ESOP Operation

National Grid Transco PLC
23 July 2004

23 July 2004

National Grid Transco plc (NGT)

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National Grid 1996 EMPLOYEE BENEFIT TRUST (ESOP)

(Notification of Directors' Interests, Pursuant to Section 324(2)

of the Companies Act 1985)

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NGT has received a further notification from the ESOP Trustee; that certain
Executive Directors of NGT (E Astle, S Holliday, R Sergel, R Urwin and N Winser)
ceased to be technically interested in a total of 1,787 NGT Ordinary shares, by
virtue of the Trustee having transferred the shares to a participant, today.

(Note: For Companies Act purposes, these Executive Directors of NGT are deemed
to have a technical interest in all the shares held by the ESOP, together with
all participating employees. The interest ceases when shares are transferred to
participants by the exercise of executive share options or under another
employees' share scheme.)

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


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