As Agent Bank, please be advised of the following rate determined            on: 17-Dec-2008
 Issue                             � National Grid Electricity Transmission plc - Series 34
                                   GBP 50,000,000.00 Index Linked FRN Due 14-Jul-2056
 ISIN Number                       � XS0259916566
 Common Code / 144A ISIN           � 25991656
 Issue Nomin GBP                   � 50,000,000.00
 Period                            � 14-Jul-2008 to 14-Jan-2009              Payment Date 14-Jan-2009
 Number of Days                    � 184
 Rate                              � 1.97929
 Denomination GBP                  � 50,000.00             �                                    �
                                                                                                     
 Amount Payable per Denomination   � 494.82                �                                    �
                                                                                                     
 Bank of New York
 Rate Fix Desk                                             Telephone         � 44 1202 689580
 Corporate Trust Services                                  Facsimile         � 44 1202 689601
    
    
    


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