Trend Table for IPB - Merrill Lynch & Co., Inc. 6.0518% Index Plus Trust Certificates Series 2003-1

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Apr 24	B	Weak or Absent	Up	Flat	Flat	0.00%
Apr 23	B	Weak or Absent	Up	Flat	Flat	0.00%
Apr 22	B	Strong	Up	Flat	Down	0.47%
Apr 19	B	Strong	Up	Down	Down	1.80%
Apr 18	A	Strong	Up	Up	Flat	-1.09%
Apr 16	A	Strong	Up	Flat	Down	0.00%
Apr 15	A	Strong	Up	Up	Up	-1.68%
Apr 12	C	Strong	Up	Flat	Down	0.63%
Apr 11	A	Strong	Up	Up	Up	-1.35%
Apr 10	B	Strong	Up	Up	Flat	-0.58%