Director Shareholding

National Grid Transco PLC
23 May 2003



National Grid Transco plc (NGT)

23 May 2003



QUALIFYING EMPLOYEE SHARE OWNERSHIP TRUST (Quest)

(Notification of Directors' Interests

pursuant to Section 324(2) of the Companies Act 1985)

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Today, each of the following NGT Executive Directors:

E M Astle, S J Holliday, R P Sergel, N P Winser and R J Urwin, technically
ceased to be interested in 17,550 NGT Ordinary shares, by virtue of the Quest
transferring the shares to employees.

(Note: For Companies Act purposes, the Executive Directors named above are
deemed to have a technical interest in the shares held in NGT's Quest, together
with all participating employees. The interest ceases when shares are
transferred to participants who exercise their Sharesave scheme options.)

Contact: D C Forward, Assistant Secretary (020 7004 3226).


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