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<SEC-DOCUMENT>0001130319-06-000178.txt : 20060310
<SEC-HEADER>0001130319-06-000178.hdr.sgml : 20060310
<ACCEPTANCE-DATETIME>20060310130603
ACCESSION NUMBER:		0001130319-06-000178
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060301
FILED AS OF DATE:		20060310
DATE AS OF CHANGE:		20060310

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CAMECO CORP
		CENTRAL INDEX KEY:			0001009001
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS METAL ORES [1090]
		IRS NUMBER:				980113090
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14228
		FILM NUMBER:		06678435

	BUSINESS ADDRESS:	
		STREET 1:		2121 11TH ST W
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
		BUSINESS PHONE:		3069566200

	MAIL ADDRESS:	
		STREET 1:		2121 11TH ST W.
		CITY:			SASKATOON
		STATE:			A9
		ZIP:			S7M 1J3
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>o30410e6vk.htm
<DESCRIPTION>CODE OF CONDUCT AND ETHICS
<TEXT>
<HTML>
<HEAD>
<TITLE>e6vk</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">





<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, DC 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 6-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>Report of Foreign Private Issuer<BR>
Pursuant to Rule&nbsp;13a-16 or 15d-16 Under<BR>
the Securities Exchange Act of 1934</B>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>For the month of March, 2006</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Cameco Corporation</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Commission file No.&nbsp;1-14228)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>2121-11th Street West<BR>
Saskatoon, Saskatchewan, Canada S7M 1J3</B><BR>
(Address of Principal Executive Offices)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant files or will file annual reports under cover
Form 20-F or Form 40-F.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="60%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Form&nbsp;20-F <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Form&nbsp;40-F <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Indicate by check mark whether the registrant by furnishing the information contained in this Form
is also thereby furnishing the information to the Commission pursuant to Rule&nbsp;12g3-2(b) under the
Securities Exchange Act of 1934.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="50%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top">Yes <FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">No <FONT face="Wingdings">&#254;</FONT></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If &#147;Yes&#148; is marked, indicate below the file number assigned to the registrant in connection with
Rule&nbsp;12g3-2(b):
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B><U>Exhibit&nbsp;Index</U></B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000">Page No.</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">1.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Code of Conduct and Ethics
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">3 - 20</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link1 "SIGNATURE" -->

<DIV align="center" style="font-size: 10pt; margin-top: 24pt"><B>SIGNATURE</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">Date: March 1, 2006&nbsp;</TD>
    <TD colspan="3" align="left">Cameco Corporation<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left"><I>"Gary M.S. Chad"</I>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Gary M.S. Chad&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Senior Vice-President, Governance,
Legal and Regulatory Affairs, and
Corporate Secretary&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<P align="center" style="font-size: 10pt">2
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 12pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
    <TD width="5%"></TD>
    <TD width="30%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o30410o3041048.gif" alt="(CAMECO LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top"><B>POLICY</B></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Subject:
</DIV>


<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>CODE OF CONDUCT AND ETHICS</B>

</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="36%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="32%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="26%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Section: Administrative
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Effective: Nov 30, 1991
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Policy No.: 2-2</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revised: May&nbsp;30, 2002</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revised: Feb 11, 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revised: Nov. 14, 2003</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Revised: Dec. 8, 2005</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="80%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Approved by:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Gerald W. Grandey</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">President and Chief Executive Officer</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>VALUES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Safety and Environment </B>&#151; The safety of people and protection of the environment are the
foundations of our work. All of us share in the responsibility of continually improving the safety
of our workplace and the quality of our environment.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>People </B>&#151; We value the contribution of every employee and we treat people fairly by demonstrating
our respect for individual dignity, creativity and cultural diversity. By being open and honest we
achieve the strong relationships we seek.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Integrity </B>&#151; Through personal and professional integrity, we lead by example, earn trust, honour
our commitments and conduct our business ethically.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Excellence </B>&#151; We pursue excellence in all that we do. Through leadership, collaboration and
innovation, we strive to achieve our full potential and inspire others to reach theirs.
</DIV>

<DIV align="left" style="font-size: 12pt; margin-top: 12pt"><B>CODE OF CONDUCT AND ETHICS</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">At Cameco we are committed to living our values. The safety of people and protection of the
environment are among our highest priorities. We treat people fairly, and we respect individual
dignity, creativity and cultural diversity. By conducting ourselves ethically and with integrity,
both personally and professionally, we build strong relationships and earn the trust of others. We
strive to achieve our full potential and inspire others to reach theirs. By living these values,
Cameco and each of its employees, officers, and directors, pursue excellence.
</DIV>


<P align="center" style="font-size: 10pt">3
</DIV>

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<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="12%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="66%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="12%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy No.: 2-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Subject:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Page</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">December&nbsp;8, 2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Code of Conduct and Ethics</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">2 of 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The actions of all employees, officers, and directors at Cameco and its subsidiaries should
reflect honesty, integrity and impartiality in order to earn and sustain trust. This Code of
Conduct and Ethics provides guidance to all our employees, officers, and directors on how Cameco
representatives conduct themselves. The code contains examples of some activities that are
encouraged and some that are prohibited, but it cannot cover every situation. We must follow the
spirit of this code, not just the words. Leaders at Cameco must set the example and be among the
first to bring into question behaviors or actions that are inconsistent with our values.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Do not assume that questionable activities not covered by this code are permissible. In situations
not addressed directly, we should ask ourselves these questions:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Is it right?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Is it fair?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Is it consistent with our values?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Would I want other people to know I did it?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>How would I feel if I read about it in the newspaper?</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Would people at Cameco be embarrassed if it appeared in the newspaper?</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If you are still in doubt after considering these questions, seek advice from a supervisor or
manager. If you would like to make your concerns known, but are uncomfortable making a direct
complaint, you can contact Cameco&#146;s Ethics Hotline anonymously 24 hours a day, seven days a week.
Information about the Ethics Hotline and how to use it is available on Cameco&#146;s intranet.
</DIV>



<P align="center" style="font-size: 10pt">4
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Table of Contents</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>1. ACCOUNTABILITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>2. OUR CONDUCT UNDER THE LAW</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>1</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Complying with the Law</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Insider Trading</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Loans or Guarantees to Directors and Officers</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">International Business Conduct and Interaction with Government Officials</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">1</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>3. OUR CONDUCT WITHIN CAMECO</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>2</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Conflicts of Interest</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Transactions or Interests that Improperly Affect Our Conduct at Cameco</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Outside Business Activities and Directorships that Improperly Affect Our Conduct at Cameco</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">2</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Disclosure of Conflicts</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">3</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Confidentiality</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">4</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Record Retention and Destruction</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Corporate Opportunities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Staking Mineral Claims</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Protection and Proper Use of Cameco&#146;s Property</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Workplace Safety and Health</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">5</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Workplace Conduct</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Using Technology Appropriately</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>4. OUR CONDUCT WITH CUSTOMERS, PARTNERS, SUPPLIERS AND COMPETITORS</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>6</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Acting Fairly and Professionally</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Customer, Partner and Supplier Relations</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Giving or Receiving Gifts or Entertainment</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">6</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Competitive Practices</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">7</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>5. OUR CONDUCT WITH OUR SHAREHOLDERS AND THE PUBLIC</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>8</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Continuous Disclosure</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Mineral Reserves and Resources</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Shareholder, Investor and Media Relations</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">8</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Financial Reporting and Accountability</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reporting Violations Regarding Accounting Matters</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>How to Report Employee and Third Party Concerns</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">9</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Treatment of Employee and Third Party Concerns</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:45px; text-indent:-15px"><I>Retention of Log of Accounting Matter Concerns</I></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>6. OUR CONDUCT WITHIN THE COMMUNITY</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>10</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Community Involvement and Support</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Environment Protection</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">10</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Political Contributions and Activities</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>7. ADMINISTRATION OF THE CODE</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>11</B></TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Enforcement</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Breach of Code or Corporate Policies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">11</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Reporting Violations of Code or Corporate Policies</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">No Retaliation</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Maintaining a Log</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:30px; text-indent:-15px">Waivers</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right">12</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px"><B>8. REFERENCED POLICIES (IN ORDER OF REFERENCE)</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="right"><B>12</B></TD>
    <TD>&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">5
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 1</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>1. ACCOUNTABILITY</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The senior vice-president, corporate services and the corporate secretary are jointly responsible
for establishing and reviewing this code subject to approval by the board of directors on the
recommendation of the nominating, corporate governance and risk committee. They are also
responsible for supervising its implementation subject to oversight by the nominating, corporate
governance and risk committee as to directors, and the audit committee as to employees and
officers.
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>2. OUR CONDUCT UNDER THE LAW</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We will comply with all applicable laws, rules and regulations.</I>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>Complying with the Law</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We will comply with all applicable laws, rules and regulations in the countries where we operate.
Each of us is personally responsible for adhering to the standards and restrictions imposed by
those laws, rules and regulations. Ignorance of the law is not a defence. Unlawful conduct cannot
be tolerated, even when the intent is to further legitimate company objectives. If you are unclear
about the laws, rules and regulations relating to your work, seek the assistance of the general
counsel.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Insider Trading</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco and its employees, officers, and directors are subject to laws and regulations regarding
insider trading. Generally, securities laws prohibit people from trading, directly or indirectly,
in the securities (including shares, options, bonds and the like) of any company while possessing
material information about the company which has not been made available to the public. This
prohibition applies to Cameco securities and those of other companies. Our Policy 2-24,
Restrictions on Trading of Securities, prohibits improper trading in securities and improper
communication of undisclosed material information regarding Cameco or other companies. It is
important that you understand and comply with this policy. If you are unsure about these
restrictions and how they might relate to a purchase or sale of securities, consult the corporate
secretary or senior vice-president, corporate services before making a transaction.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Loans or Guarantees to Directors and Officers</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In compliance with securities law, Cameco will not provide a loan, extend credit or guarantee
a personal financial obligation to any director or officer, nor any member of his or her family.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>International Business Conduct and Interaction with Government Officials</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The integrity of our relationships with government agencies and officials throughout the world is
important. Any transactions with foreign officials and political parties must not compromise the
integrity and ethical business practices of Cameco or its affiliates. Although we conduct business
in parts of the world where corruption occurs, we conduct ourselves properly, and comply with laws
regarding foreign corrupt practices in all our dealings. The fact that improper practices may
</DIV>


<P align="center" style="font-size: 10pt">6
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 2</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">be common in a country does not justify them. Our Policy 2-21, International Business Conduct is
designed to provide guidance on conducting ethical business dealings. Any business practice that
violates the intent of this policy cannot be tolerated. Participation, directly or indirectly, in
bribes&#096;, kickbacks, contributions or similar payments violates our policy. Even the appearance of
impropriety should be avoided.
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>3. OUR CONDUCT WITHIN CAMECO</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We must conduct ourselves in the best interests of Cameco and treat our colleagues with respect.</I>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>Conflicts of Interest</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">A &#147;conflict of interest&#148; occurs when an individual&#146;s private interest interferes, or appears to
interfere, with Cameco&#146;s interests as a whole. A conflict situation can arise when we take actions
or have interests that make it difficult to do our jobs objectively and effectively.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Transactions or Interests that Improperly Affect Our Conduct at Cameco</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To avoid a conflict of interest we should not engage in any business or transaction, or have a
financial or other personal interest, that may improperly affect our work. Examples could include:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>having a significant interest in a business organization that deals with Cameco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>having immediate relatives who own or who have a significant interest in a
business that deals with Cameco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>influencing a Cameco decision that improves the value of property you own or have
an interest in; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>realizing financial gains or savings from the purchase or sale of stocks, bonds,
shares or other assets using information acquired through work which is not generally
available to the public.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Similarly, we should not give, or influence others to give, preferential treatment to relatives or
friends or to organizations in which we, our relatives, or our friends have an interest, financial
or otherwise.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Outside Business Activities and Directorships that Improperly Affect Our Conduct at Cameco</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As employees or officers of Cameco we should not engage in outside work or business undertakings,
or sit on a company&#146;s board:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>where it interferes with the performance of our duties at Cameco;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in which we have an advantage derived from our involvement with Cameco; or</TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">7
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 3</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>which is competing with Cameco or has interests counter to Cameco&#146;s;</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">without first obtaining consent of the corporate secretary.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Directors of Cameco must not sit on the board of directors of a company that competes with us, nor
can they be a member of an organization or group whose interests are adverse to Cameco&#146;s, without
the consent of our board of directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Disclosure of Conflicts</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees or officers should promptly report to the corporate secretary any commercial, financial
or other interest that might be considered to put you in a real, potential, or perceived conflict
with your official duties. All employees and officers complete and submit the disclosure statement
attached in schedule &#147;A&#148; to this code. This statement is filed with the corporate secretary when
you begin working at Cameco and is updated:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>before you accept a new appointment if you are moving into job band 6 or above;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when you acquire new personal holdings if a conflict of interest with Cameco may result; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>when a conflict of interest with Cameco results from modification of your work
responsibilities.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees and officers subject to circumstance (b)&nbsp;or (c)&nbsp;who are uncertain whether a conflict of
interest has arisen should contact the corporate secretary for clarification.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Directors should promptly report all actual, potential, or perceived conflicts of interest to the
corporate secretary. The corporate secretary will bring the situation to the attention of the
nominating, corporate governance and risk committee for review and recommendation to the board.
Directors do not participate in committee or board discussions or decisions related to their own
possible conflicts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any conflict of interest of an employee or officer coming to the attention of the corporate
secretary or the senior vice-president, corporate services will be reviewed by the compliance
committee. After review, the corporate secretary advises the employee in writing whether the
conflict is acceptable to Cameco. An annual report on conflicts of interest will be provided to the
audit committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any conflict of interest of an employee who is also an insider (as defined by the <I>Ontario
Securities Act</I>) that the compliance committee recommends Cameco accept, will be brought before the
audit committee for further review. The audit committee will recommend to the board whether the
conflict is acceptable. A conflict of interest of an insider must be approved by the board of
directors.
</DIV>


<P align="center" style="font-size: 10pt">8
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 4</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Any transactions between Cameco and its officers or directors, other than routine transactions and
situations arising in the ordinary course of business consistent with past practice, must be
approved by the board of directors on the recommendation of the audit committee.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees, officers, or directors who disclose an actual, potential, or perceived conflict of
interest may be required to do one or more of the following:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reimburse any benefit received;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>divest themselves of the outside interest;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>place applicable assets in a frozen or blind trust;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>accept a permanent or temporary transfer to a position where the conflict would not exist;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>resign their position.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees, officers, or directors who do not declare their conflicting interests are in breach of
this code and subject to the consequences set out in Part&nbsp;7 below.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>Confidentiality</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In carrying out Cameco&#146;s business, employees, officers, and directors often learn confidential
information about the company, its employees, customers, partners, clients and suppliers. The
confidentiality of this information must be maintained, except when disclosure is authorized or
legally mandated. Confidential information includes non-public information concerning Cameco and
any non-public information provided by a third party with the expectation that the information will
be kept confidential and used solely for the business purpose for which it was conveyed.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To avoid a breach of confidentiality, we:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not disclose to any member of the public confidential information acquired through our position with
Cameco, whether it relates to the company, individuals, groups or organizations.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not make statements to the media in Cameco&#146;s name without express permission.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not permit an unauthorized person to have access to confidential information.
If you are uncertain about whether information (for example, of a technical nature) should be
made available to someone within or outside Cameco, ask your manager or supervisor.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not disclose the personnel file of any Cameco employee. Its contents will be
available only to appropriate employees on a &#147;need-to-know&#148; basis and in compliance with
applicable laws which, for Cameco and its Canadian subsidiaries, includes Canada&#146;s <I>Personal
Information Protection and Electronic Documents Act.</I></TD>
</TR>

</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">9
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 5</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do not use any confidential information acquired through our position at Cameco
for our personal financial benefit or for that of our friends or relatives.</TD>
</TR>

</TABLE>
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our Policy 2-22, Confidentiality suggests further practices to prevent disclosure of confidential
information.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>Record Retention and Destruction</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Paper and electronic business records are retained according to the law and our record retention
policies. No one should alter, distort, conceal or destroy any document, record, or object to
obstruct an investigation conducted by Cameco or a government or regulatory agency. In the event
of litigation or governmental investigation, consult general counsel regarding the proper retention
of relevant records<I>.</I>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>Corporate Opportunities</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We do not (a)&nbsp;take for ourselves opportunities discovered through the use of corporate property,
information or position; (b)&nbsp;use corporate property, information, or position for personal gain; or
(c)&nbsp;compete with the company. Employees, officers, and directors owe a duty to Cameco to advance
the company&#146;s legitimate interests when the opportunity arises.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>Staking Mineral Claims</I>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The staking of mineral claims or the acquisition of mineral properties, regarding uranium, gold or
other minerals Cameco has decided to exploit, by employees, officers, or directors in their own
interest, or by any syndicate they have an interest in that is not owned, controlled or directed by
Cameco, must be authorized in writing by the corporate secretary.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>Protection and Proper Use of Cameco&#146;s Property</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s property is for use in official company business. Any other use requires the authorization
of a supervisor or manager. We expect our people to protect company assets and ensure they are used
efficiently. Theft, carelessness and waste directly affect our profitability.
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B><I>Workplace Safety and Health</I></B>

</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco&#146;s top priority is the safety of employees, contractors and the public. No job is so
important that we can not take the time to do it safely. We provide employees and contractors with
a work environment free of uncontrolled hazards. We continually monitor and assess our operations
to achieve improvements in safety and health performance. Our Policy 4-8, Safety, Health,
Environment and Quality sets out our principles governing workplace safety and health. All company
activities will comply with this policy. If you become aware of circumstances that pose a potential
safety or health risk relating to Cameco&#146;s activities, report the matter to your supervisor or
manager, or if you prefer to the corporate secretary.
</DIV>



<P align="center" style="font-size: 10pt">10
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">




<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 6</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Workplace Conduct</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are committed to maintaining a workplace where everyone is treated with respect and dignity.
Everyone has the right to work in an environment that promotes equal opportunity and prohibits
discrimination. Achieving this depends upon mutual respect, co-operation, and understanding.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco will not tolerate harassment of any sort. Harassment is comment or conduct that is known
(or should be known) to be unwelcome or offensive to a reasonable person. Retaliation against any
employee who files a complaint alleging harassment, or against anyone for having been associated
with a person who has filed a complaint, will not be tolerated. Policy 1-4, Respectful Workplace
provides guidance on understanding harassment and what to do if you are a victim.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Using Technology Appropriately</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Guidelines for the use of Cameco&#146;s computer system, e-mail system and the internet are provided in
Policy 6-1, Electronic Mail and Policy 6-2, Internet Usage. All employees with access to a
computer, e-mail and/or the internet must understand and comply with these policies.
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>4. OUR CONDUCT WITH CUSTOMERS, PARTNERS, SUPPLIERS AND COMPETITORS</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We must conduct ourselves fairly and professionally in all dealings with customers, partners,
suppliers and competitors.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Acting Fairly and Professionally</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco deals fairly with customers, partners, suppliers, competitors and employees. Taking
advantage of anyone through manipulation, concealment, abuse of privileged information,
misrepresentation of material facts, or any other unfair practice is not acceptable.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Customer, Partner and Supplier Relations</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our relationships with customers, partners and suppliers are critical to our success as a company.
Cameco representatives conduct themselves with honesty, integrity and respect in their dealings.
Customer, partner and supplier information is kept confidential unless disclosure is required by
law or authorized by the customer, partner or supplier.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Giving or Receiving Gifts or Entertainment</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are to consider the motive behind business gifts and entertainment and are to ensure that
the practice is done only in the spirit of business courtesy and relationship management. Modest
gifts or entertainment are only to be received from, or given to, companies or individuals that
</DIV>

<P align="center" style="font-size: 10pt">11
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 7</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">deal with Cameco if they: (a)&nbsp;do not influence or appear to influence the performance of job
duties, (b)&nbsp;are not cash, (c)&nbsp;are consistent with customary business practices, (d)&nbsp;are not
excessive in value, (e)&nbsp;do not violate any applicable laws, and (f)&nbsp;do not violate the provisions
of this code or Policy 2-21, International Business Conduct.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Consider the following guidelines when determining whether a gift or entertainment is appropriate:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>nominal gifts, such as logo items, pens, caps, shirts and mugs are acceptable;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>reasonable invitations to business-related meetings, or conferences may be accepted;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invitations to social, cultural or sporting events may be accepted if the cost is
reasonable and your attendance serves a customary business purpose;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>invitations to golfing, fishing, sports events or similar trips that are usual
and customary for your position within Cameco and the industry and promote good working
relationships with customers, partners and suppliers may be accepted provided they are
approved in advance by your supervisor or manager;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in situations where it would be extraordinarily impolite or otherwise
inappropriate to refuse a gift of obvious value, the gift is to be accepted on behalf of
Cameco and then delivered to Cameco.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Contact the corporate secretary or senior vice-president, corporate services if you are in doubt.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Competitive Practices</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Cameco believes that fair competition is central to free markets. We are committed to observing
the competition laws of all the countries in which we operate. We will not enter into arrangements
that unlawfully restrict our ability to compete with other businesses, or that restrict other
businesses from competing freely with us. It is particularly important for employees to avoid
contact with employees of competitors that could suggest collaboration on the prices we charge for
products or other aspects of our relationships with suppliers or customers that would restrict
competition. These contacts could lead to illegal price-fixing agreements or group boycotts, which
are the most common types of competition law violations. Policy 2-14, Competition Law Compliance
provides further guidance on proper conduct with our competitors.
</DIV>

<P align="center" style="font-size: 10pt">12
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 8</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>5. OUR CONDUCT WITH OUR SHAREHOLDERS AND THE PUBLIC</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><I>We owe a duty to our shareholders to act in the best interests of the company and to communicate
with the public openly and honestly.</I>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Continuous Disclosure</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As a publicly traded company, we are committed and legally required to provide timely and broad
dissemination of material corporate information. Disclosure must be complete, accurate, balanced,
and avoid any misrepresentation of our operations or finances. Disclosure must be consistent in
good times and bad. All financial disclosure must be fairly represented.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each director, officer or employee who is involved in the preparation or dissemination of Cameco&#146;s
disclosures must comply with our disclosure and financial reporting controls and procedures and
securities laws and regulations. Policy 2-23, Corporate Disclosure sets out our policy on the
release of Cameco&#146;s material and non-material information. If you are involved in these activities,
you are required to follow this policy and our disclosure controls and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Mineral Reserves and Resources</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our mineral reserves and resources are important to the valuation of our shares. Accurate and
timely disclosure of our reserve and resource estimates is critical to our reputation for integrity
in the investment community. Reserve and resource estimates are confidential until made public in
accordance with Policy 2-23, Corporate Disclosure. We estimate our reserves and resources
according to established procedures and applicable Canadian securities laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Shareholder, Investor and Media Relations</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees are to refer all inquiries from the financial community, shareholders and the media to an
authorized spokesperson. Refer to Policy 2-23, Corporate Disclosure, or contact Cameco&#146;s
vice-president, investor relations and corporate communications to identify the authorized
spokesperson for your site.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Public disclosure documents are reviewed and approved by Cameco&#146;s disclosure committee in
accordance with Policy 2-23, Corporate Disclosure and Cameco&#146;s disclosure controls and procedures.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Texts of all company presentations to analysts and investors, as well as speeches, interviews,
written statements and any other investor relations materials, are reviewed in advance by the
senior vice-president, corporate services or designate.
</DIV>

<P align="center" style="font-size: 10pt">13
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 9</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Financial Reporting and Accountability</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We have a duty to maintain full and accurate records to meet our legal and financial obligations
and to manage our business properly. All company financial reports, administrative records and
similar documents must be completed accurately, honestly and according to our procedures. Making
false or inappropriate entries about transactions or the disposition of Cameco&#146;s assets is
prohibited, and we do not engage in transactions that require or contemplate the making of false or
inappropriate entries. Cameco employees are responsible for the accuracy and completeness of the
reports or records they create or maintain. Undisclosed or unrecorded assets, liabilities,
revenues or expenses are prohibited.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All financial reports made available to shareholders and the public must fairly present financial
information and be prepared according to generally accepted accounting principles as well as
applicable laws and regulations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">To the extent required by securities laws, Cameco&#146;s chief executive officer and chief financial
officer will reimburse the company for compensation they have received if Cameco is required to
restate its financial statements due to material non-compliance with any financial reporting
requirement under securities law as a result of misconduct.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Reporting Violations Regarding Accounting Matters</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We are committed to achieving compliance with all applicable securities laws and regulations,
accounting standards, accounting controls and audit practices. Employees are encouraged to submit
good faith complaints or concerns regarding accounting, internal accounting controls, or auditing
matters to management or the audit committee. The audit committee will oversee the treatment of
employee concerns in this area.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>How to Report Employee and Third Party Concerns</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees with concerns regarding accounting or auditing matters may report their concerns directly
or confidentially to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the corporate secretary;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the audit committee chair by sending a sealed letter by mail (or other delivery)
addressed to Cameco Corporation, 2121 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West, Saskatoon, SK, S7M 1J3,
Canada. It should be marked &#147;Private and Strictly Confidential &#151; Attention: Chair of the
Audit Committee,&#148; and it will be delivered unopened to the audit committee chair; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s Ethics Hotline, a confidential 24-hour service operated by a third
party. Information about the Ethics Hotline and how to use it is available on Cameco&#146;s
intranet.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">14
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 10</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All third party concerns regarding accounting matters received by employees must be promptly
reported in writing to the corporate secretary, the chair of the audit committee, or through the
Ethics Hotline.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Treatment of Employee and Third Party Concerns</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Upon receipt of an employee or third party concern, the corporate secretary will (1)&nbsp;determine
whether the concern actually pertains to accounting matters, and (2)&nbsp;when possible, acknowledge
receipt of the concern to the sender. Under audit committee direction and oversight, concerns
relating to accounting matters will be reviewed by the corporate secretary or other individuals the
audit committee considers appropriate. Confidentiality will be maintained as far as possible,
consistent with the need to conduct an adequate review. Corrective action will be taken as
warranted by the audit committee. Employees who report concerns about accounting or other matters
in good faith will not be discharged, demoted, suspended, threatened, harassed or discriminated
against by Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>Retention of Log of Accounting Matter Concerns</I>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The corporate secretary will maintain a log of all concerns, tracking their receipt, investigation
and resolution and will prepare a periodic summary report for the audit committee. Copies of
concerns and this log will be kept for at least seven years.
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>6. OUR CONDUCT WITHIN THE COMMUNITY</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><I>We strive to support the communities and protect the environment where we operate.</I>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Community Involvement and Support</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We strive to be involved in and support the communities where we interact and encourage employees,
officers and directors to do the same in their personal capacity.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Environment Protection</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Environment protection throughout all stages of our activities is among our highest priorities.
We strive to be a leading performer by (1)&nbsp;complying with and moving beyond legal requirements; (2)
keeping environmental risks at levels as low as reasonably achievable; (3)&nbsp;preventing pollution;
and (4)&nbsp;continually improving our performance. Policy 4-8, Safety, Health, Environment and Quality
provides the principles we follow to fulfill our commitment to the environment. If you become
aware of real or potential environmental risks relating to Cameco&#146;s operations or activities,
report the matter to your supervisor or manager, or if you prefer to the corporate secretary.
</DIV>

<P align="center" style="font-size: 10pt">15
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 11</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Political Contributions and Activities</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Policy 5-2, Political Donations sets out guidelines for contributions to political parties or
candidates. Political donations will be made only with the prior approval of the nominating,
corporate governance and risk committee of the board and according to our policy and applicable
laws.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">We respect and support your right to participate in the political process on your own behalf.
Company property must not be used in campaigning for a political party or candidate, without the
consent of your supervisor or manager.
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>7. ADMINISTRATION OF THE CODE</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Enforcement</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">All employees, officers, and directors are made aware of this code. Adherence to the code and the
referenced policies is a requirement. The disclosure statement attached in schedule &#147;A&#148; is to be
completed and submitted to the corporate secretary when you are hired or first elected to the board
of directors. Thereafter you have the responsibility to ensure updated statements are submitted to
the corporate secretary as required under &#147;Disclosure of Conflicts&#148; on page 3 of this code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Each December, employees in job band 6 and above, as well as directors, are required to complete
and submit the compliance and disclosure statement attached in schedule &#147;B&#148; to the corporate
secretary.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Breach of Code or Corporate Policies</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Employees or officers who breach this code will be subject to disciplinary action, including
reprimand, demotion, suspension and dismissal, applied according to the nature and severity of the
breach. Directors who breach this code may be asked to resign from the board. Breach of a policy
referred to in this code will be treated as a breach of the code.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Our corporate secretary and senior vice-president, corporate services constitute Cameco&#146;s
compliance committee. They are empowered to investigate and determine whether there has been a
breach of the code or the policies by an employee or officer, subject to oversight by the audit
committee. Any investigation of a breach of the code or the policies by a director will be
conducted by the nominating, corporate governance and risk committee. Failure by an employee,
officer or director to co-operate with an investigation is a breach of this code.
</DIV>

<P align="center" style="font-size: 10pt">16
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 12</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Reporting Violations of Code or Corporate Policies</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Promptly report any potential violations of this code or other Cameco policies, or any illegal or
unethical behaviour, to your supervisor, the human resources department at your site, or an
executive such as the corporate secretary or senior vice-president, corporate services. If in
doubt, confer with your supervisor, human resources representative or an executive member about
what to do. If you are uncomfortable making a direct complaint, you can confidentially contact:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Cameco&#146;s Ethics Hotline, a confidential 24-hour service operated by an outside
third party. Information about the Ethics Hotline and how to use it is available on Cameco&#146;s
intranet; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the board chair and other independent directors by sending a sealed letter by
mail (or other delivery) addressed to Cameco Corporation, 2121 11<SUP style="font-size: 85%; vertical-align: text-top">th</SUP> Street West,
Saskatoon, SK, S7M 1J3, Canada. Correspondence marked &#147;Private and Strictly Confidential &#151;
Attention: Chair of the Board of Directors&#148; will be delivered unopened to the board chair.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>No Retaliation</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">People reporting in good faith a suspected breach of this code are protected from reprisal, such as
dismissal, demotion, suspension, threats, harassment and discrimination. Any reprisal would be a
breach of this code.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Maintaining a Log</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">The corporate secretary will maintain a log of any reports and complaints, tracking their receipt,
investigation and resolution, and will prepare a periodic summary report for the audit committee.
If the reports or complaints require confidentiality, it will be assured to the extent permitted by
applicable law.
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B><I>Waivers</I></B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Waivers of this Code for executive officers or directors may be made only by the board of directors
on the recommendation of either the audit committee or the nominating, corporate governance and
risk committee, as applicable. Waivers for other employees may be made by the compliance committee.
Waivers for directors or executive officers will be promptly disclosed as required by applicable
securities rules and regulations.
</DIV>

<DIV align="center" style="font-size: 12pt; margin-top: 18pt"><B>8. REFERENCED POLICIES (in order of reference)</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 2-24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Restrictions on Trading of Securities</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 2-21
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">International Business Conduct</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 2-22
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Confidentiality</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 4-8
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Safety, Health, Environment and Quality</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 1-4
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Respectful Workplace</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 6-1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Electronic Mail</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">17
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%"></TD>
    <TD width="5%"></TD>
    <TD width="47%"></TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top">2-2 &#151; Code of Conduct and Ethics Policy (Attachment)</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="left" valign="top">Revised: December&nbsp;8, 2005
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Page 13</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 6-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Internet Usage</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 2-14
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Competition Law Compliance</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 2-23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Corporate Disclosure</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Policy 5-2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Political Donations</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Approved by the Board of Directors on December&nbsp;8, 2005, as applicable to all Cameco employees,
officers, directors and representatives. The same standards of behaviour are expected from all
employees, officers, directors and representatives of Cameco&#146;s subsidiaries, and joint ventures
where we have sole operational control or more than a 50% interest. Our subsidiaries and joint
ventures may choose to implement their own ethics policies in place of this code provided that such
policies incorporate the same basic principles and are consistent with the intent of this code.
</DIV>

<P align="center" style="font-size: 10pt">18
</DIV>

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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Schedule &#147;A&#148;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o30410o3041048.gif" alt="(CAMECO LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>DECLARATION<br>
CODE OF CONDUCT AND ETHICS<br>
AND<br>
CONFLICTS OF INTEREST</B><br></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="15%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="84%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Name </B>(Please Print)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Job Title/Position</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><B>Operation/Division</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read and understand the Code of Conduct and Ethics of Cameco Corporation and declare that I
hold no business, commercial, financial, property or similar interest(s) which, in my opinion,
might be construed as being in actual, potential, or perceived conflict with the duties and
responsibilities of my position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Date)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(Signature)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>OR</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read and understand the Code of Conduct and Ethics of Cameco Corporation and disclose the
following holding(s) which might be construed as being in actual, potential, or perceived conflict
with the duties and responsibilities of my position.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="98%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD colspan="3" valign="bottom" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="bottom" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" valign="bottom" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="98%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 1px">
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="bottom"><DIV style="margin-left:0px; text-indent:-0px">(Date)
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom">(Signature)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt">If a situation exists or arises where I am in doubt as to what to do, I will seek advice from the
Corporate Secretary of Cameco.</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I understand that misrepresentation or omission of facts or disclosures called for in this policy
may cause me to lose my position.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature of Employee/Director:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Schedule &#147;B&#148;
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="left" valign="top"><IMG src="o30410o3041048.gif" alt="(CAMECO LOGO)">
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="bottom"><B>ANNUAL COMPLIANCE AND DISCLOSURE STATEMENT<BR>
CODE OF CONDUCT AND ETHICS<BR>
AND<BR>
CONFLICTS OF INTEREST</B><BR></TD>
</TR>
<TR style="font-size: 1px">
    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I have read, understand, am complying with and intend to continue to comply with the corporation&#146;s
Code of Conduct and Ethics, except for the following actual, potential or perceived conflicts which
already involve me or my family members (if any):
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;
</DIV>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 100%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">If a situation exists or arises where I am in doubt as to what to do, I will seek advice from the
Corporate Secretary of Cameco.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">I understand that misrepresentation or omission of facts or disclosures called for in this policy
may cause my dismissal.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="60%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Signature:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Printed Name:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Job Title/Position:</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<!-- End Table Body -->
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</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
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