Scrip Dividend for 2020/21 Interim Dividend

3 December 2020

National Grid plc ('National Grid' or 'Company')

Scrip Dividend for 2020/21 Interim Dividend

The optional scrip dividend, allowing shareholders to receive new fully paid ordinary shares in the Company, instead of a cash dividend, is available to ordinary shareholders on the register on 27 November 2020, the dividend record date. A timetable is provided below.

For ordinary shareholders, the scrip dividend reference price for the 2020/21 interim dividend is 864.44 pence. This is calculated as the average closing mid-market price of an ordinary share for the five dealing days commencing with, and including, the ordinary share ex-dividend date.

For American Depositary Receipt (ADR) holders, the scrip ADR reference price for the 2020/21 interim dividend is US$57.7160. This is calculated by multiplying the scrip dividend reference price above by five (as there are five ordinary shares underlying each ADR) and by the average US$ rate for the equivalent dates.

The current terms and conditions of the scrip dividend scheme are available in the Investors section on the Company's website and from Equiniti (0800 169 7775).

2020/21 interim dividend timetable:

 * The figure shown is gross of a $0.01 per ADR interim dividend fee which will be applied to cash distributions made to ADR holders in relation to the 2020/21 interim dividend. This fee does not apply to ADRs received through the scrip dividend.

Megan Barnes

Head of Company Secretariat