Gas Natural Fenosa defines integrity as the policies, procedures and tools that are in place for ensuring that its activities and those of its employees are carried out in accordance with legislation and the internal and external regulations, standards and procedures applicable in all its areas of operation.

The CODE OF ETHICS lays down the action guidelines for the Group's employees and determines what behaviour is expected in matters relating to corruption and bribery, respect for people, professional development, equal opportunities, occupational health and safety, and caring for the environment, inter alia. It also sets out the guidelines for relations between the Group's employees and the collaborating institutions or enterprises.

It is essential to disseminate the Code of Ethics so that it can be complied with. For that purpose, the Code of Ethics Committee was incorporated in 2005. Its main function is to ensure the dissemination, knowledge of and compliance with the code. This Committee is chaired by the Internal Audit Department and has a representative from Labour Relations, Investor Relations, Corporate Reputation and Customer Service. The Secretary of the Committee is part of the HR Department.

Furthermore, to guarantee the compliance with the code, the Company has local committees in Argentina, Brazil, Colombia, Italy, Mexico, Guatemala, Panama, Nicaragua and Moldova, with a similar structure to that of the Code of Ethics Committee and with the specific purpose of reproducing in each country the functions which the Committee has assigned in Spain.

One of the main tasks assigned to the Code of Ethics Committee is to supervise the operation of the query and notification procedure. This channel has been enabled so that the Group's employees can resolve their doubts regarding the application of the code or inform the Committee, in any anonymous and confidential way, of any conducts which are not in keeping with the principles set out therein. All communications received are confidential and are treated in accordance with the stipulations of the Protection of Personal Data Act, Law 15/1999.