National Grid Elec Tran


As Agent Bank, please be advised of the following rate determined on:28-Aug-2008
Issue              � National Grid Electricity Transmission - Series 22
                     GBP 75,000,000 FRN Due 28 Sept 2035
ISIN Number        � XS0230845207
Common Code /      � 23084520
144A ISIN
Issue Nomin GBP    � 75,000,000.00
Period             � 29-Sep-2008 to 30-Mar-2009     Payment Date 30-Mar-2009
Number of Days     � 182
Rate               � 2.33267575434
Denomination GBP   � 50,000.00             75,000,000.0

Amount Payable     � 583.17                874,753.41                
per Denomination

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



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