National Grid Electricity Transmission


As Agent Bank, please be advised of the following rate determined on: 18-May-2007

Issue               : NATIONAL GRID ELECTRCITY TRANSMISSION - SERIES 34
                      GBP 50,000,000.00 INDEX LINKED FRN Due 14 July 2056
ISIN Number         : XS0259916566
Common Code/        : 25991656
144A ISIN
Issue Nomin     GBP : 50,000,000.00
Period              : 15-Jan-2007 to 16-Jul-2007          Payment Date 16-Jul-2007
Number of Days      : 182
Rate                : 1.87359
Denomination GBP    : 50,000.00

Amount Payable
per Denomination    : 468.40

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services           Facsimille 44 1202 689601



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