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<TITLE>S-8</TITLE>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt">As filed with the Securities and Exchange Commission on 20 November&nbsp;2008 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Registration No.&nbsp;333-----------
</DIV>




<DIV style="width: 100%; border-bottom: 3px solid #000000; font-size: 1pt; margin-top: 18pt">&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<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></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: 12pt; margin-top: 12pt">
<B>
<DIV align="center">
<DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
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<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>NATIONAL GRID plc</B>
</DIV>

<DIV align="center" style="font-size: 8pt"><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>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="center" valign="top"><B>England and Wales</B><BR><br>
<div style="font-size: 8pt">(State or Other Jurisdiction of <BR>
Incorporation or Organization)</div>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0367158</B><BR><br>
<div style="font-size: 8pt">(I.R.S. Employer<BR>
Identification No.)</div></TD>
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</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>1-3 Strand<BR>
London WC2N 5EH<BR>
United Kingdom<BR>
<div style="font-size: 8pt">(Address of Principal Executive Offices)</div></B></DIV>


<DIV align="center" style="font-size: 14pt; margin-top: 18pt"><B>National Grid plc</B>
</DIV>


<DIV align="Center" style="font-size: 14pt; margin-top: 6pt"><B>Employee Stock Purchase Plan 2002 amended on 23 April&nbsp;2008</B>

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

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>John Bishar<BR>
National Grid USA<BR>
One MetroTech Center<BR>
Brooklyn, New York 11201<BR>
<div style="font-size: 8pt">(Name and Address of Authorized US Representative Agent for Service)</div></B></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(718)&nbsp;403-3320<BR>
<div style="font-size: 8pt">(Telephone Number, Including Area Code, of Agent for Service)</div></B></DIV>

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

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<TR valign="TOP">
    <TD align="center" valign="top"><B>Helen Mahy <BR>
Company Secretary and General Counsel <BR>
National Grid, plc <BR>
1-3 Strand London WC2N 5EH England</B></TD>
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<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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 12b-2 of the Exchange Act. (Check one):</DIV>
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    <TD width="48%">&nbsp;</TD>
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    <TD width="48%">&nbsp;</TD>
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<TR valign="bottom">
    <TD align="LEFT" valign="top">Large accelerated filer <FONT face="Wingdings">&#120;</FONT>
</TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT" valign="top">Accelerated filer <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="LEFT" valign="top">Non-accelerated filer <FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD align="LEFT" valign="top">Smaller reporting company <FONT face="Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD align="LEFT" valign="top">(Do not check if a smaller reporting company)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">&nbsp;</TD>
</TR>
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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>CALCULATION OF REGISTRATION FEE</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-bottom: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Registered</B></TD>
    <TD>&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per Share</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B><SUP style="font-size: 85%; vertical-align: text-top"><B>(3)</B></SUP></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee</B></TD>
    <TD width="1%">&nbsp;</TD>
</TR>

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    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
          <TD valign="top" style="border-top: 1px 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-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">3,000,000</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>

<TD align="right" valign="top" style="border-top: 1px solid #000000">54.42</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="right" valign="top" style="border-top: 1px solid #000000">163,260,000</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD nowrap align="right" valign="top" style="border-top: 1px solid #000000">$</TD>
    <TD align="center" valign="top" style="border-top: 1px solid #000000">6,416.12</TD>
    <TD nowrap valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="23" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>

<TR><TD>&nbsp;</TD></TR>

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

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<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<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.</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>An initial number of shares being registered to provide a
number of shares as may be purchased from time to time at
market prices for participants in the Plans.</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 14 November&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, pursuant to Rule 416(c) under the Securities Act of 1933, as amended, this
Registration Statement also covers an indeterminate amount of interests to be offered and issued
pursuant to the Plan, to prevent dilution resulting from stock splits, stock dividends or similar
transactions.
</DIV>

<DIV style="width: 100%; border-bottom: 3pt solid #000000; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>









<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">INFORMATION REQUIRED IN THE<BR> SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#002">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 4. DESCRIPTION OF SECURITIES.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 7. EXEMPTION FROM REGISTRATION FUNDS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 8. EXHIBITS.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">ITEM 9. UNDERTAKINGS.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">SIGNATURES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#011">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y72745exv4w1.htm">EX-4.1: EMPLOYEE STOCK PURCHASE PLAN OF 2002</A></TD></TR>
<TR><TD colspan="9"><A HREF="y72745exv23.htm">EX-23: CONSENT OF PRICEWATERHOUSECOOPERS LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y72745exv24.htm">EX-24: POWERS OF ATTORNEY</A></TD></TR>
</TABLE>
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<DIV style="width: 100%; border: 1px solid #c1c1c1; padding: 1px; font-size: 1pt">
</DIV>

<!-- link1 "PART I" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>PART I</B>
</DIV>

<!-- link1 "INFORMATION REQUIRED IN THE<BR> SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><B>INFORMATION REQUIRED IN THE<BR>
SECTION 10(a) PROSPECTUS</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 24pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All information required by Part&nbsp;I of Form S-8 to be contained in the Section 10(a) prospectus
is omitted from this Registration Statement in accordance with Rule&nbsp;428 under the Securities Act of
1933, as amended (the &#147;Securities Act&#148;) and the Note to Part&nbsp;I of Form S-8. The document(s)
containing the information specified in Part&nbsp;I will be delivered to employees of the Registrant and
employees of subsidiaries of the Registrant participating in the plan covered by this Registration
Statement as required by Rule&nbsp;428(b)(1) under the Securities Act. These documents and the
documents incorporated herein by reference pursuant to Item&nbsp;3 of Part&nbsp;II of this Registration
Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of
the Securities Act.
</DIV>

<DIV style="width: 100%; border: 1px solid #c1c1c1; padding: 1px; font-size: 1pt; margin-top: 24pt">
</DIV>

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><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 3. INCORPORATION OF DOCUMENTS BY REFERENCE." -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 18pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The reports listed below have been filed with or furnished to the Securities and Exchange
Commission (&#147;Commission&#148;) by National Grid , plc (&#147;National Grid&#148; or the &#147;Registrant&#148;) and are
incorporated herein by reference to the extent not superseded by documents or reports subsequently
filed or furnished:
</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Registrant&#146;s report filed on form 6-k dated 20 November&nbsp;2008;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the Registrant&#146;s Annual Report on Form 20-F for the fiscal year ended 31 March
2008, filed with the Commission on 17 June&nbsp;2008 (SEC File No.&nbsp;001-14958), pursuant to
Section&nbsp;13 of the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;);</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the description of the Registrant&#146;s American Depositary Shares and Ordinary
Shares as contained in its Registration Statement on Form F-4 (File no. 333-47324)
filed on October 4 , 2000, including any amendment subsequently filed for the purpose
of updating such description.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by National Grid pursuant to Sections&nbsp;13(a), 13(c), 14, and
15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of
a post-effective amendment to this Registration Statement which indicate that all securities have
been sold or which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing such documents. To the extent designated therein, any reports on Form 6-K furnished to the
Commission shall be deemed to be incorporated by reference in this Registration Statement from the
date that such reports are furnished to the commission.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein, or in any other subsequently filed document which
also is deemed to be incorporated by reference herein, modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
</DIV>

<!-- link2 "ITEM 4. DESCRIPTION OF SECURITIES." -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>ITEM 4. DESCRIPTION OF SECURITIES.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>


<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV style="font-family: 'Times New Roman',Times,serif">


<!-- link2 "ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL." -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<!-- link2 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS." -->
<DIV align="left"><A NAME="006"></A></DIV>

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


<DIV align="left" style="font-size: 10pt; margin-top: 6pt"><B>Indemnity and insurance</B>

</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Article&nbsp;130 of the Articles of Association of Registrant provides as follows:

</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="4%" nowrap align="left"><B>130</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Indemnity and insurance</B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" nowrap align="left"><B>130.1</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Subject to the law, we will indemnify all our Directors and officers out of our own funds
against the following:</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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:</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability to us or any associated company; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability of the kind referred to in Sections&nbsp;309B(3) or
(4)&nbsp;of the Companies Act.</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Any other liability incurred by or attaching to them:</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in actually or seemingly carrying out their duties;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in using or seemingly using their powers; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in any other activity connected to their duties, powers or
office.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">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.
</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="4%" nowrap align="left"><B>130.2</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">As well as the cover provided under Article&nbsp;131.1 above, the Directors will have power to
purchase and maintain insurance for or for the benefit of:</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any person who is or was at any time a Director or officer of any relevant
company; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 relevant company are interested.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in actually or seemingly carrying out their duties;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in using or seemingly using their powers; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in any other activity connected to their duties, powers or offices;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3"><DIV style="text-align: justify">in relation to:</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(aa)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any relevant company;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(bb)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any pension fund; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(cc)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any employees&#146; share scheme;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD colspan="3"><DIV style="text-align: justify">and all costs, charges, losses, expenses and liabilities incurred by them in relation to any
act or omission.</DIV></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="4%" nowrap align="left"><B>130.3</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Subject to the law, we will:</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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&nbsp;337A(2) of the Companies Act; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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&nbsp;337A(4) of the Companies Act.</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>UK Companies Act 2006</B>
</DIV>

<DIV align="justify" 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 &#091;Commencement No.&nbsp;3, Consequential Amendments, Transitional
Provisions and Savings&#093; Order 2007) provide as follows:
</DIV>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 &#150;</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">section 233 (provision of insurance),</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">section 234 (qualifying third party indemnity
provision), or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">section 235 (qualifying pension scheme indemnity
provision).</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">This section applies to any provision, whether contained in a company&#146;s
articles or in any contract with the company or otherwise.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><B>233 Provision of insurance</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">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="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Section&nbsp;232(2) (voidness of provisions for indemnifying directors) does
not apply to qualifying third party indemnity provision.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">Such provision is qualifying third party indemnity provision if the following
requirements are met.
</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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The provision must not provide any indemnity against &#150;</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability of the director to pay &#150;</DIV></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="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a fine imposed in criminal proceedings, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability incurred by the director &#150;</DIV></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="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in defending criminal proceedings in which he
is convicted, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in defending civil proceedings brought by the
company, or an associated company, in which judgment is given
against him, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in connection with an application for relief
(see subsection (6)) in which the court refuses to grant him
relief.</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The references in subsection (3)(b) to a conviction, judgment or
refusal of relief are to the final decision in the proceedings.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For this purpose &#150;</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a conviction, judgment or refusal of relief becomes
final &#150;</DIV></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="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if not appealed against, at the end of the
period for bringing an appeal, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if appealed against, at the time when the
appeal (or any further appeal) is disposed of, and</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">an appeal is disposed of &#150;</DIV></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="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if it is determined and the period of bringing
any further appeal has ended, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if it is abandoned or otherwise ceases to have
effect.</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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).</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Section&nbsp;232(2) (voidness of provisions for indemnifying directors) does
not apply to qualifying pension scheme indemnity provision.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The provision must not provide any indemnity against -</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability of the director to pay -</DIV></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="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a fine imposed in criminal proceedings,
or</DIV></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="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability incurred by the director in defending
criminal proceedings in which he is convicted.</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The reference in subsection (3)(b) to a conviction is to the final
decision in the proceedings.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For this purpose -</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a conviction becomes final -</DIV></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="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if not appealed against, at the end of
the period for bringing an appeal, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if appealed against, at the time when
the appeal (or any further appeal is disposed of, and</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">an appeal is disposed of -</DIV></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="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if it is determined and the period for
bringing any further appeal has ended, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="13%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if it is abandoned or otherwise ceases to have effect.</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The decision of the company to ratify such conduct must be made by
resolution of the members of the company.</DIV></TD>
</TR>

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

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For the purposes of this section &#150;</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;conduct&#148; includes acts and omissions;</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;director&#148; includes a former director;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a shadow director is treated as a director; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in section 252 (meaning of &#147;connected person&#148;),
subsection (3)&nbsp;does not apply (exclusion of person who is himself a
director).</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Nothing in this section affects &#150;</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">the validity of a decision taken by unanimous consent
of the members of the company, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(7)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><B>256 Associated bodies corporate</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%">For the purposes of this Part &#150;
</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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">bodies corporate are associated if one is a subsidiary
of the other or both are subsidiaries of the same body corporate, and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">companies are associated if one is a subsidiary of the
other or both are subsidiaries of the same body corporate.</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 5%"><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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">If in proceedings for negligence, default, breach of duty or breach of trust
against &#150;</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">an officer of a company, or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a person employed by a company as auditor (whether he
is or is not an officer of the company).</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 &#150;</DIV></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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">he may apply to the court for relief, and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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.</DIV></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="5%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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;</DIV></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 align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><B>Insurance</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">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. The 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 the Registrant and its subsidiaries are not permitted
or are otherwise unable to provide indemnity. While defence costs may be met, neither the
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.
</DIV>
<!-- link2 "ITEM 7. EXEMPTION FROM REGISTRATION FUNDS." -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>ITEM 7. EXEMPTION FROM REGISTRATION FUNDS.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<!-- link2 "ITEM 8. EXHIBITS." -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>ITEM 8. EXHIBITS.</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom" style="font-size: 1px">
    <TD width="3%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="96%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Grid, plc Employee Stock Purchase Plan of 2002 amended on 23 April&nbsp;2008</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP re 20-F financial statements.</TD>
</TR>
<TR valign="bottom">
    <TD align="right" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link2 "ITEM 9. UNDERTAKINGS." -->
<DIV align="left"><A NAME="009"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 6pt"><B>ITEM 9. UNDERTAKINGS.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;The undersigned Registrant and, where applicable, Plan, hereby undertakes:
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
</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="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To include any prospectus required by Section&nbsp;10(a)(3) of the
Securities Act;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To reflect in the prospectus any facts or events arising after
the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which individually or in the aggregate,
represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the &#147;Calculation of
Registration Fee&#148; table in the effective registration statement;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="9%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">To include any material information with respect to the plan
of distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;</DIV></TD>
</TR>

</TABLE>
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">provided, however, that paragraphs (i)&nbsp;and (ii)&nbsp;above do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d)
of the Exchange Act that are incorporated by reference in the 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">




<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under the Securities Act, as amended,
each such post-effective amendment shall be deemed to be a registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant&#146;s annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan&#146;s annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers, and controlling persons of the Registrant pursuant to the
provisions discussed in item 6 hereof, or otherwise, the Registrant has been advised that in the
opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer, or controlling person of the Registrant in the successful defense of any
action, suit, or proceeding) is asserted by such director, officer, or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
</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="width: 100%; border: 1px solid #c1c1c1; padding: 1px; font-size: 1pt"></DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="010"></A></DIV>

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

<DIV align="justify" 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 on this 20&nbsp;day of November, 2008.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="38%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>NATIONAL GRID plc</B><BR><BR><BR>
&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/S/ Steve Holliday
&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>Name:&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steve Holliday&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>Title:&nbsp;</TD>
    <TD colspan="2" align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive&nbsp;</TD>
</TR>
<TR>
    <TD colspan="4">&nbsp;</TD>
</TR>
</TABLE>
<DIV align="justify" 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="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><DIV style="width: 5%; border-bottom: 1px solid #000000"><B>Name</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><DIV style="width: 5%; border-bottom: 1px solid #000000"><B>Title</B></DIV></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"><br>/s/ 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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Executive Officer)&nbsp;</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"><br>/s/ 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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Financial Officer)&nbsp;</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"><br>/s/ 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>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Principal Accounting Officer)&nbsp;</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"><br>Nicholas 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*&nbsp;</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"><br>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*&nbsp;</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"><br>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*&nbsp;</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"><br>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*&nbsp;</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"><br>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*&nbsp;</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"><br>Linda&nbsp;L. 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*&nbsp;</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"><br>Philip Aiken
<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*&nbsp;</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"><br>Kenneth 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*&nbsp;</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="50%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</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"><br>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*&nbsp;</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"><br>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*&nbsp;</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"><br>/s/ John Bishar
<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&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt">*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 powers 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="011"></A></DIV>

<DIV align="justify" 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="5%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="93%">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="left"><B>EXHIBIT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000"><B>NUMBER</B><BR><br style="font-size: 5px"></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>DESCRIPTION</B><BR><br style="font-size: 5px"></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">4.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">National Grid, plc Employee Stock Purchase Plan of 2002 amended on 23 April&nbsp;2008</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">23
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Consent of PricewaterhouseCoopers LLP re 20-F financial statements.</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">24
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Powers of Attorney.</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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


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S-8
Table of Contents
As filed with the Securities and Exchange Commission on 20 November 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 plc
Employee Stock Purchase Plan 2002 amended on 23 April 2008
(Full Title of the Plan)
John Bishar
National Grid USA
One MetroTech Center
Brooklyn, New York 11201
(Name and Address of Authorized US Representative Agent for Service)
(718) 403-3320
(Telephone Number, Including Area Code, of Agent for Service)
Copies to:
Helen Mahy
Company Secretary and General Counsel
National Grid, plc
1-3 Strand London WC2N 5EH England
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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
x
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 Maximum
Title of Securities to be
Amount to be
Offering Price
Aggregate
Amount of
Registered
Registered
(2)
Per Share
(3)
Offering Price
(3)
Registration Fee
American Depositary
Shares
(1)
3,000,000
$
54.42
$
163,260,000
$
6,416.12
(1)
The American Depositary Shares ("ADS") are evidenced by
American Depositary Receipts and each represents five
ordinary shares.
(2)
An initial number of shares being registered to provide a
number of shares as may be purchased from time to time at
market prices for participants in the Plans.
(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 14 November 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, as amended, this
Registration Statement also covers an indeterminate amount of interests to be offered and issued
pursuant to the Plan, to prevent dilution resulting from stock splits, stock dividends or similar
transactions.
TABLE OF CONTENTS
PART I
INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS
PART II
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
ITEM 4. DESCRIPTION OF SECURITIES.
ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
ITEM 7. EXEMPTION FROM REGISTRATION FUNDS.
ITEM 8. EXHIBITS.
ITEM 9. UNDERTAKINGS.
SIGNATURES
EXHIBIT INDEX
EX-4.1: EMPLOYEE STOCK PURCHASE PLAN OF 2002
EX-23: CONSENT OF PRICEWATERHOUSECOOPERS LLP
EX-24: POWERS OF ATTORNEY
Table of Contents
PART I
INFORMATION REQUIRED IN THE
SECTION 10(a) PROSPECTUS
All information required by Part I of Form S-8 to be contained in the Section 10(a) prospectus
is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act of
1933, as amended (the "Securities Act") and the Note to Part I of Form S-8. The document(s)
containing the information specified in Part I will be delivered to employees of the Registrant and
employees of subsidiaries of the Registrant participating in the plan covered by this Registration
Statement as required by Rule 428(b)(1) under the Securities Act. These documents and the
documents incorporated herein by reference pursuant to Item 3 of Part II of this Registration
Statement, taken together, constitute a prospectus that meets the requirements of Section 10(a) of
the Securities Act.
PART II
INFORMATION REQUIRED IN THE
REGISTRATION STATEMENT
ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE.
The reports listed below have been filed with or furnished to the Securities and Exchange
Commission ("Commission") by National Grid , plc ("National Grid" or the "Registrant") and are
incorporated herein by reference to the extent not superseded by documents or reports subsequently
filed or furnished:
(a)
the Registrant's report filed on form 6-k dated 20 November 2008;
(b)
the Registrant's Annual Report on Form 20-F for the fiscal year ended 31 March
2008, filed with the Commission on 17 June 2008 (SEC File No. 001-14958), pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act");
(c)
the description of the Registrant's American Depositary Shares and Ordinary
Shares as contained in its Registration Statement on Form F-4 (File no. 333-47324)
filed on October 4 , 2000, including any amendment subsequently filed for the purpose
of updating such description.
All documents subsequently filed by National Grid pursuant to Sections 13(a), 13(c), 14, and
15(d) of the Exchange Act after the date of this Registration Statement and prior to the filing of
a post-effective amendment to this Registration Statement which indicate that all securities have
been sold or which deregisters all securities then remaining unsold, shall be deemed to be
incorporated by reference in this Registration Statement and to be a part hereof from the date of
filing such documents. To the extent designated therein, any reports on Form 6-K furnished to the
Commission shall be deemed to be incorporated by reference in this Registration Statement from the
date that such reports are furnished to the commission.
Any statement contained in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for purposes of this Registration Statement to
the extent that a statement contained herein, or in any other subsequently filed document which
also is deemed to be incorporated by reference herein, modifies or supersedes such statement. Any
such statement so modified or superseded shall not be deemed, except as so modified or superseded,
to constitute a part of this Registration Statement.
ITEM 4. DESCRIPTION OF SECURITIES.
Not applicable.
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ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL.
Not applicable.
ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Indemnity and insurance
Article 130 of the Articles of Association of Registrant provides as follows:
130
Indemnity and insurance
130.1
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:
(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.
130.2
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.
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130.3
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 –
(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 –
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(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)
in 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
(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
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(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."
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.
(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;
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(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.
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.
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. The 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 the Registrant and its subsidiaries are not permitted
or are otherwise unable to provide indemnity. While defence costs may be met, neither the
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 7. EXEMPTION FROM REGISTRATION FUNDS.
Not applicable.
ITEM 8. EXHIBITS.
4.1
National Grid, plc Employee Stock Purchase Plan of 2002 amended on 23 April 2008
23
Consent of PricewaterhouseCoopers LLP re 20-F financial statements.
24
Powers of Attorney.
ITEM 9. UNDERTAKINGS.
(a) The undersigned Registrant and, where applicable, Plan, hereby undertakes:
(1) To file, during any period in which offers or sales are being made, a post-effective
amendment to this Registration Statement:
(i)
To include any prospectus required by Section 10(a)(3) of the
Securities Act;
(ii)
To reflect in the prospectus any facts or events arising after
the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which individually or in the aggregate,
represent a fundamental change in the information set forth in the Registration
Statement. Notwithstanding the foregoing, any increase or decrease in volume
of securities offered (if the total dollar value of securities offered would
not exceed that which was registered) and any deviation from the low or high
end of the estimated maximum offering range may be reflected in the form of
prospectus filed with the Commission pursuant to Rule 424(b) if, in the
aggregate, the changes in volume and price represent no more than a 20% change
in the maximum aggregate offering price set forth in the "Calculation of
Registration Fee" table in the effective registration statement;
(iii)
To include any material information with respect to the plan
of distribution not previously disclosed in the Registration Statement or any
material change to such information in the Registration Statement;
provided, however, that paragraphs (i) and (ii) above do not apply if the information required to
be included in a post-effective amendment by those paragraphs is contained in periodic reports
filed with or furnished to the Commission by the Registrant pursuant to Section 13 or Section 15(d)
of the Exchange Act that are incorporated by reference in the Registration Statement.
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(2) That, for the purpose of determining any liability under the Securities Act, as amended,
each such post-effective amendment shall be deemed to be a registration statement relating to the
securities offered therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
(3) To remove from registration by means of a post-effective amendment any of the securities
being registered which remain unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes of determining any
liability under the Securities Act, each filing of the Registrant's annual report pursuant to
Section 13(a) or Section 15(d) of the Exchange Act (and, where applicable, each filing of an
employee benefit plan's annual report pursuant to Section 15(d) of the Exchange Act) that is
incorporated by reference in the Registration Statement shall be deemed to be a new registration
statement relating to the securities offered therein, and the offering of such securities at that
time shall be deemed to be the initial bona fide offering thereof.
(c) Insofar as indemnification for liabilities arising under the Securities Act may be
permitted to directors, officers, and controlling persons of the Registrant pursuant to the
provisions discussed in item 6 hereof, or otherwise, the Registrant has been advised that in the
opinion of the Commission such indemnification is against public policy as expressed in the
Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification
against such liabilities (other than the payment by the Registrant of expenses incurred or paid by
a director, officer, or controlling person of the Registrant in the successful defense of any
action, suit, or proceeding) is asserted by such director, officer, or controlling person in
connection with the securities being registered, the Registrant will, unless in the opinion of its
counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of such issue.
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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 on this 20 day of November, 2008.
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)
Nicholas Winser
Executive Director*
Mark Fairbairn
Executive Director*
Robert B. Catell
Executive Director*
Thomas B. King
Executive Director*
Sir John Parker
Non-Executive Director*
Linda L. Adamany
Non-Executive Director*
Philip Aiken
Non-Executive Director*
Kenneth Harvey
Non- Executive Director*
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Maria Richter
Non-Executive Director*
George Rose
Non-Executive Director*
/s/ John Bishar
Authorized United States Representatives
*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 powers 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
4.1
National Grid, plc Employee Stock Purchase Plan of 2002 amended on 23 April 2008
23
Consent of PricewaterhouseCoopers LLP re 20-F financial statements.
24
Powers of Attorney.