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
Jun 3	D	Weak or Absent	Up	Down	Flat	6.20%
May 31	C	Weak or Absent	Up	Flat	Flat	5.45%
May 30	D	Weak or Absent	Up	Flat	Flat	6.07%
May 29	D	Weak or Absent	Up	Down	Flat	6.20%
May 28	D	Weak or Absent	Up	Flat	Flat	6.07%
May 23	C	Weak or Absent	Up	Flat	Up	5.12%
May 22	D	Weak or Absent	Up	Flat	Flat	5.87%
May 21	D	Weak or Absent	Up	Flat	Up	5.53%
May 20	D	Weak or Absent	Up	Down	Flat	6.18%
May 17	D	Weak or Absent	Up	Flat	Flat	5.91%