As Agent Bank, please be advised of the following rate determined on:18-Dec-2008
Issue               : National Grid plc - Series 26
                      AUD 50,000,000.00  FRN Due 18 Mar 2016
ISIN Number         : XS0248330200
Common Code/        : 248330220
144A ISIN
Issue Nomin     AUD : 50,000,000.00
Period              : 18-Dec-2008 to 18-Mar-2009        Payment Date 18-Mar-2009
Number of Days      : 90
Rate                : 4.98
Denomination AUD    : 1,000,000.00                50,000,000.0
Amount Payable
per Denomination    : 12,279.45                   613,972.60
Bank of New York
Rate Fix Desk                           Telephone           44 1202 689580
Institutional Trust Services            Facsimille          44 1202 689601