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
Dec 22	C	Strong	Up	Up	Flat	7.94%
Dec 21	B	Strong	Up	Up	Up	7.04%
Dec 20	A	Strong	Up	Up	Up	7.06%
Dec 19	B	Strong	Up	Up	Up	6.27%
Dec 18	A	Strong	Up	Up	Up	5.44%
Dec 15	B	Strong	Up	Up	Up	6.55%
Dec 14	C	Weak or Absent	Up	Up	Down	10.93%
Dec 13	C	Weak or Absent	Up	Up	Flat	9.87%
Dec 11	B	Weak or Absent	Up	Up	Up	8.97%
Dec 8	A	Weak or Absent	Up	Up	Up	7.95%