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National Grid Electricity Transmission PLC



As Agent Bank, please be advised of the following rate determined on: 17-Oct-2006

Issue               : National Grid Electricity Transmission plc - Series 48
                      GBP 150,000,000.00 Index-Linked FRN FRN Due 2 May 2039
ISIN Number         : XS0294583322
Common Code/        : 29458332
144A ISIN
Issue Nomin     GBP : 150,000,000.00
Period              : 10-Apr-2007 to 02-May-2007          Payment Date 02-May-2007
Number of Days      : 22
Rate                : 1.86589
Denomination GBP    : 50,000.00         150,000,000.00

Amount Payable
per Denomination    : 56.70             170,094.94

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601

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