Quest Operation

National Grid Transco PLC
19 July 2004



National Grid Transco plc (NGT)

19 July 2004



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 52,753 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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