National Grid Gas plc



As Agent Bank, please be advised of the following rate determined on: 18-Feb-2008
Issue              � National Grid Gas Plc - Series 46
                     GBP 25,000,000.00 Index Linked FRN Due 30 Mar 2037
ISIN Number        � XS0281936889
Common Code / 144A � 28193688
 ISIN
Issue Nomin GBP    � 25,000,000.00
Period             � 31-Mar-2008 to 30-Sep-2008            Payment Date 30-Sep-2008
Number of Days     � 183
Rate               � 1.8796
Denomination GBP   � 50,000.00             � 25,000,000.00        �

Amount Payable per � 469.90                � 234,950.00           �
 Denomination

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



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