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
Jun 12	C	Weak or Absent	Up	Flat	Flat	4.24%
Jun 11	D	Weak or Absent	Up	Flat	Flat	4.65%
Jun 10	C	Weak or Absent	Up	Flat	Flat	4.48%
Jun 5	D	Weak or Absent	Up	Flat	Flat	4.42%
Jun 4	D	Weak or Absent	Up	Down	Flat	4.98%
Jun 3	D	Weak or Absent	Up	Down	Flat	4.98%
May 31	C	Weak or Absent	Up	Flat	Flat	4.24%
May 30	D	Weak or Absent	Up	Flat	Flat	4.85%
May 29	D	Weak or Absent	Up	Down	Flat	4.98%
May 28	D	Weak or Absent	Up	Flat	Flat	4.85%