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 17	C	Weak or Absent	Up	Up	Down	1.74%
Jul 16	B	Weak or Absent	Up	Up	Flat	1.18%
Jul 15	B	Weak or Absent	Up	Up	Flat	1.18%
Jul 12	B	Weak or Absent	Up	Up	Flat	1.18%
Jul 11	B	Weak or Absent	Up	Up	Flat	0.75%
Jul 10	C	Weak or Absent	Up	Up	Down	1.86%
Jul 9	A	Strong	Up	Up	Up	-0.39%
Jul 8	A	Strong	Up	Up	Up	-0.19%
Jul 2	A	Strong	Up	Up	Up	0.19%
Jul 1	A	Weak or Absent	Up	Up	Up	0.78%