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
May 23	C	Weak or Absent	Up	Flat	Up	3.91%
May 22	D	Weak or Absent	Up	Flat	Flat	4.66%
May 21	D	Weak or Absent	Up	Flat	Up	4.32%
May 20	D	Weak or Absent	Up	Down	Flat	4.96%
May 17	D	Weak or Absent	Up	Flat	Flat	4.69%
May 16	D	Weak or Absent	Up	Down	Down	6.02%
May 15	D	Weak or Absent	Up	Flat	Up	4.45%
May 14	D	Weak or Absent	Up	Down	Flat	5.14%
May 13	D	Weak or Absent	Up	Down	Down	5.77%
May 9	D	Weak or Absent	Up	Down	Flat	5.10%