Shareholders' Equity and Comprehensive Income

Cameco Corporation
Consolidated Statements of Shareholders' Equity
(Unaudited)
($Cdn Thousands)

									Year Ended
									Dec 31/07	Dec 31/06
Share capital
Balance at beginning of period									$812,769	$779,420
Shares repurchased [note 7]									(22,750)	-
Stock option plan									29,249	33,285
Debenture conversions									-	64
Balance at end of period									$819,268	$812,769
Contributed surplus
Balance at beginning of period									$540,173	$529,245
Shares repurchased [note 7]									(406,577)	-
Stock option plan amendment [note 13]									(21,875)	-
Stock-based compensation									13,770	17,549
Options exercised									(5,960)	(6,612)
Debenture conversions									-	(9)
Balance at end of period									$119,531	$540,173
Retained earnings
Balance at beginning of period									$1,428,206	$1,108,748
Transition adjustment - financial instruments [note 1]									5,343	-
Net earnings									416,112	375,715
Dividends on common shares									(70,032)	(56,257)
Balance at end of period									$1,779,629	$1,428,206
Accumulated other comprehensive income (loss)
Balance at beginning of period [note 1]									$(39,766)	$(53,397)
Transition adjustment - financial instruments [note 1]									38,839	-
Other comprehensive income									26,360	13,631
Balance at end of period									$25,433	$(39,766)
Total retained earnings and accumulated other comprehensive income									$1,805,062	$1,388,440
Shareholders' equity at end of period									$2,743,861	$2,741,382
Accumulated other comprehensive income (loss)
Balance at end of period consists of:
Unrealized foreign currency translation losses									$(150,935)	$(39,766)
Gains on derivatives designated as cash flow hedges									182,734	-
Unrealized loss on available-for-sale securities									(6,366)	-
Balance at end of period									$25,433	$(39,766)

Cameco Corporation
Consolidated Statements of Comprehensive Income
(Unaudited)
($Cdn Thousands)

		Three Months Ended		Year Ended
		Dec 31/07	Dec 31/06	Dec 31/07	Dec 31/06
Net earnings		$61,498	$40,340	$416,112	$375,715
Other comprehensive income (loss), net of taxes [note 11]
	Unrealized foreign currency translation gains (losses)	9,658	37,780	(111,169)	13,631
	Gains on derivatives designated as cash flow hedges	9,815	-	206,215	-
	Gains on derivatives designated as cash flow hedges transferred to net earnings	(23,135)	-	(62,320)	-
	Unrealized losses on assets available-for-sale	(773)	-	(6,366)	-
Other comprehensive income (loss)		(4,435)	37,780	26,360	13,631
Total comprehensive income		$57,063	$78,120	$442,472	$389,346
See accompanying notes to consolidated financial statements