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
Feb 3	D	Weak or Absent	Down	Flat	Flat	11.68%
Jan 31	D	Weak or Absent	Down	Flat	Flat	11.67%
Jan 30	F	Weak or Absent	Down	Flat	Flat	12.40%
Jan 27	C	Weak or Absent	Down	Up	Up	11.29%
Jan 25	D	Weak or Absent	Down	Up	Up	11.29%
Jan 24	D	Weak or Absent	Down	Up	Up	11.29%
Jan 23	D	Weak or Absent	Down	Up	Up	11.29%
Jan 20	D	Weak or Absent	Down	Up	Up	11.29%
Jan 19	D	Weak or Absent	Down	Up	Up	10.50%
Jan 18	F	Weak or Absent	Down	Flat	Up	12.40%