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BOWNE INTEGRATED TYPESETTING SYSTEM

CRC: 42792

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.7.1, Doc: 8, Page: 35

Description: EXH 2(B).7.1

0/4789.00.00.00Y59930BNY

[E/O] EDGAR 2 *Y59930/789/4*

BOWNE INTEGRATED TYPESETTING SYSTEM

CRC: 42792

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.7.1, Doc: 8, Page: 35

Description: EXH 2(B).7.1

0/4789.00.00.00Y59930BNY

[E/O] EDGAR 2 *Y59930/789/4*

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 figure last determined pursuant to Condition 4.3(i)) before the date for payment.

(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 A

lication of Chan

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

published while an Instrument is still outstanding, then:

(i) in relation to a payment of principal or interest in respect of such Instrument other than upon final redemption of

such Instrument, the principal or interest (as the case may be) next payable after the date of such subsequent

publication shall be increased or reduced, as the case may be, by an amount equal to the shortfall or excess, as

the case may be, of the amount of the relevant payment made on the basis of the Index Fi

ure applicable by

virtue of Condition 4.3(ii)(2) or Condition 4.3(iii)(2) below or above the amount of the relevant payment that would

have been due if the Index Fi

ure subsequently published had been published on or before the fourteenth

business day before the date for payment; and

(ii) in relation to a payment of principal or interest upon final redemption, no subsequent adjustment to amounts paid

will be made.

4.5 Cessation of or Fundamental Chan

es to the Index

(i) If (1) the Trustee and the Issuer [and the Guarantor]* have been notified by the Calculation A

ent that the Index

has ceased to be published or (2) any chan

e is made to the covera

e or the basic calculation of the Index which

constitutes a fundamental chan

e which would, in the opinion of (A) the Issuer be materially prejudicial to the

interests of the Issuer,[ or the Guarantor]* or (B) the Trustee actin

solely on the advice of an Indexation Adviser,

be materially prejudicial to the interests of the Instrumentholders, the Trustee will

ive written notice of such

occurrence to the Issuer in the case of

(

)

, and the Issuer

[

, the Guarantor

]