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 14	C	Weak or Absent	Up	Up	Down	9.23%
Dec 13	C	Weak or Absent	Up	Up	Flat	8.20%
Dec 11	B	Weak or Absent	Up	Up	Up	7.31%
Dec 8	A	Weak or Absent	Up	Up	Up	6.31%
Dec 7	A	Weak or Absent	Up	Up	Up	6.93%
Dec 6	B	Weak or Absent	Up	Up	Up	7.65%
Dec 5	B	Weak or Absent	Up	Up	Up	7.65%
Dec 4	B	Weak or Absent	Up	Up	Up	8.63%
Nov 30	B	Weak or Absent	Up	Up	Up	9.06%
Nov 29	B	Weak or Absent	Up	Up	Up	9.06%