National Grid Electricity Transmission plc


As Agent Bank, please be advised of the following rate determined on:18-Dec-2006
Issue               : National Grid Electricity Transmission plc - Series 38
                      GBP 25,000,000 Index Linked FRN due 28 Jul 2056
ISIN Number         : XS0262082117
Common Code /       : 26208211
144A ISIN
Issue Nomin     GBP : 25,000,000.00
Period              : 29-Jan-2007 to 30-Jul-2007  Payment Date 30-Jul-2007
Number of Days      : 182
Rate                : 1.61270779805
Denomination    GB  : 50,000.00     25,000,000.0
Amount Payable
per Denomination    : 403.18        201,588.47

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



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