Director Shareholding

National Grid Transco PLC
22 January 2003


22 January 2002


National Grid Transco plc ('NGT')

Directors Interests

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Following the NGT interim dividend payment of 6.86p net per ordinary share; on
21 January 2002 the trustee of the Lattice Group Employees Share Trust
reinvested funds received in respect of Shares held under the 1999 Long Term
Incentive scheme awards for each of Steve Lucas and John Wybrew, at a market
price of 436.04p per share, as follows:

Director              Existing LTIS   Additional shares     Revised LTIS    Total NGT
                      Award           from dividend         total           Share Interest after
                                      Reinvestment                          event

Steve Lucas           31,237          491                   31,728          289,112
John Wybrew           114,380         1,799                 116,179         452,147



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