Highlights

Highlights

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Cameco Corporation
Highlights
(Unaudited)

							Three Months Ended		Year Ended
							Dec 31/07	Dec 31/06	Dec 31/07	Dec 31/06


Financial (in millions)
		Revenue					$494	$512	$2,310	$1,832
		Earnings from operations					68	36	475	335
		Net earnings					61	40	416	376
		Adjusted net earnings ⁽ⁱ⁾					64	40	603	274
		Cash provided by operations					57	13	801	418
		Working capital (end of period)							607	853
		Net debt to capitalization							18%	12%

Per common share
		Net earnings	- Basic				$0.18	$0.11	$1.18	$1.07
			- Diluted				0.17	0.11	1.13	1.02
			- Diluted, adjusted ⁽ⁱ⁾				0.18	0.11	1.63	0.75
		Dividend					0.05	0.04	0.20	0.16

		Weighted average number of paid common shares outstanding (in thousands)					345,550	352,172	351,175	351,224

Average uranium spot price for the period (US$/lb)							$90.00	$65.21	$99.29	$49.60

Sales volumes
		Uranium (in thousands lbs U₃O₈)					5,477	9,021	30,186	32,073
		Fuel services (tU)					6,360	6,676	16,958	18,539
		Gold (troy ounces)					113,000	146,000	541,000	610,000
		Electricity (TWh)					2.1	2.0	8.0	8.2

Note: Currency amounts are expressed in Canadian dollars unless stated otherwise.


(i)	Net earnings for the year ended December 31, 2007, have been adjusted to exclude charges of $59 million ($0.16 per share diluted) related to the stock compensation transition to cash settlement and $153 million ($0.41 per share diluted) related to the restructuring of Centerra as well as a $25 million ($0.07 per share diluted) recovery of taxes due to tax legislation changes enacted by the federal government. Net earnings for the year ended December 31, 2006, have been adjusted to exclude $73 million ($0.19 per share diluted) in net earnings related to the recovery of taxes due to tax legislation changes enacted by the provincial and federal governments as well as $29 million ($0.08 per share diluted) in net earnings related to a gain on sale of our interest in the Fort a la Corne Joint Venture. Adjusted net earnings is a non-GAAP measure. Cameco believes the exclusion of these items provides a more meaningful basis for period-to-period comparisons of the company's financial results.