National Grid Investor Presentation — June 2020

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National Grid plc Full Year Results 2019/20 June 2020 1Full Year Results

National Grid plc Full Year Results 2019/20 June 2020 2Cautionary statement

This presentation contains certain statements thatareneither reported financial results norother historical information .These statements areforward -looking statements within themeaning of

Section 27AoftheSecurities Actof1933 ,asamended, andSection 21EoftheSecurities Exchange Actof1934, asamended .These statements include information with respect toNational

Grid’s (theCompany) financial condition, itsresults ofoperations andbusinesses, strategy, plans andobjectives .Words such as‘aims’, ‘anticipates’, ‘expects’, ‘should’, ‘intends’, ‘plans’,

‘believes’, ‘outlook’, ‘seeks’, ‘estimates’, ‘targets’, ‘may’, ‘will’, ‘continue’, ‘project’ andsimilar expressions, aswellasstatements inthefuture tense, identify forward -looking statements .These

forward -looking statements arenotguarantees ofNational Grid’s future performance andaresubject toassumptions, risks anduncertainties thatcould cause actual future results todiffer

materially from those expressed inorimplied bysuch forward -looking statements .Many ofthese assumptions, risks anduncertainties relate tofactors thatarebeyond National Grid’s ability to

control, predict orestimate precisely, such astheimpact ofCOVID -19onouroperations, ouremployees, ourcounterparties, ourfunding andourregulatory andlegal obligations, butalso, more

widely, changes inlaws orregulations, including anyarising asaresult oftheUnited Kingdom's exitfrom theEuropean Union, announcements from anddecisions bygovernmental bodies or

regulators, including proposals relating totheRIIO-2price controls aswellasincreased economic uncertainty resulting from COVID -19;thetiming ofconstruction anddelivery bythird parties of

new generation projects requiring connection ;breaches of,orchanges in,environmental, climate change andhealth andsafety laws orregulations, including breaches orother incidents arising

from thepotentially harmful nature ofitsactivities ;network failure orinterruption, theinability tocarry outcritical nonnetwork operations anddamage toinfrastructure, duetoadverse weather

conditions including theimpact ofmajor storms aswellastheresults ofclimate change, duetocounterparties being unable todeliver physical commodities, orduetothefailure ofor

unauthorised access toordeliberate breaches ofNational Grid’s ITsystems andsupporting technology ;failure toadequately forecast andrespond todisruptions inenergy supply ;performance

against regulatory targets andstandards andagainst National Grid’s peers with theaimofdelivering stakeholder expectations regarding costs andefficiency savings ;andcustomers and