<SEC-DOCUMENT>0001193125-24-167864.txt : 20240625 <SEC-HEADER>0001193125-24-167864.hdr.sgml : 20240625 <ACCEPTANCE-DATETIME>20240625160425 ACCESSION NUMBER: 0001193125-24-167864 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20231231 FILED AS OF DATE: 20240625 DATE AS OF CHANGE: 20240625 FILER: COMPANY DATA: COMPANY CONFORMED NAME: NATIONAL GRID PLC CENTRAL INDEX KEY: 0001004315 STANDARD INDUSTRIAL CLASSIFICATION: NATURAL GAS TRANSMISSION [4922] ORGANIZATION NAME: 01 Energy & Transportation IRS NUMBER: 980367158 FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-14958 FILM NUMBER: 241068914 BUSINESS ADDRESS: STREET 1: 1-3 STRAND CITY: LONDON STATE: X0 ZIP: WC2N 5EH BUSINESS PHONE: (44) 207 004 3220 MAIL ADDRESS: STREET 1: 1-3 STRAND CITY: LONDON STATE: X0 ZIP: WC2N 5EH FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL GRID TRANSCO PLC DATE OF NAME CHANGE: 20021121 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL GRID GROUP PLC DATE OF NAME CHANGE: 19991007 FORMER COMPANY: FORMER CONFORMED NAME: NATIONAL GRID HOLDING PLC DATE OF NAME CHANGE: 19991007 </SEC-HEADER> <DOCUMENT> <TYPE>11-K <SEQUENCE>1 <FILENAME>d785619d11k.htm <DESCRIPTION>11-K <TEXT> <HTML><HEAD> <TITLE>11-K</TITLE> </HEAD> <BODY BGCOLOR="WHITE" STYLE="line-height:Normal"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000"> </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 11-K </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>☒<B></B><B></B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the fiscal year ended December 31, 2023 </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>OR </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:12pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><B></B>☐<B></B><B></B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman; " ALIGN="left"><B>TRANSITION REPORT PURSUANT TO 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 </B></P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>For the transition period from<U>     </U>to <U>     </U> </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Commission File Number 1-14958 </B></P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>National Grid USA Companies’ </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Incentive Thrift Plan </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>National Grid USA </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>40 Sylvan Rd </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Waltham, MA 02451-1120 </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>National Grid plc </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>1-3 Strand </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>London WC2N 5EH </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>England </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000"> </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REQUIRED INFORMATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The financial statements required by Form 11-K are filed as exhibits and incorporated herein by reference. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBITS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD></TD> <TD VALIGN="bottom" WIDTH="3%"></TD> <TD WIDTH="94%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top" NOWRAP>99.1</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">Financial statements of National Grid USA Companies’ Incentive Thrift Plan</TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top" NOWRAP>99.2</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">Consent of Deloitte & Touche LLP, independent registered public accounting firm</TD></TR> </TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the National Grid USA Service Company, Inc. Retirement Plans Committee (the Plan Administrator for the National Grid USA Companies’ Incentive Thrift Plan II) has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt"> <TR> <TD WIDTH="46%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="4%"></TD> <TD VALIGN="bottom"></TD> <TD WIDTH="2%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="45%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NATIONAL GRID USA COMPANIES’</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">INCENTIVE THRIFT PLAN</P></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="16"></TD> <TD HEIGHT="16" COLSPAN="2"></TD> <TD HEIGHT="16" COLSPAN="2"></TD> <TD HEIGHT="16" COLSPAN="2"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top">Date: June 25, 2024</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">By</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ David Campbell</P></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">David Campbell</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top">Member, National Grid USA Service Company, Inc. Retirement Plan Committee</TD></TR> </TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P> </DIV></Center> </BODY></HTML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-99.1 <SEQUENCE>2 <FILENAME>d785619dex991.htm <DESCRIPTION>EX-99.1 <TEXT> <HTML><HEAD> <TITLE>EX-99.1</TITLE> </HEAD> <BODY BGCOLOR="WHITE" STYLE="line-height:Normal"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FINANCIAL STATEMENTS AS OF DECEMBER 31, 2023 AND 2022, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND ERISA-REQUIRED SUPPLEMENTAL SCHEDULE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>Unaudited</I><I> – No Assurance Given</I> </P> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022, AND </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="97%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD NOWRAP VALIGN="bottom" ALIGN="right"><B>2</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FINANCIAL STATEMENTS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD NOWRAP VALIGN="bottom" ALIGN="right"><B>3</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD NOWRAP VALIGN="bottom" ALIGN="right"><B>4</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NOTES TO FINANCIAL STATEMENTS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD NOWRAP VALIGN="bottom" ALIGN="right"><B>5</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ERISA-REQUIRED SUPPLEMENTAL SCHEDULE</B></P></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>FORM 5500, SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR)</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD> <TD NOWRAP VALIGN="bottom" ALIGN="right"><B>15</B></TD> <TD NOWRAP VALIGN="bottom"><B> </B></TD></TR> </TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">NOTE: All other schedules required by <FONT STYLE="white-space:nowrap">Section 2520.103-10</FONT> of the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974 have been omitted because they are not applicable. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited</I><I> – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center"> </TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">To the Plan Participants and Plan Administrator of </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">National Grid USA Companies’ Incentive Thrift Plan </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Opinion on the Financial Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have audited the accompanying statements of net assets available for benefits of National Grid USA Companies’ Incentive Thrift Plan (the “Plan”) as of December 31, 2023 and 2022, the related statement of changes in net assets available for benefits for the year ended December 31, 2023, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2023 and 2022, and the changes in net assets available for benefits for the year ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Basis for Opinion </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Report on Supplemental Schedule </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The supplemental schedule of assets (held at end of year) as of December 31, 2023, has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including their form and content, is presented in compliance with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, such schedule is fairly stated, in all material respects, in relation to the financial statements as a whole. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>/s/ DELOITTE & TOUCHE LLP </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 25, 2024 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We have served as the auditor of the Plan since 2023. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top" COLSPAN="3"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(2)</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DECEMBER 31, 2023 AND 2022 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="76%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2022</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ASSETS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>INVESTMENTS (at Fair Value)</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,809,087,631</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,124,783,922</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>RECEIVABLES</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Notes Receivable from Participants</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">84,700,820</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">80,935,449</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Contributions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">3,058,338</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">3,182,616</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Dividends</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">4,283,800</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">3,805,157</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Receivables</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">92,042,958</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">87,923,222</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Assets</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,901,130,589</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,212,707,144</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET ASSETS AVAILABLE FOR BENEFITS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,901,130,589</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,212,707,144</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR> </TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top" COLSPAN="3"><I>See accompanying Notes to Financial Statements.</I></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(3)</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="88%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ADDITIONS:</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>INVESTMENT INCOME</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Appreciation in Fair Value of Investments</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">772,139,767</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest and Dividends</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">28,580,659</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other Additions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">55,967</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Investment Income</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">800,776,393</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="8"></TD> <TD HEIGHT="8" COLSPAN="4"></TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>INTEREST INCOME ON NOTES RECEIVABLE FROM PARTICIPANTS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">3,972,197</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CONTRIBUTIONS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee Contributions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">242,772,186</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Company Contributions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">116,211,513</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Employee Rollover</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">19,720,124</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Contributions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">378,703,823</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Additions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">1,183,452,413</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>DEDUCTIONS:</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>BENEFITS PAID TO PARTICIPANTS</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">493,792,361</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>ADMINISTRATIVE EXPENSES</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">1,236,607</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Deductions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">495,028,968</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET INCREASE</B></P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">688,423,445</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NET ASSETS AVAILABLE FOR BENEFITS:</B></P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Beginning of Year</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,212,707,144</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">End of Year</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,901,130,589</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR> </TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top" COLSPAN="3"><I>See accompanying Notes to Financial Statements.</I></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(4)</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 1</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DESCRIPTION OF PLAN </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following description of National Grid USA Companies’ Incentive Thrift Plan (the Plan) provides only general information. Participants should refer to the Plan document for a more complete description of the Plan’s provisions. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B> </B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Plan Description</U> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Plan was established effective September 1, 1984, pursuant to the authorization of the Board of Directors of certain subsidiaries of the New England Electric System (“NEES”), to provide a long-range program of systematic savings for eligible employees (the “Participants”). The Plan was renamed National Grid USA Companies’ Incentive Thrift Plan II upon the merger between National Grid plc and NEES on March 22, 2000, at which time NEES was renamed National Grid USA. The Plan is subject to the Employee Retirement Income Security Act of 1974 (ERISA). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Effective December 31, 2021, the National Grid USA Companies’ Incentive Thrift Plan I was merged into this Plan. The Plan document was restated effective December 31, 2021, at which time the Plan was renamed National Grid USA Companies’ Incentive Thrift Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Employees of participating subsidiaries of National Grid USA (collectively, the “Employers” or the “Company”) who are covered by a collective bargaining agreement, are eligible to participate in the Plan, have various Employers’ Matching Contribution (“Matching Contribution”) formulas, and are eligible for Matching Contributions as determined under the terms of the respective collective bargaining agreement for each participating union group. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Employees of participating subsidiaries of National Grid USA (collectively, the “Employers” or the “Company”) who are not covered by a collective bargaining agreement are immediately eligible to participate in the Plan upon employment, but will not receive Employer Matching Contributions (“Matching Contributions”) from the Employers until the first of the month following three months of service. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The plan administrator is the Retirement Plans Committee of National Grid USA Service Company, Inc. (the “Administrator”). The Board of Directors of National Grid plc has the governing authority to amend the Plan, but has delegated certain amending authority to the Board of Directors of National Grid USA Service Company, Inc. (“Service Company”). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Vanguard serves as record keeper of the Plan. The Vanguard Fiduciary Trust Company is trustee and custodian for all assets and Participant accounts except for the self-directed brokerage accounts. As of December 31, 2022 and the period January 1, 2023 to August 31, 2023 TD Ameritrade was custodian for the self-directed brokerage accounts. Beginning September 1, 2023 and as of December 31, 2023 Charles Schwab & Co., Inc. is the custodian for the self-directed brokerage accounts. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">On May 25, 2022 National Grid USA Companies sold one of their business units, Narragansett Electric Company, to PPL in an asset sale. As a result, those affected employees became employees of PPL and are eligible to rollover their accounts to the PPL plan. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(5)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 1</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DESCRIPTION OF PLAN (CONTINUED) </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B> </B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Contributions</U> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Eligible Participants are permitted to elect to have a percentage, limited by Plan provisions, of their compensation contributed as pretax 401(k), <FONT STYLE="white-space:nowrap">after-tax,</FONT> or Roth contributions to the Plan. The Plan includes an auto-enrollment provision whereby all newly eligible employees are automatically enrolled in the Plan 45 days after their hire date unless they affirmatively elect not to participate in the Plan. Automatically enrolled <FONT STYLE="white-space:nowrap">non-collectively</FONT> bargained Participants and collectively bargained Participants have their deferral rate set at 8% and 6% of All Pay, respectively, and their contributions invested in the designated default fund until changed by the Participant. Participants can choose whether their Elective Contributions to the Plan will be calculated on their Base Pay or All Pay. Participants who have attained age 50 before the end of the Plan year are eligible to make <FONT STYLE="white-space:nowrap">catch-up</FONT> contributions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Participants may elect an automatic increase of 1 to 3 percent of their <FONT STYLE="white-space:nowrap">pre-tax</FONT> or Roth Contributions each year. A Participant can elect to make the automatic increase effective at any time during the year. It is not available for <FONT STYLE="white-space:nowrap">after-tax</FONT> Contributions. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Base Pay is defined as the Participant’s regular pay, prior to any salary reductions for Elective Contributions to the Plan, and any other salary reductions under the Health Care Spending Account, Health Savings Account, Dependent Care Reimbursement Account or for Company health care coverage. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Base Pay excludes all other forms of compensation, including supplemental disability income, amounts deferred under other plans, reimbursements of expenses, incentive pay, commissions, options, payments made in lieu of vacation days or under short- or long-term disability provisions, awards, overtime, premiums, and any other additional forms of earnings (including Company contributions to or under any other employee benefit plan, such as health insurance, pension, or severance pay). </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">All Pay is Base Pay, as defined above, plus overtime, commissions, premium pay, and any incentive pay. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Company may, at its discretion, elect to make a matching contribution to the Plan. For the year ended December 31, 2023, the Company matching contribution was 50% of the first 8% of eligible compensation that a <FONT STYLE="white-space:nowrap">non-collectively</FONT> bargained Participant contributed to the Plan. Company matching contributions for <FONT STYLE="white-space:nowrap">non-collectively</FONT> bargained employees are based on All Pay. For <FONT STYLE="white-space:nowrap">non-collectively</FONT> bargained employees active on the last day of the plan year, the Company performs an annual <FONT STYLE="white-space:nowrap">“true-up”</FONT> calculation following the end of each year to determine the maximum amount of Company Matching Contributions based on Participant’s contributions made over the entire year. If any amount is due, it is deposited into the Participant’s account. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(6)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 1</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DESCRIPTION OF PLAN (CONTINUED) </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B> </B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Contributions (Continued)</U> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">For the year ended December 31, 2023, the Company matching contribution for collectively bargained Participants was the formula set forth in the respective collective bargaining agreement of each union group. Based on the terms of each collective bargaining agreement, the Company may perform an annual <FONT STYLE="white-space:nowrap">“true-up”</FONT> calculation following the end of each year to determine the maximum amount of Company Matching Contributions based on Participant’s contributions made over the entire year. If any amount is due, it is deposited into the Participant’s account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans (rollover). Participants direct the investment of contributions into various investment options offered by the Plan. Contributions are subject to certain Internal Revenue Service (IRS) limitations. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Active or former employees who are Participants and who receive a lump sum distribution from a Company qualified pension plan (National Grid USA Companies’ Final Average Pay Pension Plan, Niagara Mohawk Pension Plan, KeySpan Retirement Plan and Retirement Income Plan of KeySpan Corporation) may roll the lump sum proceeds into the Plan to the extent the proceeds qualify for rollover under the Internal Revenue Code (“IRC”). The total amount rolled over from these Plans in 2023 was $2,697,797. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Beginning January 1, 2011, eligible Participants in certain union groups, pursuant to their collective bargaining agreements, have begun receiving Company Core Contributions. The Company calculates a Participant’s Core Contribution each payroll period, based on actual compensation for that payroll period. The contribution is a percentage of pay based on the Participant’s total points as set forth in the plan documents as of January 1 of the plan year. The contribution schedule is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="72%"></TD> <TD VALIGN="bottom" WIDTH="27%"></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Points</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Core Contribution (% of Pay)</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">0 < 34</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">3%</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">35 - 44</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">4%</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">45 - 54</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">5%</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">55 - 64</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">6%</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">65 - 74</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">7%</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">75 - 84</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">8%</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">85 +</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">9%</TD></TR> </TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left">*</TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Once a person reaches 30 years of service, the pay credit is reduced to 4.5 percent for certain eligible Participants in TWU Local 101 and IBEW Local 3. </P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(7)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 1</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DESCRIPTION OF PLAN (CONTINUED) </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B> </B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Contributions (Continued)</U> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Union Local 97C negotiated the introduction of Core Contributions in 2017. Effective May 1, 2017, their Core Contributions are based on Base Pay only, and are based on years of service as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="72%"></TD> <TD VALIGN="bottom" WIDTH="27%"></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Years of Service</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Core Contribution (% of Pay)</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">0 - 4</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">4%</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">5 - 9</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">5%</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">10 - 14</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">6%</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">15 - 19</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">7%</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">20 +</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">8%</TD></TR> </TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><FONT STYLE="white-space:nowrap">Non-collectively</FONT> bargained Participants hired or rehired on January 1, 2011 or later are eligible for Company Core Contributions. The Company calculates a Participant’s Core Contribution each payroll period, based on actual compensation for that payroll period. The contribution is a percentage of pay based on the Participant’s total points as set forth in the plan documents as of January 1 of the plan year. The contribution schedule is as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="72%"></TD> <TD VALIGN="bottom" WIDTH="27%"></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; ">Points</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Core Contribution (% of Pay)</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">< 45</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">4%</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">45 - 54</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">5%</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">55 - 64</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">6%</TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">65 - 74</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">7%</TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">75 +</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP ALIGN="center">8%</TD></TR> </TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Core Contributions are based on All Pay. Participants will have an account established for them at Vanguard and Core Contributions will begin with their first paycheck after the 1st of the month following 3 months of service. These contributions will continue even if Participants do not contribute to the Plan. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Unless elected otherwise, Core Contributions will be automatically invested in the Qualified Default Investment Alternative which is the Vanguard Target Retirement Trust Select closest to the year in which the Participant will attain age 65. Once enrolled, Participants can change the investment allocation at any time. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B> </B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Participant Accounts</U> </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Each Participant’s account is credited with the Participant’s Contribution and allocations of (a) the Employer’s Matching Contributions (b) Company Core contributions (if applicable), and (c) allocations of plan earnings, net of fees. Allocations are based on Participant earnings, account balances or specific Participant transactions, as defined. The benefit to which a Participant is entitled is the benefit that can be provided from the Participant’s vested account. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(8)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 1</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DESCRIPTION OF PLAN (CONTINUED) </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Vesting </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Participants are immediately vested in their contributions plus actual earnings thereon. For collectively bargained Participants, vesting in the Company matching and Core contribution portion of their accounts, plus actual earnings thereon, is based on the terms of the collective bargaining agreement for each union group. For <FONT STYLE="white-space:nowrap">non-collectively</FONT> bargained Participants, vesting in the Company matching and Core contribution portion of their accounts, plus actual earnings thereon, is 100% after completion of three years of service. Notwithstanding the above, a Participant is fully vested upon reaching normal retirement age, death, or permanent disability. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Notes Receivable from Participants </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Participants may borrow from their fund accounts a minimum of $1,000 up to a maximum equal to the lesser of $50,000 or 50% of their vested account balance. The notes are secured by the balance in the Participant’s account and bear interest at a rate set at the time Participants apply for a loan based on the rate established by the Administrator. Interest rates at December 31, 2023 ranged from 3.25 percent to 10.50 percent. Loans must be repaid over a period of one to five years (up to 15 years for the purchase of a primary residence) by means of payroll deductions. Participants who leave the Company or are on an unpaid leave of absence can continue to repay their outstanding loan balance through the remaining amortization period directly to Vanguard. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">A default of the loan will occur if the loan balance is not paid off by the end of the quarter following the quarter in which the missed payment was due or the loan is not paid in full by the contractual maturity date. In the event of default, the outstanding balance of the loan and any unpaid accrued interest is deemed to have been distributed to the Participant. Interest continues to be tracked following a default solely for determining the amount available for a subsequent loan. Deemed distributions are included in the Loan Fund’s investment balance until the employee has been terminated. Upon termination, the defaulted loan balance is deducted from the Plan. There were cumulative deemed distributions of $3,726,394 and $3,575,808 as of December 31, 2023 and 2022, respectively. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Benefit Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Upon termination of service due to death, disability, or retirement, a Participant may elect to receive the value of the vested interest in their account in the form of a lump sum distribution or installments. The Plan allows for <FONT STYLE="white-space:nowrap">in-service</FONT> distributions if a Participant reaches age 59<SUP STYLE="vertical-align:top">1</SUP>⁄<SUB STYLE="vertical-align:bottom">2</SUB> and hardship distributions subject to Plan provisions. If a Participant terminates employment and the Participant’s account balance does not exceed $1,000, the Plan administrator will authorize the benefit payment without the Participant’s consent. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Forfeited Accounts </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Forfeited nonvested accounts can be used to pay administrative expenses and to reduce future Company contributions. Forfeited nonvested accounts as of December 31, 2023 and 2022, totaled $1,763,263 and $1,172,038, respectively. There were $2,255,000 of forfeitures used to reduce Company contributions for the year ended December 31, 2023. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(9)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 2</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Basis of Accounting </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The financial statements of the Plan are prepared on the accrual basis of accounting. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Use of Estimates </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and changes therein, and disclosure of contingent assets and liabilities. Actual results could differ from those estimates. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Investment Valuation and Income Recognition </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Plan’s investments are reported at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market Participants at the measurement date. See Note 3 for discussion of fair value measurements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Purchases and sales of securities are recorded on a trade-date basis. Interest income is recorded on the accrual basis. Dividends are recorded on the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date. Net appreciation includes the Plan’s gains and losses on investments bought and sold as well as held during the year. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Notes Receivable from Participants </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Notes receivable from Participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Interest income is recorded on the accrual basis. Related fees are recorded as administrative expenses and are expensed when they are incurred. No allowance for credit losses has been recorded as of December 31, 2023 or 2022. Delinquent notes receivable are recorded as distributions on the basis of the terms of the Plan document. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Benefit Payments </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Benefits are recorded when paid. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Administrative Expenses </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Management fees and operating expenses are charged to plan Participants and are reflected as a reduction of investment return in each of the investment options of the Plan. Such management fees and operating expenses are deducted from income earned on a daily basis. Fees related to the administration of notes receivable from Participants are charged directly to the Participant’s account and are included in administrative expenses. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(10)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 2</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Subsequent Events </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Plan has evaluated subsequent events through June 25, 2024, the date the financial statements were issued. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">On May 23, 2024, National Grid PLC announced that it is seeking to raise additional equity through a rights issue (a stock offering to existing shareholders) that will indirectly impact holders of National Grid ADRs. Holders of National Grid ADRs will receive a cash value for each right that they hold. Because the Plan holds shares for participant accounts, the Plan is entitled to a cash payment for the ADRs, which will be paid into the Plan’s trust. Once received into the trust, cash proceeds will be invested in the National Grid ADR fund for holders of record. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 3</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FAIR VALUE OF INVESTMENTS </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The framework for measuring fair value provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described as follows: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Level</I><I></I><I> 1</I> – Inputs to the valuation methodology are unadjusted quoted prices for identical assets or liabilities in active markets that the Plan has the ability to access. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Level</I><I></I><I> 2</I> – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, such as: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="19%"> </TD> <TD WIDTH="2%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">quoted prices for similar assets or liabilities in active markets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="19%"> </TD> <TD WIDTH="2%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">quoted prices for identical or similar assets or liabilities in inactive markets; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="19%"> </TD> <TD WIDTH="2%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">inputs other than quoted prices that are observable for the asset or liability; or </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="19%"> </TD> <TD WIDTH="2%" VALIGN="top" ALIGN="left">•</TD> <TD WIDTH="1%" VALIGN="top"> </TD> <TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">inputs that are derived principally from or corroborated by observable market data by correlation or other means. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:18%; font-size:10pt; font-family:Times New Roman">If the asset or liability has a specified (contractual) term, the Level 2 input must be observable for substantially the full term of the asset or liability. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Level</I><I></I><I> 3</I> – Inputs to the valuation methodology are unobservable and significant to the fair market value measurement. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The asset or liability’s fair value measurement level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(11)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 3</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>FAIR VALUE OF INVESTMENTS (CONTINUED) </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Following is a description of the valuation methodologies used for assets measured at fair value. There have been no changes in the valuation methodologies used at December 31, 2023 and 2022. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Collective Fund</I> – Valued at the NAV of units of the bank collective trust. NAV is a readily determinable fair value and is the basis for current transactions. Participant transactions (purchases and sales) may occur daily. If the Plan initiates a full redemption of the collective trust, the issuer reserves the right to temporarily delay withdrawal from the trust in order to ensure that securities liquidations will be carried out in an orderly business manner. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Common Stock – </I>Investments in the National Grid American Depositary Receipts (which trades on the New York Stock Exchange (“NYSE” under the symbol “NGG”) are valued according to the closing price on the NYSE. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Mutual Funds</I> – Valued at the daily closing price as reported by the fund. Mutual funds held by the Plan are <FONT STYLE="white-space:nowrap">open-end</FONT> mutual funds that are registered with the Securities and Exchange Commission. These funds are required to publish their daily net asset value (NAV) and to transact at that price. The mutual funds held by the Plan are deemed to be actively traded. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:13%; font-size:10pt; font-family:Times New Roman"><I>Self-Directed Brokerage Fund – </I>consist primarily of mutual funds that are valued at the daily closing prices as reported by the funds. Additionally, there is a FDIC insured interest bearing deposit account. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following tables set forth by level, within the fair value hierarchy, the Plan’s assets at fair value as of December 31: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="53%"></TD> <TD VALIGN="bottom" WIDTH="3%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="3%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="3%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="3%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level 1</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level 2</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level 3</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Collective Trust Funds</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,438,778,653</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,438,778,653</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">244,617,565</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">244,617,565</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mutual Funds</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">94,621,278</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">94,621,278</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-Directed Brokerage Fund</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">31,070,135</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">31,070,135</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Investments at Fair Value</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">370,308,978</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,438,778,653</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,809,087,631</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="font-size:1pt"> <TD HEIGHT="16"></TD> <TD HEIGHT="16" COLSPAN="16"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="14" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2022</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level 1</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level 2</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Level 3</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Total</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Collective Trust Funds</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">—  </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">4,791,584,054</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">4,791,584,054</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Common Stock</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">221,734,766</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">221,734,766</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Mutual Funds</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">85,979,653</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">85,979,653</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Self-Directed Brokerage Fund</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">25,485,449</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">25,485,449</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Investments at Fair Value</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">333,199,868</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">4,791,584,054</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,124,783,922</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR> </TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(12)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 4</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>RISKS AND UNCERTAINTIES </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Plan invests in various investment securities. Investment securities are exposed to various risks such as interest rate, market, and credit risks. Market risks include global events which could impact the value of investment securities, such as a pandemic or international conflict. Due to the level of risk associated with certain investment securities, it is at least reasonably possible that changes in the values of the investment securities will occur in the near term and that such changes could materially affect Participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 5</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PLAN TERMINATION </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, the Participants would become 100% vested in their Company contributions. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 6</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PLAN TAX STATUS </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The Plan administrator believes that the Plan is designed and being operated in compliance with the applicable requirements of the IRC and, therefore, believes that the Plan is qualified, and the related trust is <FONT STYLE="white-space:nowrap">tax-exempt.</FONT> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Accounting principles generally accepted in the United States of America require Plan management to evaluate tax positions taken by the Plan and recognize a tax liability if the Plan has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. The Plan is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(13)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NOTES TO FINANCIAL STATEMENTS </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AS OF DECEMBER 31, 2023 AND 2022 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AND FOR THE YEAR ENDED DECEMBER 31, 2023 </B></P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 7</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">PARTY-IN-INTEREST</FONT></FONT> TRANSACTIONS </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Section 3(14) of ERISA defines a <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">party-in-interest</FONT></FONT> to include among others, fiduciaries or employees of the Plan, any person who provides services to the Plan or an employer whose employees are covered by the Plan. Accordingly, loans to Participants and investments in American Depository Receipts of National Grid plc are considered party in interest transactions. Total shares in American Depository Receipts of National Grid plc were 3,597,846 and 3,675,974 at December 31, 2023 and 2022, respectively. Total dollar value of these shares was $244,617,565 and $221,734,766 at December 31, 2023 and 2022, respectively. Moreover, the Plan’s investment options include mutual funds and collective trust funds managed by Vanguard. These <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">party-in-interest</FONT></FONT> transactions are exempt from the prohibited transaction rules of ERISA. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Some administrative expenses for the Plan are paid by the Company. The trustee was paid $1,140,944 in administration fees out of plan assets for administering and consulting related to the Plan during the year ended December 31, 2023. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Certain administrative functions are performed by officers or employees of the Company. No such officer or employee receives compensation from the Plan. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>NOTE 8</B></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>RECONCILIATION OF FINANCIAL STATEMENTS TO FORM 5500 </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following is a reconciliation of net assets available for benefits per the financial statements to Form 5500 as of December 31: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="65%"></TD> <TD VALIGN="bottom" WIDTH="4%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="3%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2023</B></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2022</B></TD> <TD VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Assets Available for Benefits per Financial Statements</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,901,130,589</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,212,707,144</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deemed Distributions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">(3,726,394</TD> <TD NOWRAP VALIGN="bottom">) </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">(3,575,808</TD> <TD NOWRAP VALIGN="bottom">) </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net Assets Available for Benefits per Form 5500</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,897,404,195</TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,209,131,336</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR> </TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">The following is reconciliation of the change in net assets per the financial statements to the Form 5500 for the year ended December 31, 2023: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="68%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="83%"></TD> <TD VALIGN="bottom" WIDTH="4%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in Net Assets Available for Benefits per Financial Statements</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">688,423,445</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in Deemed Distributions</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">(150,586</TD> <TD NOWRAP VALIGN="bottom">) </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Change in Net Assets Available for Benefits per Form 5500</P></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">688,272,859</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR> </TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman">Deemed distributions are recognized for Form 5500 reporting but not for financial statement reporting until a full distribution of the Participant’s account balance is made. </P> <P STYLE="font-size:18pt; margin-top:0pt; margin-bottom:0pt"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(14)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> <p style="margin-top:1em; margin-bottom:0em; page-break-before:always"> </p> <HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NATIONAL GRID USA COMPANIES’ INCENTIVE THRIFT PLAN </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>E.I.N. <FONT STYLE="white-space:nowrap">04-1663150</FONT> PLAN NO. 007 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE H, LINE 4i—SCHEDULE OF ASSETS (HELD AT END OF YEAR) </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DECEMBER 31, 2023 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="2%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="57%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="23%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD></TD> <TD></TD> <TD></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD VALIGN="bottom" ALIGN="center">(a)</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center">(b)</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center">(c)</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(d)</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center">(e)</TD> <TD VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center">Description of Investment</TD> <TD VALIGN="bottom"> </TD> <TD COLSPAN="2" ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD COLSPAN="2" ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center">Identity of Issue,</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center">Including Maturity Date,</TD> <TD VALIGN="bottom"> </TD> <TD COLSPAN="2" ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD COLSPAN="2" ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center">Borrower, Lessor or</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center">Rate of Interest, Collateral,</TD> <TD VALIGN="bottom"> </TD> <TD COLSPAN="2" ???? 1 VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center">Current</TD> <TD VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt"> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Similar Party</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center">Par, or Maturity Value</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Cost**</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Value</TD> <TD VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP><B><U>Collective Trust Funds:</U></B></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Fidelity Managed Income Portfolio II; Class 3</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">581,541,129</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2005 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">3,729,694</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2010 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">2,634,008</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2015 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">3,027,728</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2020 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">21,874,269</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2025 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">21,077,805</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2030 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">48,053,865</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2035 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">10,933,741</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2040 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">29,887,470</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2045 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">7,490,226</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2050 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">18,632,317</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2055 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">2,637,165</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2060 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">7,978,227</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>T. Rowe Price Retirement 2065 Trust; Class F</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">1,923,355</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Institutional 500 Index Trust</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">607,518,831</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Institutional Extended Market Index Trust</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">232,797,891</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Institutional Total Bond Market Index Trust</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">61,158,176</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Institutional Total International Stock Market Index Trust</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">93,465,059</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2020 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">266,722,309</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2025 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">570,555,989</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2030 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">733,485,708</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2035 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">459,740,762</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2040 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">321,824,259</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2045 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">320,370,924</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2050 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">351,424,645</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2055 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">238,909,330</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2060 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">144,114,324</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2065 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">33,157,307</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement 2070 Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">2,601,712</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Vanguard Target Retirement Income Trust Select</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Collective Trust Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">239,510,428</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total Collective Trust Funds</P></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,438,778,653</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP><B><U>Common Stock:</U></B></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>National Grid American Depository Receipt (ADR) Fund</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Common Stock</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">244,617,565</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP><B><U>Mutual Funds:</U></B></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>PIMCO Total Return Fund; Institutional Class</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Mutual Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">94,621,278</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP><B><U>Self-Directed Brokerage Fund:</U></B></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Self-Directed Brokerage Fund</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Self-Directed Brokerage Fund</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">31,070,135</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">*</P></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Participants</TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Participant Loans</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom" NOWRAP>Rates from 3.25% to 8.50%</TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">80,974,426</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD> <TD> </TD></TR> <TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD NOWRAP VALIGN="bottom">$</TD> <TD NOWRAP VALIGN="bottom" ALIGN="right">5,890,062,057</TD> <TD NOWRAP VALIGN="bottom"> </TD></TR> <TR STYLE="font-size:1px; "> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD ???? 1 VALIGN="bottom"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD> <TD> </TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>*</I></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Indicates <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">party-in-interest</FONT></FONT> </I></P></TD></TR></TABLE> <TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%"> <TR style = "page-break-inside:avoid"> <TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>**</I></TD> <TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Cost omitted for participant-directed accounts </I></P></TD></TR></TABLE> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center"> <TR> <TD WIDTH="35%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="32%"></TD> <TD VALIGN="bottom" WIDTH="1%"></TD> <TD WIDTH="31%"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top" COLSPAN="5"> </TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD VALIGN="top"><I>Unaudited</I><I> – No Assurance Given</I></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR> <TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt"> <TD ???? 1 VALIGN="top"></TD> <TD VALIGN="bottom"> </TD> <TD VALIGN="top" ALIGN="center">(15)</TD> <TD VALIGN="bottom"> </TD> <TD ???? 1 VALIGN="top"></TD></TR></TABLE> </DIV></Center> </BODY></HTML> </TEXT> </DOCUMENT> <DOCUMENT> <TYPE>EX-99.2 <SEQUENCE>3 <FILENAME>d785619dex992.htm <DESCRIPTION>EX-99.2 <TEXT> <HTML><HEAD> <TITLE>EX-99.2</TITLE> </HEAD> <BODY BGCOLOR="WHITE" STYLE="line-height:Normal"> <Center><DIV STYLE="width:8.5in" align="left"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We consent to the incorporation by reference in Registration Statement Nos. <FONT STYLE="white-space:nowrap">333-33094,</FONT> <FONT STYLE="white-space:nowrap">333-97249,</FONT> and <FONT STYLE="white-space:nowrap">333-149828</FONT> on Form <FONT STYLE="white-space:nowrap">S-8</FONT> of our report dated June 25, 2024, relating to the financial statements and supplemental schedule of the National Grid USA Companies’ Incentive Thrift Plan appearing in this Annual Report on Form <FONT STYLE="white-space:nowrap">11-K</FONT> of the National Grid USA Companies’ Incentive Thrift Plan for the year ended December 31, 2023. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><I>/s/ DELOITTE & TOUCHE LLP </I></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">New York, New York </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">June 25, 2024 </P> </DIV></Center> </BODY></HTML> </TEXT> </DOCUMENT> </SEC-DOCUMENT>