National Grid Electricity Transmission PLC



As Agent Bank, please be advised of the following rate determined on: 17-Sep-2008
Issue              � National Grid Electricity Transmission plc - Series 23
                     GBP 25,000,000.00 RPI Index Linked FRN Due 17-Oct-2035
ISIN Number        � XS0232785021
Common Code / 144A � 23278502
 ISIN
Issue Nomin GBP    � 25,000,000.00
Period             � 17-Oct-2008 to 17-Apr-2009            Payment Date 17-Apr-2009
Number of Days     � 182
Rate               � 2.2853
Denomination GBP   � 50,000.00             �                      �

Amount Payable per � 571.33                �                      �
 Denomination

Bank of New York
Rate Fix Desk                              Telephone       � 44 1202 689580
Corporate Trust Services                   Facsimile       � 44 1202 689601
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