Determination of initial conversion price of Bonds

RNS Number : 7414B

National Grid PLC

09 October 2015

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO CANADA, JAPAN OR AUSTRALIA OR ANY OTHER JURISDICTION IN WHICH OFFERS OR SALES OF THE SECURITIES WOULD BE PROHIBITED BY APPLICABLE LAW

9 October 2015

Determination of the initial conversion price of the non-dilutive convertible bonds due 2020

As announced on 24 September 2015, National Grid North America, Inc. ("NGNA") successfully placed £400 million non-dilutive convertible bonds due 2020 (the "Bonds") with 0.90% coupon and a conversion premium of 30.0%.

The initial conversion price for the Bonds will be £11.9306, which represents a premium of 30.0% above the share reference price, which was determined (by reference to National Grid plc's share reference price in the manner described in the 24 September 2015 announcement) to be £9.1774.

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