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 14	C	Strong	Up	Up	Flat	5.20%
Mar 13	C	Strong	Up	Up	Flat	5.20%
Mar 12	B	Strong	Up	Up	Flat	5.20%
Mar 11	B	Strong	Up	Up	Flat	5.04%
Mar 8	B	Strong	Up	Up	Up	4.95%
Mar 7	B	Strong	Up	Up	Up	3.72%
Mar 6	B	Weak or Absent	Up	Up	Up	4.22%
Mar 5	A	Weak or Absent	Up	Up	Up	5.45%
Mar 4	A	Weak or Absent	Up	Up	Up	5.45%
Mar 1	B	Weak or Absent	Up	Up	Up	5.66%