As Agent Bank, please be advised of the following rate determined            on: 17-Nov-2008
 Issue                             � National Grid Company plc - Series 16
                                   GBP 50,000,000.00 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-2008 to 28-Jun-2009              Payment Date 28-Jun-2009
 Number of Days                    � 180
 Rate                              � 2.57177
 Denomination GBP                  � 50,000.00             � 50,000,000.00                      �
                                                                                                     
 Amount Payable per Denomination   � 642.94                � 642,942.50                         �
                                                                                                     
 Bank of New York
 Rate Fix Desk                                             Telephone         � 44 1202 689580
 Corporate Trust Services                                  Facsimile         � 44 1202 689601
    
    
    


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