National Grid Investor Presentation — May 2021

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National Grid plc Full Year Results 2020/21 May 2021 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 Actof 1934, as amended .These statements include information with respect to National

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, aswellas statements 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 to differ

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

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

widely, changes in laws orregulations, including anyarising asaresult oftheUnited Kingdom’s exit from theEuropean Union, announcements from anddecisions bygovernmental bodies or

regulators, including theimplementation oftheRIIO-2price controls aswellas increased economic uncertainty following theCOVID -19pandemic; thetiming ofconstruction anddelivery bythird

parties ofnew generation projects requiring connection ;breaches of, or changes 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 to infrastructure, dueto

adverse weather conditions including theimpact ofmajor storms as wellastheresults ofclimate change, dueto counterparties being unable todeliver physical commodities, orduetothe

failure of or unauthorised access toordeliberate breaches ofNational Grid’s ITsystems andsupporting technology ;failure to adequately forecast andrespond todisruptions inenergy supply ;

performance against regulatory targets and standards and against National Grid’s peers with theaimofdelivering stakeholder expectations regarding co stsand efficiency savings; and

customers andcounterparties (including financial institutions) failing toperform their obligations totheCompany .Other factors that could cause actual results to differ materially from those