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
Jul 9	A	Strong	Up	Up	Up	0.77%
Jul 8	A	Strong	Up	Up	Up	0.97%
Jul 2	A	Strong	Up	Up	Up	1.36%
Jul 1	A	Weak or Absent	Up	Up	Up	1.95%
Jun 28	A	Weak or Absent	Up	Up	Up	1.95%
Jun 27	B	Weak or Absent	Up	Up	Flat	2.76%
Jun 26	A	Weak or Absent	Up	Up	Up	2.39%
Jun 25	A	Weak or Absent	Up	Up	Up	1.48%
Jun 24	B	Weak or Absent	Up	Up	Up	2.96%
Jun 21	A	Weak or Absent	Up	Up	Up	2.49%