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 28	B	Strong	Up	Up	Up	3.86%
Mar 27	B	Strong	Up	Up	Up	4.59%
Mar 26	B	Strong	Up	Up	Flat	5.45%
Mar 25	C	Strong	Up	Flat	Flat	5.82%
Mar 22	B	Strong	Up	Up	Flat	5.45%
Mar 21	C	Strong	Up	Up	Flat	5.45%
Mar 20	C	Strong	Up	Up	Flat	5.45%
Mar 19	C	Strong	Up	Flat	Down	6.39%
Mar 18	C	Strong	Up	Flat	Down	6.58%
Mar 15	C	Strong	Up	Flat	Down	6.62%