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
Mar 21	C	Strong	Up	Up	Flat	4.24%
Mar 20	C	Strong	Up	Up	Flat	4.24%
Mar 19	C	Strong	Up	Flat	Down	5.16%
Mar 18	C	Strong	Up	Flat	Down	5.35%
Mar 15	C	Strong	Up	Flat	Down	5.39%
Mar 14	C	Strong	Up	Up	Flat	3.99%
Mar 13	C	Strong	Up	Up	Flat	3.99%
Mar 12	B	Strong	Up	Up	Flat	3.99%
Mar 11	B	Strong	Up	Up	Flat	3.83%
Mar 8	B	Strong	Up	Up	Up	3.75%