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 3	F	Weak or Absent	Down	Down	Down	17.60%
Dec 30	F	Weak or Absent	Down	Down	Down	17.60%
Dec 29	D	Weak or Absent	Down	Down	Down	17.30%
Dec 28	C	Weak or Absent	Down	Down	Down	14.95%
Dec 27	C	Weak or Absent	Down	Down	Down	14.95%
Dec 22	B	Weak or Absent	Down	Up	Up	10.56%
Dec 21	C	Weak or Absent	Down	Up	Up	10.56%
Dec 20	D	Weak or Absent	Down	Down	Down	14.54%
Dec 19	F	Weak or Absent	Down	Down	Down	18.08%
Dec 12	D	Weak or Absent	Down	Up	Up	10.13%