<PAGE>NATIONAL GRID USA
(Parent Company Only)
Balance Sheet
At March 31, 2000
(Unaudited)
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ASSETS
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(In Thousands)
Investments:
Common stocks of subsidiaries, at equity $3,058,486
Notes of subsidiaries 317,211
Other investments 6,169
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Total investments 3,381,866
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Current assets:
Cash 98
Temporary cash investments 102,301
Other accounts receivable 3,067
Notes receivable from affiliates 620,000
Interest and dividends receivable from affiliates 3,563
Other current assets 54
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Total current assets 729,083
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Deferred federal income taxes 5,525
Deferred charges and other assets 5,440
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$4,121,914
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CAPITALIZATION AND LIABILITIES
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Common share equity:
Common shares, par value $1 per share $ 59,355
Paid-in capital 3,978,561
Retained earnings 2,171
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Total common equity 4,040,087
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Current liabilities:
Accounts payable (including $1,841,000 to subsidiaries) 8,740
Accrued taxes and other 23,485
Dividends declared 35,340
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Total current liabilities 67,565
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Other reserves and deferred credits 14,262
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$4,121,914
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