ADRs - frequently asked questions

Below are frequently asked questions about ADRs.

What is an ADR/ADS?

ADRs (American Depositary Receipts) are negotiable U.S securities, issued by a depositary bank, typically representing a non U.S company. ADRs trade freely in local markets, and can be listed in on local stock markets, such as NYSE or NASDAQ.

An American Depositary Share (ADS) is a share, evidenced by an ADR that represents a specified number of underlying shares held in custody in the issuer's home market. The terms ADR and ADS are often used interchangeably. National Grid ADSs, each representing 5 Ordinary Shares, are traded on the NYSE Stock Market under the “NGG” symbol.

Who is the depositary for National Grid/how do I purchase/sell ADRs?

Bank of New York Mellon (BNY Mellon) is the depositary for National Grid ADRs. For enquires about buying, selling or managing ADRs contact BNY Mellon on:

Tel: 1-800-466-7215 (from outside the US: 1-201-680-6825)
Email: [email protected]
Mail: The Bank of New York Mellon Depositary Receipts, PO BOX 30170, College Station, Texas, 77842-3178

What are my rights?

ADR holders are generally entitled to the same rights as the underlying shareholders, subject to the terms specified on the ADR certificate and in the Deposit Agreement on file with the SEC.

Holders of ADSs are entitled to vote by supplying their Voting Instructions to the Depositary or its Nominee, who will vote the Ordinary Shares underlying their ADSs in accordance with their instructions.

What documents will I receive?

National Grid publishes its annual reports and results documents online. It will file its Annual Report on Form 20-F (which corresponds to the 10-K for a US Corporation) with the Securities and Exchange Commission in the US, and other material market sensitive information as required on Form 6-K. If a shareholder would like a hard copy annual report they can request one from BNY by:

Tel: 1-800-466-7215 (from outside the US: 1-201-680-6825)
Email: [email protected]
Mail: The Bank of New York Mellon Depositary Reciepts, PO BOX 30170, College Station, Texas, 77842-3178

When are dividends paid?

Dividends are paid at the same time as ordinary shares. The interim dividend is usually declared in November and paid in January, and the final dividend is usually declared in May and paid in August.

ADR holders are eligible for all dividends or other entitlements attaching to the underlying shares of National Grid Plc and receive all cash dividends in US dollars. A scrip option may be available, allowing shareholders to accumulate more ADRs.

Dividend fee

National Grid can issue a fee of up to $0.05 per ADR to be charged for any cash distribution made to ADS holders, including cash dividends, in line with common market practice in order to cover costs associated with the management of the ADR programme.

ADS holders who receive a cash dividend will be charged a fee, which will be deducted by the Depositary from interim and final cash dividends prior to distribution.

Why would I hold ADRs?

ADRs are used by non-domestic holders to remove impediments relating to settlements, currency, tax conventions and differing market practices. They are quoted in US dollars and traded in the same way you would trade a US domestic stock, so can be a practical and convenient alternative to holding ordinary shares.

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