Dividends

		Years ended 31 March
Dividends	2005 pence	2004 pence	2003 pence	2002 pence	2001 pence
Interim	8.5	7.91	6.86	6.46	6.05
Final	15.2	11.87	10.34	9.58	9.03
Total ordinary dividends	23.7	19.78	17.20	16.04	15.08
US dollar per ADS	$	$	$	$	$
Interim	0.79	0.67	0.54	0.47	0.45
Final	1.38	1.05	0.84	0.73	0.65
Total ordinary dividends	2.17	1.72	1.38	1.20	1.10

The total ordinary dividend for 2004/05 amounted to £731 million or 23.7 pence per ordinary share. This represented an increase of 20% over the previous year's ordinary dividend per share of 19.78 pence (£609 million), which in turn was an increase of 15% of the dividend for 2002/03 of 17.20 pence per ordinary share (£530 million).

The total ordinary dividend per share was covered 1.5 times by adjusted earnings per ordinary share (2003/04 covered 1.7 times; 2002/03 covered 1.6 times) and covered 1.2 times by basic earnings per ordinary share (2003/04 covered 1.8 times; 2002/03 covered 0.7 times).

The table above shows the ordinary dividends paid or payable by National Grid Transco for the last five financial years. These dividends do not include any associated UK tax credit in respect of such dividends. The table excludes dividends paid or payable by Lattice Group plc prior to the Merger on 21 October 2002.

Dividends expressed in US dollars per ADS in the table below reflect the actual amount paid to ADS holders, expressed to two decimal places, with respect to all amounts with the exception of the final ordinary dividend for 2004/05. The final ordinary dividend per ADS for 2004/05 reflects the declared US dollar amount expressed to two decimal places.

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