Cameco's goal is to be a dominant nuclear energy company – the supplier, partner, investment and employer of choice in the nuclear industry. Cameco will achieve this goal through four main strategies to:

• maintain our competitive advantage in uranium and conversion,
• maximize growth in uranium markets,
• continue vertical integration, and
• promote growth in the nuclear energy industry.

Our specific strategies in the uranium and fuel services businesses – the company's core businesses – are discussed under the sections "Uranium Strategies" and "Fuel Services Strategies" respectively, in this MD&A.

In pursuing further integration in nuclear fuel supply and expansion in nuclear power generation, our goals are to:

• add significantly to shareholder value, through new opportunities within the nuclear fuel cycle,
• secure projects that have an attractive rate of return and provide a basis for long-term profitability,
• provide fuel supply, 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 a prudent risk/reward ratio.

The key strategies are to:

• maximize choice 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,
• guide and encourage Bruce Power's growth strategy,
• 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 management participation and, where possible, operational involvement, and
• seek to maximize nuclear power's contribution to global energy supply through two major strategies to:
  • promote industry initiatives to position nuclear power as a major part of the solution in addressing clean air and climate change by providing leadership and resources to key industry associations and by developing government relationships, and
  • diversify into related technologies that support nuclear energy development.