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
Apr 24	C	Weak or Absent	Down	Up	Flat	10.15%
Apr 21	B	Weak or Absent	Down	Up	Up	10.15%
Apr 20	B	Weak or Absent	Down	Up	Up	10.15%
Apr 19	C	Weak or Absent	Down	Up	Flat	10.72%
Apr 18	C	Weak or Absent	Down	Up	Up	10.72%
Apr 17	C	Weak or Absent	Down	Up	Flat	11.24%
Apr 13	C	Weak or Absent	Down	Up	Up	10.19%
Apr 11	C	Weak or Absent	Down	Flat	Flat	11.91%
Apr 10	C	Weak or Absent	Down	Up	Up	10.28%
Apr 6	C	Weak or Absent	Down	Up	Up	10.19%