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
Jan 16	B	Weak or Absent	Up	Up	Flat	13.43%
Jan 12	B	Weak or Absent	Up	Up	Up	12.87%
Jan 11	B	Weak or Absent	Up	Up	Flat	13.69%
Jan 10	B	Weak or Absent	Up	Up	Up	12.78%
Jan 9	B	Weak or Absent	Up	Up	Up	13.18%
Jan 8	B	Weak or Absent	Up	Up	Flat	13.87%
Jan 5	B	Weak or Absent	Up	Up	Flat	14.10%
Jan 4	B	Weak or Absent	Up	Up	Down	13.96%
Jan 3	C	Weak or Absent	Up	Up	Down	15.36%
Jan 2	C	Weak or Absent	Up	Up	Down	14.56%