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National Grid

Annual Report and Accounts 2006/07

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Objectives and strategy

Shareholder value

By achieving our objectives around performance, growth, talent, relationships and responsibility, we aim to deliver sustainable growth to create value for our shareholders. Our primary measure of how we have created shareholder value is total shareholder return.

The following pages set out some of the specific objectives we have set ourselves in these areas in order to support our overall goals. Our objectives are set in the context of our strategy of increasing our focus, seeking to benefit from improved integration and being disciplined in our approach.