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 8	D	Weak or Absent	Up	Down	Flat	4.81%
May 7	D	Weak or Absent	Up	Down	Flat	5.06%
May 6	D	Weak or Absent	Up	Down	Flat	4.94%
May 3	D	Weak or Absent	Up	Down	Down	5.19%
May 2	D	Weak or Absent	Up	Down	Down	5.73%
May 1	B	Weak or Absent	Up	Down	Down	5.73%
Apr 30	A	Weak or Absent	Up	Up	Flat	3.63%
Apr 29	A	Weak or Absent	Up	Up	Up	2.55%
Apr 25	A	Weak or Absent	Up	Flat	Flat	4.24%
Apr 24	A	Weak or Absent	Up	Flat	Flat	4.24%