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Code of Ethics for Senior Financial Officers

March 25, 2010

The Company has an additional code of ethics for its senior financial officers and certain others in the Company who hold uniquely important and elevated roles in the corporate governance of the Company; this code is designed to ensure that all stakeholder interests are appropriately balanced, protected, and preserved.

The Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, and Vice President Finance and Treasurer (together the "Senior Financial Officers") of Puget Energy, Inc. and Puget Sound Energy, Inc. hold important and elevated roles in corporate governance in that they are uniquely capable and empowered to ensure that all stakeholders' interests are appropriately balanced, protected, and preserved. The Code of Ethics for Senior Financial Officers provides specific principles these officers are expected to follow and promote.

Principles governing professional and ethical conduct
Reporting of violations
Treatment and consequences of violations
Waivers of the code

Principles governing professional and ethical conduct

It is the policy of the Company that its Senior Financial Officers will adhere to, advocate for, and promote the following principles governing professional and ethical conduct:


This Code of Ethics supplements the Company’s Corporate Compliance Code. The Senior Financial Officers are expected to abide by the Code of Ethics and annually shall certify in writing their compliance with the Code of Ethics.

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Reporting of violations

Any employee of the Company who becomes aware of any suspected or known violations of the Code or who has concerns regarding questionable accounting or auditing matters involving the Company or a Senior Financial Officer should report such suspected violations promptly either to the Legal Department, Internal Audit Committee, or the Company’s toll-free help line. To assist in the response to or investigation of the alleged violation, the report should contain as much specific information as possible to allow for proper assessment of the nature, extent, and urgency of the alleged violation. Callers to the toll-free help line have the option of remaining anonymous.

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Treatment and consequences of violations

The Audit Committee, 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 code. Such actions shall be reasonably designed to deter wrongdoing and to promote accountability for adherence to the code, and may result in disciplinary action up to and including termination of employment.

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Waivers of the code

Any waiver (including an implicit waiver) of this code that constitutes a material departure from the code’s provisions, as well as any amendments to the 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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