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
Sep 27	C	Strong	Down	Down	Down	13.93%
Sep 26	C	Strong	Flat	Down	Down	12.54%
Sep 25	C	Strong	Flat	Down	Down	12.77%
Sep 22	A	Strong	Up	Flat	Up	10.35%
Sep 21	B	Strong	Up	Flat	Up	10.57%
Sep 20	C	Strong	Flat	Down	Down	12.09%
Sep 19	C	Strong	Up	Down	Flat	11.42%
Sep 18	C	Strong	Flat	Down	Down	12.09%
Sep 15	B	Weak or Absent	Up	Up	Up	9.44%
Sep 14	B	Weak or Absent	Up	Up	Up	9.44%