National Grid 2008 Annual Report Download - page 51

BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 6052
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.A, Doc: 2, Page: 20
Description: EXHIBIT 2(A)
0/2419.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/419/2*
BOWNE INTEGRATED TYPESETTING SYSTEM
CRC: 6052
Name: NATIONAL GRID
Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: [phone]Site: BOWNE OF NEW YORK
Y59930.SUB, DocName: EX-2.A, Doc: 2, Page: 20 Description: EXHIBIT 2(A)
0/2419.00.00.00Y59930BNY
[E/O] EDGAR 2 *Y59930/419/2*
any part thereof, and the net proceeds of any such sale (net of the fees of the Depositary as provided in Section 5.9) shall be distributed by the
Depositary to the Owners entitled thereto as in the case of a distribution received in cash pursuant to Section 4.1.
SECTION 4.3. Distributions in Shares.
If any distribution upon any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may, and shall
if the Issuer shall so request, distribute to the Owners of outstanding Receipts entitled thereto, in proportion to the number of American
Depositary Shares representing such Deposited Securities held by them respectively, additional Receipts evidencing an aggregate number o
f
American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject to the terms and
conditions of the Deposit Agreement with respect to the deposit of Shares and the issuance of American Depositary Shares evidenced by
Receipts, including the withholding of any tax or other governmental charge as provided in Section 4.11 and the payment of fees of the
Depositary as provided in Section 5.9. In lieu of delivering Receipts for fractional American Depositary Shares in any such case, the
Depositary shall sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds, all in the manner and
subject to the conditions described in Section 4.1. If additional Receipts are not so distributed, each American Depositary Share shall
thenceforth also represent the additional Shares distributed upon the Deposited Securities represented thereby.
SECTION 4.4. Rights.
In the event that the Issuer shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for
additional Shares or any rights of any other nature, the Depositary, after consultation with the Issuer, shall have discretion as to the procedure
to be followed in making such rights available to any Owners or in disposing of such rights on behalf of any Owners and making the net
proceeds available to such Owners or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such
rights available to any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow
the rights to lapse. If at the time of the offering of any rights the Depositary determines in its discretion, after consultation with the Issuer, that
it is lawful and feasible to make such rights available to all Owners or to certain Owners but not to other