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Notes

Notes to Consolidated Financial Statements:

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

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

The interim financial statements should be read in conjunction with, and are based on the same accounting policies as contained in Cameco's 1999 annual report.

Share Capital:

a)	At March 31, 2000, there were 56,638,065 common shares outstanding.
b)	A maximum of 596,266 shares can be issued under the exchange privileges available to owners of Cameco share savings bonds under the terms of the Cameco share savings plan up to December 31, 2000.
c)	Options in respect of 2,134,733 shares are outstanding under the stock option plan and are exercisable up to 2008. Upon exercise of certain existing options, additional options in respect of 374,900 shares would be granted.

Cameco's contingent obligation under guarantees of the repayment of Kumtor senior debt exceed the amount included in Cameco's long-term debt at March 31, 2000 by $185 million.

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