Redemption of NGC Bonds

National Grid Transco PLC
23 October 2003

National Grid Transco plc ('NGT')

Date: 23 October 2003



National Grid Company plc - Redemption of Bonds

On 27 August 2003, NGT announced that National Grid Company plc had given notice
that it would exercise its optional right to redeem all of the outstanding 4.25
per cent. Exchangeable Bonds due 2008, effective on 29 September 2003. The
redemption took place on 29 September 2003.

Contact: Malcolm Cooper, Treasury ([phone])


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