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
Jan 25	D	Weak or Absent	Down	Up	Up	13.41%
Jan 24	D	Weak or Absent	Down	Up	Up	13.41%
Jan 23	D	Weak or Absent	Down	Up	Up	13.41%
Jan 20	D	Weak or Absent	Down	Up	Up	13.41%
Jan 19	D	Weak or Absent	Down	Up	Up	12.60%
Jan 18	F	Weak or Absent	Down	Flat	Up	14.54%
Jan 17	F	Weak or Absent	Down	Down	Flat	15.86%
Jan 12	F	Weak or Absent	Down	Down	Flat	15.25%
Jan 11	F	Weak or Absent	Down	Down	Down	17.12%
Jan 9	F	Weak or Absent	Down	Down	Down	16.21%