National Grid 2008 Annual Report Download - page 11

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27097
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: 20-F, Doc: 1, Page: 5
5/5005.00.00.00Y59930BNY
[A/E] EDGAR 2 *Y59930/005/5*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 27097
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: 20-F, Doc: 1, Page: 5
5/5005.00.00.00Y59930BNY
[A/E] EDGAR 2 *Y59930/005/5*
Table of Contents
Exchange rates
The following table sets forth the history of the exchange rates of one pound sterling to US dollars for the
periods indicated and as at 15 June 2008.
as at 15 June 2008:
Risk factors
The information set forth under the heading “Risk factors” on pages 95 to 97 of the Company’s Annual Report
and Accounts 2007/08 contained in Exhibit 15.1 is incorporated herein by reference.
Item 4. Information on the Company
National Grid plc was incorporated on 11 July 2000. The Company is registered in England and Wales, with its
registered office at 1-3 Strand, London WC2N 5EH (telephone [phone]). The Company’s agent in the
United States is Lawrence J. Reilly, Executive Vice President and General Counsel, National Grid USA, 25 Research
Drive, Westborough, MA 01582.
2
than the adoption of accounting standards IAS 32 and IAS 39 on 1 April 2005, subsequent to which derivative
financial instruments have been recorded at the fair value and remeasurements in those fair values have been
recorded in the income statement to the extent that hedge accounting was not effective or has not been applied.
Prior to 31 March 2005, derivative financial instruments were not recorded as assets or liabilities in the balance
sheet and changes in the fair values of those instruments were not recognised in the income statement.
The selected financial data incorporates businesses acquired in the period from the date of their acquisitions,
principally KeySpan Corporation acquired in August 2007, our Rhode Island gas distribution operations acquired
in August 2006 and UK wireless operations acquired in August 2004.
The selected financial data for continuing operations excludes businesses discontinued during the periods
presented, principally our former UK and US wireless operations and our former electricity interconnector
business in Australia, disposed of in April and August 2007 and four gas distribution networks in the UK disposed
of in June 2005. Also excluded from continuing operations are discontinued operations acquired with KeySpan
Corporation, principally the Ravenswood generation station.
High Low
June 2008* 1.9758 * 1.9467 *
May 2008 1.9818 1.9451
April 2008 1.9994 1.9627
March 2008 2.0311 1.9823
February 2008 1.9923 1.9405
January 2008 1.9895 1.9515
December 2007 2.0658 1.9774
Average**
2007/08 2.01
2006/07 1.91
2005/06 1.78
2004/05 1.85
2003/04 1.70
2002/03 1.55
* For the period to 13 June 2008.
** The average for each period is calculated by using the average of the exchange rates on the last day of each
month during the period.