We are the world's largest, low-cost uranium producer accounting for 20% of existing production and more than 65% of identified future capacity. Despite weak markets, our operations have generated more than $1 billion in cash flow over the past five years and that should improve as the value of our investment in Bruce Power is realized.

We will also benefit from rising uranium prices as markets begin to reflect a shortage of supply due to declining inventories and limited production. In 2003, the spot market price for uranium increased by more than 40%.

Our experience in uranium production, fuel processing and electricity generation gives us insight to identify and take full advantage of emerging opportunities throughout the nuclear fuel cycle.

Nuclear is a clean, reliable and cost-competitive source of electricity and its advantages are increasingly attractive in a world concerned about climate change and energy security. With disciplined growth and operational excellence, we will achieve our vision and deliver higher returns for our shareholders.

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Forward-looking statement

Statements contained in this document which are not historical facts are forward-looking statements that involve risks, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause such differences, without limiting the generality of the following, include: volatility and sensitivity to market prices for uranium, electricity in Ontario and gold; the impact of the sales volume of uranium, conversion services, electricity generated and gold; competition; the impact of change in foreign currency exchange rates and interest rates; imprecision in reserve estimates; environmental and safety risks including increased regulatory burdens; unexpected geological or hydrological conditions; adverse mining conditions; political risks arising from operating in certain developing countries; a possible deterioration in political support for nuclear energy; changes in government regulations and policies, including trade laws and policies; demand for nuclear power; replacement of production and failure to obtain necessary permits and approvals from government authorities; legislative and regulatory initiatives regarding deregulation, regulation or restructuring of the electric utility industry in Ontario; Ontario electricity rate regulations; weather and other natural phenomena; ability to maintain and further improve positive labour relations; operating performance of the facilities; success of planned development projects; and other development and operating risks.

Although Cameco believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. Cameco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.