NATIONAL GRID PLC

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

Issue               : National Grid Plc - Series 26 
                      AUD 50,000,000.00  FRN Due 03-21-06
ISIN Number         : XS0248330200
Common Code/        : 248330220
144A ISIN
Issue Nomin     AUD : 50,000,000.00
Period              : 21-Jun-2006 to 18-Sep-2006       Payment Date 18-Sep-2006
Number of Days      : 89
Rate                : 6.595                          
Denomination AUD    : 1,000,000.00                50,000,000.00                 

Amount Payable 
per Denomination    : 16,080.96                   804,047.95                    

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 1267

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