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
May 16	D	Weak or Absent	Up	Down	Down	7.26%
May 15	D	Weak or Absent	Up	Flat	Up	5.67%
May 14	D	Weak or Absent	Up	Down	Flat	6.37%
May 13	D	Weak or Absent	Up	Down	Down	7.00%
May 9	D	Weak or Absent	Up	Down	Flat	6.32%
May 8	D	Weak or Absent	Up	Down	Flat	6.03%
May 7	D	Weak or Absent	Up	Down	Flat	6.28%
May 6	D	Weak or Absent	Up	Down	Flat	6.16%
May 3	D	Weak or Absent	Up	Down	Down	6.41%
May 2	D	Weak or Absent	Up	Down	Down	6.96%