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
Mar 21	D	Weak or Absent	Down	Down	Flat	13.30%
Mar 20	C	Weak or Absent	Down	Flat	Up	12.40%
Mar 17	C	Weak or Absent	Down	Down	Flat	13.58%
Mar 16	D	Weak or Absent	Down	Down	Down	13.67%
Mar 15	D	Weak or Absent	Down	Down	Down	13.53%
Mar 14	D	Weak or Absent	Down	Down	Down	13.53%
Mar 13	D	Weak or Absent	Down	Down	Down	13.53%
Mar 10	D	Weak or Absent	Down	Down	Flat	12.40%
Mar 9	D	Weak or Absent	Down	Down	Down	13.30%
Mar 8	D	Weak or Absent	Down	Down	Flat	12.53%