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 15	D	Weak or Absent	Down	Down	Down	15.70%
Mar 14	D	Weak or Absent	Down	Down	Down	15.70%
Mar 13	D	Weak or Absent	Down	Down	Down	15.70%
Mar 10	D	Weak or Absent	Down	Down	Flat	14.54%
Mar 9	D	Weak or Absent	Down	Down	Down	15.46%
Mar 8	D	Weak or Absent	Down	Down	Flat	14.68%
Mar 7	D	Weak or Absent	Down	Down	Down	14.54%
Mar 6	D	Weak or Absent	Down	Flat	Flat	14.13%
Mar 3	D	Weak or Absent	Down	Down	Down	14.59%
Mar 2	D	Weak or Absent	Down	Down	Down	14.54%