NATIONAL GRID PLC


As Agent Bank, please be advised of the following rate determined on: 18-Mar-2008

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              : 18-Mar-2008 to 18-Jun-2008          Payment Date 18-Jun-2008
Number of Days      : 92
Rate                : 8.38
Denomination AUD    : 1,000,000.00                50,000,000.00

Amount Payable
per Denomination    : 21,122.19                   1,056,109.59

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



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