Policy Statement

Consistent with our vision, values and measures of success, Cameco recognizes safety and health of its workers and the public, protection of the environment, and quality of our processes as the highest corporate priorities during all stages of our activities, which include exploration, development, operations, decommissioning and reclamation. As such, we are striving to be a leading performer through a strong safety culture, environmental leadership, operational excellence and our commitment to the following principles:

• keeping risks at levels as low as reasonably achievable;
• prevention of pollution;
• complying with and moving beyond legal and other requirements;
• ensuring quality of processes, products and services; and
• continually improving our overall performance.

Policy Implementation

In support of these principles, we:

• have a management system that integrates: safety and health, radiation protection, environment, quality, emergency preparedness and response, contractor management, and audit programs;
• identify and mitigate to levels as low as reasonably achievable, those risks that have or may have a significant impact on safety, health, radiation exposures, environment, and quality, taking social and economic factors into account;
• comply with applicable laws and regulations of the jurisdictions in which we operate, and the intent of other accepted industry practices to which we subscribe;
• report to and engage in two-way communication with local communities and other stakeholders as to the impact of our activities and our overall performance;
• set and achieve risk-informed objectives that continually improve the efficiency of our use of resources and energy, management of wastes, and reduces land disturbances, emissions to air, and discharges to water;
• identify and reduce the potential for accidents and emergency situations, and implement emergency response plans to mitigate their impact;
• monitor and measure the key characteristics of our operations that can have a significant impact;
• engage in efforts to conserve biodiversity;
• conduct regular audits to assess and ensure conformance with this policy;
• develop processes for preventing nonconformances and adopting corrective actions;
• before proceeding with new projects, conduct safety, health and environment assessments with due respect for social and cultural values, and designing for closure;
• establish roles and responsibilities to facilitate effective management throughout the company;
• communicate this policy and provide a systematic approach when training employees and others performing tasks on behalf of Cameco on its implementation;
• encourage the participation of employees in the development and implementation of programs and procedures related to this policy; and
• provide adequate and appropriate resources to implement this policy.

Cameco's Management System

With quality at its core, Cameco's management system for implementing this policy is comprised of the following corporate programs that articulate what is expected from sites when undertaking actions to fulfill our commitments to safety, health, environment, and quality:

• Quality Management Program
• Safety and Health Management Program
• Radiation Protection Program
• Environment Management Program
• Emergency Preparedness and Response Program
• Contractor Management Program
• Management System Audit Program

Accountability

The establishment and review of this policy and the oversight of its implementation by management is the responsibility of Cameco's board of directors. The chief executive officer is responsible to ensure the implementation of this policy. Employees and others performing tasks on behalf of Cameco are accountable for their performance in conformance with this policy.

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Approved by the Board of Directors on May 28, 2009 as applicable to all of Cameco's employees, representatives, subsidiaries, and joint ventures where Cameco has sole operational control or more than a 50% interest. Subsidiaries and joint ventures may choose to implement their own safety, health, environment and quality policy(s) provided that such policy(s) incorporates the same basic principles and is consistent with the intent of this policy.