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BOWNE INTEGRATED TYPESETTING SYSTEM

CRC: 14160

Name: NATIONAL GRID

Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: (212)924-5500Site: BOWNE OF NEW YORK

Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 12

Description: EXH 2(B).5.1

0/2491.00.00.00Y59930BNY

[E/O] EDGAR 2 *Y59930/491/2*

BOWNE INTEGRATED TYPESETTING SYSTEM

CRC: 14160

Name: NATIONAL GRID

Date: 17-JUN-2008 03:10:51.35Operator: BNY99999TPhone: (212)924-5500Site: BOWNE OF NEW YORK

Y59930.SUB, DocName: EX-2.B.5.1, Doc: 4, Page: 12

Description: EXH 2(B).5.1

0/2491.00.00.00Y59930BNY

[E/O] EDGAR 2 *Y59930/491/2*

12

acceleration provision as described in “Terms and Conditions of the Instruments —

Events of Default”.

Events of Default The events of default under the Instruments are as specified below under “Terms

and Conditions of the Instruments

—

Events of Default”.

Early Redemption

Except as provided in “Optional Redemption” and “Redemption” above,

Instruments will be redeemable at the option of the relevant Issuer prior to maturity

only for tax reasons and in the case of Index Linked Instruments only, for index

reasons. See “Terms and Conditions of the Instruments — Redemption, Purchase

and Options” and “Terms and Conditions of the Instruments — Indexation”.

Withholding Tax

All payments of principal and interest in respect of the Instruments, Receipts and

Coupons will be made free and clear of withholdin

g

taxes of the United Kin

g

dom

unless compelled by law. In that event, the Issuer will, subject to customary

exceptions (includin

g

the standard EU exceptions), pay such additional amounts

as will result in the payment to the Instrumentholders, Receiptholders or

Couponholders of the amounts which would otherwise have been received in

respect of the Instruments, Receipts and Coupons had no withholdin

g

or deduction

been made, all as described in “Terms and Conditions of the Instruments —

Taxation”.

Governin

g

Law En

g

lish

Listing

Each Series may be admitted to the Official List and admitted to tradin

g

on the

Market and/or admitted to listin

g

, tradin

g

and/or quotation by any other listin

g

authority, stock exchan

g

e and/or quotation system as may be a

g

reed between the

relevant Issuer and the relevant Dealer(s) and specified in the relevant Final Terms

or may be unlisted.

Ratings Tranches of Instruments (as defined in “Overview of the Programme”) may be

rated or unrated. Where a Tranche of Instruments is rated, such ratin

g

will be

specified in the relevant Final Terms. A ratin

g

is not a recommendation to buy, sell

or hold securities and may be subject to suspension, reduction or withdrawal at

an

y

time b

y

the assi

g

nin

g

ratin

g

a

g

enc

y

.

Selling Restrictions United States, United Kin

g

dom, European Economic Area (in the case of unlisted

Instruments

)

and Ja

p

an. See “Plan of Distribution”.

Cate

g

ory 2 sellin

g

restrictions will apply to the Instruments for the purposes of

Re

g

ulation S under the Securities Act.

The Instruments will be issued in compliance with U.S.