The following points are intended to assist the reader in analysing the trends in the quarterly financial highlights for 2005:

• Revenue, driven by timing of deliveries in our uranium and conversion businesses, tends to be higher in the fourth quarter.
• However, net earnings do not trend directly with revenue because they are significantly influenced by results from BPLP. Prior to November 1, 2005, the equity method of accounting was applied to the investment in BPLP and thus no BPLP revenue was recorded.
• On November 1, 2005, Cameco changed the accounting for BPLP to proportionate consolidation. As such, for the fourth quarter of 2005, we have included our proportionate share of revenue, expenses and cash flows from the Bruce B reactors for November and December.
• Cash from operations tends to fluctuate due largely to the timing of deliveries and product purchases in the uranium and conversion businesses.