National Grid Gas Plc



As Agent Bank, please be advised of the following rate determined on: 14-Jul-2008
Issue              � National Grid Gas PLC - Series 48
                     GBP 100,000,000.00 Index-Linked FRN Due 20-Feb-2037
ISIN Number        � XS0286452015
Common Code / 144A � 28645201
 ISIN
Issue Nomin GBP    � 100,000,000.00
Period             � 20-Aug-2008 to 20-Feb-2009            Payment Date 20-Feb-2009
Number of Days     � 184
Rate               � 2.09242
Denomination GBP   � 50,000.00             � 100,000,000.00       �

Amount Payable per � 523.11                � 1,046,210.00         �
 Denomination

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



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