Cancellation-Deferred Shares

National Grid PLC
29 January 2008

                               29th January 2008



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                      National Grid plc ('National Grid')



                    Cancellation of the NG. Deferred Shares:



In connection with its return of cash detailed in the Circular to Shareholders
dated 6 June 2005, National Grid has today cancelled all outstanding Deferred
Shares arising from fractional entitlements created following the conversion of
its remaining B shares to ordinary shares in September 2007.








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