RNS Number:5582T
Merrill Lynch Asset Allocator PLC
22 December 2003

MERRILL LYNCH ASSET ALLOCATOR plc - GROWTH PORTFOLIO

All information is at 28 November 2003 and unaudited.

Performance at month end with net income reinvested
                                One             Three               Six              One           Three           Since
                              month            months            months             year           years         launch*
Net asset value                0.5%              0.6%              5.6%             6.9%          -27.0%          -15.3%
Share price                   -1.4%              4.5%              2.7%             2.0%          -35.5%          -26.1%

*Launch date 1 April 1999, opening net asset value 99.34p

Sources: Merrill Lynch Investment Managers
At month end
Net asset value*:                                                                          79.98p
Share price:                                                                               70.00p
Discount:                                                                                   12.5%
Total assets:                                                                             #125.1m
Gearing of Growth Portfolio:                                                                19.4%
Effective gearing of Growth Portfolio:                                                        Nil
Net historic yield:                                                                          1.9%
Value of debt:                                                                             #20.3m
Growth shares in issue:                                                               132,009,436

(During the month 2,206,352 Growth shares were converted into 1,946,002 Balanced
shares, and 810,800 Balanced shares were converted into 919,447 Growth shares.
In addition, 470,000 shares were repurchased and cancelled and #264,157 of FRNs
were converted into 331,895 shares)
*Includes current year net revenue of 0.62p
Geographic Regional Exposure                                              % Total Assets
Equities                                                                            63.5
North America                                                                       20.1
Japan                                                                                7.6
Europe                                                                               5.8
UK                                                                                   4.8
Other                                                                               25.2
Fixed Income                                                                        19.3
Cash                                                                                17.2
Total                                                                              100.0



Ten Largest Equity Investments                                             % Investments
Series 71 Snap Fauchier Allocator Fund 2 Performance Linked Notes                        12.7
Series 446 ING Fauchier Allocator Fund 1 Performance Linked Notes                        12.7
Nippon Telegraph                                                                          1.5
Odyssey                                                                                   1.3
Nippon Broadcasting                                                                       1.3
Millea                                                                                    1.3
Nippon Koa Insurance                                                                      1.3
Aon                                                                                       1.3
Pfizer                                                                                    0.9
Citigroup                                                                                 0.7
Total                                                                                    35.0




Latest information is available by typing "www.mlim.co.uk/its" on the internet,
"MLIMINDEX" on Reuters and "MLIM" on Bloomberg or "0800" on Topic 3 (ICV
terminal).



22 December 2003




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