Transaction in Own Shares

Merrill Lynch Br. SmallerCo Tst PLC
24 March 2005

                             PURCHASE OF OWN SHARES




1) Date of the purchase:

23 March 2005

2) Number of Ordinary Shares purchased:

300,000

3) Highest and lowest price paid per share (excluding expenses):

240p

4) The issued share capital of the Company following this buy-back will be:
Ordinary shares - 50,863,523

5) Name of contact for queries:

Ms C Driscoll
020 7743 2427

6) Name of authorised Company official responsible for this notification:

Ms C Driscoll
for Merrill Lynch Investment Managers Group Services Limited
Secretary

7) Date of notification:

23 March 2005


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