National Grid Elec Tran


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

Issue              :  National Grid Electricity Transmission - Series 22
                      GBP 75,000,000 FRN Due 28 Sep 2035
ISIN Number        :  XS0230845207
Common Code/
144A ISIN          :  23084520
Issue Nomin GBP    :  75,000,000.00
Period             :  28-Sep-2006 to 28-Mar-2006 Payment Date 28-Mar-2006
Number of Days     :  181
Rate               :  2.13873504498
Denomination GB    :  50,000.00   75,000,000.00
Amouny Payable     :  534.68       802,025.64
per Denomination



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