NATIONAL GRID PLC


As Agent Bank, please be advised of the following rate determined on: 18-Dec-2006

Issue               : NATIONAL GRID PLC - SERIES 26
                      AUD 50,000,000.00 FRN FRN Due 18 MAR 2016
ISIN Number         : XS0248330200
Common Code/        : 248330220
144A ISIN
Issue Nomin     AUD : 50,000,000.00
Period              : 18-Dec-2006 to 19-Mar-2007          Payment Date 19-Mar-2007
Number of Days      : 91
Rate                : 7
Denomination AUD    : 1,000,000.00                50,000,000.00

Amount Payable
per Denomination    : 17,452.05                   872,602.74

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 (0) 1202 32 8226
Institutional Trust Services  Facsimille          44 (0) 1202 34 7939



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