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 9	A	Strong	Up	Up	Flat	6.27%
Jan 8	A	Strong	Up	Up	Up	5.65%
Jan 5	A	Strong	Up	Up	Flat	6.27%
Jan 4	A	Strong	Up	Up	Flat	6.27%
Jan 3	A	Strong	Up	Up	Flat	6.27%
Jan 2	A	Strong	Up	Up	Flat	6.27%
Dec 29	A	Strong	Up	Up	Up	5.44%
Dec 28	B	Strong	Up	Up	Up	6.35%
Dec 27	B	Strong	Up	Up	Up	6.90%
Dec 26	B	Strong	Up	Up	Flat	7.75%