NATIONAL GRID PLC



As Agent Bank, please be advised of the following rate determined on: 18-Sep-2008
Issue              � National Grid plc - Series 26
                     AUD 50,000,000.00 FRN Due 18-Mar-2016
ISIN Number        � XS0248330200
Common Code / 144A � 248330220
 ISIN
Issue Nomin AUD    � 50,000,000.00
Period             � 18-Sep-2008 to 18-Dec-2008            Payment Date 18-Dec-2008
Number of Days     � 91
Rate               � 7.9733
Denomination AUD   � 1,000,000.00          � 50,000,000.00        �

Amount Payable per � 19,878.64             � 993,931.92           �
 Denomination

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



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