Director Shareholding

National Grid Transco PLC
04 December 2002


4 December 2002

National Grid Transco plc (NGT)

Notification of Changes in Directors' Interests

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NGT notifies the following changes to Directors' beneficial interests in NGT
Ordinary Shares, following grants of options under the National Grid Executive
Share Option Plan

The following directors have been granted options under the Executive Share
Option Plan, effective as of 3 December 2002, to subscribe for Ordinary shares
at an exercise price of 434.25p per share and exercisable, subject to agreed
performance criteria, during the period of seven years from 3 December 2005.
There was no payment for the grants of options.

Options granted:

1.      Edward Astle.     112,262

2.     Steve Lucas.       54,404

3.      John Wybrew      62,262

The total share interests of the above directors, following these changes, are:

1.      Edward Astle.     420,337

2.     Steve Lucas.       285,921

3.      John Wybrew      450,348


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