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Senior Finance Code of Conduct

July 31, 2019

Puget Energy, Inc., Puget Sound Energy, Inc. and related subsidiaries (“the Company”) have a Code of Conduct (“Code”) that applies to all employees and board of directors. The Chief Executive Officer, Chief Financial Officer, Controller & Principal Accounting Officer, and Corporate Treasurer (together the "covered officers") of the Company hold important and elevated roles in corporate governance and are uniquely capable and empowered to ensure that all stakeholders' interests are appropriately balanced, protected and preserved. As a complement to the Code, the Senior Finance Code of Conduct (“Finance Code”) provides specific principles designed to uphold the highest level of ethics and integrity for covered officers

Principles Governing Professional and Ethical Conduct
Reporting of Violations
Treatment and Consequences of Violations
Waivers of the code
No Rights Created

Principles Governing Professional and Ethical Conduct

It is the expectation of the Company that its covered officers will adhere to, advocate for, and promote the following principles governing professional and ethical conduct:

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Reporting of Violations

If anyone becomes aware of any suspected or known violations of the Finance Code or who has concerns involving the Company or a covered officer, they should report such suspected violations promptly either to the Legal Department, Internal Audit Committee or the Chief Ethics & Compliance Officer. The Company also has an anonymous help line at 1-866-236-4PSE and a web-based portal (pse.alertline.com). As outlined in the Code, retaliation against any employee reporting in good faith an actual or suspected violation of the Finance Code or the law will not be tolerated.

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Treatment and Consequences of Violations

The Audit Committee of the Board of Directors, or appropriate persons designated by the Audit Committee, shall have the power to monitor, investigate, make determinations and recommend action to the Board of Directors with respect to violations of this Finance Code. Such actions shall be reasonably designed to deter wrongdoing and to promote accountability for adherence to the Finance Code, and may result in disciplinary action, up to and including dismissal. Violations of this Finance Code may also constitute violations of law and may result in criminal penalties and civil liabilities for the offending covered officer and the Company.

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Waivers of the code

Any waiver (including an implicit waiver) of the Finance Code that constitutes a material departure from these provisions, as well as any amendments to the Finance Code (other than technical administrative or other non-substantive amendments), shall be publicly disclosed on a timely basis, as required by applicable rules and regulations of the SEC.

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No Rights Created

This Finance Code is a statement of certain fundamental principles, policies and procedures that govern the Company's covered officers in the conduct of the Company's business. It is not intended to and does not create any rights in any employee, customer, supplier, competitor, shareholder or any other person or entity.

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