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
May 26	A	Weak or Absent	Up	Up	Up	9.40%
May 25	A	Weak or Absent	Up	Up	Up	9.40%
May 24	A	Weak or Absent	Up	Up	Up	9.38%
May 23	A	Weak or Absent	Up	Up	Up	9.72%
May 22	B	Weak or Absent	Flat	Up	Up	9.72%
May 19	B	Weak or Absent	Up	Up	Up	9.63%
May 17	B	Weak or Absent	Down	Up	Flat	11.23%
May 16	B	Weak or Absent	Flat	Up	Up	10.36%
May 15	C	Weak or Absent	Down	Flat	Flat	11.90%
May 12	C	Weak or Absent	Down	Down	Down	13.47%