National Grid Electricity Transmission PLC

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

Issue                : National Grid Electricity Transmission Plc - Series 23
                       GBP 25,000,000 RPI Index Linked Due 17 Oct 2035
ISIN Number          : XS0232785021
Common Code/         : 23278502
144A ISIN
Issue Nomin     GBP  : 25,000,000.00
Period               : 17-Apr-2008 to 17-Oct-2008      Payment Date 17-Oct-2008
Number of Days       : 183
Rate                 : 2.22427
Denomination     GB    : 50,000.00

Amount Payable
per Denomination     : 556.07



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