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 21	A	Weak or Absent	Up	Up	Up	7.98%
Mar 20	B	Weak or Absent	Up	Up	Up	8.97%
Mar 19	A	Weak or Absent	Up	Up	Up	8.62%
Mar 18	A	Weak or Absent	Up	Up	Up	9.28%
Mar 15	A	Weak or Absent	Up	Up	Up	8.93%
Mar 14	B	Weak or Absent	Up	Up	Up	9.94%
Mar 13	B	Weak or Absent	Up	Up	Up	9.87%
Mar 12	C	Weak or Absent	Up	Flat	Flat	10.66%
Mar 11	C	Weak or Absent	Up	Flat	Flat	10.74%
Mar 8	C	Weak or Absent	Up	Flat	Down	10.88%