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 8	C	Weak or Absent	Down	Up	Flat	10.89%
May 5	C	Weak or Absent	Down	Up	Flat	10.89%
May 4	C	Weak or Absent	Down	Down	Down	12.35%
May 3	C	Weak or Absent	Down	Flat	Down	12.22%
May 2	C	Weak or Absent	Down	Up	Flat	10.15%
May 1	B	Weak or Absent	Flat	Up	Flat	9.72%
Apr 28	B	Weak or Absent	Up	Up	Up	8.53%
Apr 27	C	Weak or Absent	Down	Up	Flat	10.63%
Apr 26	B	Weak or Absent	Down	Up	Flat	10.63%
Apr 25	C	Weak or Absent	Down	Up	Flat	10.63%