October 4th, 2000
CONSENT OF DONALDSON, LUFKIN & JENRETTE SECURITIES CORPORATION
We hereby consent to the inclusion of our opinion letter, dated
September 4th, 2000, to the Board of Directors of Niagara Mohawk Holdings, Inc.
(the "Company") as Annex B to the Proxy Statement of the Company relating to the
merger with a wholly owned subsidiary of National Grid Plc. In giving such
consent, we do not admit that we come within the category of persons whose
consent is required under, and we do not admit that we are "experts" for
purposes of, the Securities Act of 1933, as amended, and the rules and
regulations promulgated thereunder.
DONALDSON, LUFKIN & JENRETTE
SECURITIES CORPORATION
By:
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Charles Attlan, Vice President
