Uranium -- The Silent Partner Of
The Green Energy Future
Broadening Our Coverage Of Uranium -- Producers
To Developers

As of 10/4, we are initiating coverage of Bannerman Resources (SO and
$2.20 PT), Cameco (SP and $42.00 PT), Denison Mines (SU and $2.20 PT),
Paladin Energy (SO and $6.10 PT) and Uranium One (SO-S and $7.90 PT).

Growth estimates for global electricity demand range from 50% to 77% by
2030 from today's approximately 20 trillion kilowatt hours per year. A gap
of almost 12 trillion kilowatt hours needs to be filled by 2030. We expect
nuclear energy to play a major role in this growth.

The uranium price run of 2007 caused a uranium rush not seen in decades,
with many projects being hurried to the finish line; the credit crunch of
2008 stopped many in their tracks. The few that survived and maintained a
clear path to production are the focus of our analysis.

In an increasingly tightening market, we expect bundling of reactors and
fuel to increase in prevalence. Reactor vendors will look for competitive
advantage in the form of secured fuel supply as part of the reactor sale
package. We expect this tactic to become more prevalent going forward.