At O&R, we are committed to conducting all of our dealings in a fair, ethical and lawful manner. To support this commitment, O&R has developed a comprehensive Ethics Program designed to assist O&R in transacting business in the best interest of its customers and investors, and in accordance with applicable legal and regulatory requirements. O&R's support for its Ethics Program is affirmed by O&R Policy 1.02, Ethics: A Statement of Policy. In its Ethics Program, as with all company initiatives, O&R is guided by its core values of service, honesty, concern, courtesy, excellence and teamwork. Without exception, every employee of O&R is required to follow the policies and practices set forth in the Code of Ethics and Standards of Business Conduct.

O&R has a Director - Ethics and Business Standards, who is responsible for developing, monitoring and enforcing all aspects of the corporate Ethics Program. Effective training and communication initiatives are also promoted to support the Ethics Program.

O&R has also established a Business Ethics Council consisting of 15 employees representing a cross section of the company that acts as an avenue by which ethics-related issues and concerns are communicated between employees and the Ethics Office.

If you have any questions, comments or concerns regarding ethics at O&R, please contact the Ethics Office:

Vincent H. Frankel, Director-Ethics and Business Standards
Orange and Rockland Utilities, Inc.
One Blue Hill Plaza
Pearl River, NY 10965
845-577-2943

Ethics HelpLine: 845-577-3551