National Grid New Dividend Policy
2008 - 2012



National Grid New Dividend Policy for the period 2008 - 2012 reflected National Grid's confidence in the group's growth prospects and increased dividend sustainability which is supported by earnings.

The existing dividend policy expires in the current financial year and so applies to the interim dividend to be paid in January 2012 and the final dividend to be paid in August 2012. National Grid intends to announce a one year dividend policy in January 2012 to cover the year 2012/13. During 2013, the company expects to announce a dividend policy to run from 2013/14 onwards.

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What is National Grid current Dividend Policy?

The National Grid Board's current dividend policy is to grow dividends per share by 8 per cent per annum until 31 March 2012

Since the announcement of National Grid's new dividend policy in 2008 the group has paid out the following dividends:

Year ended Interim Final Total Growth %
31 March Dividend* Dividend* Dividend*
2012 39.28** 8.0%
2011 12.90 36.37** 8.0%
2010 11.94 21.74 33.68 8.0%
2009 11.06 20.13 33.19 8.0%
2008 10.24 18.64 28.88

*For comparison purposes, the dividends in the table have been derived by applying a ratio of 1.1427 reflecting the bonus element of the rights issue in May 2010.

**Prospective total dividend based on National Grid new dividend policy (restated for rights issue in May 2010)

WE WOULD LIKE TO POINT OUT, THAT:

1.√the above mentioned Dividend Updates are solely examples of a UK listed company's future dividend intentions and is not to be construed as a share recommendation. Neither Early Retirement Investor nor EMAR Publishing are registered as an investment advisor or as an independent financial advisor and do not provide individualised advice

2.√the price of shares and investments and the income derived from them can go down as well as up, and investors may not get back the amount they invested

3.√where the information consists of pricing or performance data, the data contained therein has been obtained from company reports, financial reporting services, periodicals, and other sources believed reliable

4.√data computations are not guaranteed by Early Retirement Investor.com or any of the data providers and may not be complete.

5.√The editor or contributors may have an interest in the share mentioned.

6.√Dividend yields move up and down. As a company’s share price increases the dividend yield falls. And vice versa: if the share price falls the dividend yield increases.

Return to Rising Dividends for announcements from other companies with an amended dividend policy.

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