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
Jul 24	C	Weak or Absent	Up	Flat	Flat	11.46%
Jul 21	D	Weak or Absent	Up	Flat	Flat	11.86%
Jul 19	B	Weak or Absent	Up	Up	Up	10.53%
Jul 18	B	Weak or Absent	Up	Up	Up	10.53%
Jul 17	B	Weak or Absent	Up	Up	Up	10.53%
Jul 14	D	Weak or Absent	Down	Down	Down	13.19%
Jul 13	D	Weak or Absent	Flat	Flat	Down	11.86%
Jul 12	D	Weak or Absent	Flat	Flat	Flat	11.86%
Jul 11	C	Weak or Absent	Up	Up	Flat	11.15%
Jul 10	C	Weak or Absent	Up	Up	Flat	10.75%