Tampa Electric Company and its gas division, Peoples Gas System, an indirect subsidiary of Emera Inc., (collectively "TEC") have adopted a Code of Conduct governing their natural gas and electric energy trading and price reporting activities.

The adoption of this Code of Conduct is in keeping with the Federal Energy Regulatory Commission's Regulation 18 CFR § 284.403 (Natural Gas), 18 CFR § 35.41 (Electric) and the "Policy Statement On Natural Gas And Electric Price Indices", issued on July 24, 2003, in Docket No. PL03-3-000.

This Code of Conduct is applicable to all employees of TEC who engage in the purchase or sale of natural gas or electricity on behalf of the company and to all employees who engage in reporting such transactions to independent price-index developers.