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 8	B	Strong	Up	Up	Flat	3.49%
Apr 4	A	Strong	Up	Up	Flat	3.49%
Apr 3	B	Strong	Up	Up	Flat	3.75%
Apr 2	B	Strong	Up	Up	Flat	3.75%
Apr 1	B	Strong	Up	Up	Up	3.47%
Mar 28	B	Strong	Up	Up	Up	2.67%
Mar 27	B	Strong	Up	Up	Up	3.38%
Mar 26	B	Strong	Up	Up	Flat	4.24%
Mar 25	C	Strong	Up	Flat	Flat	4.61%
Mar 22	B	Strong	Up	Up	Flat	4.24%