SAR - (ML Asset Allocator)

RNS Number:6709U
Merrill Lynch Investment ManagersLd
27 January 2004

                                                                      FORM SAR 5

Lodge with a RIS or Newstrack if appropriate and the Takeover Panel.

A copy must also be sent to the company the shares of which are being sold.

Date of disclosure

27th January, 2004......................................

DISCLOSURE UNDER NOTE 3 OF RULE 5 OF THE RULES GOVERNING SUBSTANTIAL
ACQUISITIONS OF SHARES ("SARs")

Date of sale

26th January, 2004.......................................

Sale of (name of company)

Merrill Lynch Asset Allocator plc .............................................

1. Class of voting shares (eg ordinary shares)

0.1p Balanced Shares

0.1p Growth Shares ............................................................

Number of shares/rights over shares sold

1,120,000 Shares (0.1p Growth Shares)........................

If rights over shares sold, as opposed to the shares themselves, specify nature
of rights

...............................................................

2. Resultant total holding of voting shares (and % of total voting shares in
issue)

Balanced: 5,225,069 (22.78%)

Growth: 23,012,525 (17.57%)

Total: 28,237,594 (18.35%)

Resultant total holding of rights over shares (and % of total voting shares in
issue)

28,237,594 (18.35%)

Total percentage

(18.35%)

3. Party making disclosure

MERRILL LYNCH INVESTMENT MANAGERS GROUP LIMITED

4. (a) Name of person selling shares or rights over shares

MERRILL LYNCH INVESTMENT MANAGERS GROUP LIMITED

and, if different, beneficial owner

...............................................................

(b) Names of any other persons acting by agreement or understanding

...............................................................

Signed, for and on behalf of the party named in (3) above

...............................................................

(Also print name of signatory)

Keli Walters ..............................

Telephone and extension number

0207 964 7492.................................

Note. The resultant total percentage holding of voting shares and rights over
shares is to be calculated by reference to the percentage held and in issue
outside treasury.

For full details of the SARs disclosure requirements, see Rules 3 and 5 of the
SARs. If in doubt, contact the Panel on Takeovers and Mergers, Monitoring
Section, Tel. No: 020 7638 0129. E-mail: [e-mail]


                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

SADBGGDBCUDGGSR