83GG Nat.grid1.8575%

    

National Grid Electricity Transmission PLC




As Agent Bank, please be advised of the following rate determined on: 17-Apr-2008

Issue               : National Grid Electricity Transmission plc - Series 48
                      GBP 150,000,000.00 Index-Linked FRN Due 2 May 2039
ISIN Number         : XS0294583322
Common Code/        : 29458332
144A ISIN
Issue Nomin     GBP : 150,000,000.00
Period              : 02-May-2008 to 03-Nov-2008          Payment Date 03-Nov-2008
Number of Days      : 185
Rate                : 1.97779
Denomination GBP    : 50,000.00         150,000,000.00

Amount Payable
per Denomination    : 494.45            1,483,342.50

Bank of New York
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services           Facsimille 44 1202 689601

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