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
Jun 22	A	Weak or Absent	Up	Up	Up	5.49%
Jun 21	B	Weak or Absent	Up	Up	Up	6.93%
Jun 20	B	Weak or Absent	Up	Up	Up	5.45%
Jun 16	B	Weak or Absent	Up	Up	Up	6.85%
Jun 15	B	Weak or Absent	Up	Up	Up	6.93%
Jun 7	B	Weak or Absent	Up	Up	Flat	8.91%
Jun 6	B	Weak or Absent	Up	Up	Up	8.91%
Jun 5	B	Weak or Absent	Up	Up	Up	8.45%
Jun 1	B	Weak or Absent	Flat	Up	Flat	10.15%
May 31	B	Weak or Absent	Flat	Up	Flat	10.15%