Exhibit 99.7
 CAMECO CORPORATION
 RECONCILIATION TO UNITED STATES GAAP




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KPMG LLP
    
    Telephone
    
    (306) 934-6200Chartered Accountants
    
    Fax
    
    (306) 934-6233600-128 4th Avenue South
    
    Internet
    
    www.kpmg.caSaskatoon Saskatchewan S7K 1 M8Canada
 AUDITORS REPORT ON RECONCILIATION TO UNITED STATES GAAP




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Reconciliation to United States GAAP
  (a)
    
    Reconciliation of earnings in accordance with Canadian GAAP to earnings determined in
accordance with US GAAP:
 2008
    
    
    2007Net earnings under Canadian GAAP
    
    $
    450,117
    
    
    
    $416,112Add (deduct) adjustments for [d]:Pre-operating costs (i)
    
    
    1,512
    
    
    
    1,512Stripping costs (ii)
    
    
    11,560
    
    
    
    (52,773
    )Stock-based compensation (iv)
    
    
    (65,628
    )
    
    
    74,179In-process research and development (x)
    
    
    (92,736
    )
    
    
    Income tax effect of adjustments
    
    
    44,972
    
    
    
    (27,259
    )Minority interest effect of adjustments
    
    
    (6,444
    )
    
    
    22,719Net earnings under US GAAP
    
    
    343,353
    
    
    
    434,490Other comprehensive income:Hedges and derivative instruments
    
    
    (81,080
    )
    
    
    145,640Unamortized actuarial gain (v)
    
    
    144,795
    
    
    
    23,590Unamortized actuarial gain transferred to net earnings (v)
    
    
    (22,026
    )
    
    
    (19,900
    )Foreign currency translation adjustments
    
    
    199,337
    
    
    
    (111,169
    )Available-for-sale securities
    
    
    5,106
    
    
    
    (6,366
    )Comprehensive income under US GAAP
    
    $
    589,485
    
    
    
    $466,285Basic net earnings per share under US GAAP
    
    
    $0.98
    
    
    
    $1.24Diluted earnings per share under US GAAP
    
    
    $0.98
    
    
    
    $1.18
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(b)
    
    Comparison of balance sheet items determined in accordance with Canadian GAAP to
balance sheet items determined in accordance with US GAAP:
 (i)
    
    Balance Sheets
 2008
    
    2007Canadian
    
    US
    
    Canadian
    
    USGAAP
    
    GAAP
    
    GAAP
    
    GAAPCurrent assets [d(vi)]
    
    $
    1,659,938
    
    
    
    $1,438,486
    
    
    $
    1,282,159
    
    
    $
    1,108,165Property, plant and equipment [d(vi)]
    
    
    4,416,293
    
    
    
    3,816,368
    
    
    
    3,437,450
    
    
    
    2,786,850Intangible assets and goodwill
    
    
    283,344
    
    
    
    279,617
    
    
    
    255,484
    
    
    
    251,757Long-term receivables, investments and other
[d(vi)(x)]
    
    
    628,972
    
    
    
    707,864
    
    
    
    387,304
    
    
    
    425,478Long-term inventory [d(ix)]
    
    
    22,054
    
    
    
    
    
    
    
    8,985
    
    
    
    Total assets
    
    $
    7,010,601
    
    
    
    $6,242,335
    
    
    $
    5,371,382
    
    
    $
    4,572,250Current liabilities [d(vi)]
    
    $
    888,917
    
    
    
    $713,926
    
    
    
    $684,464
    
    
    
    $490,360Long-term debt [d(vi)]
    
    
    1,212,982
    
    
    
    1,042,374
    
    
    
    717,130
    
    
    
    556,295Provision for reclamation
    
    
    353,344
    
    
    
    353,344
    
    
    
    284,673
    
    
    
    284,673Other liabilities [d(vi)]
    
    
    179,880
    
    
    
    78,484
    
    
    
    258,511
    
    
    
    169,959Deferred income taxes
    
    
    81,352
    
    
    
    53,792
    
    
    
    246,936
    
    
    
    163,6742,716,475
    
    
    
    2,241,920
    
    
    
    2,191,714
    
    
    
    1,664,961Minority interest
    
    
    779,203
    
    
    
    751,596
    
    
    
    435,807
    
    
    
    408,050Shareholders equityShare capital [d(vii)]
    
    
    1,062,714
    
    
    
    1,049,784
    
    
    
    819,268
    
    
    
    819,268Contributed surplus
    
    
    131,858
    
    
    
    121,360
    
    
    
    119,531
    
    
    
    106,563Retained earnings
    
    
    2,153,315
    
    
    
    .1,966,034
    
    
    
    1,779,629
    
    
    
    1,707,899Accumulated other comprehensive income- net actuarial loss [d(v)]
    
    
    
    
    
    
    (5,903
    )
    
    
    
    
    
    
    (7,612
    )- equity investment net actuarial loss [d(v)]
    
    
    
    
    
    
    (50,365
    )
    
    
    
    
    
    
    (171,096
    )- equity investment prior service cost [d(v)]
    
    
    
    
    
    
    (2,109
    )
    
    
    
    
    
    
    (2,438
    )- cumulative translation account [d(iii)(x)]
    
    
    66,642
    
    
    
    69,624
    
    
    
    (150,935
    )
    
    
    (129,713
    )- hedges and derivative instruments
    
    
    101,654
    
    
    
    101,654
    
    
    
    182,734
    
    
    
    182,734- available-for-sale securities
    
    
    (1,260
    )
    
    
    (1,260
    )
    
    
    (6,366
    )
    
    
    (6,366
    )Total accumulated other comprehensive income
    
    
    167,036
    
    
    
    111,641
    
    
    
    25,433
    
    
    
    (134,491
    )Total shareholders equity
    
    
    3,514,923
    
    
    
    3,248,819
    
    
    
    2,743,861
    
    
    
    2,499,239Total liabilities and shareholders equity
    
    $
    7,010,601
    
    
    
    $6,242,335
    
    
    $
    5,371,382
    
    
    $
    4,572,250
 (ii)
    
    Components of accounts payable and accrued liabilities are as follows:
 Accounts payable
    
    $
    464,543
    
    
    $
    367,030
    
    
    $
    265,331
    
    
    $
    204,087Taxes and royalties payable
    
    
    61,250
    
    
    
    93,007
    
    
    
    103,703
    
    
    
    103,703Accrued liabilities
    
    
    55,111
    
    
    
    55,111
    
    
    
    172,249
    
    
    
    74,836Total accounts payable and accrued liabilities
    
    $
    580,904
    
    
    $
    515,148
    
    
    $
    541,283
    
    
    $
    382,626
 
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(c)
    
    The effects of these adjustments would result in the consolidated statements of cash flows
reporting the following under US GAAP:
 2008
    
    
    2007Cash provided by operations
    
    
    $647,558
    
    
    
    $713,996Cash used in investing
    
    $
    (1,162,771
    )
    
    $
    (446,184
    )Cash provided by (used in) financing
    
    
    $620,079
    
    
    $
    (429,129
    )
 (d)
    
    A description of certain significant differences between Canadian GAAP and US GAAP follows:
 (i)
    
    Pre-Operating CostsUnder Canadian GAAP, pre-operating costs incurred during the commissioning phase of a new
project are deferred until commercial production levels are achieved, subject to time
limitations. Under US GAAP, such costs are expensed as incurred as required by AICPA
Statement of Position 98-5, Reporting on the Cost of Start-Up Activities. McArthur River
commercial production commenced March 1, 2000 for US GAAP and November 1, 2000 for
Canadian GAAP. Differences in capitalized costs are amortized over the estimated lives of
the assets to which they relate.(ii)
    
    Stripping CostsUnder Canadian GAAP, stripping costs incurred during the production phase by mining
companies to remove
overburden and other mine waste materials in order to access mineral deposits, can be
either expensed or
capitalized given the specifics of the situation. Under US GAAP, stripping costs are
deemed to be variable
production costs that should be included in the costs of the inventory produced during the
period that the stripping
costs are incurred. Stripping costs of $13,835,000 were incurred in 2008 (2007 
$53,740,000) and capitalized at
Centerras mines under Canadian GAAP. Under US GAAP, adjustments were made to expense
these amounts.
Differences in capitalized costs are amortized over the estimated lives of the assets to
which they relate. In 2008,
an adjustment was made to reduce the amount of depreciation charged
to earnings by $25,395,000 (2007  $967,000).(iii)
    
    Cumulative Translation AccountUnder Canadian GAAP, a proportionate amount of the cumulative translation account is
recognized in earnings when a portion of a net investment in a subsidiary is realized. US
GAAP does not allow for any portion of the cumulative translation account to be taken to
earnings unless the investment is sold or substantially liquidated. Adjustments from prior
years related to this difference amount to $21,222,000.(iv)
    
    Stock-Based CompensationUnder Canadian GAAP, in accordance with EIC-162, Stock-Based Compensation for Employees
Eligible to Retire before the Vesting Date, Cameco recognizes stock-based compensation
expense over the shorter of the period to eligible retirement or the vesting period for
stock-based awards granted on or after January 1, 2003. Under US GAAP, this accounting
treatment is applied to stock-based awards granted on or after January 1, 2006.
Stock-based awards granted prior to January 1, 2006 are recognized over the full vesting
period of the award. No adjustment was made to stock compensation expense in 2008, as all
stock-based awards granted prior to January 1, 2006 were fully recognized by December 31,
2007 (2007  increase of $1,947,000).In 2007, Cameco amended its stock option program, introducing a cash settlement feature
for the exercise of employee stock options. Under Canadian GAAP, options that include a
cash settlement feature are classified as liabilities and carried at their intrinsic
value. The intrinsic value is marked to market each period with an offsetting adjustment
to expense. Under US GAAP, the liabilities are required to be measured at their fair value
each period with an offsetting adjustment to expense. For US GAAP purposes, the fair value
of the options was determined using the Black-Scholes option-pricing model. As a result of
the difference, compensation expense for US GAAP purposes for 2007 was reduced by
$76,126,000.
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In November 2008, Cameco amended its stock option program, removing the cash settlement
feature for the exercise of employee stock options. Under both Canadian and US GAAP, options
that do not include a cash settlement feature are classified as equity and measured at their
grant date fair value. The Black-Scholes option-pricing model was used to determine the fair
value of the options as at the date of amendment. It was determined that compensation expense
previously recorded under Canadian GAAP was in excess of the fair value of the outstanding
options. Thus, no charges or recoveries were recorded under Canadian GAAP as a result of this
amendment. The expense recorded under US GAAP, while the cash settlement option was in effect,
was lower than the grant date fair value of the outstanding options. The reversal of the
recovery of stock compensation costs as a result of the use of the intrinsic value model under
Canadian GAAP at a time, when Camecos share price was declining results in an increase
expense for US GAAP purposes of $65,628,000. The cumulative Canadian-US GAAP difference for
stock-based compensation expense is $10,498,000, of which $2,202,000 is a permanent
difference. The remaining $8,296,000 is a temporary difference and future expenses under US
GAAP will be increased by that amountAs of December 31, 2008, Cameco had stock-based compensation costs relating to unvested stock
option awards that have not yet been recognized in the amount of $4,469,000 (2007 
$3,214,000), net of estimated forfeitures. The compensation cost will be recognized on a
straight-line basis over the remaining vesting periods of the awards.(v)
    
    Pension and Other Post-Retirement BenefitsIn September 2006, the FASB issued Statement No. 158, Employers Accounting for Defined
Benefit Pension and Other 
Post-Retirement Plans (FAS 158), an amendment of FASB Statements No.
87, 88, 106 and 132(R). FAS 158 requires an entity to recognize the funded status of a benefit
plan in the balance sheet and to recognize the existing unrecognized net gains and losses,
unrecognized prior service costs, and unrecognized net transition assets in other
comprehensive income. There is no similar requirement under Canadian GAAP.For the Cameco benefit plan, a gain of $1,709,000 was included in other comprehensive income
(2007  a loss of $2,696,000). For the BPLP benefit plan, a gain of $121,060,000 was
included in other comprehensive income (2007  $17,101,000).The rate used to discount pension and other post-retirement benefit plan obligations was based
on the AA high quality Canadian corporate bond yield curve at December 31, 2008, as developed
by third party actuaries. The estimated future cash flows for the pension and other
post-retirement obligations were matched to the corresponding spot rates on this yield curve
to derive a representative single discount rate.In 2007, the Canadian government enacted amendments to the Canadian Income Tax Act that
provided for a reduction in the general corporate income tax rate. The cumulative effect on
the income tax liability related to the 2007 adjustments to other comprehensive income for
pension and other post-retirement benefits was an increase of $10,715,000.(vi)
    
    Investment in BPLPUnder Canadian GAAP, Cameco accounts for its interest in BPLP by the proportionate
consolidation method. Under US GAAP, Cameco is required to equity account for its investment
and record in earnings its proportionate share of their net earnings measured in accordance
with US GAAP.(vii)
    
    Convertible DebenturesUnder US GAAP, convertible debentures are to be classified entirely as debt rather than
equity. Due to the difference, accretion related to the equity component of convertible
debentures for Canadian GAAP has been reversed for US GAAP purposes. Since all interest
related to the debentures was being capitalized under both US and Canadian GAAP, the
adjustments affected only the balance sheet. The convertible debentures were converted to
common shares in October 2008. In comparison to Canadian GAAP, the cumulative differences on
the US GAAP balance sheet were to decrease share capital by $12,930,000 and property, plant
and equipment by $12,930,000.
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(viii)
    
    Income TaxesEffective January 1, 2007, Cameco adopted the provisions of Financial Interpretation No. 48,
Accounting for Uncertainty in Income Taxes  an interpretation of FASB Statement No. 109 and
upon adoption, reclassified $16,757,000 from deferred income tax liabilities to current
liabilities for income taxes. In addition, Cameco recorded an increase in the liability for
unrecognized income tax benefits of $1,604,000 at January 1, 2007. The increase in the
liability was offset by corresponding decreases of $892,000 in retained earnings and $712,000
in minority interest.A reconciliation of the beginning and ending amounts of unrecognized tax benefits is as
follows:
 2008
    
    
    2007Balance, beginning of year
    
    $
    20,587
    
    
    $
    18,361Additions based on tax positions related to the current year
    
    
    3,161
    
    
    
    2,226Additions for tax positions of prior years
    
    
    11,839
    
    
    
    Reductions for tax positions of prior years
    
    
    (1,100
    )
    
    
    Balance, end of year
    
    $
    34,487
    
    
    $
    20,587
 All of the tax benefits included in the table would, if recognized, impact the effective
income tax rate. It is Camecos policy to classify interest and penalties associated with
unrecognized tax benefits, if any, in income tax expense. For the years ended December 31,
2007 and 2008, there were no amounts accrued for penalties or interest expense.Cameco and its subsidiaries file tax returns in several jurisdictions. At December 31,
2008, the significant jurisdictions and the tax years subject to examination by tax
authorities were as follows:
 YearsCanada
    
    2004 - presentUnited States
    
    2005 - presentSwitzerland
    
    2007 - presentBarbados
    
    
    2008
 (ix)
    
    InventoriesEffective January 1, 2007, Cameco adopted the new Canadian standard, Handbook Section 3031,
Inventories, which allows for the write-up of previously impaired inventories. US GAAP does
not permit the write-up of inventory. Under Canadian GAAP, Cameco recorded increases to
inventory, future income taxes, minority interest and retained earnings. For US GAAP purposes,
these amounts have been reversed.(x)
    
    Investment in Global Laser EnrichmentEffective June 19, 2008, Cameco acquired a 24% interest in Global Laser Enrichment. In total,
$94,727,000 of the purchase price has been allocated to in-process research and development
(IPR&D). Under Canadian GAAP, IPR&D is capitalized and amortized over the period until the
project commences commercial production. Under Canadian GAAP, these expenditures are being
amortized over a period of 7.5 years, with all amounts amortized by December 31, 2015. Under
US GAAP, any portion of the purchase price allocated to research and development activities
for which there is no alternative future use must be expensed on the acquisition date. Under

US GAAP, the expense for 2008 has been increased by $92,736,000. As a result, the carrying
value of the investment is lower under US GAAP which causes a foreign currency translation
difference in the amount of $18,240,000, which has been recorded in the cumulative translation
account.
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(e)
    
    Changes in Accounting Policy
 (i)
    
    Framework on Fair Value MeasurementIn September 2006, the FASB issued Statement No. 157, Fair Value Measurements (FAS
157). FAS 157 defines fair value, establishes a framework for measuring fair value in
GAAP and expands disclosures about fair value measurements.Effective January 1, 2008, Cameco adopted the provisions of FAS 157. Certain elements
of the standard related to non-financial assets and liabilities have been deferred to
fiscal years beginning on or after November 15, 2008. The implementation of this
standard did not have a material impact on the consolidated financial statements as
the companys current policy on accounting for fair value measurements is consistent
with this guidance of FAS 157.FAS 157 establishes a fair value hierarchy that prioritizes the inputs to valuation
techniques used to measure fair value. The three levels of the fair value hierarchy
are described below:
    As required by FAS 157, when the inputs used to measure fair value fall within more
than one level of the hierarchy, the level within which the fair value measurement is
categorized is based on the lowest level input that is significant to the fair value
measure in its entirety.The following table presents Camecos fair value hierarchy for those assets and
liabilities measured at fair value on a recurring basis as of December 31, 2008.
 Description
    
    Total
    
    
    Level 1
    
    
    Level 2
    
    
    Level 3Derivative instrument assets
    
    
    $81,787
    
    
    
    $
    
    
    
    $81,787
    
    
    
    $Available-for-sale securities
    
    
    3,718
    
    
    
    3,718
    
    
    
    
    
    
    
    Derivative instrument liabilities
    
    
    (120,403
    )
    
    
    
    
    
    
    (120,403
    )
    
    
    Net
    
    
    $(34,898
    )
    
    
    $3,718
    
    
    
    $(38,616
    )
    
    
    $
 (ii)
    
    Fair Value Option for Financial Assets and LiabilitiesIn February 2007, the FASB issued Statement No. 159, The Fair Value Option for Financial
Assets and Liabilities (FAS 159). FAS 159 permits entities to choose to measure many
financial instruments and certain other items at fair value, providing the opportunity to
mitigate volatility in reported earnings caused by measuring related assets and
liabilities differently without the need to apply hedge accounting provisions. Effective
January 1, 2008, Cameco adopted the provisions of FAS 159. The adoption of the standard
did not have a material impact on the companys consolidated financial statements.
 (f)
    
    Future Changes in Accounting Policy
 (i)
    
    Business CombinationsIn December 2007, the FASB issued a revised standard on accounting for business
combinations, Statement No. 141(R), Business Combinations (FAS 141(R)). FAS 141(R)
specifies a number of changes including: an expanded definition of a business, a
requirement to measure all business acquisitions at fair value, a requirement to measure
noncontrolling interests at fair value and a requirement to recognize acquisition-related
costs as expenses. FAS 141(R) is applicable to business combinations in fiscal years
beginning after December 15, 2008.(ii)
    
    Noncontrolling Interests in Consolidated Financial StatementsIn December 2007, the FASB issued Statement No. 160, Noncontrolling Interests in
Consolidated Financial Statements (FAS 160). FAS 160 specifies that noncontrolling
interests be treated as a separate component of equity, not as a liability or other item
outside of equity. FAS 160 is effective for periods beginning on or after December 15,
2008 and will be applied prospectively to all noncontrolling interests, including any
that arose before the effective date. Cameco does not expect the adoption of this
statement will have a material impact on its consolidated financial statements.
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(iii)
    
    Disclosures about Derivative Instruments and Hedging ActivitiesIn March 2008, the FASB issued Statement No. 161, Disclosures about Derivative Instruments and
Hedging Activities (FAS 161), an amendment of FASB Statement No. 133. FAS 161 requires
qualitative disclosures about the objectives and strategies for using derivatives, quantitative
data about the fair value of gains and losses on derivative contracts and details of
credit-risk-related contingent features in their hedged position. The statement also requires
the disclosure of the location and amounts of derivative instruments in the financial
statements. FAS 161 is effective for fiscal years and interim periods beginning on or after
November 15, 2008. Cameco does not expect the adoption of this statement will have a material
impact on its consolidated financial statements.(iv)
    
    The Hierarchy of Generally Accepted Accounting PrinciplesIn May 2008, the FASB issued Statement No. 162, The Hierarchy of Generally Accepted Accounting
Principles (FAS 162). FAS 162, which became effective November 15, 2008, outlines the order of
authority for the sources of accounting principles. Cameco does not expect the adoption of this
statement will have a material impact on its consolidated financial statements.
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COMMENTS BY AUDITORS FOR US READERS ON CANADA  US REPORTING DIFFERENCES
   
    
    that refers to the audit report on the Corporations internal control over financial
reporting. Our report to the shareholders dated February 12, 2009 is expressed in
accordance with Canadian reporting standards, which do not require a reference to the
auditors report on the Corporations internal control over financial reporting in the
auditors report on the consolidated financial statements.
    
    when there is a change in accounting principles that has a material effect on the
comparability of the Corporations financial statements such as the changes described
in note 3(a) to the consolidated financial statements. Our report to the shareholders
dated February 12, 2009 is expressed in accordance with Canadian reporting standards,
which do not require a reference to changes in accounting principles in the auditors
report when the change is properly accounted for and adequately disclosed in the
financial statements.
 /s/  KPMG LLPChartered AccountantsSaskatoon, Canada