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<TITLE>S-8</TITLE>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
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    <TD align="left" valign="top">As filed with the Securities and Exchange Commission on March&nbsp;20, 2008
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Registration No.&nbsp;333-&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;&#95;</TD>
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<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt; margin-top: 3pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NATIONAL GRID plc</B>
</DIV>

<DIV align="center" style="font-size: 10pt"><B>(formerly known as National Grid Transco plc)<BR>
(formerly known as National Grid Group plc)<BR>
(Exact Name of Registrant as Specified in its Charter)</B></DIV>


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    <TD align="center" valign="top"><B>England and Wales<BR>
(State or Other Jurisdiction of <BR>
Incorporation or Organization)</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">98-0367158<BR>
<B>(I.R.S. Employer<BR>
Identification No.)</B></TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1-3 Strand<BR>
London WC2N 5EH<BR>
United Kingdom<BR>
(Address of Principal Executive Offices)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>National Grid USA Companies&#146;</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Incentive Thrift Plan I</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 20pt"><B>National Grid USA Companies&#146;</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Incentive Thrift Plan II</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(Full Title of the Plans)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Lawrence J. Reilly<BR>
National Grid USA<BR>
c/o 25 Research Drive<BR>
Westborough, MA 01582<BR>
(Name and Address of Authorized US Representative Agent for Service)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(508)&nbsp;389-9000<BR>
(Telephone Number, Including Area Code, of Agent For Service)</B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B><I>Copies to:</I></B></DIV>

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    <TD align="center" valign="top"><B>Helen Mahy <BR>
National Grid, plc <BR>
1-3 Strand London WC2N 5EH England</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>Lawrence J. Reilly<BR>
National Grid USA<BR>
c/o 25 Research Drive<BR>
Westborough, MA 01582</B></TD>
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in
Rule&nbsp;12b-2 of the Exchange Act. (Check one):
</DIV>
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    <TD align="center" valign="top">Large accelerated filer&nbsp;<FONT face="Wingdings">&#254;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Non-accelerated filer&nbsp;<FONT face="Wingdings">&#111;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Smaller reporting company&nbsp;<FONT face="Wingdings">&#111;</FONT></TD>
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    <TD align="center" valign="top">&nbsp;
</TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" align="center" valign="top">(Do not check if a smaller reporting company)</TD>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

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    <TD width="1%">&nbsp;</TD>
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    <TD nowrap align="left" colspan="23" style="border-bottom: 3px double #000000">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
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    <TD>&nbsp;</TD>
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    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
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    <TD nowrap align="center" colspan="3"><B>Proposed</B></TD>
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    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
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    <TD nowrap align="center" colspan="3"><B>Maximum</B></TD>
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    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
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    <TD nowrap align="center"><B>Title of Securities to be</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
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    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
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    <TD nowrap align="center" colspan="3"><B>Per</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration</B></TD>
    <TD width="1%">&nbsp;</TD>
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<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Registered</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registered</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(2)</B></SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Share</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;&nbsp;<B>Offering Price</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP>&nbsp;&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
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                    <TD valign="top" style="border-top: 2px solid #000000"><DIV style="margin-left:0px; text-indent:-0px">American Depositary Shares<SUP style="font-size: 85%; vertical-align: text-top"><B>(1)</B></SUP>
</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">9,000,000</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">71.86</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">646,740,000</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 2px solid #000000">25,417</TD>
    <TD nowrap valign="top" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
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<DIV style="margin-top: 3pt">
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    <TD width="96"></TD>
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<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The American Depositary Shares (&#147;ADS&#148;) are evidenced by
American Depositary Receipts and each represents five
ordinary shares of National Grid plc (the &#147;Registrant&#148;).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>The number of shares being registered represents additional
ADS authorized for issuance under the Registrant&#146;s National
Grid USA Companies&#146; Incentive Thrift Plan I and National
Grid USA Companies&#146; Incentive Thrift Plan II (collectively,
the &#147;Plans&#148;), but not previously registered, to provide a
number of shares as may be purchased from time to time at
market prices for participants in the Plans. 4,000,000 shares of the Registrant&#146;s American Depositary Shares were
previously registered for issuance under the Plans on Form
S-8, as filed July&nbsp;29, 2002, under Registration Statement
No.&nbsp;333-97249 (the &#147;Prior Registration Statement&#148;).</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left"><SUP style="font-size: 85%; vertical-align: text-top">(3)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD>Stated for the purpose of calculating the amount of the
registration fee pursuant to Rule 457(c) and Rule&nbsp;457(h)(1)
under the Securities Act of 1933. Such price has been
computed based on the average of the high and low sales
prices on the New York Stock Exchange on March&nbsp;17, 2008,
and is used solely for the purpose of determining the
registration fee.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration
statement also covers an indeterminate amount of interests to be offered or sold pursuant to the
Plans.
</DIV>

<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

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<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 8. EXHIBITS.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">SIGNATURES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y51693exv23w1.htm">EX-23.1: CONSENT OF PRICEWATERHOUSECOOPER LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y51693exv23w2.htm">EX-23.2: CONSENT OF PRICEWATERHOUSECOOPER LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y51693exv23w3.htm">EX-23.3: CONSENT OF PRICEWATERHOUSECOOPER LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y51693exv24.htm">EX-24: POWER OF ATTORNEY</A></TD></TR>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>





<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXPLANATORY NOTE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In accordance with General Instruction E of Form S-8, this Registration Statement is being
filed by National Grid plc (the &#147;Registrant&#148;) for the purpose of registering an additional
9,000,000 American Depository Shares (&#147;ADS&#148;) to be offered and sold under the Registrant&#146;s National
Grid USA Companies&#146; Incentive Thrift Plan I and National Grid USA Companies&#146; Incentive Thrift Plan
II (collectively, the &#147;Plans&#148;), which Plans were previously approved by the stockholders of the
Registrant. The Plans are an amendment and restatement of the Registrant&#146;s National Grid USA
Companies&#146; Incentive Thrift Plan I and Thrift Plan II, with respect to which the Registrant filed,
on July&nbsp;29, 2002, a registration statement on Form S-8 (registration no. 333-97249 (the &#147;Prior
Registration Statement&#148;) with the Securities and Exchange Commission (the &#147;Commission&#148;). In
accordance with General Instruction E of Form S-8 regarding the registration of additional
securities of the same class as other securities for which there has been filed a Prior
Registration Statement relating to the same Plans as may be amended and restated from time to time,
the contents of the Prior Registration Statement, including any amendments thereto or filings
incorporated therein, are incorporated by reference into this registration statement.
</DIV>
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<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE<BR>
REGISTRATION STATEMENT</B>

</DIV>
<!-- link2 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS." -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Articles of Association</B>

</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Except as hereinafter set forth, there is no provision of the Memorandum and Articles of
Association of Registrant or any contract, arrangement or statute under which any director or
officer of the Registrant is insured or indemnified in any manner against any liability that
he may incur in his capacity as such.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Deed of indemnity
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">The Registrant has entered into Deeds of Indemnity with each of the directors of the
Registrant that, subject to certain conditions, the Registrant will indemnify the director
against any liability incurred by him in connection with any negligence, default, breach of
duty or breach of trust by the director in relation to the Registrant or any Associated
Company or the actual or purported execution and/or discharge of his duties and/or the
exercise or purported exercise of his powers and/or otherwise in relation to or in connection
with his duties, powers or office as employee, officer, trustee or agent of the Registrant
and/or Associated Company. The Registrant must provide funds or do such things as may enable
the director to avoid incurring expenditure for (i)&nbsp;defending any proceedings, civil or
criminal or (ii)&nbsp;in connection with any application under section 144 (3)&nbsp;of the Companies Act
1985 (<I>acquisition of shares by innocent nominee</I>) or section 727 of the Companies Act 1985
(<I>general power to grant relief in case of honest and reasonable conduct</I>).
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">&#147;<B>Associated Company</B>&#148; means:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a subsidiary undertaking or holding company of the Registrant from time to time, or
a subsidiary undertaking of the Registrant&#146;s holding company; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any undertaking (a)&nbsp;in which the Registrant or any of its subsidiary undertakings
holds any share capital and (b)&nbsp;of which the Director is a director and in such capacity
is a nominee of the Registrant or any of its subsidiary undertakings; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any undertaking in which the Director is acting as officer, employee, trustee or
agent at the Registrant&#146;s request.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 18pt">Indemnity and insurance
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Article&nbsp;131 of the Articles of Association of Registrant provides as follows:
</DIV>


<DIV style="margin-top: 6pt">
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<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>131</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><B>Indemnity and insurance</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>131.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Subject to </I>the <B>law</B>, <B>we </B>will indemnify all <B>our Directors </B>and officers out of <B>our </B>own funds against the following:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any liability incurred by or attaching to them in connection with any negligence,
default, breach of duty or breach of trust by them in relation to <B>NG </B>other than:</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any liability to <B>us </B>or any <I>associated company</I>; and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any liability of the kind referred to in Sections&nbsp;309B(3) or (4)&nbsp;of the
<B>Companies Act</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any other liability incurred by or attaching to them:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in actually or seemingly carrying out their duties;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in using or seemingly using their powers; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in any other activity connected to their duties, powers or office.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Where a <B>Director </B>or officer is indemnified against any liability in line with this Article
131, the <I>indemnity </I>will cover all costs, charges, losses, expenses and <I>liabilities </I>incurred by
them.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>131.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>As well as the cover provided under Article&nbsp;131.1 above, the <B>Directors </B>will have power to
purchase and maintain insurance for or for the benefit of:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any person who is or was at any time a <B>Director </B>or officer of any <I>relevant
company</I>; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any person who is or was at any time a trustee of any pension fund or employees&#146;
share scheme in which employees of any <I>relevant company </I>are interested.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">This includes insurance against any liability incurred by or attaching to them through any act
or omission:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in actually or seemingly carrying out their duties;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in using or seemingly using their powers; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in any other activity connected to their duties, powers or offices;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">in relation to:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any <I>relevant company</I>;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any pension fund; or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any employees&#146; share scheme;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">and all costs, charges, losses, expenses and <I>liabilities </I>incurred by them in relation to any act or omission.
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left"><B>131.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><I>Subject to </I>the <B>law</B>, <B>we </B>will:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provide a <B>Director </B>or officer with funds to meet expenditure they have incurred
or may incur in defending any criminal or civil proceedings or in connection with any
application under the provisions mentioned in Section&nbsp;337A(2) of the <B>Companies Act</B>; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>do anything to enable a <B>Director </B>or officer to avoid incurring such expenditure,
but any funds <B>we </B>provide or other things <B>we </B>do will be in line with Section&nbsp;337A(4) of
the <B>Companies Act</B>.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>UK Companies Act 2006</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">With effect from 1 October&nbsp;2007, the following provisions of the Companies Act 2006 (inserted by
para. 2(1)(d) Companies Act 2006 (Commencement No.&nbsp;3, Consequential Amendments, Transitional
Provisions and Savings) Order 2007) provide as follows:
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>&#147;232 Provisions protecting directors from liability</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any provision that purports to exempt a director of a company (to any
extent) from any liability that would otherwise attach to him in connection with
any negligence, default, breach of duty or breach of trust in relation to the
company is void.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Any provision by which a company directly or indirectly provides an
indemnity (to any extent) for a director of the company, or of an associated
company, against any liability attaching to him in connection with any
negligence, default, breach of duty or breach of trust in relation to the company
of which he is a director is void except as permitted by &#151;</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>


<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>section 233 (provision of insurance),</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>section 234 (qualifying third party indemnity provision), or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>section 235 (qualifying pension scheme indemnity provision).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This section applies to any provision, whether contained in a company&#146;s
articles or in any contract with the company or otherwise.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in this section prevents a company&#146;s articles from making such
provision as has previously been lawful for dealing with conflicts of interest.</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>233 Provision of insurance</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">Section&nbsp;232(2) (voidness of provisions for indemnifying directors) does not prevent a
company from purchasing and maintaining for a director of the company, or of an
associated company, insurance against any such liability as is mentioned in that
subsection.
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>234 Qualifying third party indemnity provision</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;232(2) (voidness of provisions for indemnifying directors) does
not apply to qualifying third party indemnity provision.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Third party indemnity provision means provision for indemnity against
liability incurred by the director to a person other than the company or an
associated company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Such provision is qualifying third party indemnity provision if the following
requirements are met.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provision must not provide any indemnity against &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any liability of the director to pay &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fine imposed in criminal proceedings, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a sum payable to a regulatory authority by way of a
penalty in respect of non-compliance with any requirement of a
regulatory nature (however arising); or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any liability incurred by the director &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in defending criminal proceedings in which he is
convicted, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in defending civil proceedings brought by the company,
or an associated company, in which judgment is given against him, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>n connection with an application for relief (see
subsection (6)) in which the court refuses to grant him relief.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The references in subsection (3)(b) to a conviction, judgment or refusal
of relief are to the final decision in the proceedings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For this purpose &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a conviction, judgment or refusal of relief becomes final &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if not appealed against, at the end of the period for
bringing an appeal, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if appealed against, at the time when the appeal (or any
further appeal) is disposed of, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an appeal is disposed of &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is determined and the period of bringing any
further appeal has ended, or</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is abandoned or otherwise ceases to have effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reference in subsection (3)(b)(iii) to an application for relief is to
an application for relief under section 661(3) or (4) (power of court to grant
relief in case of acquisition of shares by innocent nominee), or section 1157
(general power of court to grant relief in case of honest and reasonable
conduct).</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>235 Qualifying pension scheme indemnity provision</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Section&nbsp;232(2) (voidness of provisions for indemnifying directors) does
not apply to qualifying pension scheme indemnity provision.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Pension scheme indemnity provision means provision indemnifying a director
of a company that is a trustee of an occupational pension scheme against
liability incurred in connection with the company&#146;s activities as trustee of the
scheme. Such provision is qualifying pension scheme indemnity provision if the
following requirements are met.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The provision must not provide any indemnity against &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any liability of the director to pay &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a fine imposed in criminal proceedings, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a sum payable to a regulatory authority by way of
a penalty in respect of non-compliance with any requirement of a
regulatory nature (however arising); or</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any liability incurred by the director in defending criminal proceedings in
which he is convicted.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The reference in subsection (3)(b) to a conviction is to the final decision in the
proceedings.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For this purpose &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a conviction becomes final &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if not appealed against, at the end of the period
for bringing an appeal, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if appealed against, at the time when the appeal
(or any further appeal is disposed of, and</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an appeal is disposed of &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is determined and the period for bringing any further appeal has
ended, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>if it is abandoned or otherwise ceases to have effect.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>In this section &#147;occupational pension scheme&#148; means an occupational
pension scheme as defined in section 150(5) of the Finance Act 2004 (c. 12) that
is established under a trust.&#148;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>256 Associated bodies corporate</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%">For the purposes of this Part &#151;
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>bodies corporate are associated if one is a subsidiary of the
other or both are subsidiaries of the same body corporate, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>companies are associated if one is a subsidiary of the other
or both are subsidiaries of the same body corporate.&#148;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>239 Ratification of acts of directors</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This section applies to the ratification by a company of conduct by a
director amounting to negligence, default, breach of duty or breach of trust in
relation to the company.</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The decision of the company to ratify such conduct must be made by
resolution of the members of the company.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where the resolution is proposed as a written resolution neither the
director (if a member of the company) not any member connected with him is an
eligible member.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where the resolution is proposed at a meeting, it is passed only if the
necessary majority is obtained disregarding votes in favour of the resolution by
the director (if a member of the company) and any member connected with him.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This does not prevent the director or any such member from attending, being
counted towards the quorum and taking part in the proceedings at any meeting at
which the decision is considered.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>For the purposes of this section &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;conduct&#148; includes acts and omissions;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&#147;director&#148; includes a former director;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a shadow director is treated as a director; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>in section 252 (meaning of &#147;connected person&#148;), subsection (3)
does not apply (exclusion of person who is himself a director).</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Nothing in this section affects &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the validity of a decision taken by unanimous consent of the
members of the company, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>any power of the directors to agree not to sue, or to settle or release a claim
made by them on behalf of the company.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>This section does not affect any other enactment or rule of law imposing
additional requirements for valid ratification or any rule of law as to acts that
are incapable of being ratified by the company.&#148;</TD>
</TR>

</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 6%"><B>1157 Powers of Court to Grant Relief in Certain Cases</B>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If in proceedings for negligence, default, breach of duty or breach of trust
against &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>an officer of a company, or</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>a person employed by a company as auditor (whether he is or is
not an officer of the company).</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>it appears to the court hearing the case that the officer or
person is or may be liable, but that he acted honestly and reasonably, and
that having regard to all the circumstances of the case (including those
connected with his appointment) he ought fairly to be excused, the court
may relieve him, either wholly or partly, from his liability on such terms
as it thinks fit.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>If any such officer or person has reason to apprehend that any claim will
or might be made against him in respect of any negligence, default, breach of
duty or breach of trust &#151;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>he may apply to the court for relief, and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the court has the same power to relieve him as it would have
had if it had been a court before which proceedings against him for
negligence, default, breach of duty or breach of trust had been brought.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Where a case to which subsection (1)&nbsp;applies is being tried by a judge
with a jury, the judge, after hearing the evidence, may, if he is satisfied that
the defendant (in Scotland, the defender) ought in pursuance of that subsection
to be relieved either in whole or in part from the liability sought to be
enforced against him, withdraw the case from the jury and forthwith direct
judgment to be entered for the defendant (in Scotland, grant decree of
absolvitor) on such terms as to costs (in Scotland, expenses) or otherwise as the
judge may think proper.&#148;</TD>
</TR>


</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left"><B>&nbsp;</B></TD>
    <TD width="1%"><B>&nbsp;</B></TD>
    <TD><B>Insurance</B></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Under section 232 of the Companies Act 2006 the Registrant may not provide an indemnity, or
include provisions in its articles of association or in separate contracts for the purpose of
exempting directors from liability for their negligence, default, breach of duty or breach of
trust. However, Registrant may, however, insure its directors (as well as its officers)
against any such liability to the Registrant and, in the circumstances set out in section 234,
to third parties. Therefore, the Registrant procures and intends to continue procuring,
directors&#146; and officers&#146; liability insurance coverage for the benefit of such directors and
officers, which, subject to policy terms and conditions, provides coverage to such directors
and officers in circumstances in which Registrant, its subsidiaries are not permitted or are
otherwise unable to meet by way of indemnity. While defence costs may be met, neither
Registrant&#146;s indemnity nor the insurance provides coverage in the event that a director or
officer is the subject of criminal or regulatory fines or penalties or is proved to have acted
fraudulently or dishonestly. The Registrant also procures and intends to continue procuring,
directors&#146; and officers&#146; liability insurance coverage for its benefit where it has indemnified
directors and officers under the indemnity agreements referred to above.</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "ITEM 8. EXHIBITS." -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 8. EXHIBITS.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of PricewaterhouseCoopers LLP re 20-F financial statements.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of PricewaterhouseCoopers LLP re Incentive Thrift Plan I.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">23.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of PricewaterhouseCoopers LLP re Incentive Thrift Plan II.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="1%" nowrap align="left">24.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Power of Attorney (included on the signature page of this registration statement).</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of London, England.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>NATIONAL GRID plc</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Steve Holliday
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Name:&nbsp;&nbsp;</TD>
    <TD align="left">Steve Holliday&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top">Title:&nbsp;&nbsp;</TD>
    <TD align="left">Chief Executive&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act, this registration statement has been signed by
the following persons in the capacities and on the date indicated above.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Steve Holliday
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive, Executive Director<BR>
(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Steve Lucas
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Finance Director, Executive Director<BR>
(Principal Financial Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Steve Lucas
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accounting Director, Executive Director<BR>
(Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Nick Winser
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Mark Fairbairn
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Edward Astle
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Robert B. Catell
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Thomas B. King
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Sir John Parker
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Linda Adamany
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">John Allan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Ken Harvey
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non Executive Director*</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="55%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Name</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" style="border-bottom: 1px solid #000000"><B>Title</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Stephen Pettit
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Maria Richter
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">George Rose
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director*</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/&nbsp;Lawrence J. Reilly
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized United States Representatives</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">POWER OF ATTORNEY
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">*Helen Mahy, the undersigned attorney-in-fact, by signing her name hereto, does execute this
Registration Statement on behalf of the above-named Directors pursuant to a power of attorney filed
with the Securities and Exchange Commission as Exhibit&nbsp;24 to this Registration Statement.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">



<!-- link2 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER"><B>EXHIBIT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="CENTER" style="border-bottom: 1px solid #000000"><B>NUMBER</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>DESCRIPTION</B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP re 20-F financial statements.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.2
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP re Incentive Thrift Plan I.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">23.3
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP re Incentive Thrift Plan II.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">24.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Power of Attorney (included on the signature page of this registration statement).</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>




</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "y51693sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 85647}]
{"company-data": {"conformed-name": "NATIONAL GRID PLC", "cik": "0001004315", "assigned-sic": "4922", "irs-number": "980367158", "fiscal-year-end": "0331"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-149828", "film-number": "08701849"}, "business-address": {"street1": "1-3 STRAND", "city": "LONDON", "state": "X0", "zip": "WC2N 5EH", "phone": "(44) 207 004 3220"}, "mail-address": {"street1": "1-3 STRAND", "city": "LONDON", "state": "X0", "zip": "WC2N 5EH"}, "former-company": [{"former-conformed-name": "NATIONAL GRID TRANSCO PLC", "date-changed": "20021121"}, {"former-conformed-name": "NATIONAL GRID GROUP PLC", "date-changed": "19991007"}, {"former-conformed-name": "NATIONAL GRID HOLDING PLC", "date-changed": "19991007"}]}
S-8
Table of Contents
As filed with the Securities and Exchange Commission on March 20, 2008
Registration No. 333-__________
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
NATIONAL GRID plc
(formerly known as National Grid Transco plc)
(formerly known as National Grid Group plc)
(Exact Name of Registrant as Specified in its Charter)
England and Wales
(State or Other Jurisdiction of
Incorporation or Organization)
98-0367158
(I.R.S. Employer
Identification No.)
1-3 Strand
London WC2N 5EH
United Kingdom
(Address of Principal Executive Offices)
National Grid USA Companies'
Incentive Thrift Plan I
National Grid USA Companies'
Incentive Thrift Plan II
(Full Title of the Plans)
Lawrence J. Reilly
National Grid USA
c/o 25 Research Drive
Westborough, MA 01582
(Name and Address of Authorized US Representative Agent for Service)
(508) 389-9000
(Telephone Number, Including Area Code, of Agent For Service)
Copies to:
Helen Mahy
National Grid, plc
1-3 Strand London WC2N 5EH England
Lawrence J. Reilly
National Grid USA
c/o 25 Research Drive
Westborough, MA 01582
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer,
a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in
Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer
þ
Accelerated filer
o
Non-accelerated filer
o
Smaller reporting company
o
(Do not check if a smaller reporting company)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Proposed
Offering Price
Maximum
Amount of
Title of Securities to be
Amount to be
Per
Aggregate
Registration
Registered
Registered
(2)
Share
(3)
Offering Price
(3)
Fee
American Depositary Shares
(1)
9,000,000
$
71.86
$
646,740,000
$
25,417
(1)
The American Depositary Shares ("ADS") are evidenced by
American Depositary Receipts and each represents five
ordinary shares of National Grid plc (the "Registrant").
(2)
The number of shares being registered represents additional
ADS authorized for issuance under the Registrant's National
Grid USA Companies' Incentive Thrift Plan I and National
Grid USA Companies' Incentive Thrift Plan II (collectively,
the "Plans"), but not previously registered, to provide a
number of shares as may be purchased from time to time at
market prices for participants in the Plans. 4,000,000 shares of the Registrant's American Depositary Shares were
previously registered for issuance under the Plans on Form
S-8, as filed July 29, 2002, under Registration Statement
No. 333-97249 (the "Prior Registration Statement").
(3)
Stated for the purpose of calculating the amount of the
registration fee pursuant to Rule 457(c) and Rule 457(h)(1)
under the Securities Act of 1933. Such price has been
computed based on the average of the high and low sales
prices on the New York Stock Exchange on March 17, 2008,
and is used solely for the purpose of determining the
registration fee.
In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this registration
statement also covers an indeterminate amount of interests to be offered or sold pursuant to the
Plans.
TABLE OF CONTENTS
PART II
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
ITEM 8. EXHIBITS.
SIGNATURES
EXHIBIT INDEX
EX-23.1: CONSENT OF PRICEWATERHOUSECOOPER LLP
EX-23.2: CONSENT OF PRICEWATERHOUSECOOPER LLP
EX-23.3: CONSENT OF PRICEWATERHOUSECOOPER LLP
EX-24: POWER OF ATTORNEY
Table of Contents
EXPLANATORY NOTE
In accordance with General Instruction E of Form S-8, this Registration Statement is being
filed by National Grid plc (the "Registrant") for the purpose of registering an additional
9,000,000 American Depository Shares ("ADS") to be offered and sold under the Registrant's National
Grid USA Companies' Incentive Thrift Plan I and National Grid USA Companies' Incentive Thrift Plan
II (collectively, the "Plans"), which Plans were previously approved by the stockholders of the
Registrant. The Plans are an amendment and restatement of the Registrant's National Grid USA
Companies' Incentive Thrift Plan I and Thrift Plan II, with respect to which the Registrant filed,
on July 29, 2002, a registration statement on Form S-8 (registration no. 333-97249 (the "Prior
Registration Statement") with the Securities and Exchange Commission (the "Commission"). In
accordance with General Instruction E of Form S-8 regarding the registration of additional
securities of the same class as other securities for which there has been filed a Prior
Registration Statement relating to the same Plans as may be amended and restated from time to time,
the contents of the Prior Registration Statement, including any amendments thereto or filings
incorporated therein, are incorporated by reference into this registration statement.
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Articles of Association
Except as hereinafter set forth, there is no provision of the Memorandum and Articles of
Association of Registrant or any contract, arrangement or statute under which any director or
officer of the Registrant is insured or indemnified in any manner against any liability that
he may incur in his capacity as such.
Deed of indemnity
The Registrant has entered into Deeds of Indemnity with each of the directors of the
Registrant that, subject to certain conditions, the Registrant will indemnify the director
against any liability incurred by him in connection with any negligence, default, breach of
duty or breach of trust by the director in relation to the Registrant or any Associated
Company or the actual or purported execution and/or discharge of his duties and/or the
exercise or purported exercise of his powers and/or otherwise in relation to or in connection
with his duties, powers or office as employee, officer, trustee or agent of the Registrant
and/or Associated Company. The Registrant must provide funds or do such things as may enable
the director to avoid incurring expenditure for (i) defending any proceedings, civil or
criminal or (ii) in connection with any application under section 144 (3) of the Companies Act
1985 (
acquisition of shares by innocent nominee
) or section 727 of the Companies Act 1985
(
general power to grant relief in case of honest and reasonable conduct
).
"
Associated Company
" means:
(i)
a subsidiary undertaking or holding company of the Registrant from time to time, or
a subsidiary undertaking of the Registrant's holding company; or
(ii)
any undertaking (a) in which the Registrant or any of its subsidiary undertakings
holds any share capital and (b) of which the Director is a director and in such capacity
is a nominee of the Registrant or any of its subsidiary undertakings; or
(iii)
any undertaking in which the Director is acting as officer, employee, trustee or
agent at the Registrant's request.
Indemnity and insurance
Article 131 of the Articles of Association of Registrant provides as follows:
131
Indemnity and insurance
131.1
Subject to
the
law
,
we
will indemnify all
our Directors
and officers out of
our
own funds against the following:
(a)
Any liability incurred by or attaching to them in connection with any negligence,
default, breach of duty or breach of trust by them in relation to
NG
other than:
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(i)
any liability to
us
or any
associated company
; and
(ii)
any liability of the kind referred to in Sections 309B(3) or (4) of the
Companies Act
.
(b)
Any other liability incurred by or attaching to them:
(i)
in actually or seemingly carrying out their duties;
(ii)
in using or seemingly using their powers; and
(iii)
in any other activity connected to their duties, powers or office.
Where a
Director
or officer is indemnified against any liability in line with this Article
131, the
indemnity
will cover all costs, charges, losses, expenses and
liabilities
incurred by
them.
131.2
As well as the cover provided under Article 131.1 above, the
Directors
will have power to
purchase and maintain insurance for or for the benefit of:
(a)
any person who is or was at any time a
Director
or officer of any
relevant
company
; or
(b)
any person who is or was at any time a trustee of any pension fund or employees'
share scheme in which employees of any
relevant company
are interested.
This includes insurance against any liability incurred by or attaching to them through any act
or omission:
(i)
in actually or seemingly carrying out their duties;
(ii)
in using or seemingly using their powers; and
(iii)
in any other activity connected to their duties, powers or offices;
in relation to:
(aa)
any
relevant company
;
(bb)
any pension fund; or
(cc)
any employees' share scheme;
and all costs, charges, losses, expenses and
liabilities
incurred by them in relation to any act or omission.
131.3
Subject to
the
law
,
we
will:
(a)
provide a
Director
or officer with funds to meet expenditure they have incurred
or may incur in defending any criminal or civil proceedings or in connection with any
application under the provisions mentioned in Section 337A(2) of the
Companies Act
; and
(b)
do anything to enable a
Director
or officer to avoid incurring such expenditure,
but any funds
we
provide or other things
we
do will be in line with Section 337A(4) of
the
Companies Act
.
UK Companies Act 2006
With effect from 1 October 2007, the following provisions of the Companies Act 2006 (inserted by
para. 2(1)(d) Companies Act 2006 (Commencement No. 3, Consequential Amendments, Transitional
Provisions and Savings) Order 2007) provide as follows:
"232 Provisions protecting directors from liability
(1)
Any provision that purports to exempt a director of a company (to any
extent) from any liability that would otherwise attach to him in connection with
any negligence, default, breach of duty or breach of trust in relation to the
company is void.
(2)
Any provision by which a company directly or indirectly provides an
indemnity (to any extent) for a director of the company, or of an associated
company, against any liability attaching to him in connection with any
negligence, default, breach of duty or breach of trust in relation to the company
of which he is a director is void except as permitted by —
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(a)
section 233 (provision of insurance),
(b)
section 234 (qualifying third party indemnity provision), or
(c)
section 235 (qualifying pension scheme indemnity provision).
(3)
This section applies to any provision, whether contained in a company's
articles or in any contract with the company or otherwise.
(4)
Nothing in this section prevents a company's articles from making such
provision as has previously been lawful for dealing with conflicts of interest.
233 Provision of insurance
Section 232(2) (voidness of provisions for indemnifying directors) does not prevent a
company from purchasing and maintaining for a director of the company, or of an
associated company, insurance against any such liability as is mentioned in that
subsection.
234 Qualifying third party indemnity provision
(1)
Section 232(2) (voidness of provisions for indemnifying directors) does
not apply to qualifying third party indemnity provision.
(2)
Third party indemnity provision means provision for indemnity against
liability incurred by the director to a person other than the company or an
associated company.
Such provision is qualifying third party indemnity provision if the following
requirements are met.
(3)
The provision must not provide any indemnity against —
(a)
any liability of the director to pay —
(i)
a fine imposed in criminal proceedings, or
(ii)
a sum payable to a regulatory authority by way of a
penalty in respect of non-compliance with any requirement of a
regulatory nature (however arising); or
(b)
any liability incurred by the director —
(i)
in defending criminal proceedings in which he is
convicted, or
(ii)
in defending civil proceedings brought by the company,
or an associated company, in which judgment is given against him, or
(iii)
n connection with an application for relief (see
subsection (6)) in which the court refuses to grant him relief.
(4)
The references in subsection (3)(b) to a conviction, judgment or refusal
of relief are to the final decision in the proceedings.
(5)
For this purpose —
(a)
a conviction, judgment or refusal of relief becomes final —
(i)
if not appealed against, at the end of the period for
bringing an appeal, or
(ii)
if appealed against, at the time when the appeal (or any
further appeal) is disposed of, and
(b)
an appeal is disposed of —
(i)
if it is determined and the period of bringing any
further appeal has ended, or
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(ii)
if it is abandoned or otherwise ceases to have effect.
(6)
The reference in subsection (3)(b)(iii) to an application for relief is to
an application for relief under section 661(3) or (4) (power of court to grant
relief in case of acquisition of shares by innocent nominee), or section 1157
(general power of court to grant relief in case of honest and reasonable
conduct).
235 Qualifying pension scheme indemnity provision
(1)
Section 232(2) (voidness of provisions for indemnifying directors) does
not apply to qualifying pension scheme indemnity provision.
(2)
Pension scheme indemnity provision means provision indemnifying a director
of a company that is a trustee of an occupational pension scheme against
liability incurred in connection with the company's activities as trustee of the
scheme. Such provision is qualifying pension scheme indemnity provision if the
following requirements are met.
(3)
The provision must not provide any indemnity against —
(a)
any liability of the director to pay —
(i)
a fine imposed in criminal proceedings, or
(ii)
a sum payable to a regulatory authority by way of
a penalty in respect of non-compliance with any requirement of a
regulatory nature (however arising); or
(b)
any liability incurred by the director in defending criminal proceedings in
which he is convicted.
(4)
The reference in subsection (3)(b) to a conviction is to the final decision in the
proceedings.
(5)
For this purpose —
(a)
a conviction becomes final —
(i)
if not appealed against, at the end of the period
for bringing an appeal, or
(ii)
if appealed against, at the time when the appeal
(or any further appeal is disposed of, and
(b)
an appeal is disposed of —
(i)
if it is determined and the period for bringing any further appeal has
ended, or
(ii)
if it is abandoned or otherwise ceases to have effect.
(6)
In this section "occupational pension scheme" means an occupational
pension scheme as defined in section 150(5) of the Finance Act 2004 (c. 12) that
is established under a trust."
256 Associated bodies corporate
For the purposes of this Part —
(a)
bodies corporate are associated if one is a subsidiary of the
other or both are subsidiaries of the same body corporate, and
(b)
companies are associated if one is a subsidiary of the other
or both are subsidiaries of the same body corporate."
239 Ratification of acts of directors
(1)
This section applies to the ratification by a company of conduct by a
director amounting to negligence, default, breach of duty or breach of trust in
relation to the company.
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(2)
The decision of the company to ratify such conduct must be made by
resolution of the members of the company.
(3)
Where the resolution is proposed as a written resolution neither the
director (if a member of the company) not any member connected with him is an
eligible member.
(4)
Where the resolution is proposed at a meeting, it is passed only if the
necessary majority is obtained disregarding votes in favour of the resolution by
the director (if a member of the company) and any member connected with him.
This does not prevent the director or any such member from attending, being
counted towards the quorum and taking part in the proceedings at any meeting at
which the decision is considered.
(5)
For the purposes of this section —
(a)
"conduct" includes acts and omissions;
(b)
"director" includes a former director;
(c)
a shadow director is treated as a director; and
(d)
in section 252 (meaning of "connected person"), subsection (3)
does not apply (exclusion of person who is himself a director).
(6)
Nothing in this section affects —
(a)
the validity of a decision taken by unanimous consent of the
members of the company, or
(b)
any power of the directors to agree not to sue, or to settle or release a claim
made by them on behalf of the company.
(7)
This section does not affect any other enactment or rule of law imposing
additional requirements for valid ratification or any rule of law as to acts that
are incapable of being ratified by the company."
1157 Powers of Court to Grant Relief in Certain Cases
(1)
If in proceedings for negligence, default, breach of duty or breach of trust
against —
(a)
an officer of a company, or
(b)
a person employed by a company as auditor (whether he is or is
not an officer of the company).
(c)
it appears to the court hearing the case that the officer or
person is or may be liable, but that he acted honestly and reasonably, and
that having regard to all the circumstances of the case (including those
connected with his appointment) he ought fairly to be excused, the court
may relieve him, either wholly or partly, from his liability on such terms
as it thinks fit.
(2)
If any such officer or person has reason to apprehend that any claim will
or might be made against him in respect of any negligence, default, breach of
duty or breach of trust —
(a)
he may apply to the court for relief, and
(b)
the court has the same power to relieve him as it would have
had if it had been a court before which proceedings against him for
negligence, default, breach of duty or breach of trust had been brought.
(3)
Where a case to which subsection (1) applies is being tried by a judge
with a jury, the judge, after hearing the evidence, may, if he is satisfied that
the defendant (in Scotland, the defender) ought in pursuance of that subsection
to be relieved either in whole or in part from the liability sought to be
enforced against him, withdraw the case from the jury and forthwith direct
judgment to be entered for the defendant (in Scotland, grant decree of
absolvitor) on such terms as to costs (in Scotland, expenses) or otherwise as the
judge may think proper."
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Insurance
Under section 232 of the Companies Act 2006 the Registrant may not provide an indemnity, or
include provisions in its articles of association or in separate contracts for the purpose of
exempting directors from liability for their negligence, default, breach of duty or breach of
trust. However, Registrant may, however, insure its directors (as well as its officers)
against any such liability to the Registrant and, in the circumstances set out in section 234,
to third parties. Therefore, the Registrant procures and intends to continue procuring,
directors' and officers' liability insurance coverage for the benefit of such directors and
officers, which, subject to policy terms and conditions, provides coverage to such directors
and officers in circumstances in which Registrant, its subsidiaries are not permitted or are
otherwise unable to meet by way of indemnity. While defence costs may be met, neither
Registrant's indemnity nor the insurance provides coverage in the event that a director or
officer is the subject of criminal or regulatory fines or penalties or is proved to have acted
fraudulently or dishonestly. The Registrant also procures and intends to continue procuring,
directors' and officers' liability insurance coverage for its benefit where it has indemnified
directors and officers under the indemnity agreements referred to above.
ITEM 8. EXHIBITS.
23.1
Consent of PricewaterhouseCoopers LLP re 20-F financial statements.
23.2
Consent of PricewaterhouseCoopers LLP re Incentive Thrift Plan I.
23.3
Consent of PricewaterhouseCoopers LLP re Incentive Thrift Plan II.
24.
Power of Attorney (included on the signature page of this registration statement).
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the Registrant certifies that it has
reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has
duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the City of London, England.
NATIONAL GRID plc
By:
/s/ Steve Holliday
Name:
Steve Holliday
Title:
Chief Executive
Pursuant to the requirements of the Securities Act, this registration statement has been signed by
the following persons in the capacities and on the date indicated above.
Name
Title
/s/ Steve Holliday
Chief Executive, Executive Director
(Principal Executive Officer)
/s/ Steve Lucas
Finance Director, Executive Director
(Principal Financial Officer)
/s/ Steve Lucas
Accounting Director, Executive Director
(Principal Accounting Officer)
Nick Winser
Executive Director*
Mark Fairbairn
Executive Director*
Edward Astle
Executive Director*
Robert B. Catell
Executive Director*
Thomas B. King
Executive Director*
Sir John Parker
Non-Executive Director*
Linda Adamany
Non-Executive Director*
John Allan
Non-Executive Director*
Ken Harvey
Non Executive Director*
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Name
Title
Stephen Pettit
Non-Executive Director*
Maria Richter
Non-Executive Director*
George Rose
Non-Executive Director*
/s/ Lawrence J. Reilly
Authorized United States Representatives
POWER OF ATTORNEY
*Helen Mahy, the undersigned attorney-in-fact, by signing her name hereto, does execute this
Registration Statement on behalf of the above-named Directors pursuant to a power of attorney filed
with the Securities and Exchange Commission as Exhibit 24 to this Registration Statement.
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EXHIBIT INDEX
EXHIBIT
NUMBER
DESCRIPTION
23.1
Consent of PricewaterhouseCoopers LLP re 20-F financial statements.
23.2
Consent of PricewaterhouseCoopers LLP re Incentive Thrift Plan I.
23.3
Consent of PricewaterhouseCoopers LLP re Incentive Thrift Plan II.
24.
Power of Attorney (included on the signature page of this registration statement).