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BOWNE INTEGRATED TYPESETTING SYSTEM

CRC: 48273

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: 40

Description: EXH 2(B).5.1

0/1519.00.00.00Y59930BNY

[E/O] EDGAR 2 *Y59930/519/1*

BOWNE INTEGRATED TYPESETTING SYSTEM

CRC: 48273

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: 40

Description: EXH 2(B).5.1

0/1519.00.00.00Y59930BNY

[E/O] EDGAR 2 *Y59930/519/1*

that in which such substitution takes effect or the first date from and includin

that on which such substitution

takes effect, as the case may be, (1) the definition of “Index” and “Index Figure” in Condition 4.1 shall be

deemed to refer to the new date or month in substitution for January 1987 (or, as the case may be, to such other

date or month as may have been substituted therefor), and (2) the new Base Index Fi

ure shall be the product of

the existin

Base Index Fi

ure and the Index Fi

ure for the date on which such substitution takes effect, divided

by the Index Figure for the date immediately preceding the date on which such substitution takes effect.

(ii) Delay in publication of Index if sub-para

raph (i) of the definition of Index Fi

ure is applicable: If the Index Fi

ure

which is normally published in the seventh month and which relates to the ei

hth month (the “relevant month”)

before the month in which a payment is due to be made is not published on or before the fourteenth business day

before the date on which such payment is due (the “date for payment”), the Index Fi

ure applicable to the

month in which the date for payment falls shall be (1) such substitute index fi

ure (if any) as the Trustee

considers (actin

solely on the advice of the Indexation Adviser) to have been published by the United Kin

dom

Debt Mana

ement Office or the Bank of En

land, as the case may be, for the purposes of indexation of

payments on the Reference Gilt or, failing such publication, on any one or more issues of index-linked Treasury

Stock selected by an Indexation Adviser (and approved by the Trustee (actin

solely on the advice of the

Indexation Adviser)) or (2) if no such determination is made by such Indexation Adviser within seven days, the

Index Fi

ure last published (or, if later, the substitute index fi

ure last determined pursuant to Condition 4.3(i))

before the date for

ment.

(iii) Delay in publication of Index if sub-para

raph (ii) and/or (iii) of the definition of Index Fi

ure is applicable: If the

Index Figure relating to any month (the “calculation month”) which is required to be taken into account for the

purposes of the determination of the Index Fi

ure for any date is not published on or before the fourteenth

business day before the date on which such payment is due (the “date for payment”), the Index Fi

ure

applicable for the relevant calculation month shall be (1) such substitute index fi

ure (if any) as the Trustee

considers (actin

solely on the advice of the Indexation Adviser) to have been published by the United Kin

dom

Debt Mana

ement Office or the Bank of En

land, as the case may be, for the purposes of indexation of

payments on the Reference Gilt or, failing such publication, on any one or more issues of index-linked Treasury

Stock selected by an Indexation Adviser (and approved by the Trustee (actin

solely on the advice of the

Indexation Adviser)) or (2) if no such determination is made by such Indexation Adviser within seven days, the

Index Fi

ure last published (or, if later, the substitute index fi

ure last determined pursuant to Condition 4.3(i))

before the date for payment.

4.4 Application of Changes

Where the provisions of Condition 4.3(ii) or Condition 4.3(iii) apply, the determination of the Indexation Adviser as to the

Index Fi

ure applicable to the month in which the date for payment falls or the date for payment, as the case may be,

shall be conclusive and binding. If, an Index Figure having been applied pursuant to Condition 4.3(ii)(2) or Condition 4.3

(iii)(2), the Index Fi

ure relatin

to the relevant month or relevant calculation month, as the case may be, is subsequently

ublished while an Instrument is still outstandin

, then: