41BB Nat.grid1.797%

    National Grid Electricity Transmission

As Agent Bank, please be advised of the following rate determined on:
19-Jun-2006

Issue               : National Grid Electricity Transmission - Series 34 
                      GBP 50,000,000.00 Index Linked FRN Due 14 July 2056
ISIN Number         : XS0259916566
Common Code/        : 25991656
144A ISIN
Issue Nomin     GBP : 50,000,000.00
Period              : 14-Jul-2006 to 15-Jan-2007       Payment Date 15-Jan-2007
Number of Days      : 185
Rate                : 1.80335571147                            
Denomination GBP    : 50,000.00                                       

Amount Payable 
per Denomination    : 450.84                                

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 (0) 1202 32 8226
Institutional Trust Services  Facsimille          44 (0) 1202 34 7939

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