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Notes

Notes to Consolidated Financial Statements:

  1. These interim financial statements have been prepared in accordance with Canadian generally accepted accounting principles.

  2. The interim financial statements, which include the use of estimates and judgments, contain all adjustments that management believes are necessary for a fair presentation of Cameco's financial position, results of operations and changes in cash resources.

  3. The interim financial statements should be read in conjunction with, and are based on the same accounting policies as contained in, Cameco's 1997 annual report.

  4. At September 30, 1998, there were 57,626,738 common shares outstanding.

  5. Cameco's contingent obligation under guarantees of the repayment of Kumtor senior debt exceeds the amount included in Cameco's long-term debt at September 30, 1998 by $265 million.

  6. The financial results include Uranerz Exploration and Mining Limited and Uranerz U.S.A., Inc. as of the date of acquisition (August 11, 1998)

  7. Certain comparative figures for the prior period have been reclassified to conform to the current period's presentation.