Director Shareholding

National Grid Transco PLC
21 January 2003


National Grid Transco plc (NGT)

21 January 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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On Friday 17 January 2003, each of the Executive Directors of NGT: E Astle, S
Holliday, S Lucas, R Sergel, R Urwin and J Wybrew, technically ceased to be
interested in 15,647 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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