National Grid Gas Plc


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

Issue            : National Grid Gas plc - Series 40
                   GBP 115,000,000 RPI Linked FRN due 28 Jun 2046
ISIN Number      : XS0258589646
Common Code/     : 25858964
144A ISIN
Issue Nomin  GBP : 115,000,000.00
Period           : 29-Dec-2006  to  28-Jun-2007       Payment Date 28-Jun-2007
Number of Days   : 182
Rate             : 1.79333636833
Denomination  GB : 50,000.00         115,000,000.
Amount Payable   : 445.88            1,025,533.61
per Denomination


JPMorgan Chase Bank
Rate Fix Desk                       Telephone   44(0) 1202 32 8236
Institutional Trust Services        Facsimile   44(0) 1202 34 7939



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