National Grid Company Plc


RE: THE NATIONAL GRID COMPANY PLC
    GBP 50,000,000.00
    MATURING: 08/Jul/2032
    ISSUE DATE: 08/Jul/2002
    ISIN: XS0150038395

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
08/Jan/2007 TO 08/Jul/2007 HAS BEEN FIXED AT 3.263210 PCT.

DAY BASIS 180/360

INTEREST PAYABLE VALUE 09/Jul/2007 WILL AMOUNT TO
GBP 815,802.50 PER GBP 50,000,000.00 NOMINAL.

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 (0)20 7508 3858/3855 OR FAX: 44 (0)20 7508 3881.



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