On December 21st, 2006, Terna SpA's Board of Directors adopted a new Code of Ethics replacing the previous one which was in effect since May 2002.

The Code of Ethics was specifically written for Terna's new organizational structure (Terna previously referred to Enel's Code of Ethics). This code identifies the specific stakeholders of the company (for example, the grid's users, producers and distributors, end users, the community at large and the Authority for Electricity and Gas) and defines the ethical guidelines relative to the particular problems that arise in the business of electricity transmission. Special attention is devoted to the commitment for working in full respect of the environment and in harmony with the territory and its institutions. At the internal level, the issue of conflict of interests was particularly developed. This is a Group code that holds true for Terna's subsidiaries in Italy and abroad. In the light of the company's further development in countries characterized by national non-homogenous legislation, Terna has chosen to establish its minimum standard based on the UN Global Compact principles and to request its subsidiaries to always be inspired by the high national standards.

Code of Ethics

Reporting breaches of the Code of Ethics

Terna stakeholders can report any breach or suspected breach of the Code of Ethics to Terna SpA's Auditing unit.

The identity of persons reporting breaches will be treated confidentially, without prejudice to the requirements of the law, in order to safeguard such persons from any form of reprisal. By this is meant any action that might give rise even to the mere suspicion of discrimination or penalisation.

The reports may be sent either through a letter to the following address:

Terna Spa, Funzione Audit
Codice Etico
Via Arno, 64
00198 Roma

or an e-mail to: comitato.etico@terna.it