Exhibit A-2
PROPOSED POSITION (1)
|--------------------|
| |<----- external $3.9bn
| The National | liability
| Grid Group plc |
| |<---------|
| |------| |
|--------------------| | |
| | |
| | |
| | |
|--------------------| | |
| National Grid | | | currency
| (US) Holdings Ltd | | | swap
|--------------------| | |
| | |
preference ------------->| | |
shares | | |
|--------------------| | |
| National Grid |<-----| |
| (US) Investments |----------|
|--------------------|
|
|
|
|--------------------|
| National Grid |
| (Ireland) 1 Ltd |
| ($ shares) |
|--------------------|
|
|
|------------------------|
| |
| |--------------------|
| | National Grid |
| | (Ireland) 2 Ltd |
| |--------------------|
| |
| |
|------------------------|
|
|
|--------------------|
| National Grid |
| General Partnership|
|--------------------|
|
|
|
|--------------------|
| National Grid |
| USA |
|--------------------|