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
Jan 17	A	Strong	Up	Up	Down	5.75%
Jan 16	A	Strong	Up	Up	Flat	4.54%
Jan 12	A	Strong	Up	Up	Flat	4.24%
Jan 11	A	Strong	Up	Up	Flat	4.24%
Jan 9	A	Strong	Up	Up	Flat	4.65%
Jan 8	A	Strong	Up	Up	Up	4.03%
Jan 5	A	Strong	Up	Up	Flat	4.65%
Jan 4	A	Strong	Up	Up	Flat	4.65%
Jan 3	A	Strong	Up	Up	Flat	4.65%
Jan 2	A	Strong	Up	Up	Flat	4.65%