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
Mar 27	A	Weak or Absent	Up	Up	Up	8.71%
Mar 26	A	Weak or Absent	Up	Up	Up	9.61%
Mar 25	A	Weak or Absent	Up	Up	Up	9.44%
Mar 22	A	Weak or Absent	Up	Up	Up	9.61%
Mar 21	A	Weak or Absent	Up	Up	Up	9.91%
Mar 20	B	Weak or Absent	Up	Up	Up	10.92%
Mar 19	A	Weak or Absent	Up	Up	Up	10.57%
Mar 18	A	Weak or Absent	Up	Up	Up	11.23%
Mar 15	A	Weak or Absent	Up	Up	Up	10.88%
Mar 14	B	Weak or Absent	Up	Up	Up	11.90%