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
Jun 16	B	Weak or Absent	Up	Up	Up	8.50%
Jun 15	B	Weak or Absent	Up	Up	Up	8.59%
Jun 7	B	Weak or Absent	Up	Up	Flat	10.60%
Jun 6	B	Weak or Absent	Up	Up	Up	10.60%
Jun 5	B	Weak or Absent	Up	Up	Up	10.13%
Jun 1	B	Weak or Absent	Flat	Up	Flat	11.86%
May 31	B	Weak or Absent	Flat	Up	Flat	11.86%
May 26	A	Weak or Absent	Up	Up	Up	11.10%
May 25	A	Weak or Absent	Up	Up	Up	11.10%
May 24	A	Weak or Absent	Up	Up	Up	11.07%