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
Dec 29	A	Strong	Up	Up	Up	3.83%
Dec 28	B	Strong	Up	Up	Up	4.73%
Dec 27	B	Strong	Up	Up	Up	5.27%
Dec 26	B	Strong	Up	Up	Flat	6.11%
Dec 22	C	Strong	Up	Up	Flat	6.30%
Dec 21	B	Strong	Up	Up	Up	5.41%
Dec 20	A	Strong	Up	Up	Up	5.42%
Dec 19	B	Strong	Up	Up	Up	4.65%
Dec 18	A	Strong	Up	Up	Up	3.83%
Dec 15	B	Strong	Up	Up	Up	4.92%