83GG Nat.grid1.8575%

    

National Grid Electricity Transmission PLC


As Agent Bank, please be advised of the following rate determined on:17-Apr-2007

Issue               : National Grid Electricity Transmission plc - Series 48
                      GBP 150,000,000 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-2007 to 02-Nov-2007     Payment Date 02-Nov-2007
Number of Days      : 184
Rate                : 1.90599
Denomination GBP    : 50,000.00         150,000,000.
Amount Payable      : 476.50            1,429,492.50
per Denomination


Bank of New York
Rate Fix Desk                   Telephone     44 1202 689580
Corporate Trust Services        Facsimilie    44 1202 689601

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