FRN Variable Rate Fix

As Agent Bank, please be advised of the following rate determined on: 10/17/2025
Issue	¦ National Grid Electricity Transmission - Series 23 GBP 25,000,000 RPI Index Linked Due 17 Oct 2035
ISIN Number	¦ XS0232785021
ISIN Reference	¦ 23278502
Issue Nomin GBP	¦ 25000000
Period	¦ 10/17/2025 to 4/17/2026						Payment Date 4/17/2026
Number of Days	¦ 182
Rate	¦ 4.289666
Denomination GBP	¦ 50000			¦ 25000000					¦
Amount Payable per Denomination	¦ 1072.42			¦ 536208.29					¦
Bank of New York
Rate Fix Desk	Telephone						¦ 44 1202 689580
Corporate Trust Services		Facsimile					¦ 44 1202 689601

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