Trend Table for MBINM - Merchants Bancorp - Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.25% Fixed-Rate Reset Series D Non-Cumulative Perpetual Preferred Stock

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Jul 5	C	Weak or Absent	Up	Flat	Flat	0.00%
Jul 3	D	Weak or Absent	Up	Flat	Flat	0.28%
Jul 2	D	Weak or Absent	Up	Down	Down	0.86%
Jul 1	C	Weak or Absent	Up	Down	Down	0.56%
Jun 28	C	Weak or Absent	Up	Down	Down	0.64%
Jun 27	B	Weak or Absent	Up	Flat	Flat	-0.08%
Jun 26	C	Weak or Absent	Up	Flat	Flat	0.20%
Jun 25	B	Weak or Absent	Up	Flat	Flat	0.04%
Jun 24	B	Weak or Absent	Up	Flat	Flat	-0.35%
Jun 21	B	Weak or Absent	Up	Up	Flat	-0.39%