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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
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    <TD align="left" valign="top" nowrap>As filed with the Securities and Exchange Commission on November&nbsp;19, 2010
</TD>
    <TD>&nbsp;</TD>
    <TD align="right" valign="top">Registration No.&nbsp;333-</TD>
</TR>
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<DIV style="width: 100%; border-bottom: 2px solid black; font-size: 1pt; margin-top: 17pt">&nbsp;</DIV>

<DIV align="center" style="font-size: 14pt; margin-top: 17pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

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


<DIV align="center" style="font-size: 10pt; margin-top: 6pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 19pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 10pt"><B>REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 19pt"><DIV align="center"><DIV style="FONT-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 19pt"><B>NATIONAL GRID PLC</B>
</DIV>

<DIV align="center" style="font-size: 7.5pt"><B>(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="48%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
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    <TD align="center" valign="top"><B>England and Wales</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>98-0367158</B></TD>
</TR>
<TR valign="bottom" style="font-size: 7.5pt">
    <TD align="center" valign="top">(State or Other Jurisdiction of Incorporation or Organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
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</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">1-3 Strand<BR>
London WC2N 5EH<BR>
United Kingdom
</DIV>

<DIV align="center" style="font-size: 7.5pt">(Address of Principal Executive Offices)</DIV>



<DIV align="center" style="font-size: 14pt; margin-top: 15pt"><B>National Grid USA Companies&#146; Deferred Compensation Plan II</B>
</DIV>


<DIV align="Center" style="font-size: 7.5pt; margin-top: 5pt">(Full Title of the Plan)
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 10pt">Colin Owyang<BR>
SVP and General Counsel of National Grid USA<BR>
40 Sylvan Road<BR>
Waltham, Massachusetts 02451
</DIV>

<DIV align="center" style="font-size: 7.5pt">(Name and Address of Authorized US Representative Agent for Service)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 10pt">(781)&nbsp;907-1000
</DIV>

<DIV align="center" style="font-size: 7.5pt">(Telephone Number, Including Area Code, of Agent for Service)</DIV>



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


<DIV align="Center" style="font-size: 9pt; margin-top: 10pt">Helen Mahy<BR>
Company Secretary and General Counsel<BR>
National Grid plc<BR>
1-3 Strand London WC2N 5EH England
</DIV>
<DIV align="left" style="font-size: 10pt; margin-top: 15pt">Indicate by check mark whether the registrant is a large accelerated filer, an accelerated
filer, a non-accelerated filer, or a smaller reporting company. See the definitions of &#147;large
accelerated filer,&#148; &#147;accelerated filer&#148; and &#147;smaller reporting company&#148; in Rule&nbsp;12b-2 of the
Exchange Act.
</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="48%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
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<TR></TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Large accelerated filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT style="font-family: Wingdings">&#120;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT></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">Non-accelerated filer <FONT style="font-family: Wingdings">&#111;</FONT>
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Smaller reporting company <FONT style="font-family: Wingdings">&#111;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">(Do not check if a smaller reporting company)</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
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</DIV>


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

<DIV align="center">
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<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;&nbsp;&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="6%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="4" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000; border-right: 0px solid #000000">&nbsp;</TD>
    <TD colspan="11" align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="center"><B>Title of Securities to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-right: 0px solid #000000"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Aggregate</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Amount of</B></TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="center"><B>Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3" style="border-right: 0px solid #000000"><B>Registered</B><SUP style="FONT-size: 85%; vertical-align: text-top"> (1)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Per unit</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Offering Price</B><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="3"><B>Registration Fee</B><SUP style="FONT-size: 85%; vertical-align: text-top">(2)</SUP></TD>
</TR>

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<TR style="font-size: 1px">
    <TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000; border-right: 0px solid #000000">&nbsp;</TD>
    <TD colspan="12" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:15px; text-indent:-15px">Deferred Compensation<BR>
Obligations<SUP style="FONT-size: 85%; vertical-align: text-top">
(1)</SUP></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="right">$</TD>
    <TD align="right">55,000,000</TD>
    <TD style="border-right: 0px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3">100%</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3">$55,000,000</TD>
    <TD>&nbsp;</TD>
    <TD align="center" colspan="3">$3,922.00</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="4" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 1px solid #000000; border-right: 0px solid #000000">&nbsp;</TD>
    <TD colspan="12" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD><DIV style="margin-left:15px; text-indent:-15px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 0px solid #000000">&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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD colspan="3" align="left" style="border-top: 3px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 3px solid #000000; border-right: 0px solid #000000">&nbsp;</TD>
    <TD colspan="12" align="left" style="border-top: 3px solid #000000">&nbsp;</TD>
    <TD colspan="1" align="left" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
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</TABLE>
</DIV>



<DIV align="left">
<DIV style="font-size: 3pt; margin-top: 10pt; width: 18%; border-top: 0px solid #000000">&nbsp;</DIV>
</DIV>

<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><DIV style="text-align: justify">Represents unsecured obligations of National Grid plc to
pay deferred compensation in the future in accordance with
the terms of the above-referenced plan.</DIV></TD>
</TR>

<TR style="font-size: 10pt"><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><DIV style="text-align: justify">Estimated solely for the purpose of determining the registration fee.</DIV></TD>
</TR>

</TABLE>



<DIV align="justify" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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.
</DIV>


<DIV style="width: 100%; border-bottom: 2px solid black; margin-top: 6pt; font-size: 1pt">&nbsp;</DIV>

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

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

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

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
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	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART I</A></TD></TR>
<TR><TD colspan="9"><A HREF="#001">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">ITEM 4. DESCRIPTION OF SECURITIES</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">ITEM 8. EXHIBITS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">ITEM 9. UNDERTAKINGS</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#010">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y87854exv4w1.htm">EX-4.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="y87854exv5w1.htm">EX-5.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="y87854exv23w1.htm">EX-23.1</A></TD></TR>
<TR><TD colspan="9"><A HREF="y87854exv24w1.htm">EX-24.1</A></TD></TR>
</TABLE>
</CENTER>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE style="font-size: 2pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
</TR>
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</TABLE>
</DIV>

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

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


<DIV align="Center" style="font-size: 10pt; margin-top: 18pt"><B>INFORMATION REQUIRED IN THE<BR>
SECTION 10(a) PROSPECTUS</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 22pt">&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 align="center" style="margin-top: 10pt">
<TABLE style="font-size: 2pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
</TR>
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</TABLE>
</DIV>

<!-- link1 "PART II" -->
<DIV align="left"><A NAME="001"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 20pt"><B>PART II</B>
</DIV>


<DIV align="Center" style="font-size: 10pt; margin-top: 10pt"><B>INFORMATION REQUIRED IN THE<BR>
REGISTRATION STATEMENT</B>
</DIV>
<!-- link2 "ITEM 3. INCORPORATION OF DOCUMENTS BY REFERENCE" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 3. &nbsp;&nbsp;&nbsp;INCORPORATION OF DOCUMENTS BY REFERENCE.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 14pt">&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: 10pt">
<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%" 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 Annual Report on Form 20-F for the fiscal year ended 31 March
2010, filed with the Commission on 25 May&nbsp;2010 (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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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 Current Report on Form 6-K furnished to the Commission on 18
November&nbsp;2010; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="4%" 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.&nbsp;333-47324)
filed on 4 October&nbsp;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: 10pt">&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 on the cover page as incorporated by reference
herein, certain 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: 10pt">&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>





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

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<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 "ITEM 4. DESCRIPTION OF SECURITIES" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 12pt"><B>ITEM 4. &nbsp;&nbsp;&nbsp;DESCRIPTION OF SECURITIES.</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">Under the National Grid USA Companies&#146; Deferred Compensation Plan II (as amended from time to time,
the &#147;Plan&#148;), certain eligible employees (each a &#147;participant&#148;) may defer to a future year receipt
of a portion of their base salary or all or a portion of their incentive compensation.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The nature and amount of compensation to be deferred by each participant will be determined in
accordance with the Plan based on the elections made by each participant. Deferred amounts will be
credited to an account maintained on the books and records of National Grid USA (&#147;NGUSA&#148;) in the
name of the participant. The value of a participant&#146;s account will be based on the amounts deferred
and the performance of one or more hypothetical investments selected by the participant under the
Plan. Since no participant deferrals actually will be invested in any investment, participants will
not have any ownership interest in any investment. The Investment Committee under the Plan has the
sole discretion to determine the investments available under the Plan and the measurement
mechanisms to determine the hypothetical gains and losses on amounts deemed invested in accordance
with the terms of the Plan.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Plan generally requires participants to elect, with respect to each calendar year for which
deferrals are elected, the amount to be deferred and the form (lump sum or installments) and timing
of payment. Deferral elections by participants are irrevocable except if revoked during the
enrollment period. A participant may also request accelerated payout of deferred amounts (without
penalty) in the event of certain severe unanticipated financial hardships. Any accelerated payout
requested may be granted or denied in the sole discretion of the administrator of the Plan. Subject
to exceptions defined in the Plan, upon the death of a participant, the designated beneficiary will
receive payment of the deferred compensation. If allowed by law, account balances that do not
exceed a dollar threshold after a participant&#146;s separation from service will be subject to
immediate distribution regardless of any deferral election on file.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The deferred compensation obligations are unfunded, unsecured general obligations of the Registrant
to pay in the future the value of the participant&#146;s account, adjusted to reflect the hypothetical
gains and losses resulting from performance of the selected investments in accordance with the
terms of the Plan. The obligations will rank without preference with other unsecured and
unsubordinated indebtedness of the Registrant from time to time outstanding. The deferred
compensation obligations will be paid in cash, and will be subject to withholding for applicable
taxes. Nothing in the Plan will be construed to give a participant or any other person rights to
any specific assets of the Registrant, its subsidiaries or its affiliates.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The deferred compensation obligations cannot be assigned, alienated, pledged or encumbered. The
obligations are not convertible into any other security of the Registrant.
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">The Registrant&#146;s board of directors, the Remuneration Committee or the NGUSA board of directors may
amend or terminate the Plan at any time; provided, however, that no such amendment or termination
may adversely affect the rights of participants or their beneficiaries with respect to amounts
credited to their Plan accounts prior to such amendment or termination without the written consent
of the participant, except to the extent required by applicable law.
</DIV>

<!-- link2 "ITEM 5. INTERESTS OF NAMED EXPERTS AND COUNSEL" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 30pt"><B>ITEM 5. &nbsp;&nbsp;&nbsp;INTERESTS OF NAMED EXPERTS AND COUNSEL.</B>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The opinion of counsel is being given by Ms. Helen Mahy, who is Company Secretary and General Counsel to the Registrant. Ms.&nbsp;Mahy does not participate in the Plan.
</DIV>

<!-- link2 "ITEM 6. INDEMNIFICATION OF DIRECTORS AND OFFICERS" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 24pt"><B>ITEM 6.&nbsp;&nbsp;&nbsp;INDEMNIFICATION OF DIRECTORS AND OFFICERS.</B>
</DIV>


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

<DIV align="justify" style="font-size: 10pt; margin-top: 7pt">Article&nbsp;127 of the Articles of Association of Registrant provides as follows:
</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: 12pt"><B>127&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indemnity and insurance</B>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt"><B>127.1</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Subject to the law, we will indemnify all our Directors and officers out of our own funds
against the following:
</DIV>


<DIV style="margin-top: 7pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 7pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability of the kind referred to in s234(3) of the Companies
Act.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 7pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

</TABLE>
</DIV>

<DIV style="margin-top: 7pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in using or seemingly using their powers; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 7pt; margin-left: 6%">Where a Director or officer is indemnified against any liability in line with this Article
127, the indemnity will cover all costs, charges, losses, expenses and liabilities incurred
by them.
</DIV>
<DIV align="justify" style="font-size: 10pt; margin-top: 7pt"><B>127.2</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As well as the cover provided under Article&nbsp;127.1 above, the Directors will have power to
purchase and maintain insurance for or for the benefit of:
</DIV>


<DIV style="margin-top: 7pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 7pt; margin-left: 6%">This includes insurance against any liability incurred by or attaching to them through any
act or omission:
</DIV>

<DIV style="margin-top: 7pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in using or seemingly using their powers; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in any other activity connected to their duties, powers or
offices;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">in relation to:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 7pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any relevant company;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any pension fund; or</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any employees&#146; share scheme;</DIV></TD>
</TR>

</TABLE>
</DIV>


<DIV align="justify" style="font-size: 10pt; margin-top: 7pt; margin-left: 6%">and all costs, charges, losses, expenses and liabilities incurred by them in relation to any act or omission
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 7pt"><B>127.3</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subject to the law, we will:
</DIV>


<DIV style="margin-top: 7pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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;205(5) of the Companies Act;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 7pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">provide a Director or officer with funds to meet expenditure they have incurred
or may incur in defending an investigation by a regulatory authority or against action
proposed by a regulatory authority in connection with any alleged negligence, default,
breach of duty or breach of trust by him or her in relation to us; and</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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</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;205(5) of the Companies Act.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">With effect from 1 October&nbsp;2007, the following provisions of the Companies Act 2006 provide as
follows:
</DIV>


<DIV style="margin-top: 10pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B><B>232</B> Provisions protecting directors from liability</B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

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

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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 style="margin-top: 10pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>233</B> <B>Provision of insurance</B></DIV></TD>
</TR>

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

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>234</B> <B>Qualifying third party indemnity provision</B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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 style="margin-top: 10pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">Such provision is qualifying third party indemnity provision if the following
requirements are met.</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The provision must not provide any indemnity against &#150;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability of the director to pay &#150;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

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

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">any liability incurred by the director &#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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For this purpose &#150;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a conviction, judgment or refusal of relief becomes
final &#150;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">an appeal is disposed of &#150;</DIV></TD>
</TR>

</TABLE>
</DIV>

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

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

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(6)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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 style="margin-top: 10pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>235</B> <B>Qualifying pension scheme indemnity provision</B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The provision must not provide any indemnity against -</DIV></TD>
</TR>

</TABLE>
</DIV>

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

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

</TABLE>
</DIV>

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

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

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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>
<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: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For this purpose -</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="14%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">if it is abandoned or otherwise ceases to have effect.</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>239</B> <B>Ratification of acts of directors</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(4)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(5)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For the purposes of this section &#150;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">&#147;director&#148; includes a former director;</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">a shadow director is treated as a director; and</DIV></TD>
</TR>

<TR>
    <TD style="font-size: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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="6%" 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 style="margin-top: 20pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>256</B> <B>Associated bodies corporate</B></DIV></TD>
</TR>

<TR>
    <TD style="font-size: 14pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="5%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">For the purposes of this Part &#150;</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 12pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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 style="margin-top: 10pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>1157</B> <B>Powers of Court to Grant Relief in Certain Cases</B></DIV></TD>
</TR>

</TABLE>
</DIV>

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

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

<TR>
    <TD style="font-size: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

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

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

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify"><B>Insurance</B></DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 10pt">
<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%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 </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: 10pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">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 defense 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></TD>
</TR>

</TABLE>
</DIV>
<!-- link2 "ITEM 7. EXEMPTION FROM REGISTRATION CLAIMED" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 40pt"><B>ITEM 7.&nbsp;&nbsp; EXEMPTION FROM REGISTRATION CLAIMED.</B>
</DIV>


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

<!-- link2 "ITEM 8. EXHIBITS" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 20pt"><B>ITEM 8.&nbsp;&nbsp; EXHIBITS.</B>
</DIV>

<DIV align="center" style="margin-top: -12pt">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">National Grid USA Companies&#146; Deferred Compensation Plan II</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Counsel</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of PricewaterhouseCoopers LLP re 20-F financial statements</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<!-- link2 "ITEM 9. UNDERTAKINGS" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 30pt"><B>ITEM 9.&nbsp;&nbsp; UNDERTAKINGS.</B>
</DIV>


<DIV style="margin-top: 10pt">
<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%" style="background: transparent">&nbsp;</TD>
    <TD width="2%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><DIV style="text-align: justify">The undersigned Registrant and, where applicable, Plan, hereby undertakes:</DIV></TD>
</TR>

</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&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: 10pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(i)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(ii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(iii)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD><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: 10pt">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 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: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&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 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: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&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: 10pt">&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: 10pt">&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 align="center">
<TABLE style="font-size: 2pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="88%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="border: 1px solid #000000">&nbsp;</DIV>
</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="009"></A></DIV>

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

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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 19th day of November, 2010.
</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="30%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="54%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>NATIONAL GRID PLC</B></TD>
</TR>
<TR valign="bottom" style="line-height: 36pt"><!-- 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>
    <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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Steve Holliday</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Steve Holliday</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Executive</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="justify" style="font-size: 10pt; margin-top: 10pt">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="55%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center"><B><u>Name</u></B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center"><B><u>Title</u></B></TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chief Executive, Executive Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steve Holliday
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;(Principal Executive Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steve Holliday
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Finance Director, Executive Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steve Lucas
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;(Principal Financial Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steve Lucas
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Accounting Director, Executive Director</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steve Lucas
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;&nbsp;(Principal Accounting Officer)</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steve Lucas
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Nick Winser*
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Mark Fairbairn*
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Thomas B. King*
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Sir John Parker*
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Linda Adamany*
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Philip Aiken*
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director and Senior Independent Director</TD>
</TR>

<!-- Blank Space -->
<TR valign="bottom">
    <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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kenneth Harvey*
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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="55%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Maria Richter*
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Non-Executive Director</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
John Allan*
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Authorized United States Representative</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Colin Owyang</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"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Colin Owyang
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="42%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="38%">&nbsp;</TD>
</TR>
<TR></TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top" nowrap><DIV style="margin-left:0px; text-indent:-0px">* By:
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;&nbsp;/s/ Helen Mahy</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Helen Mahy
</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">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Attorney-in-fact</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&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">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="010"></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="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="92%">&nbsp;</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD nowrap align="center" colspan="3"><B>EXHIBIT</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" rowspan="2" valign="middle"><B>DESCRIPTION</B>&nbsp;<BR>
<BR>
</TD>
</TR>
<TR style="font-size: 7.5pt" valign="bottom">
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="1"><B>NUMBER</B>
<div  style="border-bottom: 1px solid #000000">&nbsp;</div></TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">National Grid USA Companies&#146; Deferred Compensation II</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Counsel</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of PricewaterhouseCoopers LLP re 20-F financial statements</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



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



</BODY>
</HTML>
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sv8
Table of Contents
As filed with the Securities and Exchange Commission on November 19, 2010
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
(Exact Name of Registrant as Specified in its Charter)
England and Wales
98-0367158
(State or Other Jurisdiction of Incorporation or Organization)
(I.R.S. Employer Identification No.)
1-3 Strand
London WC2N 5EH
United Kingdom
(Address of Principal Executive Offices)
National Grid USA Companies' Deferred Compensation Plan II
(Full Title of the Plan)
Colin Owyang
SVP and General Counsel of National Grid USA
40 Sylvan Road
Waltham, Massachusetts 02451
(Name and Address of Authorized US Representative Agent for Service)
(781) 907-1000
(Telephone Number, Including Area Code, of Agent for Service)
Copy to:
Helen Mahy
Company Secretary and General Counsel
National Grid plc
1-3 Strand London WC2N 5EH England
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.
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
(1)
Per unit
Offering Price
(2)
Registration Fee
(2)
Deferred Compensation
Obligations
(1)
$
55,000,000
100%
$55,000,000
$3,922.00
(1)
Represents unsecured obligations of National Grid plc to
pay deferred compensation in the future in accordance with
the terms of the above-referenced plan.
(2)
Estimated 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.
TABLE OF CONTENTS
PART I
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 CLAIMED
ITEM 8. EXHIBITS
ITEM 9. UNDERTAKINGS
SIGNATURES
EXHIBIT INDEX
EX-4.1
EX-5.1
EX-23.1
EX-24.1
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 Annual Report on Form 20-F for the fiscal year ended 31 March
2010, filed with the Commission on 25 May 2010 (SEC File No. 001-14958), pursuant to
Section 13 of the Securities Exchange Act of 1934, as amended (the "Exchange Act");
(b)
the Registrant's Current Report on Form 6-K furnished to the Commission on 18
November 2010; and
(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 4 October 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 on the cover page as incorporated by reference
herein, certain 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.
Table of Contents
ITEM 4.    DESCRIPTION OF SECURITIES.
Under the National Grid USA Companies' Deferred Compensation Plan II (as amended from time to time,
the "Plan"), certain eligible employees (each a "participant") may defer to a future year receipt
of a portion of their base salary or all or a portion of their incentive compensation.
The nature and amount of compensation to be deferred by each participant will be determined in
accordance with the Plan based on the elections made by each participant. Deferred amounts will be
credited to an account maintained on the books and records of National Grid USA ("NGUSA") in the
name of the participant. The value of a participant's account will be based on the amounts deferred
and the performance of one or more hypothetical investments selected by the participant under the
Plan. Since no participant deferrals actually will be invested in any investment, participants will
not have any ownership interest in any investment. The Investment Committee under the Plan has the
sole discretion to determine the investments available under the Plan and the measurement
mechanisms to determine the hypothetical gains and losses on amounts deemed invested in accordance
with the terms of the Plan.
The Plan generally requires participants to elect, with respect to each calendar year for which
deferrals are elected, the amount to be deferred and the form (lump sum or installments) and timing
of payment. Deferral elections by participants are irrevocable except if revoked during the
enrollment period. A participant may also request accelerated payout of deferred amounts (without
penalty) in the event of certain severe unanticipated financial hardships. Any accelerated payout
requested may be granted or denied in the sole discretion of the administrator of the Plan. Subject
to exceptions defined in the Plan, upon the death of a participant, the designated beneficiary will
receive payment of the deferred compensation. If allowed by law, account balances that do not
exceed a dollar threshold after a participant's separation from service will be subject to
immediate distribution regardless of any deferral election on file.
The deferred compensation obligations are unfunded, unsecured general obligations of the Registrant
to pay in the future the value of the participant's account, adjusted to reflect the hypothetical
gains and losses resulting from performance of the selected investments in accordance with the
terms of the Plan. The obligations will rank without preference with other unsecured and
unsubordinated indebtedness of the Registrant from time to time outstanding. The deferred
compensation obligations will be paid in cash, and will be subject to withholding for applicable
taxes. Nothing in the Plan will be construed to give a participant or any other person rights to
any specific assets of the Registrant, its subsidiaries or its affiliates.
The deferred compensation obligations cannot be assigned, alienated, pledged or encumbered. The
obligations are not convertible into any other security of the Registrant.
The Registrant's board of directors, the Remuneration Committee or the NGUSA board of directors may
amend or terminate the Plan at any time; provided, however, that no such amendment or termination
may adversely affect the rights of participants or their beneficiaries with respect to amounts
credited to their Plan accounts prior to such amendment or termination without the written consent
of the participant, except to the extent required by applicable law.
ITEM 5.    INTERESTS OF NAMED EXPERTS AND COUNSEL.
The opinion of counsel is being given by Ms. Helen Mahy, who is Company Secretary and General Counsel to the Registrant. Ms. Mahy does not participate in the Plan.
ITEM 6.   INDEMNIFICATION OF DIRECTORS AND OFFICERS.
Indemnity and insurance
Article 127 of the Articles of Association of Registrant provides as follows:
Table of Contents
127         Indemnity and insurance
127.1
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 s234(3) 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
127, the indemnity will cover all costs, charges, losses, expenses and liabilities incurred
by them.
127.2
As well as the cover provided under Article 127.1 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:
a)
any relevant company;
b)
any pension fund; or
c)
any employees' share scheme;
and all costs, charges, losses, expenses and liabilities incurred by them in relation to any act or omission
127.3
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 205(5) of the Companies Act;
(b)
provide a Director or officer with funds to meet expenditure they have incurred
or may incur in defending an investigation by a regulatory authority or against action
proposed by a regulatory authority in connection with any alleged negligence, default,
breach of duty or breach of trust by him or her in relation to us; and
Table of Contents
(c)
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 205(5) of the Companies Act.
UK Companies Act 2006
With effect from 1 October 2007, the following provisions of the Companies Act 2006 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 –
(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 –
Table of Contents
(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
(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.
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(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;
(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 –
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(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.
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
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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 defense 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 CLAIMED.
Not applicable.
ITEM 8.   EXHIBITS.
4.1
National Grid USA Companies' Deferred Compensation Plan II
5.1
Opinion of Counsel
23.1
Consent of PricewaterhouseCoopers LLP re 20-F financial statements
24.1
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 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 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.
(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 19th day of November, 2010.
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
Chief Executive, Executive Director
/s/ Steve Holliday
(Principal Executive Officer)
Steve Holliday
Finance Director, Executive Director
/s/ Steve Lucas
(Principal Financial Officer)
Steve Lucas
Accounting Director, Executive Director
/s/ Steve Lucas
(Principal Accounting Officer)
Steve Lucas
Executive Director
Nick Winser*
Executive Director
Mark Fairbairn*
Executive Director
Thomas B. King*
Chairman
Sir John Parker*
Non-Executive Director
Linda Adamany*
Non-Executive Director
Philip Aiken*
Non-Executive Director and Senior Independent Director
Kenneth Harvey*
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Non-Executive Director
Maria Richter*
Non-Executive Director
John Allan*
Authorized United States Representative
/s/ Colin Owyang
Colin Owyang
* By:
/s/ Helen Mahy
Helen Mahy
Attorney-in-fact
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EXHIBIT INDEX
EXHIBIT
DESCRIPTION
NUMBER
4.1
National Grid USA Companies' Deferred Compensation II
5.1
Opinion of Counsel
23.1
Consent of PricewaterhouseCoopers LLP re 20-F financial statements
24.1
Powers of Attorney