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
May 23	A	Weak or Absent	Up	Up	Up	11.42%
May 22	B	Weak or Absent	Flat	Up	Up	11.42%
May 19	B	Weak or Absent	Up	Up	Up	11.33%
May 17	B	Weak or Absent	Down	Up	Flat	12.96%
May 16	B	Weak or Absent	Flat	Up	Up	12.07%
May 15	C	Weak or Absent	Down	Flat	Flat	13.63%
May 12	C	Weak or Absent	Down	Down	Down	15.23%
May 8	C	Weak or Absent	Down	Up	Flat	13.05%
May 5	C	Weak or Absent	Down	Up	Flat	13.05%
May 4	C	Weak or Absent	Down	Down	Down	14.54%