National Grid Gas PLC



As Agent Bank, please be advised of the following rate determined on: 17-May-2007

Issue               : National Grid Gas plc - Series 40
                      GBP 115,000,000.00 RPI Linked FRN Due 28 Jun 2046
ISIN Number         : XS0258589646
Common Code/        : 25858964
144A ISIN
Issue Nomin     GBP : 115,000,000.00
Period              : 28-Jun-2007 to 28-Dec-2007          Payment Date 28-Dec-2007
Number of Days      : 183
Rate                : 1.83808
Denomination GBP    : 50,000.00         115,000,000.00

Amount Payable
per Denomination    : 459.52            1,056,896.00

JPMorgan Chase Bank
Rate Fix Desk                           Telephone 44 1202 689580
Institutional Trust Services  Facsimille          44 1202 689601



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