National Grid ElectricityTransmission

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

Issue               : National Grid Company plc - Series 16
                      GBP 50,000,000 Index Linked FRN due 28 Jun 2035
ISIN Number         : XS0223274613
Common Code/
144A ISIN           : 22327461
Issue Nomin     GBP : 50,000,000.00
Period              : 28-Jun-2006 to 28-Dec-2006       Payment Date 28-Dec-2006
Number of Days      : 180
Rate                : 2.32132555671
Denomination    GB  : 50,000.00         50,000,000.00
Amount Payable 
per Denomination    : 580.33            580,331.39

Institutional       Telephone   44(0) 1202 34 1286
Trust Services      Facsimile   44(0) 1202 34 1267

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