Director Shareholding

National Grid Transco PLC
08 September 2003



National Grid Transco plc (NGT)

8 September 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, N P Winser and R J Urwin,

technically ceased to be interested in 34,301 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: R Kerner, Company Secretariat (020 7004 3223).


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