National Grid Electricity Transmission plc




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

Issue               : National Grid Electricity Transmission plc - Series 38
                      GBP 25,000,000.00 Index Linked FRN Due 28-July-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                : 1.65319
Denomination GBP    : 50,000.00                   25,000,000.00

Amount Payable
per Denomination    : 413.30            206,648.75

Bank of New York
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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