels.
In 2009, BPLP plans to invest $119&nbsp;million in sustaining capital.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Controls and Procedures</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As of December&nbsp;31, 2008, we evaluated our disclosure controls and procedures as defined in the
rules of the US Securities and Exchange Commission and the Canadian Securities Administrators. This
evaluation was carried out under the supervision and participation of management, including the
president and chief executive officer and the chief financial officer. Based on that evaluation,
the president and chief executive officer and chief financial officer concluded that as of such
date Cameco&#146;s disclosure controls and procedures were effective to provide a reasonable level of
assurance that the information Cameco is required to disclose in reports it files or submits under
applicable securities laws is recorded, processed, summarized and reported within the time periods
specified by applicable securities laws. No significant changes were made in our internal control
over financial reporting during the year ended December&nbsp;31, 2008, that have materially affected, or
are reasonably likely to materially affect, our internal control over financial reporting.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Critical Accounting Estimates</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco prepares its financial statements in accordance with Canadian GAAP. In doing so, management
is required to make various estimates and judgments in determining the reported amounts of assets
and liabilities, revenues and expenses for each year presented, and in the disclosure of
commitments and contingencies. Management bases its estimates and judgments on its own experience,
guidelines established by the Canadian Institute of Mining, Metallurgy and Petroleum and various
other factors believed to be reasonable under the circumstances. Management believes the following
critical accounting estimates reflect its more significant judgments used in the preparation of the
financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Depreciation and depletion on property, plant and equipment is primarily calculated using the unit
of production method. This method allocates the cost of an asset to
each period based on current period production as a portion of total lifetime production or a portion of estimated
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->97<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">recoverable ore reserves. Estimates of lifetime production and amounts of recoverable reserves are
subject to judgment and significant change over time. If actual mineral reserves prove to be
significantly different than the estimates, there could be a material impact on the amounts of
depreciation and depletion charged to earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Significant decommissioning and reclamation activities are often not undertaken until substantial
completion of the useful lives of the productive assets. Regulatory requirements and alternatives
with respect to these activities are subject to change over time. A significant change to either
the estimated costs or recoverable reserves may result in a material change in the amount charged
to earnings.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco assesses the carrying values of property, plant and equipment, and goodwill annually or more
frequently if warranted by a change in circumstances. If it is determined that carrying values of
assets or goodwill cannot be recovered, the unrecoverable amounts are written off against current
earnings. Recoverability is dependent upon assumptions and judgments regarding future prices, costs
of production, sustaining capital requirements and economically recoverable ore reserves. A
material change in assumptions may significantly impact the potential impairment of these assets.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco uses derivative financial and commodity instruments to reduce exposure to fluctuations in
foreign currency exchange rates, interest rates and commodity prices. As long as these instruments
are effective, they have the effect of offsetting future changes in these underlying rates and
prices. Future earnings may be adversely impacted should these instruments become ineffective.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco operates in a number of tax jurisdictions and is, therefore, required to estimate its income
taxes in each of these tax jurisdictions in preparing its financial statements. In calculating the
income taxes, consideration is given to factors such as tax rates in the different jurisdictions,
non-deductible expenses, valuation allowances, changes in tax laws and management&#146;s expectations of
future results. Cameco estimates future income taxes based on temporary differences between the
income and losses reported in its financial statements and its taxable income and losses as
determined under the applicable tax laws. The tax effect of these temporary differences is recorded
as future tax assets or liabilities in the financial statements. The calculation of income taxes
requires the use of judgment and estimates. If these judgments and estimates prove to be
inaccurate, future earnings may be materially impacted.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>New Accounting Pronouncements</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Goodwill and Intangible Assets</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2009, Cameco adopted the new Canadian standard, Handbook Section&nbsp;3064,
Goodwill and Intangible Assets, which replaces Handbook Section&nbsp;3062, Goodwill and Other Intangible
Assets and Section&nbsp;3450, Research and Development Costs. The standard introduces guidance for the
recognition, measurement and disclosure of goodwill and intangible assets, including internally
generated intangible assets. The standard harmonizes Canadian standards with International
Financial Reporting Standards and applies to annual and interim
financial statements for fiscal years beginning on or after October&nbsp;1, 2008. Cameco is assessing the impact
of the new standard on its consolidated financial statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->98<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>International Financial Reporting Standards (IFRS)</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The Accounting Standards Board has announced that Canadian publicly accountable enterprises will be
required to adopt IFRS effective January&nbsp;1, 2011. Although IFRS employs a conceptual framework that
is similar to Canadian GAAP, there are significant differences in recognition, measurement and
disclosure. Cameco has undertaken a project to assess the potential impacts of the transition to
IFRS and has established a project team led by finance management to plan for and achieve a smooth
transition to IFRS. The project team has developed a detailed project plan to ensure compliance
with the new standards. Regular progress reports on the status of Cameco&#146;s IFRS implementation
project are provided to senior management and to the audit committee
of the board. A major public accounting
firm has been engaged to provide technical accounting advice and project management guidance in the
conversion to IFRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s implementation project consists of three principal phases:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Phase 1:
Preliminary Study and Diagnostic &#151; This phase included performing a high-level impact
assessment to identify key areas that may be impacted by the adoption of IFRS. This analysis
resulted in the prioritization of areas to be evaluated in the next phase of the project plan. The
information obtained from the assessment was also used to develop a detailed plan for convergence
and implementation. During phase 1, an analysis was also performed to assess whether information
technology systems used to collect and report financial data required modification in order to meet
new reporting requirements under IFRS.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Phase 2: Detailed Component Evaluation &#151; In this phase, further evaluation of the financial
statement areas impacted by IFRS will be completed. This will involve a more detailed, systematic
gap analysis of accounting and disclosure differences between Canadian GAAP and IFRS. This detailed
assessment will facilitate final decisions around accounting policies and overall conversion
strategy. This phase also involves specification of changes required to existing business
processes.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Phase 3: Embedding &#151; This phase includes execution of changes to business processes impacted by
Cameco&#146;s transition to IFRS and formal approval of recommended accounting policy changes. Also
included in this phase is the delivery of necessary IFRS training to
Cameco&#146;s audit committee of the board, board of directors and staff. This phase will culminate with the collection of financial
information necessary to compile IFRS compliant financial statements and audit committee approval
of IFRS financial statements commencing in 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco
completed the preliminary study and diagnostic phase in June&nbsp;2008 and is now in the detailed
component evaluation phase. Cameco&#146;s analysis of the areas that may be impacted by the adoption of
IFRS has identified a number of differences. Cameco is currently assessing the impact of the
adoption of IFRS on our results of operations, financial position and financial statement
disclosures. In addition, Cameco continues to assess the impact of the conversion on internal
controls over financial reporting and disclosure controls and procedures. Cameco has and will
continue to invest in training and resources throughout the transition period.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->99<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Noncontrolling Interests in Consolidated Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2009, Cameco adopted the new Canadian standard, Handbook Section&nbsp;1602,
Noncontrolling Interests in Consolidated Financial Statements. This section specifies that
noncontrolling interests be treated as a separate component of equity, not as a liability or other
item outside of equity. Section&nbsp;1602 is effective for periods beginning on or after January&nbsp;1, 2011
and will be applied prospectively to all noncontrolling interests, including any that arose before
the effective date. Cameco does not expect the adoption of this standard will have a material
impact on its consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Consolidated Financial Statements</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2009, Cameco adopted the new Canadian standard, Handbook Section&nbsp;1601,
Consolidated Financial Statements, which replaces the existing standard. This section establishes
the standards for preparing consolidated financial statements and is effective for periods
beginning on or after January&nbsp;1, 2011. Cameco does not expect the adoption of this standard will
have a material impact on its consolidated financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Business Combinations</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Effective January&nbsp;1, 2009, Cameco will adopt the new Canadian standard, Handbook Section&nbsp;1582,
Business Combinations. This section specifies a number of changes including: an expanded definition
of a business, a requirement to measure all business acquisitions at fair value, a requirement to
measure noncontrolling interests at fair value and a requirement to recognize acquisition-related
costs as expenses. Section&nbsp;1582 applies prospectively to business combinations occurring on or
after January&nbsp;1, 2011.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><FONT style="font-variant: SMALL-CAPS"><B>Use of Non-GAAP Financial Measures</B></FONT>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Adjusted net earnings, a non-GAAP measure, should be considered as supplemental in nature and not a
substitute for related financial information prepared in accordance with GAAP. Consolidated net
earnings are adjusted in order to provide a more meaningful basis for period-to-period comparisons
of the financial results. The following table outlines the adjustment to net earnings. See note 3
to the financial statements.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->100<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Adjusted Net Earnings</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Three months ended</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Year ended</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 1px solid #000000"><B>December 31</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>($ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>2007</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings (per GAAP)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$31</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$61</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$450</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$416</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjustments (after tax)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Restructuring of the gold business</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">28</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(20)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">153</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock option expense (recovery)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">2</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(12)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(31)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">65</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Unrealized losses (gains)&nbsp;on
financial instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">166</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(37)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Writedown of investments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">6</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">26</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Change in income tax rates</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(25)</TD>
    <TD nowrap>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="center">(25)</TD>
    <TD nowrap>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Adjusted net earnings</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$179</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$53</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$589</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center">&nbsp;</TD>
    <TD align="center"><B>$572</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>QUALIFIED PERSONS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The technical and scientific information discussed in this MD&#038;A was prepared by or under the
supervision of the following individuals, who are qualified persons for the purposes of National
Instrument 43-101, with respect to the following material properties:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>McArthur River/Key Lake:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alain G. Mainville*, director, mineral resources management, Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>David Bronkhorst, general manager, McArthur River, Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chuck Edwards, director, metallurgy, AMEC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Greg Murdock, technical superintendent, McArthur River, Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Les Yesnik, general manager, Key Lake, Cameco.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cigar Lake:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Alain G. Mainville*, director, mineral resources management, Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Scott Bishop, chief mine engineer, Cigar Lake, Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Chuck Edwards, director, metallurgy, AMEC.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Doug McIlveen, chief geologist, Cigar Lake project, Cameco.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Grant J.H. Goddard, general manager, Cigar Lake, Cameco.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Kumtor:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Ian Atkinson, vice-president, Exploration, Centerra.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 9pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>As director, mineral resources management at Cameco, Mr.&nbsp;Mainville oversees and coordinates
the work performed by Cameco qualified persons on the estimation of mineral reserves and
resources and reports to management and Cameco&#146;s reserve oversight committee of the board on
matters relating thereto.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Statements contained in this MD&#038;A which are not current statements or historical facts are
&#147;forward-looking information&#148; (as defined under Canadian securities laws) and &#147;forward-looking
statements&#148; (as defined in the U.S. Securities Exchange Act of 1934, as amended) which may</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->101<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>be material and that involve risks,
uncertainties and other factors that could cause actual results to differ materially from those
expressed or implied by them. Sentences and phrases containing words such as &#147;believe&#148;, &#147;estimate&#148;,
&#147;anticipate&#148;, &#147;plan&#148;, &#147;predict&#148;, &#147;goals&#148;, &#147;targets&#148;, &#147;projects&#148;, &#147;may&#148;, &#147;hope&#148;, &#147;can&#148;, &#147;will&#148;,
&#147;shall&#148;, &#147;should&#148;, &#147;expect&#148;, &#147;intend&#148;, &#147;is designed to&#148;, &#147;continues&#148;, &#147;with the intent&#148;,
&#147;potential&#148;, &#147;strategy&#148; and the negative of these words, or variations of them, or comparable
terminology that does not relate strictly to current or historical facts, are all indicative of
forward-looking information and statements. Examples of forward-looking information and statements
include, but are not limited to: our expectations regarding future worldwide uranium supply and
demand; our expectations regarding long-term uranium contracting levels in 2009; the volume of
uranium production in 2009 at our various operations; our ability to achieve full sustainable
annual production at our McArthur River and Key Lake operations and the timeframe for doing so; the
expected date for completion of sealing the 2008 water inflow at Cigar Lake; our estimates
regarding future annual production levels at Inkai; our uranium production outlook for 2009 through
2013; our 2009 outlook for uranium, including the calculation of tiered royalties, uranium price
sensitivity for 2009 and the price sensitivity table for 2009 through 2013 and related discussion;
the target date for resuming UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> production at Port Hope; the 2009 fuel services
outlook; the BPLP outlook for 2009; the gold outlook for 2009; and our consolidated outlook for
2009.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>There are material risks that could cause actual results to differ materially from the
forward-looking information and statements contained in this MD&#038;A. Factors that could cause such
differences include, without limitation: the impact of the sales volume of fuel fabrication
services, uranium, conversion services, electricity generated and gold; volatility and sensitivity
to market prices for uranium, conversion services, electricity in Ontario and gold; competition;
the financial results and operations of BPLP and Centerra Gold Inc.; the impact of change in
foreign currency exchange rates (such as Canadian/US rates), interest
rates and costs of reagent supplies critical to production; imprecision in
production, decommissioning, reclamation, reserve and tax estimates; litigation or arbitration
proceedings (including as the result of disputes with government (including tax authorities),
suppliers, customers or joint venture partners) and the adverse outcome of such proceedings;
inability to enforce legal rights; defects in title; environmental, safety and regulatory risks
including increased regulatory burdens and long-term waste disposal (such as the risk of uranium
and production-associated chemicals affecting the soil at the Port Hope UF</I><SUB style="font-size: 85%; vertical-align: text-bottom"><I>6</I></SUB><I> conversion
plant and other operating sites); unexpected or challenging geological or hydrological or mining
conditions (including at the McArthur River, Cigar Lake, Rabbit Lake and Kumtor deposits); adverse
mining conditions; political risks, including nationalization risks, arising from operating in
certain developing countries (including the Kyrgyz Republic, Kazakhstan and Mongolia); terrorism;
sabotage; a possible deterioration in political support for nuclear energy; changes in government
regulations and policies, including tax and trade laws and policies (including new legislation in
Kazakhstan allowing the government to renegotiate previously signed agreement and a new tax code);
demand for nuclear power; replacement of production (including through placing Inkai and Cigar Lake
into production and transitioning to new mining areas at McArthur River); the risk of uranium and
conversion service providers failure to fulfill delivery commitments or to require material
amendments to agreements relating thereto (including the Russian HEU Agreement); failure to obtain
or maintain necessary permits and approvals from government authorities; legislative and regulatory
initiatives regarding deregulation, regulation or restructuring of the electric utility industry in
Ontario; Ontario electricity rate regulations; natural phenomena including inclement weather
conditions, fire, flood, underground floods, earthquakes, pitwall failure (including further
highwall ground movement at the Kumtor mine) and cave-ins; ability to maintain and further improve
positive labour relations; strikes or lockouts; operating performance, disruption in the operation
of, and life of the company&#146;s and customers&#146; facilities; availability of reagents, equipment,
operating parts and supplies critical to production (including the availability of acid at the
company&#146;s operations in Kazakhstan and hydrofluoric acid at the company&#146;s Port Hope operation);
decrease in electrical production due to planned outages extending beyond their scheduled periods
or unplanned outages; success and timely completion of planned development and remediation projects
(including the remediation of and return to pre-flood construction and development at Cigar
Lake);the risk of a significant decline in general economic conditions; failure of our radiation
protection plans and other development and operating risks. There may be other factors that cause
actions, events or results not to be as anticipated, estimated or intended. These factors are not
intended to represent a complete list of the material risk factors that could affect Cameco.
Additional risk factors are noted elsewhere in this MD&#038;A and in Cameco&#146;s current annual information
form.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Forward-looking information and statements are based on a number of assumptions which may prove to
be incorrect, including, but not limited to, assumptions about: the absence of material adverse
changes in the ability of Cameco&#146;s business units to supply product and services, other than as
disclosed; there being no disruption of supply from third party sources; there being no significant changes in</I>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->102<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>current estimates for sales volume,
purchases and prices for uranium, conversion services, electricity in Ontario, and gold; the
expected spot prices and realized prices for uranium (including an assumed uranium spot price of
$47.00 (US)&nbsp;per pound, which was the UxC spot price as of February&nbsp;9, 2009, for the purposes of
certain uranium price sensitivity information); the assumptions discussed under the heading
&#147;Uranium Price Sensitivity (2009 to 2013)&#148;; the average gold spot price; Cameco&#146;s effective tax
rate; there being no significant adverse change in foreign currency
exchange rates, interest
rates and the cost of supplies critical to production; there being no significant changes in production, decommissioning, reclamation and reserve
estimates; the HEU supplier&#146;s compliance with its delivery commitments; there being no significant
changes in Cameco&#146;s ability to comply with current environmental, safety and other regulatory
requirements, and the absence of any material increase in regulatory compliance requirements;
Cameco&#146;s ability to obtain regulatory approvals in a timely manner; the success and timely
completion of our Cigar Lake dewatering and remediation efforts without further disruptions; the
status of geological, hydrological and other conditions at Cameco&#146;s and Centerra&#146;s mines, including
the accuracy of our expectations regarding the condition of existing underground workings; the
absence of any material adverse effects arising as a result of political instability,
nationalization, terrorism, sabotage, natural disasters, adverse changes in government legislation,
regulations or policies, litigation or arbitration proceedings or tax reassessments; continuing
positive labour relations, and that no significant strikes or lockouts will occur; and the success
and timely completion of planned development and remediation projects and the replacement of
production; and that general economic conditions do not deteriorate beyond currently anticipated
levels. Forward-looking information and statements are also based upon the assumption that none of
the identified material risks that could cause actual results to differ materially from the
forward-looking information and statements will occur.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>The forward-looking information and statements included in this MD&#038;A represent Cameco&#146;s views as of
the date of this MD&#038;A and should not be relied upon as representing Cameco&#146;s views as of any
subsequent date. While Cameco anticipates that subsequent events and developments may cause its
views to change, Cameco specifically disclaims any intention or obligation to update
forward-looking information and statements, whether as a result of new information, future events
or otherwise, except to the extent required by applicable securities laws. Forward-looking
information and statements contained in this MD&#038;A about prospective results of operations,
financial position or cash flows that are based upon assumptions about future economic conditions
and courses of action is presented for the purpose of assisting Cameco&#146;s shareholders in
understanding management&#146;s current views regarding those future outcomes, and may not be
appropriate for other purposes.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>There can be no assurance that forward-looking information and statements will prove to be
accurate, as actual results and future events could vary, or differ materially, from those
anticipated in them. Accordingly, readers of this MD&#038;A should not place undue reliance on
forward-looking information and statements. Forward-looking information and statements for time
periods subsequent to 2009 involve greater risks and require longer-term assumptions and estimates
than those for 2009, and are consequently subject to greater uncertainty. Therefore, the reader is
especially cautioned not to place undue reliance on such long-term forward-looking information and
statements.</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ADDITIONAL INFORMATION</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Additional information related to the company, including Cameco&#146;s annual information form, is
available at sedar.com and cameco.com.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->103<!-- /Folio -->
</DIV>




</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>o54391exv99w4.htm
<DESCRIPTION>PRINCIPAL ACCOUNTANT FEES AND SERVICES
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.4</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->


<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.4</B>
</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>

</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">For fiscal years ended December&nbsp;31, 2008 and December&nbsp;31, 2007, KPMG LLP and its affiliates were
paid by Cameco Corporation and its subsidiaries the following fees:
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>% of Total</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Cdn $)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>(Cdn $)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2" style="border-bottom: 1px solid #000000"><B>Fees</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,062,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">34.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">890,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">44.9</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra and other subsidiaries</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,197,276</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">38.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">661,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">33.4</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Audit Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">2,259,776</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">72.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,551,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">78.3</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Audit-Related Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Sarbanes-Oxley 404 scoping project</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">41,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">2.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Translation services</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">170,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">5.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Cameco consulting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">98,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.1</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">1.5</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Centerra consulting</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">153,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pensions</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13,000</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">0.7</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Potential financing &#038; convertible
debentures</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">326,260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">10.5</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Audit-Related Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">609,460</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">19.6</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">239,900</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">12.1</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Tax Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Compliance</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">121,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">130,400</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">6.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Planning and advice</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">122,300</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.9</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">58,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">3.0</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Total Tax Fees</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">243,800</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">7.8</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">189,200</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">9.6</TD>
    <TD nowrap>%</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>All Other Fees:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap colspan="2" align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total Fees</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">3,113,036</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
    <TD>&nbsp;</TD>
    <TD align="left">$</TD>
    <TD align="right">1,980,500</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left">&nbsp;</TD>
    <TD align="right">100</TD>
    <TD nowrap>%</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:30px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
        <TD nowrap colspan="2" align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt"><U>Pre-Approval Policies and Procedures</U>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As part of Cameco Corporation&#146;s corporate governance practices, under its audit committee charter,
the audit committee is required to pre-approve the audit and non-audit services performed by the
external auditors. The audit committee pre-approves the audit and non-audit services up to a
maximum specified level of fees. If fees relating to audit and non-audit services are expected to
exceed this level or if a type of audit or non-audit service is to be performed that previously has
not been pre-approved, then separate pre-approval by Cameco Corporation&#146;s audit committee or audit
committee chair, or in the absence of the audit committee chair, the chair of the board, is
required. All pre-approvals granted pursuant to the delegated authority must be presented by the
member(s) who granted the pre-approvals to the full audit committee at its next meeting. The audit
committee has adopted a written policy to provide procedures to implement the foregoing principles.
For each of the years ended December&nbsp;31, 2008 and 2007, none of Cameco Corporation&#146;s Audit-Related
Fees, Tax Fees or All Other Fees made use of the de minimis exception to pre-approval provisions
contained in paragraph (c)(7)(i) of Rule&nbsp;2-01 of Regulation&nbsp;S-X promulgated by the U.S. Securities
and Exchange Commission.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>o54391exv99w5.htm
<DESCRIPTION>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.5</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.5</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Contractual Cash Obligations</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>&nbsp;</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>

<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Less Than</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due in</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>As at December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>1 - 3</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>4 - 5</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Due After</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(Cdn$ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Year</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Years</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>5 Yrs</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,042</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">442</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">302</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">298</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP capital lease <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>181</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">25</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">31</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">115</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on long-term debt</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>142</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">33</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">46</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">28</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Interest on BPLP capital lease <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>81</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">20</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">24</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>556</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">13</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">35</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">485</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>216</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">15</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unconditional product purchase obligations
<SUP style="font-size: 85%; vertical-align: text-top">2, 3</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1,158</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">176</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">354</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">536</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">92</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total contractual cash obligations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,376</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">260</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">927</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">948</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,241</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Represents Cameco Corporation&#146;s proportionate share of Bruce Power Limited
Partnership&#146;s (&#147;BPLP&#148;) capital lease obligation.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Denominated in US dollars, converted to Canadian dollars at the December&nbsp;31, 2008
rate of Cdn$1.2246.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">3</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Virtually all of Cameco Corporation&#146;s product purchase obligations are under
long-term, fixed-price arrangements.</TD>
</TR>

</TABLE>



<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Commercial Commitments</B>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center"><B>As at December 31, 2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>(Cdn$ millions)</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000"><B>Total amounts committed</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Standby letters of credit <SUP style="font-size: 85%; vertical-align: text-top">1</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">429</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">BPLP guarantees <SUP style="font-size: 85%; vertical-align: text-top">2</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">82</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Total commercial commitments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">511</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" style="border-top: 3px double #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">1</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The standby letters of credit maturing in 2009 were issued with a one-year term and
will be automatically renewed on a year-by-year basis until the underlying obligations are
resolved. These obligations are primarily the decommissioning and reclamation of Cameco
Corporation&#146;s mining and conversion facilities. As such, the letters of credit are expected
to remain outstanding well into the future.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">2</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>At December&nbsp;31, 2008, Cameco Corporation&#146;s total commitment for financial assurances
given on behalf of BPLP was estimated to be Cdn$82&nbsp;million. Refer to note 24 in the 2008
consolidated audited financial statements.</TD>
</TR>

</TABLE>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>o54391exv99w6.htm
<DESCRIPTION>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.6</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.6</B>
</DIV>


<DIV align="LEFT" style="font-size: 10pt; margin-top: 18pt"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the Board of Directors of Cameco Corporation

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have audited Cameco Corporation&#146;s (&#147;the Corporation&#148;) internal control over financial reporting
as of December&nbsp;31, 2008, based on the criteria established in Internal Control&#151;Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The
Corporation&#146;s management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over financial reporting,
included in the accompanying management&#146;s discussion and analysis. Our responsibility is to
express an opinion on the Corporation&#146;s internal control over financial reporting based on our
audit.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We conducted our audit in accordance with the standards of the Public Company Accounting Oversight
Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was
maintained in all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the assessed
risk. Our audit also included performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A corporation&#146;s internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. A corporation&#146;s internal control over financial reporting includes those policies and
procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately
and fairly reflect the transactions and dispositions of the assets of the corporation; (2)&nbsp;provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts and
expenditures of the corporation are being made only in accordance with authorizations of management
and directors of the corporation; and (3)&nbsp;provide reasonable assurance regarding prevention or
timely detection of unauthorized acquisition, use, or disposition of the corporation&#146;s assets that
could have a material effect on the financial statements.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In our opinion, the Corporation maintained, in all material respects, effective internal control
over financial reporting as of December&nbsp;31, 2008, based on the criteria established in Internal
Control&#151;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission (COSO).
</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">We also have conducted our audits on the consolidated financial statements in accordance with
Canadian generally accepted auditing standards and the standards of the Public Company Accounting
Oversight Board (United States). Our report dated February&nbsp;12, 2009 expressed an unqualified
opinion on those consolidated financial statements.
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 6pt">
   <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><I>/s/ KPMG LLP</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">
   <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">Chartered Accountants</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">
<TD>&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 style="font-size: 6pt">
<TD>&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">February&nbsp;12, 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 -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>o54391exv99w7.htm
<DESCRIPTION>RECONCILIATION TO UNITED STATES GAAP
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.7</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.7</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>CAMECO CORPORATION</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>RECONCILIATION TO UNITED STATES GAAP</B>

</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">December&nbsp;31,
2008
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><IMG src="o54391o5342401.gif" alt="(KPMG LOGO)">
</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="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&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"><B>KPMG LLP</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Telephone
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(306) 934-6200</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"><B>Chartered Accountants</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Fax
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(306) 934-6233</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">600-128 4<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Avenue South
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internet
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">www.kpmg.ca</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">Saskatoon Saskatchewan S7K 1 M8</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">Canada</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B>AUDITORS&#146; REPORT ON RECONCILIATION TO UNITED STATES GAAP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">To the Board of Directors of Cameco Corporation
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">On February&nbsp;12, 2009, we reported on the consolidated balance sheets of Cameco Corporation (&#147;the
Corporation&#148;) 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 ended December&nbsp;31, 2008 and 2007. In connection with our audits of the
aforementioned consolidated financial statements, we also have audited the related supplemental
note entitled &#147;Reconciliation to United States GAAP&#148;. This supplemental note is the responsibility
of the Corporation&#146;s management. Our responsibility is to express an opinion on this supplemental
note based on our audits.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">In our opinion, such supplemental note, when considered in relation to the basic consolidated
financial statements taken as a whole, presents fairly, in all material respects, the information
set forth therein.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><IMG src="o54391o5342402.gif" alt="(KPMG LLP)">
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Chartered Accountants

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Saskatoon, Canada

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;12, 2009

</DIV>

<DIV align="LEFT" style="font-size: 8pt; margin-left: 25%; margin-top: 300pt">KPMG LLP, is a Canadian limited liability partnership and a member firm of the KPMG<BR>
network of independent member firms affiliated with KPMG International, a Swiss cooperative. <BR>
KPMG Canada provides services to KPMG LLP.
</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"><B>Reconciliation to United States GAAP</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt">The consolidated financial statements of Cameco are expressed in Canadian dollars in accordance
with Canadian generally accepted accounting principles (Canadian GAAP). The following adjustments
and disclosures would be required in order to present these consolidated financial statements in
accordance with accounting principles generally accepted in the United States (US GAAP).
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(a)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Reconciliation of earnings in accordance with Canadian GAAP to earnings determined in
accordance with US GAAP:</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings under Canadian GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>450,117</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$416,112</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Add (deduct)&nbsp;adjustments for &#091;d&#093;:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Pre-operating costs (i)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,512</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stripping costs (ii)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,560</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(52,773</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Stock-based compensation (iv)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(65,628</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,179</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">In-process research and development (x)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(92,736</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Income tax effect of adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">44,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(27,259</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Minority interest effect of adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,444</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,719</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net earnings under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>343,353</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>434,490</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Other comprehensive income:</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Hedges and derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(81,080</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">145,640</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized actuarial gain (v)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">144,795</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">23,590</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Unamortized actuarial gain transferred to net earnings (v)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(22,026</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(19,900</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Foreign currency translation adjustments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">199,337</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(111,169</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5,106</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Comprehensive income under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>589,485</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$466,285</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Basic net earnings per share under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$0.98</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$1.24</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Diluted earnings per share under US GAAP</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$0.98</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$1.18</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->1<!-- /Folio -->
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(b)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Comparison of balance sheet items determined in accordance with Canadian GAAP to
balance sheet items determined in accordance with US GAAP:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;<B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Balance Sheets</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7" style="border-bottom: 0px solid #000000"><B>2007</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Canadian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>US</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Canadian</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>US</B></TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GAAP</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>GAAP</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current assets &#091;d(vi)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,659,938</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$1,438,486</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,282,159</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">1,108,165</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Property, plant and equipment &#091;d(vi)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4,416,293</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,816,368</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,437,450</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,786,850</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Intangible assets and goodwill</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">283,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">279,617</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">255,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">251,757</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term receivables, investments and other
&#091;d(vi)(x)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">628,972</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">707,864</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">387,304</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">425,478</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term inventory &#091;d(ix)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">22,054</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8,985</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total assets</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>7,010,601</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$6,242,335</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,371,382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4,572,250</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Current liabilities &#091;d(vi)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">888,917</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$713,926</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$684,464</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$490,360</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Long-term debt &#091;d(vi)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,212,982</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,042,374</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">717,130</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">556,295</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Provision for reclamation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">353,344</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,673</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">284,673</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Other liabilities &#091;d(vi)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">179,880</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">78,484</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">258,511</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">169,959</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred income taxes</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">81,352</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">53,792</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">246,936</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">163,674</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,716,475</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,241,920</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,191,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,664,961</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Minority interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">779,203</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">751,596</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">435,807</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">408,050</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Shareholders&#146; equity</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Share capital &#091;d(vii)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,062,714</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,049,784</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">819,268</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">819,268</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Contributed surplus</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">131,858</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">121,360</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">119,531</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">106,563</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Retained earnings</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,153,315</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">.1,966,034</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,779,629</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1,707,899</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accumulated other comprehensive income</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- net actuarial loss &#091;d(v)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(5,903</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(7,612</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- equity investment net actuarial loss &#091;d(v)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(50,365</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(171,096</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- equity investment prior service cost &#091;d(v)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,109</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(2,438</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- cumulative translation account &#091;d(iii)(x)&#093;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">66,642</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">69,624</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(150,935</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(129,713</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- hedges and derivative instruments</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">101,654</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,734</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">182,734</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px">- available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,260</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(6,366</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total accumulated other comprehensive income</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>167,036</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>111,641</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>25,433</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right"><B>(134,491</B></TD>
    <TD nowrap><B>)</B></TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,514,923</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>3,248,819</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,743,861</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2,499,239</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total liabilities and shareholders&#146; equity</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>7,010,601</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>&nbsp;</B></TD>
    <TD align="right"><B>$6,242,335</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>5,371,382</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>4,572,250</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Components of accounts payable and accrued liabilities are as follows:</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accounts payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">464,543</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">367,030</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">265,331</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">204,087</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Taxes and royalties payable</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">61,250</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">93,007</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,703</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">103,703</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Accrued liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">55,111</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">172,249</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">74,836</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Total accounts payable and accrued liabilities</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>580,904</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>515,148</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>541,283</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$</B></TD>
    <TD align="right"><B>382,626</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->2<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(c)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The effects of these adjustments would result in the consolidated statements of cash flows
reporting the following under US GAAP:</B></TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by operations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$647,558</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&nbsp;</TD>
    <TD align="right">$713,996</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash used in investing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(1,162,771</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(446,184</TD>
    <TD nowrap>)</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Cash provided by (used in) financing</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">$620,079</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">$</TD>
    <TD align="right">(429,129</TD>
    <TD nowrap>)</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(d)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>A description of certain significant differences between Canadian GAAP and US GAAP follows:</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pre-Operating Costs</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, pre-operating costs incurred during the commissioning phase of a new
project are deferred until commercial production levels are achieved, subject to time
limitations. Under US GAAP, such costs are expensed as incurred as required by AICPA
Statement of Position 98-5, Reporting on the Cost of Start-Up Activities. McArthur River
commercial production commenced March&nbsp;1, 2000 for US GAAP and November&nbsp;1, 2000 for
Canadian GAAP. Differences in capitalized costs are amortized over the estimated lives of
the assets to which they relate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stripping Costs</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, stripping costs incurred during the production phase by mining
companies to remove
overburden and other mine waste materials in order to access mineral deposits, can be
either expensed or
capitalized given the specifics of the situation. Under US GAAP, stripping costs are
deemed to be variable
production costs that should be included in the costs of the inventory produced during the
period that the stripping
costs are incurred. Stripping costs of $13,835,000 were incurred in 2008 <BR>(2007 &#151;
$53,740,000) and capitalized at
Centerra&#146;s mines under Canadian GAAP. Under US GAAP, adjustments were made to expense
these amounts.
Differences in capitalized costs are amortized over the estimated lives of the assets to
which they relate. In 2008,
an adjustment was made to reduce the amount of depreciation charged
to earnings by $25,395,000 (2007 &#151; $967,000).</TD>
</TR>


<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Cumulative Translation Account</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, a proportionate amount of the cumulative translation account is
recognized in earnings when a portion of a net investment in a subsidiary is realized. US
GAAP does not allow for any portion of the cumulative translation account to be taken to
earnings unless the investment is sold or substantially liquidated. Adjustments from prior
years related to this difference amount to $21,222,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iv)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Stock-Based Compensation</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, in accordance with EIC-162, Stock-Based Compensation for Employees
Eligible to Retire before the Vesting Date, Cameco recognizes stock-based compensation
expense over the shorter of the period to eligible retirement or the vesting period for
stock-based awards granted on or after January&nbsp;1, 2003. Under US GAAP, this accounting
treatment is applied to stock-based awards granted on or after January&nbsp;1, 2006.
Stock-based awards granted prior to January&nbsp;1, 2006 are recognized over the full vesting
period of the award. No adjustment was made to stock compensation expense in 2008, as all
stock-based awards granted prior to January&nbsp;1, 2006 were fully recognized by December&nbsp;31,
2007 (2007 &#151; increase of $1,947,000).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2007, Cameco amended its stock option program, introducing a cash settlement feature
for the exercise of employee stock options. Under Canadian GAAP, options that include a
cash settlement feature are classified as liabilities and carried at their intrinsic
value. The intrinsic value is marked to market each period with an offsetting adjustment
to expense. Under US GAAP, the liabilities are required to be measured at their fair value
each period with an offsetting adjustment to expense. For US GAAP purposes, the fair value
of the options was determined using the Black-Scholes option-pricing model. As a result of
the difference, compensation expense for US GAAP purposes for 2007 was reduced by
$76,126,000.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->3<!-- /Folio -->
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In November&nbsp;2008, Cameco amended its stock option program, removing the cash settlement
feature for the exercise of employee stock options. Under both Canadian and US GAAP, options
that do not include a cash settlement feature are classified as equity and measured at their
grant date fair value. The Black-Scholes option-pricing model was used to determine the fair
value of the options as at the date of amendment. It was determined that compensation expense
previously recorded under Canadian GAAP was in excess of the fair value of the outstanding
options. Thus, no charges or recoveries were recorded under Canadian GAAP as a result of this
amendment. The expense recorded under US GAAP, while the cash settlement option was in effect,
was lower than the grant date fair value of the outstanding options. The reversal of the
recovery of stock compensation costs as a result of the use of the intrinsic value model under
Canadian GAAP at a time, when Cameco&#146;s share price was declining results in an increase
expense for US GAAP purposes of $65,628,000. The cumulative Canadian-US GAAP difference for
stock-based compensation expense is $10,498,000, of which $2,202,000 is a permanent
difference. The remaining $8,296,000 is a temporary difference and future expenses under US
GAAP will be increased by that amount</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As of December&nbsp;31, 2008, Cameco had stock-based compensation costs relating to unvested stock
option awards that have not yet been recognized in the amount of $4,469,000 (2007 &#151;
$3,214,000), net of estimated forfeitures. The compensation cost will be recognized on a
straight-line basis over the remaining vesting periods of the awards.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(v)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Pension and Other Post-Retirement Benefits</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2006, the FASB issued Statement No.&nbsp;158, Employers&#146; Accounting for Defined
Benefit Pension and Other <BR>
Post-Retirement Plans (FAS 158), an amendment of FASB Statements No.
87, 88, 106 and 132(R). FAS 158 requires an entity to recognize the funded status of a benefit
plan in the balance sheet and to recognize the existing unrecognized net gains and losses,
unrecognized prior service costs, and unrecognized net transition assets in other
comprehensive income. There is no similar requirement under Canadian GAAP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the Cameco benefit plan, a gain of $1,709,000 was included in other comprehensive income
(2007 &#151; a loss of $2,696,000). For the BPLP benefit plan, a gain of $121,060,000 was
included in other comprehensive income (2007 &#151; $17,101,000).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The rate used to discount pension and other post-retirement benefit plan obligations was based
on the AA high quality Canadian corporate bond yield curve at December&nbsp;31, 2008, as developed
by third party actuaries. The estimated future cash flows for the pension and other
post-retirement obligations were matched to the corresponding spot rates on this yield curve
to derive a representative single discount rate.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In 2007, the Canadian government enacted amendments to the Canadian Income Tax Act that
provided for a reduction in the general corporate income tax rate. The cumulative effect on
the income tax liability related to the 2007 adjustments to other comprehensive income for
pension and other post-retirement benefits was an increase of $10,715,000.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(vi)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment in BPLP</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under Canadian GAAP, Cameco accounts for its interest in BPLP by the proportionate
consolidation method. Under US GAAP, Cameco is required to equity account for its investment
and record in earnings its proportionate share of their net earnings measured in accordance
with US GAAP.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(vii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Convertible Debentures</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under US GAAP, convertible debentures are to be classified entirely as debt rather than
equity. Due to the difference, accretion related to the equity component of convertible
debentures for Canadian GAAP has been reversed for US GAAP purposes. Since all interest
related to the debentures was being capitalized under both US and Canadian GAAP, the
adjustments affected only the balance sheet. The convertible debentures were converted to
common shares in October&nbsp;2008. In comparison to Canadian GAAP, the cumulative differences on
the US GAAP balance sheet were to decrease share capital by $12,930,000 and property, plant
and equipment by $12,930,000.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->4<!-- /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">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(viii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Income Taxes</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2007, Cameco adopted the provisions of Financial Interpretation No.&nbsp;48,
Accounting for Uncertainty in Income Taxes &#151; an interpretation of FASB Statement No.&nbsp;109 and
upon adoption, reclassified $16,757,000 from deferred income tax liabilities to current
liabilities for income taxes. In addition, Cameco recorded an increase in the liability for
unrecognized income tax benefits of $1,604,000 at January&nbsp;1, 2007. The increase in the
liability was offset by corresponding decreases of $892,000 in retained earnings and $712,000
in minority interest.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as
follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="76%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2008</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>2007</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, beginning of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20,587</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">18,361</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions based on tax positions related to the current year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,161</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2,226</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Additions for tax positions of prior years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11,839</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Reductions for tax positions of prior years</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(1,100</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Balance, end of year</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">34,487</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">20,587</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="9" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>All of the tax benefits included in the table would, if recognized, impact the effective
income tax rate. It is Cameco&#146;s policy to classify interest and penalties associated with
unrecognized tax benefits, if any, in income tax expense. For the years ended December&nbsp;31,
2007 and 2008, there were no amounts accrued for penalties or interest expense.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco and its subsidiaries file tax returns in several jurisdictions. At December&nbsp;31,
2008, the significant jurisdictions and the tax years subject to examination by tax
authorities were as follows:</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="88%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Years</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Canada</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center"><FONT style="white-space: nowrap">2004 - present</FONT></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">United States</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">2005 - present</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Switzerland</DIV></TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" align="center">2007 - present</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Barbados</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2008</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="5" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ix)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Inventories</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2007, Cameco adopted the new Canadian standard, Handbook Section&nbsp;3031,
Inventories, which allows for the write-up of previously impaired inventories. US GAAP does
not permit the write-up of inventory. Under Canadian GAAP, Cameco recorded increases to
inventory, future income taxes, minority interest and retained earnings. For US GAAP purposes,
these amounts have been reversed.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(x)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Investment in Global Laser Enrichment</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective June&nbsp;19, 2008, Cameco acquired a 24% interest in Global Laser Enrichment. In total,
$94,727,000 of the purchase price has been allocated to in-process research and development
(IPR&#038;D). Under Canadian GAAP, IPR&#038;D is capitalized and amortized over the period until the
project commences commercial production. Under Canadian GAAP, these expenditures are being
amortized over a period of 7.5&nbsp;years, with all amounts amortized by December&nbsp;31, 2015. Under
US GAAP, any portion of the purchase price allocated to research and development activities
for which there is no alternative future use must be expensed on the acquisition date. Under
<BR>
US GAAP, the expense for 2008 has been increased by $92,736,000. As a result, the carrying
value of the investment is lower under <BR>US GAAP which causes a foreign currency translation
difference in the amount of $18,240,000, which has been recorded in the cumulative translation
account.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->5<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(e)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Changes in Accounting Policy</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Framework on Fair Value Measurement</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In September&nbsp;2006, the FASB issued Statement No.&nbsp;157, Fair Value Measurements (FAS
157). FAS 157 defines fair value, establishes a framework for measuring fair value in
GAAP and expands disclosures about fair value measurements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Effective January&nbsp;1, 2008, Cameco adopted the provisions of FAS 157. Certain elements
of the standard related to non-financial assets and liabilities have been deferred to
fiscal years beginning on or after November&nbsp;15, 2008. The implementation of this
standard did not have a material impact on the consolidated financial statements as
the company&#146;s current policy on accounting for fair value measurements is consistent
with this guidance of FAS 157.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>FAS 157 establishes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The three levels of the fair value hierarchy
are described below:</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">Level 1 &#151; Values based on unadjusted quoted prices in active markets that are accessible
at the measurement
date for identical assets or liabilities.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">Level 2 &#151; Values based on quoted prices in markets that are not active or model inputs
that are observable either
directly or indirectly for substantially the full term of the asset or liability.</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 8%">Level 3 &#151; Values based on prices or valuation techniques that require inputs that are
both unobservable and
significant to the overall fair value measurement.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As required by FAS 157, when the inputs used to measure fair value fall within more
than one level of the hierarchy, the level within which the fair value measurement is
categorized is based on the lowest level input that is significant to the fair value
measure in its entirety.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The following table presents Cameco&#146;s fair value hierarchy for those assets and
liabilities measured at fair value on a recurring basis as of December&nbsp;31, 2008.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="52%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Description</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Total</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Level 1</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Level 2</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right" colspan="2"><B>Level 3</B></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative instrument assets</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$81,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$81,787</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">$&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Available-for-sale securities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3,718</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom" style="background: #cceeff">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Derivative instrument liabilities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(120,403</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="right">&nbsp;</TD>
    <TD align="right">(120,403</TD>
    <TD nowrap>)</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">&#151;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>Net</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$(34,898</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$3,718</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$(38,616</B></TD>
    <TD nowrap><B>)</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>$&#151;</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="17" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Fair Value Option for Financial Assets and Liabilities</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In February&nbsp;2007, the FASB issued Statement No.&nbsp;159, The Fair Value Option for Financial
Assets and Liabilities (FAS 159). FAS 159 permits entities to choose to measure many
financial instruments and certain other items at fair value, providing the opportunity to
mitigate volatility in reported earnings caused by measuring related assets and
liabilities differently without the need to apply hedge accounting provisions. Effective
January&nbsp;1, 2008, Cameco adopted the provisions of FAS 159. The adoption of the standard
did not have a material impact on the company&#146;s consolidated financial statements.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>(f)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Future Changes in Accounting Policy</B></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(i)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Business Combinations</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December&nbsp;2007, the FASB issued a revised standard on accounting for business
combinations, Statement No.&nbsp;141(R), Business Combinations (FAS 141(R)). FAS 141(R)
specifies a number of changes including: an expanded definition of a business, a
requirement to measure all business acquisitions at fair value, a requirement to measure
noncontrolling interests at fair value and a requirement to recognize acquisition-related
costs as expenses. FAS 141(R) is applicable to business combinations in fiscal years
beginning after December&nbsp;15, 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="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(ii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Noncontrolling Interests in Consolidated Financial Statements</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In December&nbsp;2007, the FASB issued Statement No.&nbsp;160, Noncontrolling Interests in
Consolidated Financial Statements (FAS 160). FAS 160 specifies that noncontrolling
interests be treated as a separate component of equity, not as a liability or other item
outside of equity. FAS 160 is effective for periods beginning on or after December&nbsp;15,
2008 and will be applied prospectively to all noncontrolling interests, including any
that arose before the effective date. Cameco does not expect the adoption of this
statement will have a material impact on its consolidated financial statements.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->6<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iii)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Disclosures about Derivative Instruments and Hedging Activities</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In March&nbsp;2008, the FASB issued Statement No.&nbsp;161, Disclosures about Derivative Instruments and
Hedging Activities (FAS 161), an amendment of FASB Statement No.&nbsp;133. FAS 161 requires
qualitative disclosures about the objectives and strategies for using derivatives, quantitative
data about the fair value of gains and losses on derivative contracts and details of
credit-risk-related contingent features in their hedged position. The statement also requires
the disclosure of the location and amounts of derivative instruments in the financial
statements. FAS 161 is effective for fiscal years and interim periods beginning on or after
November&nbsp;15, 2008. Cameco does not expect the adoption of this statement will have a material
impact on its consolidated financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>(iv)</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>The Hierarchy of Generally Accepted Accounting Principles</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In May&nbsp;2008, the FASB issued Statement No.&nbsp;162, The Hierarchy of Generally Accepted Accounting
Principles (FAS 162). FAS 162, which became effective November&nbsp;15, 2008, outlines the order of
authority for the sources of accounting principles. Cameco does not expect the adoption of this
statement will have a material impact on its consolidated financial statements.</TD>
</TR>

</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->7<!-- /Folio -->
</DIV>



<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="LEFT" style="font-size: 10pt; margin-top: 18pt"><B>COMMENTS BY AUDITORS FOR US READERS ON CANADA &#151; US REPORTING DIFFERENCES</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">To the Board of Directors of Cameco Corporation

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 9pt">In the United States, reporting standards for auditors require the addition of an explanatory
paragraph (following the opinion paragraph):
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>that refers to the audit report on the Corporation&#146;s internal control over financial
reporting. Our report to the shareholders dated February&nbsp;12, 2009 is expressed in
accordance with Canadian reporting standards, which do not require a reference to the
auditors&#146; report on the Corporation&#146;s internal control over financial reporting in the
auditors&#146; report on the consolidated financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when there is a change in accounting principles that has a material effect on the
comparability of the Corporation&#146;s financial statements such as the changes described
in note 3(a) to the consolidated financial statements. Our report to the shareholders
dated February&nbsp;12, 2009 is expressed in accordance with Canadian reporting standards,
which do not require a reference to changes in accounting principles in the auditors&#146;
report when the change is properly accounted for and adequately disclosed in the
financial statements.</TD>
</TR>

</TABLE>
</DIV>



<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 colspan="4" style="border-bottom: 0Px solid #000000" align="left">/s/&nbsp;&nbsp;<I>KPMG LLP</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 6pt">
<TD>&nbsp;</TD>
</TR>

<TR>
    <TD colspan="4" align="left">Chartered Accountants&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<TR style="font-size: 6pt">
<TD>&nbsp;</TD>
</TR>

<TR>

    <TD colspan="4" align="left">Saskatoon, Canada&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">February&nbsp;12, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>o54391exv99w8.htm
<DESCRIPTION>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.8</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">To the Board of Directors of Cameco Corporation

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 9pt">We consent to the inclusion in this annual report on Form 40-F of:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our auditors&#146; report dated February&nbsp;12, 2009 on the consolidated balance sheets of Cameco
Corporation (the &#147;Corporation&#148;) as at December&nbsp;31, 2008 and 2007, and the consolidated
statements of earnings, shareholders&#146; equity, comprehensive income and cash flows for each of
the years in the 2-year period ended 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="2%" nowrap align="left"><B>&#149;</B></TD>

    <TD width="1%">&nbsp;</TD>
    <TD>our Comments by Auditors for US Readers on Canada-US Reporting Differences, dated February
12, 2009,</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">


    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>our auditors&#146; report on reconciliation to United States GAAP dated February&nbsp;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="2%" nowrap align="left"><B>&#149;</B></TD>

    <TD width="1%">&nbsp;</TD>
    <TD>our Report of Independent Registered Public Accounting Firm dated February&nbsp;12, 2009 on the
Corporation&#146;s internal control over financial reporting as of December&nbsp;31, 2008,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">each of which is contained in this annual report on Form 40-F of the Corporation for the fiscal
year ended December&nbsp;31, 2008.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We also consent to the incorporation by reference of such reports in the registration statements
(Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco Corporation Stock Option Plan,
and registration statement (No.&nbsp;333-139324) on Form S-8 for the Cameco Corporation Employee Share
Ownership Plan.
</DIV>

<DIV align="center" style="margin-top: 12pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="35%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;&nbsp;<I>KPMG LLP</I>
<DIV style="font-size: 10pt">&nbsp;</DIV>
Chartered Accountants
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>

<TR style="font-size: 6pt">
<TD>&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>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>o54391exv99w9.htm
<DESCRIPTION>CERTIFICATION OF CEO PURSUANT TO RULE 13A-14(A) OR 15D-14(A) OF EXCHANGE ACT
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.9</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.9</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, Gerald W. Grandey, certify that:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 40-F of Cameco Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the issuer as of, and for, the periods presented in this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the issuer and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which
this report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that
has materially affected, or is reasonably likely to materially affect, the issuer&#146;s
internal control over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the
audit committee of the issuer&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the issuer&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>



<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<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>any fraud, whether or not material, that involves management or other employees
who have a significant role in the issuer&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD  VALIGN="TOP" ALIGN="LEFT">Date: March&nbsp;27, 2009<BR>
&nbsp;</TD>
    <TD COLSPAN="3" VALIGN="bottom" ALIGN="LEFT">/s/&nbsp;&nbsp;<I>Gerald W. Grandey</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD  VALIGN="TOP" ALIGN="LEFT" STYLE="BORDER-TOP: 0PX SOLID #000000">&nbsp;</TD>
    <TD COLSPAN="3" VALIGN="TOP" ALIGN="LEFT" STYLE="BORDER-TOP: 1PX SOLID #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gerald W. Grandey
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President &#038; Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(Principal Executive Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>o54391exv99w10.htm
<DESCRIPTION>CERTIFICATION OF CFO PURSUANT TO RULE 13A-14(A) OR 15D-14(A) OF EXCHANGE ACT
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.10</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.10</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I, O. Kim Goheen, certify that:

</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>I have reviewed this annual report on Form 40-F of Cameco Corporation;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, this report does not contain any untrue statement of a material fact
or omit to state a material fact necessary to make the statements made, in light of the
circumstances under which such statements were made, not misleading with respect to the period
covered by this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">3.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Based on my knowledge, the financial statements, and other financial information included in
this report, fairly present in all material respects the financial condition, results of
operations and cash flows of the issuer as of, and for, the periods presented in this report;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">4.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Exchange Act Rules&nbsp;13a-15(e) and 15d-15(e))
and internal control over financial reporting (as defined in Exchange Act Rules&nbsp;13a-15(f) and
15d-15(f)) for the issuer and have:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that material
information relating to the issuer, including its consolidated subsidiaries, is made
known to us by others within those entities, particularly during the period in which
this report is being prepared;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>designed such internal control over financial reporting, or caused such
internal control over financial reporting to be designed under our supervision, to
provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally
accepted accounting principles;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the disclosure
controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>disclosed in this report any change in the issuer&#146;s internal control over
financial reporting that occurred during the period covered by the annual report that
has materially affected, or is reasonably likely to materially affect, the issuer&#146;s
internal control over financial reporting; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">5.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The issuer&#146;s other certifying officer and I have disclosed, based on our most recent
evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the
audit committee of the issuer&#146;s board of directors (or persons performing the equivalent
functions):</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>all significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to adversely
affect the issuer&#146;s ability to record, process, summarize and report financial
information; and</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<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>any fraud, whether or not material, that involves management or other employees
who have a significant role in the issuer&#146;s internal control over financial reporting.</TD>
</TR>

</TABLE>
</DIV>



<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="50%"></TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD  VALIGN="TOP" ALIGN="LEFT">Date: March&nbsp;27, 2009<BR>
&nbsp;</TD>

<TD COLSPAN="3" VALIGN="bottom" ALIGN="LEFT">/s/&nbsp;&nbsp;<I>O. Kim Goheen</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD  VALIGN="TOP" ALIGN="LEFT" STYLE="BORDER-TOP: 0PX SOLID #000000">&nbsp;</TD>
    <TD COLSPAN="3" VALIGN="TOP" ALIGN="LEFT" STYLE="BORDER-TOP: 1PX SOLID #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O. Kim Goheen
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>Senior Vice-President &#038; Chief Financial Officer<BR>
(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>




<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.11
<SEQUENCE>12
<FILENAME>o54391exv99w11.htm
<DESCRIPTION>CERTIFICATION OF CEO PURSUANT TO SECTION 906 OF SOX
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.11</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->



<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.11</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Cameco Corporation (the &#147;Company&#148;) on Form 40-F for
the year ended December&nbsp;31, 2008, as filed with the U.S. Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, Gerald W. Grandey, President &#038; Chief Executive Officer of the
Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 14pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">By<I>:</I>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/<I> Gerald W. Grandey
</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gerald W. Grandey</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President &#038; Chief Executive Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.12
<SEQUENCE>13
<FILENAME>o54391exv99w12.htm
<DESCRIPTION>CERTIFICATION OF CFO PURSUANT TO SECTION 906 OF SOX
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.12</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.12</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350<BR>
AS ADOPTED PURSUANT TO<BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In connection with the Annual Report of Cameco Corporation (the &#147;Company&#148;) on Form 40-F for
the year ended December&nbsp;31, 2008, as filed with the U.S. Securities and Exchange Commission on the
date hereof (the &#147;Report&#148;), I, O. Kim Goheen, Senior Vice-President &#038; Chief Financial Officer of
the Company, certify, pursuant to 18 U.S.C. Section&nbsp;1350, as adopted pursuant to Section&nbsp;906 of the
Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">1.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">2.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Report fairly presents, in all material respects, the
financial condition and results of operations of the Company.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR style="font-size: 14pt">


    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&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">/s/<I> O. Kim Goheen</I>
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">O. Kim Goheen</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Senior Vice-President &#038; Chief Financial Officer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.13
<SEQUENCE>14
<FILENAME>o54391exv99w13.htm
<DESCRIPTION>CONSENT OF ALAIN G. MAINVILLE, P. GEO.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.13</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->





<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.13</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148;, &#147;The Nuclear Business &#151; Development
Projects &#151; Cigar Lake&#148; and &#147;Interest of Experts&#148; in the Corporation&#146;s Annual Information
Form for the year ended December&nbsp;31, 2008 dated March&nbsp;27, 2009 for the McArthur
River/Key Lake and the Cigar Lake properties; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the McArthur River/Key Lake and the Cigar Lake properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/<I> Alain G. Mainville</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Alain G. Mainville, P. Geo.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>Director, Mineral Resources Management, <BR>
Cameco Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.14
<SEQUENCE>15
<FILENAME>o54391exv99w14.htm
<DESCRIPTION>CONSENT OF IAN ATKINSON, P. GEO.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.14</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.14</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;Centerra Gold Inc. &#151; Centerra &#151; Kumtor Mine&#148;, &#147;Centerra Gold
Inc. &#151; Reserves and Resources&#148; and &#147;Interest of Experts&#148; in the Corporation&#146;s Annual
Information Form for the year ended December&nbsp;31, 2008 dated March&nbsp;27, 2009 for the
Kumtor property; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the Kumtor property,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/&nbsp;&nbsp;<I>Ian Atkinson</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Ian Atkinson, P. Geo.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President, Exploration, Centerra Gold Inc.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.15
<SEQUENCE>16
<FILENAME>o54391exv99w15.htm
<DESCRIPTION>CONSENT OF GRANT J. H. GODDARD, P. ENG.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.15</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.15</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Development Projects &#151; Cigar Lake&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2008 dated March
27, 2009 for the Cigar Lake property; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the Cigar Lake property,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/<I> Grant J. H. Goddard</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Grant J. H. Goddard, P. Eng.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Manager, Cigar Lake project, Cameco Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.16
<SEQUENCE>17
<FILENAME>o54391exv99w16.htm
<DESCRIPTION>CONSENT OF CHARLES (CHUCK) R. EDWARDS, P. ENG.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.16</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.16</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148;, &#147;The Nuclear Business &#151; Development
Projects &#151; Cigar Lake&#148; and &#147;Interest of Experts&#148; in the Corporation&#146;s Annual Information
Form for the year ended December&nbsp;31, 2008 dated March&nbsp;27, 2009 for the McArthur
River/Key Lake and the Cigar Lake properties; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the McArthur River/Key Lake and the Cigar Lake properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/<I> Charles (Chuck) R. Edwards</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Charles (Chuck) R. Edwards, P. Eng.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director, Metallurgy, AMEC</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.17
<SEQUENCE>18
<FILENAME>o54391exv99w17.htm
<DESCRIPTION>CONSENT OF GREGORY M. MURDOCK, P. ENG.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.17</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.17</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2008 dated March
27, 2009 for the McArthur River/Key Lake properties; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the McArthur River/Key Lake properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/<I> Gregory M. Murdock</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gregory M. Murdock, P. Eng.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>Technical Superintendent, McArthur River, Cameco <BR>
Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.18
<SEQUENCE>19
<FILENAME>o54391exv99w18.htm
<DESCRIPTION>CONSENT OF DAVID BRONKHORST, P. ENG.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.18</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.18</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2008 dated March
27, 2009 for the McArthur River/Key Lake properties; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the McArthur River/Key Lake properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>David Bronkhorst</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">David Bronkhorst, P. Eng.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Manager, McArthur River, Cameco Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.19
<SEQUENCE>20
<FILENAME>o54391exv99w19.htm
<DESCRIPTION>CONSENT OF DOUG MCILVEEN, P. GEO.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.19</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.19</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Development Projects &#151; Cigar Lake&#148;, and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2008 dated March
27, 2009 for the Cigar Lake property; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the Cigar Lake property,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/&nbsp;&nbsp;<I>Doug McIlveen</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Doug McIlveen, P. Geo.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" NOWRAP>Chief Geologist, Cigar Lake project, <BR>
Cameco Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.20
<SEQUENCE>21
<FILENAME>o54391exv99w20.htm
<DESCRIPTION>CONSENT OF C. SCOTT BISHOP, P. ENG.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.20</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.20</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Development Projects &#151; Cigar Lake&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2008 dated March
27, 2009 for the Cigar Lake property; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the Cigar Lake property,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/<I> C. Scott Bishop</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">C. Scott Bishop, P. Eng.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Mine Engineer, Cigar Lake project, Cameco Corporation</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>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.21
<SEQUENCE>22
<FILENAME>o54391exv99w21.htm
<DESCRIPTION>CONSENT OF LESLIE (LES) D. YESNIK, P. ENG.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.21</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->




<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.21</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I 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 headings &#147;The Nuclear Business &#151; Reserves and Resources&#148;, &#147;The Nuclear
Business &#151; Mining Properties &#151; McArthur River&#148; and &#147;Interest of Experts&#148; in the
Corporation&#146;s Annual Information Form for the year ended December&nbsp;31, 2008 dated March
27, 2009 for the McArthur River/Key Lake properties; 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;Our Mineral Reserves and Resources &#151; Mineral Reserves and
Resources&#148; and &#147;Qualified Persons&#148; in Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operation for the year ended December&nbsp;31, 2008 dated February
16, 2009 for the McArthur River/Key Lake properties,</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">(collectively the &#147;Technical Information&#148;) in the Form 40-F, and to the inclusion and incorporation
by reference of information derived from the Technical Information in the Form 40-F.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/ <I>Leslie (Les) D. Yesnik</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Leslie (Les) D. Yesnik, P. Eng.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">General Manager, Key Lake operations, <BR>
Cameco Corporation</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.22
<SEQUENCE>23
<FILENAME>o54391exv99w22.htm
<DESCRIPTION>CONSENT OF HENRIK THALENHORST, P. GEO.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.22</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.22</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information under the headings
&#147;Centerra Gold Inc. &#151; Centerra &#151; Kumtor Mine&#148;, &#147;Centerra Gold Inc. &#151; Reserves and Resources&#148; and
&#147;Interest of Experts&#148; in the Corporation&#146;s Annual Information Form for the year ended December&nbsp;31,
2008 dated March&nbsp;27, 2009 for the Kumtor property (collectively the &#147;Technical Information&#148;) in the
Form 40-F, and to the inclusion and incorporation by reference of information derived from the
Technical Information in the Form 40-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/<I> Henrik Thalenhorst</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Henrik Thalenhorst, P. Geo.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Strathcona Mineral Services Limited, Professional Geoscientist</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.23
<SEQUENCE>24
<FILENAME>o54391exv99w23.htm
<DESCRIPTION>CONSENT OF DAN REDMOND, P. GEO.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.23</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.23</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information under the headings
&#147;Centerra Gold Inc. &#151; Centerra &#151; Kumtor Mine&#148;, &#147;Centerra Gold Inc. &#151; Reserves and Resources&#148; and
&#147;Interest of Experts&#148; in the Corporation&#146;s Annual Information Form for the year ended December&nbsp;31,
2008 dated March&nbsp;27, 2009 for the Kumtor property (collectively the &#147;Technical Information&#148;) in the
Form 40-F, and to the inclusion and incorporation by reference of information derived from the
Technical Information in the Form 40-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/<I> Dan Redmond</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Dan Redmond, P. Geo.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Centerra Gold Inc., Professional Geoscientist</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.24
<SEQUENCE>25
<FILENAME>o54391exv99w24.htm
<DESCRIPTION>CONSENT OF IAIN BRUCE, P. ENG.
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.24</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.24</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;I hereby consent to reference to my name and my involvement in the preparation of, or
supervision of the preparation of, scientific and technical information under the headings
&#147;Centerra Gold Inc. &#151; Centerra &#151; Kumtor Mine&#148;, &#147;Centerra Gold Inc. &#151; Reserves and Resources&#148; and
&#147;Interest of Experts&#148; in the Corporation&#146;s Annual Information Form for the year ended December&nbsp;31,
2008 dated March&nbsp;27, 2009 for the Kumtor property (collectively the &#147;Technical Information&#148;) in the
Form 40-F, and to the inclusion and incorporation by reference of information derived from the
Technical Information in the Form 40-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;I also hereby consent to the incorporation by reference of such Technical Information in the
registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8 for the Cameco
Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form S-8 for the
Cameco Corporation Employee Share Ownership Plan.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Sincerely,
</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="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left">/s/<I> Iain Bruce</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="top" align="left" style="border-top: 1px solid #000000">&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">Name:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Iain Bruce, P. Eng.</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">Title:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">BGC Engineering Inc., Professional Engineer</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.25
<SEQUENCE>26
<FILENAME>o54391exv99w25.htm
<DESCRIPTION>CONSENT OF STRATHCONA MINERAL SERVICES LIMITED
<TEXT>
<HTML>
<HEAD>
<TITLE>ex-99.25</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="right" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT 99.25</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CONSENT OF EXPERT</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reference is made to the Annual Report on Form 40-F (the &#147;Form 40-F&#148;) of Cameco Corporation
(the &#147;Corporation&#148;) to be filed with the United States Securities and Exchange Commission pursuant
to 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;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 under the
headings &#147;Centerra Gold Inc. &#151; Centerra &#151; Kumtor Mine&#148;, &#147;Centerra Gold Inc. &#151; Centerra &#151; Boroo
Mine&#148;, &#147;Centerra Gold Inc. &#151; Reserves and Resources&#148; and &#147;Interest of Experts&#148; in the Corporation&#146;s
Annual Information Form for the year ended December&nbsp;31, 2008 dated March&nbsp;27, 2009 in connection
with a technical report for the Boroo deposit dated May&nbsp;13, 2004 and a technical report for the
Kumtor mine dated March&nbsp;28, 2008 (collectively the &#147;Technical Information&#148;) in the Form 40-F, and
to the inclusion and incorporation by reference of information derived from the Technical
Information in the Form 40-F.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The undersigned also does hereby consent to the incorporation by reference of such Technical
Information in the registration statements (Nos. 333-11736, 333-6180 and 333-139165) on Form S-8
for the Cameco Corporation Stock Option Plan, and registration statement (No.&nbsp;333-139324) on Form
S-8 for the Cameco Corporation Employee Share Ownership Plan.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD colspan="3" valign="top" align="left"><B>STRATHCONA MINERAL SERVICES LIMITED</B></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">By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/<I> Graham Farquharson</I></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&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">Authorized Signatory</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Date: March&nbsp;27, 2009
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>



</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>27
<FILENAME>o54391o5439100.gif
<DESCRIPTION>GRAPHIC
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