National Grid Gas plc


As Agent Bank, please be advised of the following rate determined on:19-Feb-2007

Issue            : National Grid Gas plc - Series 46
                   GBP 25,000,000 Index Linked FRN Due 30 Mar 2037
ISIN Number      : XS0281936889
Common Code/     : 28193688
144A ISIN
Issue Nomin  GBP : 25,000,000.00
Period           : 30-Mar-2007  to  01-Oct-2007     Payment Date 01-Oct-2007
Number of Days   : 185
Rate             : 1.80614021243
Denomination  GB : 50,000.00       25,000,000.0
Amount Payable   : 451.54          225,767.53
per Denomination


JPMorgan Chase Bank
Rate Fix Desk                       Telephone   44(0) 1202 32 8236
Institutional Trust Services        Facsimile   44(0) 1202 34 7939



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