Director Shareholding

National Grid Transco PLC
22 August 2003

22 August 2003

National Grid Transco plc ('NGT')

Directors Interests

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Following the NGT final dividend payment of 10.34p net per ordinary share; on 21
August 2003 the trustee of the Lattice Group Employees Share Trust reinvested
funds received in respect of shares held under the Lattice Long Term Incentive
Scheme (the 'LTIS' ) 1999 awards, for each of Steve Lucas and John Wybrew, at a
market price of 400.25p per share, as follows:


Director              Existing LTIS   Additional shares     Revised LTIS    Total NGT Share
                      Award           from dividend                         Interest after event
                                      Reinvestment          total
Steve Lucas           31,728          813                   32,541          405,594
John Wybrew           116,179         2,980                 119,159         569,254


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