National Grid Gas PLC




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

Issue               : National Grid Gas PLC - Series 47
                      GBP 50,000,000.00 Index Linked Instruments FRN Due 30 Jan 2037
ISIN Number         : XS0283715604
Common Code/        : 28371560
144A ISIN
Issue Nomin     GBP : 50,000,000.00
Period              : 30-Jan-2007 to 30-Jul-2007          Payment Date 30-Jul-2007
Number of Days      : 181
Rate                : 1.70716
Denomination GBP    : 50,000.00         50,000,000.00

Amount Payable
per Denomination    : 426.79            426,790.00

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