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
Dec 21	C	Weak or Absent	Down	Up	Up	8.49%
Dec 20	D	Weak or Absent	Down	Down	Down	12.40%
Dec 19	F	Weak or Absent	Down	Down	Down	15.87%
Dec 12	D	Weak or Absent	Down	Up	Up	8.07%
Dec 5	D	Weak or Absent	Down	Up	Up	6.44%
Dec 2	D	Weak or Absent	Down	Up	Up	6.44%
Dec 1	D	Weak or Absent	Down	Down	Up	11.48%
Nov 30	F	Weak or Absent	Down	Down	Down	13.49%
Nov 29	F	Strong	Down	Down	Down	13.49%
Nov 28	F	Strong	Down	Down	Down	14.95%