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
Jun 21	A	Weak or Absent	Up	Up	Up	2.49%
Jun 20	B	Weak or Absent	Up	Up	Up	3.16%
Jun 18	A	Weak or Absent	Up	Up	Up	1.95%
Jun 17	C	Weak or Absent	Up	Up	Up	4.34%
Jun 14	C	Weak or Absent	Up	Flat	Up	5.16%
Jun 12	C	Weak or Absent	Up	Flat	Flat	5.45%
Jun 11	D	Weak or Absent	Up	Flat	Flat	5.86%
Jun 10	C	Weak or Absent	Up	Flat	Flat	5.70%
Jun 5	D	Weak or Absent	Up	Flat	Flat	5.63%
Jun 4	D	Weak or Absent	Up	Down	Flat	6.20%