National Grid Investor Presentation — November 2021

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London, 18 November 2021

National Grid plc Half Year Results 2021/22 November 2021 2Cautionary statement

This presentation contains certain statements that are neither reported financial results nor other historical information. Thes e statements are forward -looking statements within the meaning of

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Th esestatements include information with respect to National

Grid's (the Company) financial condition, its results of operations and businesses, strategy, plans and objectives. Words such a s 'aims', 'anticipates', 'expects', 'should', 'intends', 'plans',

'believes', 'outlook', 'seeks', 'estimates', 'targets', 'may', 'will', 'continue', 'project' and similar expressions, as well asstatements in the future tense, identify forward -looking statements. These

forward -looking statements are not guarantees of National Grid's future performance and are subject to assumptions, risks and un certainties that could cause actual future results to differ

materially from those expressed in or implied by such forward -looking statements. Many of these assumptions, risks and uncertainties relate to factors that are beyond National Grid's ability to

control, predict or estimate precisely, such as changes in laws or regulations, including any arising as a result of the Unit ed Kingdom's exit from the European Union, announcements from and

decisions by governmental bodies or regulators, including the implementation of the RIIO -2 price controls; the timing of construction and delivery by third parties of new generation projects

requiring connection; breaches of, or changes in, environmental, climate change and health and safety laws or regulations, in cluding breaches or other incidents arising from the potentially

harmful nature of its activities; network failure or interruption (including any that result in safety and/or environmental events), the inability to carry out critical non network operations and damage

to infrastructure, due to adverse weather conditions including the impact of major storms as well as the results of climate change, due to counterparties being unable to deliver physical commodities, or due to the failure of or unauthorised access to or deliberate breaches of National Grid's IT systems and supp orting technology; failure to adequately forecast and respond to

disruptions in energy supply including those caused by the COVID -19 pandemic; performance against regulatory targets and standards and against National Grid's peers with the aim of

delivering stakeholder expectations regarding costs and efficiency savings, as well as against targets and standards designed todeliver net zero; and customers and counterparties (including