##### 



EXHIBIT 99.3




---



##### 



CAMECO CORPORATION
2007 MANAGEMENTS DISCUSSION & ANALYSIS (MD&A)
MARCH 7, 2008
   The following is a list of the key sections of this MD&A.
 Our Core Business
    
    
    2Our Vision, Mission and Values
    
    
    3Our Objectives and Strategies  Growth
    
    
    4Nuclear Energy Trends
    
    
    5The Uranium Industry
    
    
    9The Fuel Services Industries
    
    
    14Our Uranium Business
    
    
    16Our Fuel Services Business
    
    
    352007 Consolidated Financial Results
    
    
    41Consolidated Outlook for 2008
    
    
    452005  2007 Consolidated Financial Highlights
    
    
    472007 Uranium Business Financial Results
    
    
    482007 Fuel Services Business Financial Results
    
    
    522007 Nuclear Electricity Generation Business Results
    
    
    542007 Gold Business Results
    
    
    562007 Fourth Quarter Consolidated Financial Results
    
    
    602006  2007 Quarterly Consolidated Financial Highlights
    
    
    612007 Fourth Quarter Business Segment Financial Results
    
    
    62Liquidity and Capital Resources
    
    
    66Outstanding Share Data
    
    
    69Our Reserves and Resources
    
    
    70Risk and Risk Management
    
    
    76Controls and Procedures
    
    
    94Critical Accounting Estimates
    
    
    94New Accounting Pronouncements
    
    
    95Use of Non-GAAP Financial Measures
    
    
    96Qualified Persons
    
    
    97Caution Regarding Forward-Looking Information and Statements
    
    
    97




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##### 



1. OUR CORE BUSINESSES, VISION, MISSION, VALUES, OBJECTIVES & STRATEGIES
 OUR CORE BUSINESSES
  
    
    uranium,
 
    
    fuel services,
 
    
    nuclear electricity generation, and
 
    
    gold.
  3 8
 Uranium
  Fuel Services
  3 3 6 2 6 6 3 6 6 2
 2




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##### 



Nuclear Electricity Generation
  Gold
  OUR VISION, MISSION, VALUES
 Vision
  Mission
    Values
 Safety and Environment
 
    
    The safety of people and protection of the environment are the foundations of our work. All
of us share in the responsibility of continually improving the safety of our workplace and the
quality of our environment.
 3




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##### 



People
 
    
    We value the contribution of every employee and we treat people fairly by demonstrating our
respect for individual dignity, creativity and cultural diversity. By being open and honest we
achieve the strong relationships we seek.
 Integrity
 
    
    Through personal and professional integrity, we lead by example, earn trust, honour our
commitments and conduct our business ethically.
 Excellence
 
    
    We pursue excellence in all that we do. Through leadership, collaboration and innovation,
we strive to achieve our full potential and inspire others to reach theirs.
 OUR OBJECTIVES AND STRATEGIES  GROWTH
  
    
    maintain our competitive advantage in uranium and conversion,
    
    maximize growth in uranium markets,
    
    continue vertical integration, and
    
    promote growth of the nuclear energy industry.
   
    
    add significantly to shareholder value through new opportunities to expand our services
within the nuclear fuel cycle,
    
    secure projects that have an attractive rate of return and provide a basis for long-term
profitability,
    
    supply fuel, engage Camecos operational and management expertise, and achieve synergies
in fuel supply logistics and market position,
    
    capture the value added to uranium in each step of the fuel cycle, including its
enormous energy value in the final generation of electricity,
    
    strengthen Camecos foundation for further expansion in the nuclear fuel cycle, and
    
    ensure each investment has an appropriate risk/reward ratio.
  
    
    maximize available options by considering acquisition and investment opportunities in
all aspects of the nuclear fuel cycle,
    
    seek opportunities to facilitate change in the nuclear industry by supporting or leading
the development, assessment, or licensing of new technology,
    
    evaluate and encourage BPLPs growth strategy,
 4




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##### 




    
    pursue partnering opportunities throughout the nuclear fuel cycle by leveraging
fuel-supply relationships and by enhancing relationships with industry leaders in nuclear
technology,
    
    seek active ownership by structuring each investment to allow participation in
management and, where possible, operational involvement, and
    
    seek to maximize nuclear powers contribution to global energy supply by promoting
industry initiatives to position nuclear power as a major part of the solution in
addressing clean air and climate change. We will do this by providing leadership and
resources to key industry associations and by developing government relationships.
 2. THE NUCLEAR ENERGY, URANIUM AND FUEL SERVICES INDUSTRIES
 NUCLEAR ENERGY TRENDS
  Positive Factors
 North America
     5




---



##### 



Europe
  India
  Other Factors
    6




---



##### 



Nuclear Power Share
 
  Nuclear Plant Performance
 Safety
  Operating Costs
   7




---



##### 



World Nuclear Reactors (Cameco estimate, February 2008) 1
 Nuclear
    
    
    
    
    
    Outlook to 2017Electricity
    
    Operating
    
    
    
    
    
    
    
    
    
    Operating
    
    GWe20062 (%)
    
    2008
    
    New
    
    Shutdown
    
    2017
    
    ChangeArgentina
    
    
    7
    
    
    
    2
    
    
    
    2
    
    
    
    0
    
    
    
    4
    
    
    
    1.5Brazil
    
    
    3
    
    
    
    2
    
    
    
    1
    
    
    
    0
    
    
    
    3
    
    
    
    1.4Canada
    
    
    16
    
    
    
    18
    
    
    
    2
    
    
    
    2
    
    
    
    18
    
    
    
    1.1Mexico
    
    
    5
    
    
    
    2
    
    
    
    0
    
    
    
    0
    
    
    
    2
    
    
    
    0.0USA
    
    
    19
    
    
    
    104
    
    
    
    5
    
    
    
    0
    
    
    
    109
    
    
    
    6.5Americas Total
    
    
    
    
    
    
    128
    
    
    
    10
    
    
    
    2
    
    
    
    136
    
    
    
    10.5China
    
    
    2
    
    
    
    11
    
    
    
    23
    
    
    
    0
    
    
    
    34
    
    
    
    23.8India
    
    
    3
    
    
    
    17
    
    
    
    15
    
    
    
    0
    
    
    
    32
    
    
    
    10.2Iran
    
    
    0
    
    
    
    0
    
    
    
    2
    
    
    
    0
    
    
    
    2
    
    
    
    2.0Japan
    
    
    30
    
    
    
    55
    
    
    
    5
    
    
    
    1
    
    
    
    59
    
    
    
    6.1Korea (South)
    
    
    39
    
    
    
    20
    
    
    
    8
    
    
    
    0
    
    
    
    28
    
    
    
    10.1Pakistan
    
    
    3
    
    
    
    2
    
    
    
    2
    
    
    
    0
    
    
    
    4
    
    
    
    0.7Taiwan
    
    
    20
    
    
    
    6
    
    
    
    2
    
    
    
    0
    
    
    
    8
    
    
    
    2.7Turkey
    
    
    0
    
    
    
    0
    
    
    
    1
    
    
    
    0
    
    
    
    1
    
    
    
    1.0Asia Total
    
    
    
    
    
    
    111
    
    
    
    58
    
    
    
    1
    
    
    
    168
    
    
    
    56.6Belgium
    
    
    54
    
    
    
    7
    
    
    
    0
    
    
    
    0
    
    
    
    7
    
    
    
    0.0Bulgaria
    
    
    44
    
    
    
    2
    
    
    
    2
    
    
    
    0
    
    
    
    4
    
    
    
    2.0Czech Republic
    
    
    31
    
    
    
    6
    
    
    
    0
    
    
    
    0
    
    
    
    6
    
    
    
    0.0Finland
    
    
    28
    
    
    
    4
    
    
    
    1
    
    
    
    0
    
    
    
    5
    
    
    
    1.7France
    
    
    78
    
    
    
    59
    
    
    
    1
    
    
    
    1
    
    
    
    59
    
    
    
    1.7Germany
    
    
    32
    
    
    
    17
    
    
    
    0
    
    
    
    0
    
    
    
    17
    
    
    
    0.0Hungary
    
    
    38
    
    
    
    4
    
    
    
    0
    
    
    
    0
    
    
    
    4
    
    
    
    0.0Lithuania
    
    
    69
    
    
    
    1
    
    
    
    1
    
    
    
    1
    
    
    
    1
    
    
    
    0.4Netherlands
    
    
    4
    
    
    
    1
    
    
    
    0
    
    
    
    0
    
    
    
    1
    
    
    
    0.0Romania
    
    
    9
    
    
    
    2
    
    
    
    2
    
    
    
    0
    
    
    
    4
    
    
    
    1.4Slovakia
    
    
    57
    
    
    
    5
    
    
    
    2
    
    
    
    1
    
    
    
    6
    
    
    
    0.4Spain
    
    
    20
    
    
    
    8
    
    
    
    0
    
    
    
    0
    
    
    
    8
    
    
    
    0.0Slovenia
    
    
    40
    
    
    
    1
    
    
    
    1
    
    
    
    0
    
    
    
    2
    
    
    
    1.1Sweden
    
    
    48
    
    
    
    10
    
    
    
    0
    
    
    
    0
    
    
    
    10
    
    
    
    0.0Switzerland
    
    
    37
    
    
    
    5
    
    
    
    0
    
    
    
    0
    
    
    
    5
    
    
    
    0.0UK
    
    
    18
    
    
    
    19
    
    
    
    0
    
    
    
    4
    
    
    
    15
    
    
    
    -1.6Europe Total
    
    
    
    
    
    
    151
    
    
    
    10
    
    
    
    7
    
    
    
    154
    
    
    
    7.1Russia
    
    
    16
    
    
    
    31
    
    
    
    13
    
    
    
    2
    
    
    
    42
    
    
    
    11.3Armenia
    
    
    42
    
    
    
    1
    
    
    
    0
    
    
    
    1
    
    
    
    0
    
    
    
    -0.4Belarus
    
    
    0
    
    
    
    0
    
    
    
    1
    
    
    
    0
    
    
    
    1
    
    
    
    1.0Ukraine
    
    
    48
    
    
    
    15
    
    
    
    2
    
    
    
    0
    
    
    
    17
    
    
    
    2.0Russia and Eastern
Europe Total
    
    
    
    
    
    
    47
    
    
    
    16
    
    
    
    3
    
    
    
    60
    
    
    
    13.9South Africa
    
    
    6
    
    
    
    2
    
    
    
    2
    
    
    
    0
    
    
    
    4
    
    
    
    1.1World Total
    
    
    16
    
    
    
    439
    
    
    
    96
    
    
    
    13
    
    
    
    522
    
    
    
    89.2
 
 1
    
    Estimated by Cameco, February 2008. Partially based on public announcements made prior
to February 2008.2
    
    World Nuclear Association (WNA). 8




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##### 



Reactors  Operating, Planned and Under Construction
  
    
    58 reactors are scheduled to be built in Asia, as energy demand is driven by rapid
economic expansion. About 65% of this growth will occur in China and India, which have
plans to build 23 and 15 reactors, respectively,
    
    in Russia, Ukraine, Belarus and Armenia, it is anticipated that 16 reactors will be
built, offset by one closure in Armenia and two in Russia,
    
    in Finland, a new European Pressurized Water Reactor (EPR) is being constructed and,
when completed, will bring the countrys total to five nuclear reactors, and a second EPR
is under construction in France,
    
    both South Africa and Turkey have solicited bids for multiple units, and
    
    in Canada, Bruce Power A Limited Partnership (BALP) is refurbishing two A units that had
previously been shutdown, and both Bruce Power and Ontario Power Generation Inc. (OPG) have
initiated the regulatory process for new generating units.
  Reactors  Potential
  THE URANIUM INDUSTRY
 Worldwide Uranium Supply and Demand
  9




---



##### 



Uranium Demand
     10




---



##### 



Uranium Supply
  Mine Production
 3 8
  
    
    the strength of uranium prices,
    
    the efficiency of regulatory regimes in various regions,
    
    the availability and sufficiency of required infrastructure and skilled workforce,
    
    currency exchange rates in producer countries compared to the US dollar,
    
    prices for other mineral commodities produced in association with uranium (i.e.
byproduct or co-product producers),
    
    the quality and size of the mineral reserves, and
    
    the availability of financing.
 11




---



##### 



Secondary Sources
     12




---



##### 



Uranium Markets
    Uranium Spot Market
 3 8 3 8 3 8
  13




---



##### 



Long-Term Uranium Market
 3 8
 3 8
  THE FUEL SERVICES INDUSTRIES
  3 8 3 8
  14




---



##### 



Conversion Services Demand
 6 2
  Conversion Services Supply
 6 6 6 6 6
 6
 Conversion Services Markets
 6 2 2 3 8 6 2
 Spot/Long-Term Conversion Market
 6
 Dec 31/07
    
    Dec 31/06
    
    % ChangeAverage spot market price
($US/kgU)      North America
    
    
    8.75
    
    
    
    11.75
    
    
    
    (26
    )      Europe
    
    
    10.25
    
    
    
    12.38
    
    
    
    (17
    )
 2
 15




---



##### 



Dec 31/07
    
    Dec 31/06
    
    % ChangeAverage long-term price
($US/kgU)     North America
    
    
    12.25
    
    
    
    12.25
    
    
    
         Europe
    
    
    13.00
    
    
    
    13.75
    
    
    
    (5
    )
 3. OUR KEY PERFORMANCE DRIVERS, BUSINESS STRATEGIES AND CAPABILITIES TO DELIVER RESULTS
 OUR URANIUM BUSINESS
 Key Performance Drivers
  
    
    prices  spot and long-term,
    
    volume  sales, production and purchases,
    
    costs  production and purchases, and
    
    the relationship between the US and Canadian dollars.
 Prices  Spot/Long-Term
 Background
 3 8
    16




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##### 



Volume  Sales, Production and Purchases
 Sales Volume
  3 8 6
 6
   Production Volume
 Uranium Operations
 Camecos share of production(million lbs U3O8)
    
    2008 Planned*
    
    2007 ActualMcArthur River/Key Lake
    
    
    13.1
    
    
    
    13.1Rabbit Lake
    
    
    3.6
    
    
    
    4.0Smith Ranch/Highland
    
    
    1.8
    
    
    
    2.0Crow Butte
    
    
    0.9
    
    
    
    0.7Inkai
    
    
    1.2
    
    
    
    0.0Total
    
    
    20.6
    
    
    
    19.8
 
 *
    
    See the section titled Camecos Uranium Supply Outlook in this MD&A for more information about
assumptions and risk factors associated with this production forecast. 17




---



##### 



McArthur River/Key Lake
 3 8
      3 8
 18




---



##### 



Rabbit Lake
 3 8
  3 8
     19




---



##### 



Smith Ranch-Highland and Crow Butte
 3 8
  Uranium Projects
 Cigar Lake
        20




---



##### 



The Cigar Lake expected production date mentioned above and certain other statements regarding our
plans and expectations for the resumption of production are forward-looking information and are
based upon the material assumptions, and subject to the risk factors, stated under the heading
Caution Regarding Forward-Looking Information and Statements, as well as the following key
assumptions and risk factors that could cause results to differ materially:
 
    
    we have assumed the success and timely completion of our dewatering and remediation efforts
(including favourable results of geotechnical assessments), which are subject to the risk that
they do not succeed as anticipated or take longer to complete than anticipated;
 
    
    our ability to obtain and comply with the terms of, and the timing of, various regulatory
approvals, which are subject to the risk of taking longer to obtain than anticipated, or our
inability to comply with their terms; and
 
    
    our expectation regarding the condition of the existing underground workings is correct,
which is subject to the risk that actual conditions prove to be worse.
 We have also assumed that there are no further disruptions to our dewatering and other remediation
plans, but we are subject to the risk of delays arising from natural phenomena, such as fires,
floods or cave-ins; the occurrence of another water inflow at Cigar Lake; failure of our radiation
protection plans, labour disputes, litigation or arbitration proceedings; delays in obtaining or
failure to procure the required equipment, personnel, operating parts and supplies; equipment
failure; unexpected geological or hydrological conditions, and adverse ground conditions.
 If actual results differ materially from the assumptions set out above or if any of the material
risk factors above occur, the target date for the completion of dewatering Cigar Lake, and its
production restart date, may differ materially from the expected dates that are stated above.
    Inkai
  21




---



##### 



3 8
       22




---



##### 



Purchase Volumes
 6
 Camecos Uranium Supply Outlook
  Camecos Share of Production (million pounds U 3 O 8 ) Excluding Cigar
Lake 1
 Current Forecast
    
    2008
    
    2009
    
    2010
    
    2011
    
    2012McArthur River/Key Lake 2
    
    
    13.1
    
    
    
    13.1
    
    
    
    13.1
    
    
    
    13.1
    
    
    
    13.1Rabbit Lake 3
    
    
    3.6
    
    
    
    3.2
    
    
    
    1.8
    
    
    
    3.1
    
    
    
    2.4US ISR4
    
    
    2.7
    
    
    
    2.8
    
    
    
    3.6
    
    
    
    4.8
    
    
    
    4.8Inkai
    
    
    1.2
    
    
    
    2.9
    
    
    
    3.0
    
    
    
    3.0
    
    
    
    3.0Total*
    
    
    20.6
    
    
    
    22.0
    
    
    
    21.5
    
    
    
    24.0
    
    
    
    23.3
 
 *
    
    While a single estimate has been included for each year of the production outlook, actual
production may differ
from estimates as forecasting production is inherently uncertain.1
    
    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.2
    
    Cameco has applied to increase its licensed capacity from 18.7 million pounds to 22
million pounds (Cameco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 Uranium Operations in this MD&A.)3
    
    The Rabbit Lake production forecast is based on proven and probable reserves as well
as blending lower grade material. We are optimistic that some of the existing resources will
be reclassified as reserves and add to production in the latter years. In addition, ongoing
mine planning will focus on identifying means of smoothing the production profile in future
years.4
    
    Refers to Camecos Smith Ranch-Highland and Crow Butte ISR operations in the US and
other ISR development projects in the US.  23




---



##### 



The current uranium production and HEU purchase forecast noted above for the company are
forward-looking information. This forward-looking information is based upon the key assumptions and
subject to the material risk factors that could cause results to differ materially which are
discussed under the heading Caution Regarding Forward-Looking Information and Statements. In
particular, we have assumed that:
 
    
    the companys forecast production for each operation is achieved;
 
    
    the company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;
 
    
    the successful transition between zones at McArthur River beginning in 2009;
 
    
    the company is able to obtain or maintain the necessary permits and approvals from
government authorities to achieve the forecast production;
 
    
    there is no disruption in production due to natural phenomena, labour disputes or other
development and operation risks; and
 
    
    the HEU supplier complies with its delivery commitments.
 Material risk factors that could cause actual results to differ materially include our inability to
achieve forecast production levels for each operation; our development and rampup of production
from Inkai does not proceed as anticipated; the transition between zones at McArthur River is not
successful; the inability to obtain or maintain necessary permits or government approvals; a
disruption or reduction in production or the failure of the HEU supplier to comply with its
delivery commitments. No assurance can be given that the indicated quantities will be produced or
purchased. Expected future production estimates are inherently uncertain, particularly in the
latter years of the forecast, and could materially change over time.
 Costs
   3 8 3 8
 3 8
 24




---



##### 



Uranium Strategies
  
    
    remain one of the low-cost producers,
    
    expand our market position,
    
    increase supply flexibility, and
    
    maximize realized prices over time.
      
    
    expand market position,
    
    optimize price realization over time, and
    
    improve supply flexibility.
  25




---



##### 




    
    additional production from the successful expansion of existing mines, startup of
mines currently under construction and development of known deposits,
    
    the success of exploration programs in identifying new commercial uranium deposits
that can be developed in a reasonable period of time,
    
    the exchange rate in various producer country currencies relative to the US dollar,
    
    the timing and extent of expansion of uranium produced as a byproduct or co-product
of other commodities, particularly in Australia and South Africa,
    
    availability of existing and possible new secondary materials, such as blended down
uranium from military stock, including dismantled weapons,
    
    the manner in which investment funds liquidate their holdings,
    
    ultimate sales by the US DOE,
    
    the extent enrichment services are substituted for natural uranium feed, and
    
    the growth rate of nuclear power.
   26




---



##### 



Uranium  Capability to Deliver Results
  
    
    transitioning successfully from current mining areas to new ones,
    
    advancing other mining methods and technologies,
    
    proceeding with revitalization plans for our milling operations,
    
    obtaining timely regulatory approvals,
    
    securing sufficient human resources to replace an aging workforce, including ensuring
skilled tradespeople continue to be available,
    
    ensuring capital is readily available over the longer term to support our expansion
plans,
    
    allocating adequate resources to exploration, and
    
    evaluating and acting upon opportunities that we expect to add value.
 27




---



##### 



transition to new mining areas
  
    Mining Methods
   28




---



##### 



Revitalization of Mills
  Regulatory Approval
   Human Resources
  Ready Access to Capital
  29




---



##### 



uranium exploration
    exploration acquisition/merger approach
  
  30




---



##### 



Junior Exploration Companies
  
    
    UEX Corporation (UEX)Cameco has a 21.4% interest in UEX, a TSX-listed junior exploration company formed in 2002
from a combination of exploration assets previously held by Cameco and Pioneer Metals
Corporation. Cameco has, as long as it maintains a 20% or higher interest in UEX, certain
rights related to financing and marketing production from future uranium deposits. This
minimum 20% ownership level also provides Cameco with the right to mill uranium produced
from properties it contributed to UEX at the time of its formation in 2002.
    
    UNOR Inc. (UNOR)Cameco acquired a 19.5% interest in UNOR in 2006 by purchasing 22.9 million common shares.
UNOR is a uranium exploration and development company with its head office in Toronto,
Ontario. Its principal properties include 226 mineral claims in northwestern Nunavut on the
Hornby Basin, a geological formation with similar characteristics to the uranium-rich
Athabasca Basin in northern Saskatchewan. The strategic alliance agreement concluded between
Cameco and UNOR provides Cameco with the right to participate in any future equity issues,
match equity or debt required for mine development, operate any mine developed on UNORs
properties and market any uranium produced provided it maintains a 10% or greater equity
interest in UNOR.
    
    MINERGIA SAC (MINERGIA)Cameco has the right to earn a 50% ownership interest in MINERGIA, a private company jointly
owned by Cameco and Vena Resources, established to explore and develop Venas uranium assets
in Peru. Cameco has the option to invest $10 million over the next four years in two stage
payments to obtain its 50% interest. Cameco can increase its stake in MINERGIA to 60% when a
feasibility study is completed and to 70% when mine development commences.
    
    Western Uranium Corporation (WUC)In July 2007, Cameco acquired a 10% interest in WUC. WUC is an exploration company with land
positions primarily in Nevada, US and Nunavut. As long as Cameco maintains a 7.5% or greater
interest in WUC, it has the right to purchase a 70% joint venture interest in uranium
resources discovered by WUC, that meet certain size criteria, in return for a defined
payment to WUC.
    
    Cue Capital Corp. (CUE)In September of 2007, Cameco gained a 15.4% interest in CUE through the execution of a
strategic alliance agreement to pursue exploration on CUEs uranium exploration land in
Paraguay. Cameco has the right to purchase a 60% joint venture interest in uranium
resources discovered by Cue, that meet certain size criteria, in return for a three-stage
private placement in CUE, provided Cameco maintains ownership of 90% of the CUE shares it
acquired as part of this investment.
 31




---



##### 



2007 Exploration Program1
 Brownfield Exploration
    3 8 3 8 3 8 3 8
    
 1
    
    All widths noted in the exploration section refer to
drilled widths. 32




---



##### 



Regional Exploration
 3 8
   2008 Exploration Program
  33




---



##### 



Brownfield Exploration
     Regional Exploration
    34




---



##### 



OUR FUEL SERVICES BUSINESS
 Key Performance Drivers
  
    
    conversion prices  spot and long-term,
    
    volume  sales, production and purchases,
    
    costs  production and purchases, and
    
    the relationship between the US and Canadian dollars.
 Prices  Spot/Long-Term (Conversion Services)
 6
   Volumes  Sales, Production, Purchases
 Sales Volume
 6 6 Production Volume 6 6 6
  35




---



##### 



Production Volume
 Conversion Services
 6 2
 6 6
  6
 6 6
 The statements above regarding the target date for resumption of Port Hope UF 6 production and certain other statements regarding future events, including meeting UF 6 utility delivery commitments, are forward-looking information and are based upon the
following key assumptions and subject to the following material risk factors that could cause
results to differ materially: we have made certain assumptions regarding the timing of regulatory
approvals for remediation activities, modifications to the UF 6 plant, and production
restart, but they are subject to the risk that they take longer to obtain than anticipated; we have
assumed that the UF 6 plant can be brought back into production without unforeseen
difficulty or delay, but that is subject to a number of risks including the risk of unusual
difficulties arising from the extended length of time that the UF 6 plant has been shut
down, the risk that there will be a delay in or failure to procure the required contractors,
equipment and suppliers, the risk of equipment failure, the risk of natural phenomena including
inclement weather conditions and fire, and the risk of delay or ultimate lack of success; we have
assumed that the findings in our preliminary risk assessment prove to be correct, but that is
subject to the risk of adverse findings in the final risk assessment; and we have assumed our
efforts to meet scheduled UF 6 delivery commitments will succeed, but that is subject to
a number of risks including customers accelerating UF 6 deliveries or UF 6 production, purchases and deferrals not proceeding as planned; which are subject to the risk that
costs are higher than expected.
 36




---



##### 



Port Hope Conversion Facility Project
  Potential New UF6 Supply Capacity
 6
 Refining
 6 3
   Fuel Fabrication
  2
   37




---



##### 



Purchase Volume
 6
 Costs
  6
 Fuel Services Strategies
  
    
    remain a sustainable low-cost producer,
    
    expand market position,
    
    increase supply flexibility, and
    
    maximize realized prices.
  
    
    upgrade its plant and improve operating practices,
    
    ensure adequate production,
    
    grow its market position, and
    
    manage its conversion services contract portfolio.
 6
 Fuel Services  Capability to Deliver Results
  
    
    community relations at Port Hope continue to strengthen,
    
    sufficient human resources are available to replace an aging workforce,
    
    capital is available over the longer term given our expansion plans, and
    
    adequate resources are allocated to maintain and grow our fuel services business.
 38




---



##### 



Community Relations
  Human Resources
  ready access to capital
  Adequate Resources
  Foreign Exchange
     39




---



##### 



2008
    
    2009
    
    2010
    
    2011$ millions (US)
    
    
    918
    
    
    
    510
    
    
    
    380
    
    
    
    100EUR millions
    
    
    45
    
    
    
    20
    
    
    
    15
    
    
    
    8
    Deferred Gains (Charges)
    
    2008
    
    2009
    
    2010
    
    2011$ millions (Cdn)
    
    
    49
    
    
    
    18
    
    
    
    13
    
    
    
    0
   40




---



##### 



4. our performance and outlook
 2007 CONSOLIDATED FINANCIAL RESULTS
  For the Years Ended December 31($ millions)
    
    2007
    
    2006
    
    % ChangeRevenue
    
    $
    2,310
    
    
    $
    1,832
    
    
    
    26Net earnings
    
    
    416
    
    
    
    376
    
    
    
    11Adjusted net earnings1
    
    
    603
    
    
    
    274
    
    
    
    120Cash from operations
    
    
    801
    
    
    
    418
    
    
    
    92
  Consolidated Earnings
 Earnings
  1 1
 
 1
    
    Net earnings for the years ended December 31, 2006 and
2007 have been adjusted to exclude a number of items. Adjusted net
earnings is a non-GAAP measure. For a description, see Use of Non-GAAP
Financial Measures in this MD&A. 41




---



##### 



6
  Corporate Expenses
 Administration
  $ millions
    
    2007
    
    2006
    
    ChangeDirect administration
    
    $
    132
    
    
    $
    118
    
    
    $
    14Stock-based compensation1
    
    
    (5
    )
    
    
    25
    
    
    
    (30
    )Total administration
    
    $
    127
    
    
    $
    143
    
    
    
    ($16
    )
 
 1
    
    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 million
charge related to the
amendment of the stock option plan in 2007. See note 21 to the financial statements.   Interest and Other
  Income Taxes
   42




---



##### 



Cash Resources
 Operating Activities
  Investing Activities
  43




---



##### 



Financing Activities
  Balance Sheet
 Cash
  Inventories
  Debt
  Investments
  Book Value
    
    Market Value1Investment ($ millions)
    
    Dec 31/07
    
    Dec 31/07
    
    Dec. 31/06Centerra Gold Inc. 2
    
    $
    375
    
    
    $
    1,432
    
    
    $
    1,504UEX Corporation
    
    
    14
    
    
    
    258
    
    
    
    220Western Uranium
    
    
    13
    
    
    
    13
    
    
    
    N/AUNOR Inc.
    
    
    8
    
    
    
    6
    
    
    
    14CUE Capital
    
    
    7
    
    
    
    7
    
    
    
    N/ATotal
    
    $
    417
    
    
    $
    1,716
    
    
    $
    1,738
 1
    
    Market value is calculated as the number of shares outstanding multiplied by the
closing share price as quoted on
the TSX on December 31, 2006 and December 31, 2007.
 44




---



##### 



2
    
    The market value for the investment in Centerra has not been reduced to reflect the
22.3 million shares that are to
be transferred upon the closing of the restructuring arrangement with the Kyrgyz Republic.
 Off-Balance Sheet Arrangements
  
    
    Financial Assurances:
 
    
    2007 Nuclear Electricity Generation Business,
    
    Liquidity and Capital Resources,
    
    Risks and Risk Management, and
    
    Notes 8, 9, 25 and 27 of the Financial Statements.
 
    
    Long-Term Product Purchase Contracts
 
    
    Uranium Business,
    
    Liquidity and Capital Resources, and
    
    Note 25 of the Financial Statements.
 CONSOLIDATED OUTLOOK FOR 2008
     45




---



##### 



Capital Expenditures
 (Camecos share in $ millions)
    
    2008 Plan
    
    2007 ActualGrowth CapitalCigar Lake
    
    
    108
    
    
    
    62Inkai
    
    
    27
    
    
    
    56Rabbit Lake
    
    
    19
    
    
    
    US ISR
    
    
    5
    
    
    
    Fuel Services
    
    
    12
    
    
    
    Total Growth
    
    
    171
    
    
    
    118Sustaining CapitalMcArthur River/Key Lake
    
    
    164
    
    
    
    77US ISR
    
    
    48
    
    
    
    28Rabbit Lake
    
    
    33
    
    
    
    34Fuel Services
    
    
    56
    
    
    
    36Other
    
    
    23
    
    
    
    6Total Sustaining
    
    
    324
    
    
    
    181Capitalized Interest
    
    
    39
    
    
    
    31Total Uranium & Fuel Services
    
    
    534
    
    
    
    330Bruce Power (BPLP)1
    
    
    39
    
    
    
    31Gold2
    
    
    68
    
    
    
    132
 
 1
    
    Reflects Camecos 31.6% share of expenditures and expected to be funded by BPLP.2
    
    Represents 100% of Centerras expenditures and expected to be funded by Centerra. 6
   This consolidated outlook for 2008 is forward-looking information and is based upon the key
assumptions and subject to the material risk factors that could cause results to differ materially
which are discussed under the heading Caution Regarding Forward-Looking Information and
Statements, 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.
 46




---



##### 



2005-2007 CONSOLIDATED FINANCIAL HIGHLIGHTS
 For the Years Ended December 31($ millions except per share amounts)
    
    2007
    
    2006
    
    2005Revenue
    
    
    2,310
    
    
    
    1,832
    
    
    
    1,313Earnings from operations
    
    
    475
    
    
    
    335
    
    
    
    121Net earnings
    
    
    416
    
    
    
    376
    
    
    
    215 per common share (basic)
    
    
    1.18
    
    
    
    1.07
    
    
    
    0.62 per common share (diluted)
    
    
    1.13
    
    
    
    1.02
    
    
    
    0.60Adjusted net earnings 1
    
    
    603
    
    
    
    274
    
    
    
    208Cash provided by operations
    
    
    801
    
    
    
    418
    
    
    
    278Total assets
    
    
    5,371
    
    
    
    5,140
    
    
    
    4,773Long-term financial liabilities
    
    
    1,633
    
    
    
    1,592
    
    
    
    1,687Dividends per common share
    
    $
    0.20
    
    
    $
    0.16
    
    
    $
    0.12
 
 1
    
    Net earnings for the years ended December 31, 2005, 2006 and 2007 have been adjusted
to exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description
see Use of Non-GAAP Financial Measures in this document.  
    
    Revenue has trended higher over the three-year period, rising by 76% over 2005 to a
record $2,310 million in 2007. This increase was primarily the result of an increase in the
realized selling price for uranium, which averaged $41.68 per pound (Cdn) in 2007 compared
to $20.14 per pound (Cdn) in 2005. Revenue from the fuel services business has also risen
over the three-year period due to improved prices and the acquisition of our fuel
manufacturing subsidiary in 2006.
    
    Earnings from operations have also trended higher during the period, but the rise has
been tempered somewhat by higher costs for product sold, higher administration charges and
greater investment in exploration. The increase in the cost of sales was attributable to
higher costs for purchased uranium and conversion services, driven by rising spot prices as
well as higher royalty charges for uranium. Our administration costs have risen
significantly over the three-year period due to establishing Centerra as a separate
publicly traded company, higher stock compensation expenses, higher costs for regulatory
compliance and growth in the workforce.
    
    Net earnings have trended with revenue but our results have been significantly
influenced by unusual items over the past three years. In 2005, there were two unusual
items: 1) the disposition of our investment in ERA which resulted in a gain of $69 million
(after tax), and 2) the restructuring of the BPLP partnership, which resulted in an
after-tax loss of $62 million. 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 million (after
tax) on the sale of our interest in the Fort à la Corne joint venture. In 2007, we recorded
charges of $153 million after tax related to the restructuring of Centerra and $59 million
after tax related to the amendment to the stock option plan to provide for a cash
settlement feature, as well as a $25 million recovery of future income taxes due to tax
legislation changes.
 47




---



##### 




    
    Excluding the adjustments noted above, net earnings for 2007 have nearly tripled at $603
million compared to the $208 million recorded in 2005. The 32% increase to $274 million in
2006 from 2005 was attributable to improved results in the uranium business related to an
improved realized price, driven by a significant increase in the spot price for uranium.
Earnings were also bolstered by stronger results in the gold business. These improvements
were partially offset by reduced earnings from BPLP as well as higher charges for
administration and the recognition of remediation costs at Cigar Lake. Adjusted net
earnings rose to $603 million in 2007 compared to $274 million in 2006 due to continued
improvement in the realized price for uranium, due primarily to higher uranium spot prices.
Realized prices under fixed-price contracts were also stronger.
    
    In 2007, Cameco generated record cash from operations of $801 million compared to $418
million in 2006. This increase of $383 million was mainly attributable to the higher
revenues in 2007. Cash from operations of $418 million in 2006 represented an increase of
$140 million compared to the $278 million recorded in 2005. This increase was mainly due to
higher revenues in the uranium business and the proportionate consolidation of BPLP results
in 2006.
    
    The major components of Camecos long-term financial liabilities are long-term debt,
future income taxes and the provision for reclamation. In 2007, Camecos total long-term
financial liabilities increased to $1,633 million from $1,592 million at the end of 2006
due to a $56 million increase in our provision for reclamation and a $21 million increase
in long-term debt, partially offset by a $54 million reduction in future income taxes due
largely to changes in Canadian tax rates.
    
    At the end of 2007, Camecos total assets amounted to $5,371 million, an increase of
$231 million over the previous year. Most of the change was due to the increased investment
in property, plant and equipment related to development expenditures for Cigar Lake and
Inkai as well as sustaining capital for the other uranium operations.
 2007 URANIUM BUSINESS FINANCIAL RESULTS
  Uranium Business Highlights
 2007
    
    2006
    
    % ChangeRevenue ($ millions)
    
    
    1,269
    
    
    
    803
    
    
    
    58Gross profit ($ millions)
    
    
    648
    
    
    
    237
    
    
    
    173Gross profit %
    
    
    51
    
    
    
    30
    
    
    
    70Earnings before taxes ($ millions)
    
    
    572
    
    
    
    181
    
    
    
    216Average realized price($US/lb)
    
    
    37.47
    
    
    
    20.62
    
    
    
    82($Cdn/lb)
    
    
    41.68
    
    
    
    24.72
    
    
    
    69Sales volume (million lbs)
    
    
    30.2
    
    
    
    32.1
    
    
    
    (6
    )Production volume (million lbs)
    
    
    19.8
    
    
    
    20.9
    
    
    
    (5
    )
 48




---



##### 



Revenue
  Cost of Products and Services Sold
 3 8 3 8
 Depreciation, Depletion and Reclamation
  Gross Profit
  2008 Outlook for Uranium
 3 8
 3 8
  49




---



##### 



Calculation of Tiered Royalties
   
    
    based on 100,000 pounds U3O8sold, and
    
    no capital allowance is available
 Sales Price
    
    Tier 1
    
    Tier 2
    
    Tier 3
    
    Total TieredRealized ($ Cdn)
    
    Royalty1
    
    Royalty2
    
    Royalty3
    
    Royalty$25.00
    
    $
    50,820
    
    
    $
    800
    
    
    
    
    
    
    $
    51,620$35.00
    
    $
    110,820
    
    
    $
    40,800
    
    
    $
    9,650
    
    
    $
    161,270$45.00
    
    $
    170,820
    
    
    $
    80,800
    
    
    $
    59,650
    
    
    $
    311,270$55.00
    
    $
    230,820
    
    
    $
    120,800
    
    
    $
    109,650
    
    
    $
    461,270$65.00
    
    $
    290,820
    
    
    $
    160,800
    
    
    $
    159,650
    
    
    $
    611,270$75.00
    
    $
    350,820
    
    
    $
    200,800
    
    
    $
    209,650
    
    
    $
    761,270$85.00
    
    $
    410,820
    
    
    $
    240,800
    
    
    $
    259,650
    
    
    $
    911,270
 
 1
    
    6% x (Sales Price  $16.53) x 100,000 pounds U3O82
    
    4% x (Sales Price  $24.80) x 100,000 pounds U3O83
    
    5% x (Sales Price  $33.07) x 100,000 pounds U3O8 Uranium Price Sensitivity (2008)
  This uranium business outlook for 2008 is forward-looking information and is based upon the key
assumptions and subject to the material risk factors that could cause results to differ materially
which are discussed under the heading Caution Regarding Forward-Looking Information and
Statements. In particular, we have assumed that there will be no significant changes in sales
volumes, purchases and prices, and that there will be no disruption or reduction of supply from our
facilities or third-party sources other than as disclosed. We have also assumed a uranium spot
price of $74.00 (US) per pound reflecting the UxC spot price as of March 3, 2008. Material risk
factors that could cause actual results to differ materially include significant adverse changes in
sales volumes, purchases and prices, and the actual occurrence of additional supply disruptions or
reductions.
 Uranium Price Sensitivity (2008 to 2012)
  50




---



##### 



Cameco Expected Average Realized Uranium Price (Rounded to the nearest $1.00)
Current US $/lb U 3 O 8
 $20
    
    $40
    
    $60
    
    $80
    
    $100
    
    $120
    
    $1402008
    
    $
    28
    
    
    $
    33
    
    
    $
    38
    
    
    $
    42
    
    
    $
    47
    
    
    $
    51
    
    
    $
    552009
    
    $
    27
    
    
    $
    33
    
    
    $
    39
    
    
    $
    43
    
    
    $
    48
    
    
    $
    53
    
    
    $
    582010
    
    $
    33
    
    
    $
    39
    
    
    $
    47
    
    
    $
    53
    
    
    $
    60
    
    
    $
    67
    
    
    $
    742011
    
    $
    38
    
    
    $
    42
    
    
    $
    50
    
    
    $
    56
    
    
    $
    63
    
    
    $
    69
    
    
    $
    762012
    
    $
    39
    
    
    $
    42
    
    
    $
    51
    
    
    $
    59
    
    
    $
    67
    
    
    $
    76
    
    
    $
    85
 This price table is forward-looking information and is based upon the material assumptions, and
subject to the material risks, discussed under the heading Caution Regarding Forward-Looking
Information and Statements, as well as the following key assumptions, and material risks which
could cause actual prices to vary:
 
    
    sales volume of 33 million pounds for 2008 (which has been adjusted for the accounting
requirements of the loan agreements) and a sales volume of about 30 million pounds for each
year thereafter. Variations in our actual sales volume could lead to materially different
results;
    
    utilities take the maximum quantities allowed under their contracts, which is subject to
the risk that they take lower quantities resulting in materially different realized prices;
 51




---



##### 




    
    Cameco defers a portion of deliveries under contract for 2009 through 2011 as a result of
exercising its rights under supply interruption provisions;
    
    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;
    
    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
    
    an inflation rate of 2.5%, but variations in the inflation rate could have a material
impact on actual results.
 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.
 2007 FUEL SERVICES BUSINESS FINANCIAL RESULTS
 Fuel Services Highlights
 2007
    
    2006
    
    % ChangeRevenue ($ millions)
    
    
    239
    
    
    
    224
    
    
    
    7Gross profit ($ millions)
    
    
    (23
    )
    
    
    25
    
    
    
    (192
    )Gross profit %
    
    
    (10
    )
    
    
    11
    
    
    
    (191
    )Earnings before taxes ($ millions)
    
    
    (27
    )
    
    
    22
    
    
    
    (223
    )Sales volume (million kgU) 1
    
    
    17.0
    
    
    
    18.5
    
    
    
    (8
    )Production
volume (million kgU)2
    
    
    12.9
    
    
    
    15.4
    
    
    
    (16
    )
 
 1
    
    Kilograms of uranium2
    
    Production volume includes UF6, UO2, fuel fabrication and
UF6 supply from SFL. Revenue
 6 6
 Cost of Products and Services Sold
 6
 Depreciation, Depletion and Reclamation
  52




---



##### 



Gross Profit
 6
 Fuel Services Outlook for 2008
  6
 Fuel Services Price Sensitivity Analysis
  This fuel services business outlook for 2008 is forward-looking information and is based upon the
key assumptions and subject to the material risk factors that could cause results to differ
materially, which are discussed under the heading Caution Regarding Forward-Looking Information
and Statements. 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 6 plant in the third quarter of 2008 at the
earliest. Material risk factors that could cause actual results to differ materially include
significant adverse changes in sales volumes, purchases and prices, the actual occurrence of
additional supply disruptions and the unsuccessful restart and/or rampup of the Port Hope UF 6 plant.
 53




---



##### 



2007 NUCLEAR ELECTRICITY GENERATION BUSINESS RESULTS
 Bruce Power Limited Partnership (100% basis)
 2007
    
    2006
    
    % ChangeOutput  terawatt hours (TWh)
    
    
    25.3
    
    
    
    25.8
    
    
    
    (2
    )Capacity factor (%) 1
    
    
    89
    
    
    
    91
    
    
    
    (2
    )Realized price ($/MWh)
    
    
    52
    
    
    
    48
    
    
    
    8Average Ontario electricity
spot price ($/MWh)
    
    
    48
    
    
    
    46
    
    
    
    4($ millions)Revenue
    
    
    1,319
    
    
    
    1,242
    
    
    
    6Operating costs 2
    
    
    881
    
    
    
    807
    
    
    
    9Cash costs
    
    
    759
    
    
    
    701
    
    
    
    8- operating & maintenance
    
    
    578
    
    
    
    523
    
    
    
    11- fuel
    
    
    68
    
    
    
    65
    
    
    
    5- supplemental rent 3
    
    
    113
    
    
    
    113
    
    
    
    0Non-cash costs (amortization)
    
    
    122
    
    
    
    106
    
    
    
    15Income before interest
and finance charges
    
    
    438
    
    
    
    435
    
    
    
    1Interest and finance charges
    
    
    
    
    
    
    47
    
    
    
    (100
    )Earnings before taxes
    
    
    438
    
    
    
    388
    
    
    
    13Cash from operations
    
    
    506
    
    
    
    514
    
    
    
    (2
    )Capital expenditures
    
    
    98
    
    
    
    103
    
    
    
    (5
    )Distributions
    
    
    455
    
    
    
    480
    
    
    
    (5
    )Operating costs ($/MWh)
    
    
    35
    
    
    
    31
    
    
    
    13
 
 1
    
    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.2
    
    Net of cost recoveries.3
    
    Supplemental rent is about $28.3 million per operating reactor for 2007. Camecos Earnings from BPLP
 $ millions
    
    2007
    
    2006
    
    % ChangeBPLPs earnings before taxes (100%)
    
    
    438
    
    
    
    388
    
    
    
    13Camecos share of pre-tax earnings
before adjustments
    
    
    138
    
    
    
    122
    
    
    
    13Proprietary adjustments
    
    
    (1
    )
    
    
    6
    
    
    
    (117
    )Pre-tax earnings from BPLP
    
    
    137
    
    
    
    128
    
    
    
    7
 Earnings Before Taxes
  54




---



##### 



Output
  Price
    Costs
  Cash from Operations
  Capital Expenditures
  Cash Distributions
  BPLPs Outlook for 2008
   55




---



##### 



2008 BPLP Capital Expenditures (100% Basis)
  Electricity Price Sensitivity Analysis
  This 2008 outlook for BPLP is forward-looking information and is based upon the key assumptions and
subject to the material risk factors that could cause results to differ materially, which are
discussed under the heading Caution Regarding Forward-Looking Information and Statements. In
particular, we have assumed that the B units will achieve their targeted capacity factor and that
there will be no significant changes in costs, contract levels and prices. Material risk factors
that could cause actual results to differ materially include the failure of the B units to achieve
their targeted capacity factor, and the occurrence of significant adverse changes in costs and
prices.
 2007 GOLD BUSINESS RESULTS
   
    
    developing new reserves at existing mines from in-pit, adjacent and regional
exploration,
    
    advancing late stage exploration properties by additional drill programs, and
feasibility studies as warranted, and
    
    actively pursuing selective acquisitions or mergers primarily in Central Asia, the
former Soviet Union and other emerging markets worldwide.
  56




---



##### 



Gold Operating Results
  Gold Highlights (100%)
    
    2007
    
    2006
    
    % ChangeRevenue ($ millions)
    
    
    405
    
    
    
    414
    
    
    
    (2
    )Gross profit ($ millions)
    
    
    108
    
    
    
    101
    
    
    
    6Gross profit %
    
    
    27
    
    
    
    24
    
    
    
    12Realized price ($US/ounce)
    
    
    691
    
    
    
    597
    
    
    
    16Sales volume (ounces)
    
    
    541,000
    
    
    
    610,000
    
    
    
    (11
    )Production (ounces)
    
    
    555,000
    
    
    
    586,000
    
    
    
    (5
    )
 2007 Gold Financial Results
    57




---



##### 



Political Update
   
    
    Camecos holdings of Centerras issued and outstanding shares fall below 17.3 million
shares,
    
    the volume-weighted average closing price of Centerras shares on the TSX being no less
than $13.30 for at least seven business days, or
    
    the fourth anniversary of the closing.
  58




---



##### 



Gold Outlook for 2008
    Gold Price Sensitivity Analysis
  This outlook for the gold segment of our business is forward-looking information and is based upon
the key assumptions, and subject to the material risk factors that could cause results to differ
materially, which are discussed under the heading Caution Regarding Forward-Looking Information
and Statements. In particular, we have assumed Centerras plans to repair the failed equipment,
replace the Kumtor ball mill shell and to operate the Kumtor mill as described above proceeds as
anticipated, but that is subject to a number of risks including the risk of delay, that Centerras
plans cannot be implemented as anticipated, the equipment cannot be repaired requiring it to be
replaced, or unforeseen difficulty which could result in disruption or reduction in planned gold
production, and
 59




---



##### 



we have assumed there is no disruption or reduction in planned gold production due to natural
phenomena, labour disputes, or other development and operation risks, but that is subject to risk
that there is a disruption or reduction due to the occurrence of one or more these risks which
could cause results to vary materially.
 2007 FOURTH QUARTER CONSOLIDATED RESULTS
 Three monthsendedFinancial Highlights
    
    December 31($ millions except per share amounts)
    
    2007
    
    2006
    
    % ChangeRevenue
    
    
    494
    
    
    
    512
    
    
    
    (4
    )Earnings from operations
    
    
    68
    
    
    
    36
    
    
    
    89Cash provided by operations1
    
    
    57
    
    
    
    13
    
    
    
    338Net earnings
    
    
    61
    
    
    
    40
    
    
    
    53Earnings per share (EPS)  basic ($)
    
    
    0.18
    
    
    
    0.11
    
    
    
    64EPS  diluted ($)
    
    
    0.17
    
    
    
    0.11
    
    
    
    55EPS  adjusted and diluted ($)2
    
    
    0.18
    
    
    
    0.11
    
    
    
    64Adjusted net earnings 2
    
    
    64
    
    
    
    40
    
    
    
    60
 
 1
    
    After working capital changes.2
    
    Net earnings for the quarters ended December 31, 2006 and 2007 have been adjusted to
exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description see
Use of Non-GAAP Financial Measures in this document.     60




---



##### 



2006-2007 QUARTERLY CONSOLIDATED FINANCIAL HIGHLIGHTS
 Highlights
    
    2007
    
    2006($millions except per share amounts)
    
    Q4
    
    Q3
    
    Q2
    
    Q1
    
    Q4
    
    Q3
    
    Q2
    
    Q1Revenue
    
    
    494
    
    
    
    681
    
    
    
    725
    
    
    
    410
    
    
    
    512
    
    
    
    360
    
    
    
    417
    
    
    
    542Net earnings
    
    
    61
    
    
    
    91
    
    
    
    205
    
    
    
    59
    
    
    
    40
    
    
    
    73
    
    
    
    150
    
    
    
    112EPS  basic ($)
    
    
    0.18
    
    
    
    0.26
    
    
    
    0.58
    
    
    
    0.16
    
    
    
    0.11
    
    
    
    0.21
    
    
    
    0.43
    
    
    
    0.32EPS  diluted ($)
    
    
    0.17
    
    
    
    0.25
    
    
    
    0.55
    
    
    
    0.16
    
    
    
    0.11
    
    
    
    0.20
    
    
    
    0.40
    
    
    
    0.30Adjusted net earnings1
    
    
    64
    
    
    
    275
    
    
    
    205
    
    
    
    59
    
    
    
    40
    
    
    
    44
    
    
    
    78
    
    
    
    112EPS 
adjusted & diluted ($)1
    
    
    0.18
    
    
    
    0.74
    
    
    
    0.55
    
    
    
    0.16
    
    
    
    0.11
    
    
    
    0.12
    
    
    
    0.21
    
    
    
    0.30Cash from operations
    
    
    57
    
    
    
    450
    
    
    
    155
    
    
    
    139
    
    
    
    13
    
    
    
    79
    
    
    
    40
    
    
    
    286
 
 1
    
    Net earnings for the quarters ended December 31, 2006 and 2007 have been adjusted to
exclude a number of items. Adjusted net earnings is a non-GAAP measure. For a description see
Use of Non-GAAP Financial Measures in this document.  
    
    Camecos financial results are strongly influenced by the performance of our uranium
business, which, in 2007 accounted for 55% of annual consolidated revenues.
 
    
    Revenue of $494 million in the fourth quarter of 2007 was 27% lower than in the third
quarter due to lower sales volumes and lower realized prices in the uranium business. Timing
of customer requirements, which tend to vary from year to year, drives revenue in the uranium
and fuel services businesses. In 2007, sales volumes for uranium were most heavily weighted to
the second quarter of the year and the highest realized price was recorded in the third
quarter.
 
    
    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.
 
    
    On an adjusted basis, our net earnings were highest in the third quarter of 2007 at $275
million when our realized price for uranium reached an all-time high of $56.78/lb (Cdn).
Adjusted net earnings were also strong in the second quarter of 2007 due to high reported
sales volumes for uranium. Nearly 40% of uranium sales for 2007 were recorded in the second
quarter.
 
    
    Cash from operations tends to fluctuate largely due to the timing of deliveries and product
purchases in the uranium production and fuel services businesses.
 61




---



##### 



2007 FOURTH QUARTER BUSINESS SEGMENT FINANCIAL RESULTS
 2007 Fourth Quarter Uranium Business Financial Results
 Highlights
 Three months endedDecember 312007
    
    2006
    
    % ChangeRevenue ($ millions)
    
    
    219
    
    
    
    242
    
    
    
    (10
    )Gross profit ($ millions)
    
    
    81
    
    
    
    77
    
    
    
    5Gross profit %
    
    
    37
    
    
    
    32
    
    
    
    16Earnings before taxes ($ millions)
    
    
    63
    
    
    
    49
    
    
    
    29Average realized price($US/lb)
    
    
    38.92
    
    
    
    22.35
    
    
    
    74($Cdn/lb)
    
    
    39.64
    
    
    
    26.62
    
    
    
    49Sales volume (million lbs)1
    
    
    5.5
    
    
    
    9.0
    
    
    
    (39
    )Production volume (million lbs)
    
    
    5.6
    
    
    
    5.4
    
    
    
    4
 
 1
    
    Revenue on 2.6 million pounds, previously deferred due to standby product loans, was
recognized in 2007 as a result of the cancellation of two of the product loan agreements. Uranium Financial Results
 Fourth Quarter
    62




---



##### 



2007 Fourth Quarter Fuel Services Business Financial Results
 Highlights
 Three months endedDecember 312007
    
    2006
    
    % ChangeRevenue ($ millions)
    
    
    77
    
    
    
    83
    
    
    
    (7
    )Gross profit ($ millions)
    
    
    (36
    )
    
    
    12
    
    
    
    (400
    )Gross profit %
    
    
    (47
    )
    
    
    14
    
    
    
    (436
    )Earnings before taxes ($ millions)
    
    
    (36
    )
    
    
    11
    
    
    
    (427
    )Sales volume (million kgU)1
    
    
    6.4
    
    
    
    6.7
    
    
    
    (4
    )Production volume (million kgU)2
    
    
    1.7
    
    
    
    5.2
    
    
    
    (67
    )
 
 1
    
    Kilograms of uranium (kgU)2
    
    Production volume includes UF6, UO2, fuel fabrication, and
UF6supply from SFL. Fuel Services Financial Results
 Fourth Quarter
  6 6
  63




---



##### 



2007 Fourth Quarter Nuclear Electricity Generation Business Financial Results
 Bruce Power Limited Partnership (100% basis)
 Three months endedDecember 312007
    
    2006
    
    % ChangeOutput  terawatt hours (TWh)
    
    
    6.7
    
    
    
    6.0
    
    
    
    12Capacity factor (%) 1
    
    
    93
    
    
    
    85
    
    
    
    9Realized price ($/MWh)
    
    
    54
    
    
    
    46
    
    
    
    17Average Ontario electricity
spot price ($/MWh)
    
    
    48
    
    
    
    43
    
    
    
    12($ millions)Revenue
    
    
    359
    
    
    
    278
    
    
    
    29Operating costs 2
    
    
    207
    
    
    
    230
    
    
    
    (10
    )Cash costs
    
    
    177
    
    
    
    202
    
    
    
    (12
    )-operating & maintenance
    
    
    130
    
    
    
    157
    
    
    
    (17
    )- fuel
    
    
    19
    
    
    
    17
    
    
    
    12- supplemental rent 3
    
    
    28
    
    
    
    28
    
    
    
    0Non-cash costs (amortization)
    
    
    30
    
    
    
    28
    
    
    
    7Income before interest
and finance charges
    
    
    152
    
    
    
    48
    
    
    
    217Interest and finance charges
    
    
    
    
    
    
    12
    
    
    
    (100
    )Earnings before taxes
    
    
    152
    
    
    
    36
    
    
    
    322Cash from operations
    
    
    165
    
    
    
    81
    
    
    
    104Capital expenditures
    
    
    41
    
    
    
    38
    
    
    
    8Distributions
    
    
    185
    
    
    
    65
    
    
    
    185Operating costs ($/MWh)
    
    
    31
    
    
    
    38
    
    
    
    (18
    )
 
 1
    
    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.2
    
    Net of cost recoveries.3
    
    Supplemental rent is about $28.3 million per operating reactor for 2007.   64




---



##### 



Camecos Earnings from BPLP
 Three months endedDecember 31($ millions)
    
    2007
    
    2006
    
    % ChangeBPLPs earnings before taxes (100%)
    
    
    152
    
    
    
    36
    
    
    
    322Camecos share of pre-tax earnings
before adjustments
    
    
    48
    
    
    
    11
    
    
    
    336Proprietary adjustments
    
    
    (2
    )
    
    
    2
    
    
    
    (200
    )Pre-tax earnings from BPLP
    
    
    46
    
    
    
    13
    
    
    
    254
 Fourth Quarter
 Earnings Before Taxes
  Output
  Price
    Costs
  65




---



##### 



2007 Fourth Quarter Gold Results
 Highlights
 Three months endedDecember 312007
    
    2006
    
    % ChangeRevenue ($ millions)
    
    
    88
    
    
    
    100
    
    
    
    (12
    )Gross profit ($ millions)
    
    
    21
    
    
    
    11
    
    
    
    91Gross profit %
    
    
    24
    
    
    
    11
    
    
    
    118Realized price (US$/ounce)
    
    
    789
    
    
    
    604
    
    
    
    31Sales volume (ounces)
    
    
    113,000
    
    
    
    146,000
    
    
    
    (23
    )Gold production (ounces)1
    
    
    133,000
    
    
    
    142,000
    
    
    
    (6
    )
 
 1
    
    Represents 100% of production from the Kumtor and Boroo mines. Gold Results
 Fourth Quarter
  LIQUIDITY AND CAPITAL RESOURCES
 Overview
   Liquidity Indicators
 2007
    
    2006Cash provided by operations ($ millions)
    
    
    801
    
    
    
    418Cash provided by operations/net debt1 (%)
    
    
    135
    
    
    
    113Net debt1/total capitalization (%)
    
    
    18
    
    
    
    12
 66




---



##### 



1
    
    Total debt less cash and cash equivalents based on consolidated amounts. Indicators Defined
    Share Repurchase Program
  Short-Term Investment Portfolio
  Credit Ratings
  Security
    
    DBRS
    
    S&PCommercial Paper
    
    R-1 (low)
    
    A-1 (low)1Senior Unsecured Debentures
    
    A (low)
    
    BBB+Convertible Debentures
    
    BBB (high)
    
    Not Rated
 
 1
    
    A-1 (low) is the Canadian National Scale Rating while the Global Scale Rating is A-2. 67




---



##### 



Debt
      Product Loan Facilities
 3 8
 Debentures
  Convertible Debentures
  68




---



##### 



Debt Covenants
  Contractual Cash Obligations
 As at December 31, 2007
    
    
    
    
    
    Due in Less Than 1($ millions)
    
    Total
    
    Year
    
    Due in 1  3 Years
    
    Due in 4  5 Years
    
    Due After 5 YrsLong-term debt 1
    
    
    746
    
    
    
    9
    
    
    
    22
    
    
    
    28
    
    
    
    687Interest on long-term debt
    
    
    175
    
    
    
    26
    
    
    
    51
    
    
    
    51
    
    
    
    47Provision for reclamation
    
    
    440
    
    
    
    8
    
    
    
    25
    
    
    
    17
    
    
    
    390Other liabilities
    
    
    368
    
    
    
    11
    
    
    
    1
    
    
    
    1
    
    
    
    355Unconditional product
purchase obligations
2,3
    
    
    840
    
    
    
    158
    
    
    
    240
    
    
    
    249
    
    
    
    193Total contractual cash
obligations
    
    
    2,569
    
    
    
    212
    
    
    
    339
    
    
    
    346
    
    
    
    1,672
 
 1
    
    Includes the amortized value of the conversion option associated with the convertible
debentures. Refer to note 8 in the financial statements.2
    
    Denominated in US dollars, converted to Canadian dollars at the December 31, 2007 rate
of $0.99.3
    
    Virtually all of Camecos product purchase obligations are under long-term,
fixed-price arrangements. Commercial Commitments
  As at December 31, 2007($ millions)
    
    Total amounts committedStandby letters of credit 1
    
    
    303BPLP guarantees 2
    
    
    82Total commercial commitments
    
    
    385
 
 1
    
    The standby letters of credit maturing in 2008 were issued with a one-year term and
will be automatically renewed on a year-by-year basis until the underlying obligations are
resolved. These obligations are primarily the decommissioning and reclamation of Camecos
mining and conversion facilities. As such, the letters of credit are expected to remain
outstanding well into the future.2
    
    At December 31, 2007, Camecos total commitment for financial assurances given on
behalf of BPLP was estimated to be $82 million. Refer to note 25 in the financial statements. OUTSTANDING SHARE DATA
  69




---



##### 



5. our reserves and resources
 RESERVES AND RESOURCES
    70




---



##### 



Uranium Reserves
  PROVEN
    
    PROBABLE
    
    TOTAL RESERVES(100% basis)
    
    (100% basis)
    
    (100% basis)Content
    
    
    
    
    
    
    
    
    
    Content
    
    
    
    
    
    
    
    Content
    
    Camecos Share
    
    EstimatedGrade
    
    (lbs
    
    
    
    
    
    Grade
    
    (lbs
    
    
    
    
    
    Grade
    
    (lbs
    
    (lbs
    
    Metallurgical
    
    MiningRESERVES
    
    Tonnes
    
    %U3O8
    
    U3O8)
    
    Tonnes
    
    %U3O8
    
    U3O8)
    
    Tonnes
    
    %U3O8
    
    U3O8)
    
    U3O8)
    
    Recovery %
    
    Method(tonnes in thousands; pounds in millions)PROPERTYCigar Lake
    
    
    497.0
    
    
    
    20.67
    
    
    
    226.3
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    497.0
    
    
    
    20.67
    
    
    
    226.3
    
    
    
    113.2
    
    
    
    98.5
    %
    
    UGCrow Butte
    
    
    1,467.5
    
    
    
    0.18
    
    
    
    5.9
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    1,467.5
    
    
    
    0.18
    
    
    
    5.9
    
    
    
    5.9
    
    
    
    85.0
    %
    
    ISRGas Hills  Peach
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,851.0
    
    
    
    0.13
    
    
    
    19.7
    
    
    
    6,851.0
    
    
    
    0.13
    
    
    
    19.7
    
    
    
    19.7
    
    
    
    65.0
    %
    
    ISRHighland
    
    
    328.5
    
    
    
    0.15
    
    
    
    1.1
    
    
    
    600.1
    
    
    
    0.11
    
    
    
    1.4
    
    
    
    928.6
    
    
    
    0.12
    
    
    
    2.5
    
    
    
    2.5
    
    
    
    80.0
    %
    
    ISRInkai
    
    
    7,463.0
    
    
    
    0.08
    
    
    
    13.7
    
    
    
    86,428.0
    
    
    
    0.07
    
    
    
    128.8
    
    
    
    93,891.0
    
    
    
    0.07
    
    
    
    142.5
    
    
    
    85.5
    
    
    
    80.0
    %
    
    ISRKey Lake
    
    
    61.9
    
    
    
    0.52
    
    
    
    0.7
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    61.9
    
    
    
    0.52
    
    
    
    0.7
    
    
    
    0.7
    
    
    
    98.7
    %
    
    OPMcArthur River
    
    
    486.5
    
    
    
    17.38
    
    
    
    186.6
    
    
    
    280.0
    
    
    
    26.33
    
    
    
    162.5
    
    
    
    766.5
    
    
    
    20.66
    
    
    
    349.1
    
    
    
    243.7
    
    
    
    98.7
    %
    
    UGNorth Butte/
Brown Ranch
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    3,874.6
    
    
    
    0.10
    
    
    
    8.5
    
    
    
    3,874.6
    
    
    
    0.10
    
    
    
    8.5
    
    
    
    8.5
    
    
    
    80.0
    %
    
    ISRRabbit Lake
    
    
    24.9
    
    
    
    0.94
    
    
    
    0.5
    
    
    
    619.9
    
    
    
    1.15
    
    
    
    15.7
    
    
    
    644.8
    
    
    
    1.14
    
    
    
    16.2
    
    
    
    16.2
    
    
    
    96.7
    %
    
    UGRuby Ranch
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,832.2
    
    
    
    0.09
    
    
    
    5.5
    
    
    
    2,832.2
    
    
    
    0.09
    
    
    
    5.5
    
    
    
    5.5
    
    
    
    80.0
    %
    
    ISRRuth
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    853.7
    
    
    
    0.09
    
    
    
    1.7
    
    
    
    853.7
    
    
    
    0.09
    
    
    
    1.7
    
    
    
    1.7
    
    
    
    80.0
    %
    
    ISRSmith Ranch
    
    
    542.0
    
    
    
    0.11
    
    
    
    1.4
    
    
    
    3,075.7
    
    
    
    0.12
    
    
    
    8.1
    
    
    
    3,617.7
    
    
    
    0.12
    
    
    
    9.5
    
    
    
    9.5
    
    
    
    80.0
    %
    
    ISRTotal
    
    
    10,871.3
    
    
    
    
    
    
    
    436.2
    
    
    
    105,415.2
    
    
    
    
    
    
    
    351.9
    
    
    
    116,286.5
    
    
    
    
    
    
    
    788.1
    
    
    
    512.6
    
    
    
    
    
    
    
    
  
 1.
    
    Cameco reports mineral reserves and mineral resources separately.2.
    
    Mill recovery factors must be applied in order to obtain the expected amounts of recovered pounds U3O8.3.
    
    Mineral Reserves incorporate allowances for dilution and mining losses.4.
    
    Mining Method: OP  Open Pit; UG  Underground; ISR  In situ recovery.5.
    
    Mineral reserves are estimated using current geological models and current and/or projected operating costs and mine plans. Camecos data verification procedures have been employed in connection with the mineral reserve estimations for each property.6.
    
    For the purpose of estimating mineral reserves in accordance with NI 43-101, a uranium price of $49 (US)/lb U3O8 was used. For the purpose of estimating mineral reserves in accordance with US Securities Commission Industry Guide 7, a uranium price of $59 (US)/lb
U3O8was used. Estimated mineral reserves are identical at either price.7.
    
    The key economic parameters underlying the mineral reserves include an exchange rate of $1.00 US=$0.99 Cdn (reflecting the exchange rate at December 31, 2007).8.
    
    Except as otherwise set out in the annual information form, environmental, permitting, legal, title, taxation, socio-economic, political, marketing or other issues are not expected to materially affect the above estimates of mineral reserves.9.
    
    Totals may not add up due to rounding.10.
    
    Inkai reserves assume production at an annual rate of 5.2 million pounds of U3O8. Joint Venture Inkai currently has regulatory approval to produce at an annual rate of 2.6 million pounds and an application for regulatory approval to increase annual production to 5.2 million
pounds was made in 2005. Through its experience in constructing and operating the test mine at Inkai, Cameco is familiar with the statutory, regulatory and procedural framework governing new mining projects in Kazakhstan and, based upon its experience to date, Cameco has reasonable expectations that all
permits and approvals required for the construction and operation of the new ISR mine at Inkai  including approvals for increased annual production to 5.2 million pounds  will be obtained in a timely fashion. However, there can be no certainty that permits or approvals will be forthcoming in a timely
fashion. Failure to obtain approval for increased annual production at Inkai will require Cameco to recategorize half of the mineral reserves at Inkai as mineral resources. 71




---



##### 



Uranium Measured and Indicated Resources
 Cautionary Note to Investors concerning estimates of Measured and Indicated Resources
  MEASURED
    
    INDICATED
    
    MEASURED AND INDICATED(100% basis)
    
    (100% basis)
    
    (100% basis)Content
    
    
    
    
    
    
    
    
    
    Content
    
    
    
    
    
    
    
    
    
    ContentGrade
    
    (lbs
    
    
    
    
    
    Grade
    
    (lbs
    
    
    
    
    
    Grade
    
    (lbs
    
    Camecos Share
    
    MiningRESOURCES
    
    Tonnes
    
    % U3O8
    
    U3O8)
    
    Tonnes
    
    % U3O8
    
    U3O8)
    
    Tonnes
    
    % U3O8
    
    U3O8)
    
    (lbs U3O8)
    
    Method(tonnes in thousands; pounds in millions)PROPERTYCigar Lake
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    61.2
    
    
    
    4.86
    
    
    
    6.6
    
    
    
    61.2
    
    
    
    4.86
    
    
    
    6.6
    
    
    
    3.3
    
    
    UGCrow Butte
    
    
    64.5
    
    
    
    0.23
    
    
    
    0.3
    
    
    
    1,603.1
    
    
    
    0.23
    
    
    
    8.2
    
    
    
    1,667.6
    
    
    
    0.23
    
    
    
    8.5
    
    
    
    8.5
    
    
    ISRDawn Lake
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    347.0
    
    
    
    1.69
    
    
    
    12.9
    
    
    
    347.0
    
    
    
    1.69
    
    
    
    12.9
    
    
    
    7.4
    
    
    OP&UGGas Hills 
Peach
    
    
    2,013.0
    
    
    
    0.08
    
    
    
    3.3
    
    
    
    1,153.0
    
    
    
    0.07
    
    
    
    2.3
    
    
    
    3,166.0
    
    
    
    0.08
    
    
    
    5.6
    
    
    
    5.6
    
    
    ISRHighland
    
    
    782.3
    
    
    
    0.10
    
    
    
    1.7
    
    
    
    47.0
    
    
    
    0.09
    
    
    
    0.1
    
    
    
    829.3
    
    
    
    0.10
    
    
    
    1.8
    
    
    
    1.8
    
    
    ISRInkai
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10,904.0
    
    
    
    0.07
    
    
    
    17.8
    
    
    
    10,904.0
    
    
    
    0.07
    
    
    
    17.8
    
    
    
    10.7
    
    
    ISRMcArthur River
    
    
    75.0
    
    
    
    8.51
    
    
    
    14.1
    
    
    
    39.8
    
    
    
    8.37
    
    
    
    7.4
    
    
    
    114.8
    
    
    
    8.49
    
    
    
    21.5
    
    
    
    15.0
    
    
    UGMillennium
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    468.9
    
    
    
    4.53
    
    
    
    46.8
    
    
    
    468.9
    
    
    
    4.53
    
    
    
    46.8
    
    
    
    19.6
    
    
    UGNorth Butte/
Brown Ranch
    
    
    1,008.8
    
    
    
    0.08
    
    
    
    1.9
    
    
    
    3,923.6
    
    
    
    0.07
    
    
    
    6.3
    
    
    
    4,932.4
    
    
    
    0.07
    
    
    
    8.2
    
    
    
    8.2
    
    
    ISRNorthwest Unit
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    4,000.7
    
    
    
    0.03
    
    
    
    2.3
    
    
    
    4,000.7
    
    
    
    0.03
    
    
    
    2.3
    
    
    
    2.3
    
    
    ISRRabbit Lake
    
    
    140.5
    
    
    
    0.72
    
    
    
    2.2
    
    
    
    340.2
    
    
    
    0.81
    
    
    
    6.1
    
    
    
    480.7
    
    
    
    0.81
    
    
    
    8.3
    
    
    
    8.3
    
    
    UGReynolds Ranch
    
    
    3,073.5
    
    
    
    0.07
    
    
    
    4.5
    
    
    
    5,245.3
    
    
    
    0.06
    
    
    
    7.0
    
    
    
    8,318.8
    
    
    
    0.06
    
    
    
    11.5
    
    
    
    11.5
    
    
    ISRRuby Ranch
    
    
    156.0
    
    
    
    0.17
    
    
    
    0.6
    
    
    
    108.0
    
    
    
    0.06
    
    
    
    0.1
    
    
    
    264.0
    
    
    
    0.12
    
    
    
    0.7
    
    
    
    0.7
    
    
    ISRRuth
    
    
    99.8
    
    
    
    0.10
    
    
    
    0.2
    
    
    
    125.2
    
    
    
    0.07
    
    
    
    0.2
    
    
    
    225.0
    
    
    
    0.07
    
    
    
    0.4
    
    
    
    0.4
    
    
    ISRShirley Basin
    
    
    89.1
    
    
    
    0.15
    
    
    
    0.3
    
    
    
    1,635.9
    
    
    
    0.11
    
    
    
    4.1
    
    
    
    1,725.0
    
    
    
    0.12
    
    
    
    4.4
    
    
    
    4.4
    
    
    ISRSmith Ranch
    
    
    30.8
    
    
    
    0.20
    
    
    
    0.1
    
    
    
    2,406.4
    
    
    
    0.09
    
    
    
    5.0
    
    
    
    2,437.2
    
    
    
    0.09
    
    
    
    5.1
    
    
    
    5.1
    
    
    ISRTotal
    
    
    7,533.3
    
    
    
    
    
    
    
    29.2
    
    
    
    32,409.3
    
    
    
    
    
    
    
    133.2
    
    
    
    39,942.6
    
    
    
    
    
    
    
    162.4
    
    
    
    112.8
    
    
    
    
  
 1.
    
    Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral resources does not include those amounts identified as reserves.2.
    
    Mining Method: OP  Open Pit; UG  Underground; ISR  In situ recovery.3.
    
    Mineral resources are estimated using current geological models. Camecos normal data verification procedures have been employed in connection with the mineral resource estimations for each property.4.
    
    Totals may not add up due to rounding.5.
    
    Mineral resources that are not mineral reserves do not have demonstrated economic viability. 72




---



##### 



Uranium Inferred Resources
 Cautionary Note to Investors concerning estimates of Inferred Resources
  INFERRED RESOURCES(100% basis)Grade
    
    Content
    
    Camecos Share
    
    MiningTonnes
    
    % U3O8
    
    (lbs U3O8)
    
    (lbs U3O8)
    
    Method(tonnes in thousands; pounds in millions)PROPERTYCigar Lake
    
    
    317.0
    
    
    
    16.92
    
    
    
    118.2
    
    
    
    59.1
    
    
    UGCrow Butte
    
    
    2,765.2
    
    
    
    0.14
    
    
    
    8.7
    
    
    
    8.7
    
    
    ISRDawn Lake
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Gas HillsPeach
    
    
    656.8
    
    
    
    0.05
    
    
    
    0.8
    
    
    
    0.8
    
    
    ISRHighland
    
    
    587.6
    
    
    
    0.15
    
    
    
    2.0
    
    
    
    2.0
    
    
    ISRInkai
    
    
    254,696.0
    
    
    
    0.05
    
    
    
    255.1
    
    
    
    153.0
    
    
    ISRMcArthur River
    
    
    584.6
    
    
    
    7.35
    
    
    
    94.8
    
    
    
    66.2
    
    
    UGMillennium
    
    
    214.3
    
    
    
    2.06
    
    
    
    9.7
    
    
    
    4.1
    
    
    UGNorth Butte/
Brown Ranch
    
    
    618.5
    
    
    
    0.07
    
    
    
    1.0
    
    
    
    1.0
    
    
    ISRNorthwest Unit
    
    
    627.8
    
    
    
    0.04
    
    
    
    0.5
    
    
    
    0.5
    
    
    ISRRabbit Lake
    
    
    309.1
    
    
    
    0.90
    
    
    
    6.1
    
    
    
    6.1
    
    
    UGReynolds Ranch
    
    
    5,333.3
    
    
    
    0.04
    
    
    
    4.9
    
    
    
    4.9
    
    
    ISRRuby Ranch
    
    
    60.8
    
    
    
    0.14
    
    
    
    0.2
    
    
    
    0.2
    
    
    ISRRuth
    
    
    210.5
    
    
    
    0.08
    
    
    
    0.4
    
    
    
    0.4
    
    
    ISRShirley Basin
    
    
    506.8
    
    
    
    0.10
    
    
    
    1.1
    
    
    
    1.1
    
    
    ISRSmith Ranch
    
    
    595.7
    
    
    
    0.07
    
    
    
    0.9
    
    
    
    0.9
    
    
    ISRTotal
    
    
    268,084.0
    
    
    
    
    
    
    
    504.4
    
    
    
    309.0
    
    
    
    
  
 1.
    
    Cameco reports mineral reserves and mineral resources separately. The amount of reported mineral resources does not include those amounts identified as reserves.2.
    
    Mining Method: OP  Open Pit; UG  Underground; ISR  In situ recovery.3.
    
    Mineral resources are estimated using current geological models. Camecos normal data verification procedures have been employed in connection with the mineral
resource estimations for each property.4.
    
    Totals may not add up due to rounding.5.
    
    Mineral resources that are not mineral reserves do not have demonstrated economic viability6.
    
    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. 73




---



##### 



Uranium Reserves Reconciliation
  Uranium Resources Reconciliation
  
    
    At Inkai, 2.2 million pounds U3O8 were added to the indicated
resources due to the new production plan, which displaces a fraction of the planned
production from block 1 to block 2. The new estimate at block 2 resulted in the upgrading
of 7.7 million pounds of inferred resources to the indicated category, which were further
converted to probable reserves.
    
    At Rabbit Lake, following successful underground drilling, all three resource categories
show increases. Measured are up by 2.2 million pounds, indicated by 3.9 million pounds and
inferred by 2.1 million pounds.
    
    At Millennium, additional drilling in the 2006 winter and a new structural
interpretation led to an increase in indicated resources of 3.9 million pounds.
 74




---



##### 



Gold Reserves and Resources
  Reserves(1)
    
    (Tonnes and Ounces in Thousands)(11)(12)Proven (100% Basis)
    
    Probable (100% Basis)
    
    Total Proven and Probable ReservesCameco
    
    EstimatedGrade
    
    Contained
    
    
    
    
    
    Grade
    
    Contained
    
    
    
    
    
    Grade
    
    Contained
    
    Equity
    
    Metallurgical
    
    MiningProperty
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    (oz)(3)
    
    Recovery %
    
    Method(4)Kumtor(6)
    
    
    9,888
    
    
    
    3.8
    
    
    
    1,223
    
    
    
    28,546
    
    
    
    4.0
    
    
    
    3,679
    
    
    
    38,434
    
    
    
    4.0
    
    
    
    4,902
    
    
    
    2,582
    
    
    
    82
    %
    
    OPBoroo
    
    
    3,684
    
    
    
    2.5
    
    
    
    291
    
    
    
    20,405
    
    
    
    1.2
    
    
    
    757
    
    
    
    24,089
    
    
    
    1.4
    
    
    
    1,048
    
    
    
    552
    
    
    
    80
    %
    
    OPGatsuurt
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    9,101
    
    
    
    3.4
    
    
    
    1,005
    
    
    
    9,101
    
    
    
    3.4
    
    
    
    1,005
    
    
    
    529
    
    
    
    90
    %
    
    OPTotal(12)
    
    
    13,572
    
    
    
    
    
    
    
    1,514
    
    
    
    58,052
    
    
    
    
    
    
    
    5,441
    
    
    
    71,624
    
    
    
    
    
    
    
    6,955
    
    
    
    3,663
 Measured and Indicated Resources(2)
    
    (Tonnes and Ounces in Thousands)(11)(12)Measured (100% Basis)
    
    Indicated (100% Basis)
    
    Total Measured and Indicated ResourcesCamecoGrade
    
    Contained
    
    
    
    
    
    Grade
    
    Contained
    
    
    
    
    
    Grade
    
    Contained
    
    Equity
    
    MiningProperty
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    (oz) (3)
    
    Method (4)Kumtor(5)(6)
    
    
    18,770
    
    
    
    3.2
    
    
    
    1,931
    
    
    
    19,323
    
    
    
    2.8
    
    
    
    1,741
    
    
    
    38,093
    
    
    
    3.0
    
    
    
    3,672
    
    
    
    1,934
    
    
    OPBoroo(5)(8)
    
    
    452
    
    
    
    2.0
    
    
    
    29
    
    
    
    5,016
    
    
    
    1.4
    
    
    
    225
    
    
    
    5,468
    
    
    
    1.4
    
    
    
    254
    
    
    
    134
    
    
    OPGatsuurt(9)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    6,238
    
    
    
    3.0
    
    
    
    607
    
    
    
    6,238
    
    
    
    3.0
    
    
    
    607
    
    
    
    320
    
    
    OPREN(10)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,991
    
    
    
    12.7
    
    
    
    1,220
    
    
    
    2,991
    
    
    
    12.7
    
    
    
    1,220
    
    
    
    404
    
    
    UGTotal
    
    
    19,222
    
    
    
    
    
    
    
    1,960
    
    
    
    33,568
    
    
    
    
    
    
    
    3,793
    
    
    
    52,790
    
    
    
    
    
    
    
    5,753
    
    
    
    2,792
 Inferred Resources(2)
    
    (Tonnes and Ounces in Thousands)(11)(12)Inferred (100% Basis)Grade
    
    Contained
    
    Cameco
    
    MiningProperty
    
    Tonnes
    
    (g/t)
    
    Gold (oz)
    
    Equity (oz)(3)
    
    Method(4)Kumtor(5)(6)
    
    
    778
    
    
    
    1.8
    
    
    
    46
    
    
    
    24
    
    
    OPKumtor SB Underground(7)
    
    
    2,796
    
    
    
    20.0
    
    
    
    1,797
    
    
    
    947
    
    
    UGBoroo(5)(8)
    
    
    7,723
    
    
    
    1.0
    
    
    
    239
    
    
    
    126
    
    
    OPGatsuurt(9)
    
    
    2,437
    
    
    
    3.3
    
    
    
    256
    
    
    
    135
    
    
    OPREN(10)
    
    
    835
    
    
    
    16.1
    
    
    
    432
    
    
    
    143
    
    
    UGTotal
    
    
    14,569
    
    
    
    
    
    
    
    2,770
    
    
    
    1,375
 
 (1)
    
    For the purpose of estimating mineral reserves in accordance with National Instrument 43-101
of the Canadian securities regulatory authorities and in accordance with US Securities and
Exchange Commission Industry Guide 7, reserves have been estimated with cut-off grades based
on a gold price of $550 (US) per ounce.(2)
    
    Mineral resources are in addition to mineral reserves. Mineral resources that are not
mineral reserves do not have demonstrated economic viability when calculated using mineral
reserve assumptions.(3)
    
    Camecos equity interest amounts to 52.7% of Centerras equity interest of gold reserves and
resources for the properties. Centerras equity interests for the properties are: Kumtor
100%, Gatsuurt 100%, Boroo 100% and REN 63%. Upon the completion of the August 2007 agreements
with the Kyrgyz government, the issuance of 10 million treasury shares of Centerra to Cameco
and Cameco transferring 32.3 million shares to the Krygyz government, Cameco would own
approximately 41% of Centerra.(4)
    
    OP means open pit and UG means underground.(5)
    
    Open pit mineral resources occur outside the current pits, which have been designed using a
gold price of $550 (US) per ounce.(6)
    
    The open pit mineral reserves and resources at Kumtor are estimated based on a cut-off grade
of 1.0 grams of gold per tonne and include the Central Pit and the Southwest and Sarytor
deposits.(7)
    
    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.(8)
    
    The mineral reserves and resources at Boroo are estimated based on a variable cut-off grade
depending on the type of material and the associated recovery. The cut-off grades range from
0.2 to 0.8 gram of gold per tonne.(9)
    
    The mineral reserves and resources at Gatsuurt are estimated using either a 1.2 or 1.9 grams
of gold per tonne cut-off grade depending on the type of material and the associated recovery.(10)
    
    The mineral resources at REN are estimated based on a cut-off grade of 8.0 grams of gold per
tonne.(11)
    
    A conversion factor of 31.10348 grams of gold per ounce is used in the mineral reserve and
resource estimates.(12)
    
    Numbers may not add up due to rounding. 75




---



##### 



6. OUR RISKS AND RISK MANAGEMENT, PLUS CONTROLS AND PROCEDURES AND CRITICAL ACCOUNTING
ESTIMATES
 RISKS AND RISK MANAGEMENT
   The following discusses our approach to managing our most significant risks that may affect our
future performance. It contains statements and information which are neither about the present nor
historical facts, and are therefore forward-looking. This forward-looking information is based upon
a number of assumptions which may prove to be incorrect, and there are material risk factors that
could cause actual results to differ materially. See Caution Regarding Forward-Looking Information
and Statements. Also, see the discussion of the companys risk factors contained in Camecos
annual information form that are likely to influence investors decisions to purchase or sell our
securities. The annual information form is filed on SEDAR at sedar.com and available on the
companys website at cameco.com.
 Business Risks
 Regulatory Approval and Expediency
   McArthur River/Key Lake/Rabbit Lake
  76




---



##### 



Key Lake/Rabbit Lake Tailings Management Facilities
    3 8
  Port Hope
 6
 77




---



##### 



6 6
  6
 Blind River Refinery
 6 6
 Cigar Lake
  Inkai
   78




---



##### 



Environmental Regulations
         79




---



##### 



Limited Number of Customers
  Uranium and Fuel Services
 3 8 6 6 2 2
   3 8
 6
 Bruce Power (BPLP)
  80




---



##### 



Reserve Estimates
   3 8
 3 8
   81




---



##### 



Labour Relations
      Counterparty Risk
   82




---



##### 



Aboriginal Title and Consultation Issues
    Market Risks
 product Prices
  Uranium
  83




---



##### 



Fuel Services
 6
 84




---



##### 



Bruce Power
  .
 Gold
   Foreign Exchange Risk
  Political Risks
 Political Instability Risk
    85




---



##### 



Kyrgyz Republic
        86




---



##### 



Mongolia
   87




---



##### 



Kazakhstan
     Restructuring of Ontarios Electricity Industry
  88




---



##### 



.
 Operational Risks
 Overview
    Engineering and Technical
 Water Inflow
    89




---



##### 



Jet Boring Mining Method at Cigar Lake
   Transition to New Mining Areas at McArthur River
  90




---



##### 



Boxhole Boring Mining Method at McArthur River
    Kumtor Highwall Ground Movement
   91




---



##### 



Reclamation and Decommissioning
  92




---



##### 



Safety, Health, Environment And Quality
   6
  93




---



##### 



Electricity Business
    CONTROLS AND PROCEDURES
  CRITICAL ACCOUNTING ESTIMATES
   94




---



##### 



NEW ACCOUNTING PRONOUNCEMENTS
 Inventories
 Inventories
  95




---



##### 



Financial Instruments  Disclosure and Presentation
 Financial Instruments  Disclosures Financial Instruments 
Presentation Financial Instruments  Disclosures
and Presentation
 Capital Disclosures
 Capital Disclosures
 USE OF NON-GAAP FINANCIAL MEASURES
  Adjusted Net Earnings
 Three months ended
    
    
    Year endedDecember 31
    
    
    December 31($ millions)
    
    2007
    
    
    2006
    
    
    2007
    
    
    2006Net earnings (per GAAP)
    
    $
    61
    
    
    $
    40
    
    
    $
    416
    
    
    $
    376AdjustmentsAgreement with Kyrgyzstan
    
    
    28
    
    
    
    
    
    
    
    153
    
    
    
    Stock option plan amendment
    
    
    
    
    
    
    
    
    
    
    59
    
    
    
    Change in income tax rates
    
    
    (25
    )
    
    
    
    
    
    
    (25
    )
    
    
    (73
    )Gain on sale of interest in Fort à la Corne
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (29
    )Adjusted net earnings
    
    $
    64
    
    
    $
    40
    
    
    $
    603
    
    
    $
    274
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QUALIFIED PERSONS
  
    
    McArthur River/Key Lake:
 
    
    Doug Beattie (Key Lake), mine manager, Rabbit Lake operations, Cameco,
    
    David Bronkhorst, general manager, McArthur River operations, Cameco,
    
    Chuck Edwards, principal metallurgist, Cameco,
    
    Alain G. Mainville, director, mineral resources management, Cameco,
    
    Greg Murdock, technical superintendent, McArthur River operations, Cameco, and
    
    Les Yesnik, general manager, Key Lake operations, Cameco.
 
    
    Cigar Lake:
 
    
    Scott Bishop, chief mine engineer, Cigar Lake project, Cameco,
    
    Chuck Edwards, principal metallurgist, Cameco,
    
    Doug McIlveen, chief geologist, Cigar Lake project, Cameco, and
    
    Alain G. Mainville, director, mineral resources management, Cameco.
 
    
    Kumtor:
 
    
    Ian Atkinson, vice-president, exploration, Centerra.
 CAUTION REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
 Statements contained in this MD & A which are not current statements or historical facts are
forward-looking information (as defined under Canadian securities laws) and forward-looking
statements (as defined in the U.S. Securities Exchange Act of 1934, as amended) which may be
material and that involve risks, uncertainties and other factors that could cause actual results to
differ materially from those expressed or implied by them. Sentences and phrases containing words
such as believe, estimate, anticipate, plan, predict, goals, targets, projects,
may, hope, can, will, shall, should, expect, intend, is designed to, continues,
with the intent, potential, strategy and the negative of these words, or variations of them,
or comparable terminology that does not relate strictly to current or historical facts, are all
indicative of forward-looking information and statements. Examples of forward-looking information
and statements include, but are not limited to: our expectations regarding future worldwide
uranium supply and demand; our expectations regarding long-term uranium contracting levels in 2008;
the volume of uranium production in 2008 at our various operations; our ability to achieve full
sustainable annual production at our McArthur River and Key Lake operations and the timeframe for
doing so; the date that the new SR-2 facility at Smith Ranch-Highland will become operational, and
its operating life; the expected dates for completion of dewatering and resumption of production at
Cigar Lake; our estimates regarding future annual production levels at Inkai; our uranium
production outlook for 2008 through 2012; our 2008 outlook for uranium, including the calculation
of tiered royalties, uranium price sensitivity for 2008 and the price sensitivity table for 2008
through 2012 and related discussion; the target date for resuming UF 6 production at Port
Hope; the 2008 fuel services outlook; the BPLP outlook for 2008; the gold outlook for 2008; and our
consolidated outlook for 2008.
 There are material risk factors that could cause actual results to differ materially from the
forward-looking information and statements contained in this MD & A. Factors that could cause such
differences include, without limitation: the impact of the sales volume of fuel fabrication
services, uranium, conversion services, electricity generated and gold; volatility and sensitivity
to market prices for uranium, conversion services, electricity in Ontario and gold; competition;
the financial results and operations of BPLP and Centerra Gold Inc.; the impact of change in
foreign currency exchange rates (such as Canadian/US rates) and interest rates; imprecision in
production, decommissioning, reclamation, reserve and tax estimates; litigation or arbitration
proceedings (including as the result of disputes with joint venture partners); inability to enforce
legal rights; defects in title; environmental, safety and regulatory risks including increased
regulatory burdens and long-term waste disposal (such as the risk of uranium and production-associated chemicals affecting the soil at the Port
Hope UF 6
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##### 



conversion plant); unexpected or challenging geological or hydrological
conditions (including at the McArthur River, Cigar Lake and Rabbit Lake deposits); adverse mining
conditions; political risks arising from operating in certain developing countries (including the
Kyrgyz Republic, Kazakhstan and Mongolia); terrorism; sabotage; a possible deterioration in
political support for nuclear energy; changes in government regulations and policies, including tax
and trade laws and policies (including new legislation in Kazakhstan allowing the government to
renegotiate previously signed agreements); demand for nuclear power; replacement of production
(including through placing Inkai and Cigar Lake into production and transitioning to new mining
zones at McArthur River); the risk of uranium and conversion service providers failure to fulfill
delivery commitments or to require material amendments to agreements relating thereto (including
the Russian HEU Agreement); failure to obtain or maintain necessary permits and approvals from
government authorities; legislative and regulatory initiatives regarding deregulation, regulation
or restructuring of the electric utility industry in Ontario; Ontario electricity rate regulations;
natural phenomena including inclement weather conditions, fire, flood, underground floods,
earthquakes, pitwall failure (including further highwall ground movement at the Kumtor mine) and
cave-ins; ability to maintain and further improve positive labour relations; strikes or lockouts;
operating performance, disruption in the operation of, and life of the companys and customers
facilities; availability of reagents, equipment, operating parts and supplies critical to
production (including the availability at the companys operations in Kazakhstan); decrease in
electrical production due to planned outages extending beyond their scheduled periods or unplanned
outages; success and timely completion of planned development and remediation projects (including
the remediation of and return to pre-flood construction and development at Cigar Lake and the
remediation of, and resumption of production at, the Port Hope UF 6 conversion plant);
failure of our radiation protection plans and other development and operating risks. There may be
other factors that cause actions, events or results not to be as anticipated, estimated or
intended. These factors are not intended to represent a complete list of the material risk factors
that could affect Cameco. Additional risk factors are noted elsewhere in this MD & A and in
Camecos current annual information form.
 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s business units to supply product and services, other than as
disclosed; there being no disruption of supply from third party sources; there being no significant
changes in current estimates for sales volume, purchases and prices for uranium, conversion
services, electricity in Ontario, and gold; the expected spot prices and realized prices for
uranium (including an assumed uranium spot price of $74.00 (US) per pound, which was the UxC spot
price as of March 3, 2008, for the purposes of certain uranium price sensitivity information); the
assumptions discussed under the heading Uranium Price Sensitivity (2008 to 2012); the average
gold spot price; Camecos effective tax rate; there being no significant adverse change in foreign
currency exchange rates or interest rates; there being no significant changes in production,
decommissioning, reclamation and reserve estimates; the HEU suppliers compliance with its delivery
commitments; there being no significant changes in Camecos ability to comply with current
environmental, safety and other regulatory requirements, and the absence of any material increase
in regulatory compliance requirements; Camecos ability to obtain regulatory approvals in a timely
manner; the success and timely completion of our Cigar Lake dewatering and remediation efforts
without further disruptions (including favourable results of geotechnical assessments); the status
of geological, hydrological and other conditions at Camecos and Centerras mines, including the
accuracy of our expectations regarding the condition of existing underground workings; the absence
of any material adverse effects arising as a result of political instability, terrorism, sabotage,
natural disasters, adverse changes in government legislation, regulations or policies, or
litigation or arbitration proceedings; continuing positive labour relations, and that no
significant strikes or lockouts will occur; and the success and timely completion of planned
development and remediation projects and the replacement of production. Forward-looking information
and statements are also based upon the assumption that none of the identified material risk factors
that could cause actual results to differ materially from the forward-looking information and
statements will occur.
 The forward-looking information and statements included in this MD & A represent Camecos views as
of the date of this MD & A and should not be relied upon as representing Cameco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 & A about prospective results of operations,
financial position or cash flows that is based upon assumptions about future economic conditions
and courses of action is
presented for the purpose of assisting Camecos shareholders in understanding managements current
views regarding those future outcomes, and may not be appropriate for other purposes.
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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 & A should not place undue reliance on
forward-looking information and statements. Forward-looking information and statements for time
periods subsequent to 2008 involve greater risks and require longer-term assumptions and estimates
than those for 2008, and are consequently subject to greater uncertainty. Therefore, the reader is
especially cautioned not to place undue reliance on such long-term forward-looking information and
statements.
 ADDITIONAL INFORMATION
  99