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
May 17	B	Weak or Absent	Up	Up	Flat	5.07%
May 16	C	Weak or Absent	Up	Up	Flat	5.48%
May 15	B	Weak or Absent	Up	Up	Flat	5.11%
May 14	C	Weak or Absent	Up	Flat	Down	6.70%
May 13	C	Weak or Absent	Up	Up	Down	6.18%
May 10	C	Weak or Absent	Up	Up	Down	6.30%
May 9	C	Weak or Absent	Up	Up	Down	5.97%
May 8	A	Weak or Absent	Up	Up	Flat	5.07%
May 7	A	Weak or Absent	Up	Up	Flat	4.97%
May 6	A	Weak or Absent	Up	Up	Up	4.57%