National Grid Electricity Transmission plc


As Agent Bank, please be advised of the following rate determined on: 17-Nov-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-Dec-2006 to 28-Jun-2007   Payment Date 28-Jun-2007
Number of Days      : 180
Rate                : 2.36739766701
Denomination    GB  : 50,000.00    50,000,000.00
Amount Payable
per Denomination    : 591.85       591,849.42

Institutional       Telephone   44(0) 1202 32 6660
Trust Services      Facsimile   44(0) 1202 34 1267
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