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
Jan 24	A	Strong	Up	Up	Flat	8.52%
Jan 23	C	Strong	Up	Up	Down	10.13%
Jan 22	B	Strong	Up	Up	Flat	8.95%
Jan 19	B	Strong	Up	Up	Down	10.09%
Jan 18	B	Strong	Up	Up	Down	10.19%
Jan 17	A	Strong	Up	Up	Down	9.24%
Jan 16	A	Strong	Up	Up	Flat	7.99%
Jan 12	A	Strong	Up	Up	Flat	7.67%
Jan 11	A	Strong	Up	Up	Flat	7.67%
Jan 9	A	Strong	Up	Up	Flat	8.09%