National Grid PLC ADR NGG

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1 Page 1 of 5 Morningstar Analyst Rating. Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ ] % $ bil 320, , Stock Price XNYS:NGG: % 2018 Morningstar s Take National Grid has grown into one of the largest utilities in the world since since U.K. regulators unbundled energy distribution, transmission, and supply in the 1980s. National Grid... Key Stats Stock Ind Avg Price/Earnings TTM Price/Book Price/Sales TTM Rev Growth (3 Yr Avg) Net Income Growth (3 Yr Avg) Operating Margin % TTM Net Margin % TTM ROA TTM ROE TTM Debt/Equity Financials Fair Value Estimate $ Consider Buying $ Consider Selling $ Fair Value Uncertainty Low Economic Moat None Stewardship Standard Growth C Profitability Z Morningstar Credit Rating Relative to Industry - Avg + Annual Quarterly Income Statement Revenue 15,035 15,115 15,201 Operating Income 3,208 4,085 3,780 Net Income 7,795 2,591 2,019 Earnings Per Share Shares Outstanding Dividends Declared Date 14/11/2017 Ex-Dividend Date 22/11/2017 Latest Indicated Dividend Amount 1.02 Projected Yield 5.09 % Recent Dividends & Type Amount Splits 11/22/2017 Cash Dividends /31/2017 Cash Dividends /22/2017 Special Dividends /22/2017 Split 11:12 Competitors Name Price % Chg TTM Sales $ mil National Grid PLC ADR $ ] 21,795 Enel SpA $ [ 88,535 Enel SpA ADR $ ] 88,535 Iberdrola SA ADR $ ] 37,188 Iberdrola SA $ ] 37,188 Dominion Energy Inc $ ] 12,462 Recommendations Current 3.8 Total Analysts: Buy Hold Sell Ownership Fund Owners Star Rating % Shares Held % Total Assets BMO Global Infrastructure QQQQ ETF Dynamic Real Estate & QQQ Infras Income F Russell Global QQQQ Infrastructure Pl Sr E Horizons Active Global QQQQ Dividend ETF Comm DFA International Core Equity Class F QQQ Balance Sheet Current Assets 13,574 6,312 6,031 5,868 6,420 Non Current Assets 52,266 52,622 49,058 51,737 56,506 Total Assets 65,840 58,934 55,089 57,605 62,926 Current Liabilities 10,511 7,721 7,374 7,634 8,564 Total Liabilities 45,472 45,379 43,127 40,749 50,369 Stockholders' Equity 20,368 13,555 11,962 16,856 12,557 Cash Flow Cash From Operations 5,229 5,368 5,007 1,942 2,088 Capital Expenditures -3,519-3,628-3,283-1,841-1,937

2 Morningstar Analyst Rating. Page 2 of 5 Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF $ ] % $ bil 320, , Financials Annual Quarterly Free Cash Flow 1,710 1,740 1, In millions except "EPS". Currency in GBP.

3 Page 3 of 5 Industry Classification NAICS () SIC ISIC Electric Power Generation, Transmission and Distribution (3510) Operation Details Fiscal Year Ends CIK Year Established Employees (31/03/2017) Full Time Part Time Auditor (26/04/2013) PricewaterhouseCoopers LLP Legal Advisor (26/04/2013) Linklaters Key Executives Andrew R J Bonfield/Executive Director,Finance Director; John Pettigrew/Executive Director,Chief Executive Officer; Dean Seavers/Executive Director; Nicola Shaw/Executive Director Company Profile National Grid PLC transmits and distributes electricity & gas. It owns regulated transmission and electricity generation facilities in the United Kingdom and United States. 30-day Avg Volume Market Cap Net Income Sales Sector Industry Stock Style Direct Investment Dividend Reinvestment 0.8Mil 38.1Bil 11.2Bil 21.8Bil Utilities Utilities - Diversified 1 Large Value Yes Yes

4 Page 4 of 5 Industry Peers Morningstar Rating Market Cap $Mil Net Income $Mil P/S P/B P/E Dividend Yield% 5 Yr Rev CAGR% Med Oper. Margin% Interest Coverage National Grid PLC (GBP) QQQQ 38,091 7, Enel SpA (USD,EUR) 64,492 2, Enel SpA (USD,EUR) 64,492 2, Iberdrola SA (USD,EUR) 50,602 3, Iberdrola SA (USD,EUR) 50,602 3, Dominion Energy Inc (USD) QQQQ 48,549 2, Engie SA (USD,EUR) 41, Engie SA (USD,EUR) 41, Electricite de France SA (USD,EUR) 40,716 2, Electricite de France SA (USD,EUR) 40,716 2, National Grid PLC (USD,GBP) 38,091 7, Exelon Corp (USD) QQ 36,791 2, Sempra Energy (USD) QQQ 26,601 1, Public Service Enterprise Group Inc (USD) QQ 25, E.ON SE (USD,EUR) 22, E.ON SE (USD,EUR) 22, Fortum Oyj (USD,EUR) 19, Fortum Oyj (USD,EUR) 19, SSE PLC (USD,GBP) 18,560 1, SSE PLC (USD,GBP) 18,560 1, FirstEnergy Corp (USD) QQQQQ 14,377-5, Entergy Corp (USD) QQQ 14, EDP - Energias de Portugal SA (USD,EUR) 12,960 1, EDP - Energias de Portugal SA (USD,EUR) 12,960 1, RWE AG (USD,EUR) 12,227-3, RWE AG (USD,EUR) 12,227-3, RWE AG (USD,EUR) 12,227-3, Brookfield Infrastructure Partners LP (USD) 11, Centrica PLC (USD,GBP) 10, Centrica PLC (USD,GBP) 10, Huaneng Power International Inc (USD,CNY) QQQQ 9,792 2, Chubu Electric Power Co Inc (USD,JPY) 9,596 30, Huaneng Power International Inc (USD,CNY) 9,592 2, Emera Inc (USD,CAD) 7, Canadian Utilities Ltd (USD,CAD) 7, The AES Corp (USD) QQQ 7, A2A SpA (USD,EUR) 5, A2A SpA (USD,EUR) 5, Huadian Power International Corp Ltd (USD,CNY) 5, Kyushu Electric Power Co Inc (USD,JPY) 5,110 68, AusNet Services Ltd (USD,AUD) 4, Atco Ltd (USD,CAD) 4, Atco Ltd (USD,CAD) 4, Glow Energy PCL (USD,THB) 3,924 8, Glow Energy PCL (USD,THB) 3,924 8, Iren SpA (USD,EUR) 3, Iren SpA (USD,EUR) 3, EVN AG (USD,EUR) 3, Avista Corp (USD) 3, Energy Company of Minas Gerais (USD,BRL) 3, Energy Company of Minas Gerais (USD,BRL) 3, D/E

5 Page 5 of 5 Industry Peers Black Hills Corp (USD) 2, Cosan Ltd (USD,BRL) 2, NorthWestern Corp (USD) 2, Energy Company of Parana (USD,BRL) 2, MGE Energy Inc (USD) 2, Alpiq Holding AG (USD,CHF) 2, Energy Company of Parana (USD,BRL) 1, Otter Tail Corp (USD) 1, Superior Plus Corp (USD,CAD) 1, Eneva SA (USD,BRL) 1, Unitil Corp (USD) Just Energy Group Inc (USD,CAD) Tianjin Development Holdings Ltd (USD,HKD) Concord New Energy Group Ltd (USD,CNY) Centerenergo PJSC (USD,UAH) 166 1, Global Bioenergies (USD,EUR) , PwrCor Inc (USD) World Health Energy Holdings Inc (USD) 26 0 Advanced Connection Corp PCL (USD,THB) Premier Holding Corp (USD) AuraSource Inc (USD) Blue Sphere Corp (USD) ForceField Energy Inc (USD) Euro Solar Parks Inc (USD) 0 ONEnergy Inc (USD,CAD) Premium Beverage Group Inc Commerce Energy Group Inc (USD) Hera SpA (USD,EUR) Eneva SA (USD,BRL) YTL Power International Bhd (USD,MYR) Industry Average 13,603 1,

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