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Highlights

Operating highlights

• We agreed to acquire KeySpan Corporation, a northeastern US gas and electricity distribution company, for $7.3 billion (£4.2 billion) plus assumed debt of approximately $4.5 billion (£2.6 billion).
  See Group Chief Executive’s Review and Operating and Financial Review – About National Grid.
• Grain LNG commenced commercial operations in July 2005 and Phase II expansion is under way.
  See Group Chief Executive’s Review and Operating and Financial Review – Other activities.
• Over the last 12 months, a 27% reduction in lost time injuries has been reported across the Group.
  See Business Review – Safety.
• £200 million London infrastructure tunnel project connecting Hertfordshire to North London completed in September 2005.
  See Business Review – Efficiency.
• Proposed acquisition announced of Southern Union Company’s Rhode Island gas distribution business for cash consideration of $498 million (£286 million) and assumed debt of $77 million (£44 million).
  See Operating and Financial Review – About National Grid.
• £2 billion return of value to shareholders – 65 pence per share – made in August 2005.
  See Operating and Financial Review – Performance during the year.
• Construction of Basslink complete, with commercial operations having commenced in April 2006.
  See Operating and Financial Review – Other activities.

Important Notice
This document contains certain statements that are neither reported financial results nor other historical information. These 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. For a description of factors that could affect future results, reference should be made to the full ‘Cautionary Statement’ under General Information.