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
Aug 25	A	Weak or Absent	Up	Up	Up	7.69%
Aug 24	A	Weak or Absent	Up	Up	Down	9.31%
Aug 23	A	Weak or Absent	Up	Up	Up	7.66%
Aug 21	A	Weak or Absent	Up	Up	Flat	9.23%
Aug 18	A	Weak or Absent	Up	Up	Flat	9.23%
Aug 16	A	Weak or Absent	Up	Up	Up	7.66%
Aug 15	A	Weak or Absent	Up	Up	Up	7.66%
Aug 14	A	Weak or Absent	Up	Up	Up	7.79%
Aug 11	A	Weak or Absent	Up	Up	Up	9.40%
Aug 10	A	Weak or Absent	Up	Up	Up	9.40%