Deferred Shares- Cancellation

National Grid PLC
09 January 2006



9th January 2006



National Grid plc ('NG.')



Cancellation of NG Deferred Shares:




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National Grid today announced that, in accordance with rights set out in its
articles, all outstanding Deferred Shares created as part of its recent £2bn
return of cash have been cancelled.



Information relating to such cancellation, and potential tax consequences, is
detailed in the Circular to Shareholders dated 6 June 2000, available on the
Company's website (www.nationalgrid.com).




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