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
Mar 29	D	Weak or Absent	Down	Down	Flat	15.70%
Mar 28	D	Weak or Absent	Down	Down	Flat	15.47%
Mar 27	C	Weak or Absent	Down	Down	Flat	15.23%
Mar 24	C	Weak or Absent	Down	Flat	Flat	14.95%
Mar 23	D	Weak or Absent	Down	Down	Flat	15.46%
Mar 22	D	Weak or Absent	Down	Down	Flat	15.46%
Mar 21	D	Weak or Absent	Down	Down	Flat	15.46%
Mar 20	C	Weak or Absent	Down	Flat	Up	14.54%
Mar 17	C	Weak or Absent	Down	Down	Flat	15.75%
Mar 16	D	Weak or Absent	Down	Down	Down	15.84%