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We at Cameco take corporate governance very seriously. Has our level of integrity and morality increased as a result of all the recent legislation and regulation concerning governance? I don't believe so because it has always been our priority to operate at the highest levels. But, over the past several years we have formalized the policies and procedures required, and disseminated them throughout our entire organization to ensure there is a clear understanding of our intentions and expectations. Continual review and improvement of our policies and procedures ensure we remain on course to achieve our objectives.
The culmination of these efforts places an added burden on our talented employees and on board members. We do, however, feel that these efforts are worthwhile and are good for Cameco's business and bottom line.
I am especially pleased by the board's dedication to ensuring Cameco has outstanding leadership in its various levels of management, that succession planning is continually monitored, and that employees throughout the organization are motivated and rewarded to create shareholder value.
The energy industry is in the midst of a renaissance and uranium is becoming a vital piece of the world's future energy needs. Cameco, as the world's largest uranium producer, has amassed an extraordinary reserve base and is ready to respond to the world's need for safe, reliable and clean electricity.
The market has demonstrated its confidence in our ability to deliver results as shown by our share performance over the past year. Our continuing belief that we are on track to grow our business led us to the decision to split the stock and increase the dividend on February 17, 2006.
I would also like to take this opportunity to welcome our new board member, Mr. John Clappison, who recently retired as managing partner of PricewaterhouseCoopers' Toronto office. Mr. Clappison brings a wealth of business and accounting experience, as well as leadership skills to Cameco. We look forward to working with Mr. Clappison for many years to come.
Each new year brings new business challenges, as well as the desire to outperform the previous year. Cameco, through the solid and strategic efforts of the past, is well positioned to continue growing towards our vision to be a dominant nuclear energy company.
Victor J. Zaleschuk
Chair
MARCH 17, 2006
Our Vision
Cameco will be a dominant nuclear energy company producing uranium fuel and generating clean electricity.
Our Mission
Our mission is to bring the multiple benefits of nuclear energy to the world. We are a global supplier of uranium fuel and a growing supplier of clean electricity.
We deliver superior shareholder value by combining our extraordinary assets, exceptional employee expertise and unique industry knowledge to meet the world's rising demand for clean, safe and reliable energy.
The key measures of our success are: a safe, healthy and rewarding workplace, a clean environment, supportive communities and outstanding financial performance.
Our 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.
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.
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