NATIONAL GRID PLC




As Agent Bank, please be advised of the following rate determined on: 19-Mar-2007

Issue               : National Grid plc - Series 26
                      AUD 50,000,000.00 FRN Due 18-Mar-2016
ISIN Number         : XS0248330200
Common Code/        : 248330220
144A ISIN
Issue Nomin     AUD : 50,000,000.00
Period              : 19-Mar-2007 to 18-Jun-2007          Payment Date 18-Jun-2007
Number of Days      : 91
Rate                : 7.02
Denomination AUD    : 1,000,000.00                50,000,000.00

Amount Payable
per Denomination    : 17,501.92                   875,095.89

JPMorgan Chase Bank
Rate Fix Desk                           Telephone  44 (0) 1202 32 8226
Institutional Trust Services            Facsimille 44 (0) 1202 34 7939



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