Code of Business Conduct

Paramount Energy Trust (the "Corporation") has a reputation for integrity and honesty that has been earned through the unwavering commitment of every employee to these two principles.  The future success of the Corporation is dependent on the maintenance of these high standards.

The Corporation and all of its employees and consultants are expected and required to adhere to the highest ethical standards in all of their conduct of business for and on behalf of the Corporation and in areas where a conflict might arise between an individual's personal interests and the best interests of the Corporation.  Underlying all actions and business decisions is a concern for what is right.  Any situation, decision or response should first consider what is right and how it reflects on the Corporation.  In most cases, the best action or decision is governed by the guidelines in this document.

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