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
Dec 15	B	Weak or Absent	Up	Up	Flat	14.24%
Dec 14	B	Weak or Absent	Up	Up	Up	12.01%
Dec 13	B	Weak or Absent	Up	Up	Up	13.76%
Dec 12	B	Weak or Absent	Up	Up	Up	13.31%
Dec 11	B	Weak or Absent	Up	Up	Flat	14.87%
Dec 8	B	Weak or Absent	Up	Up	Flat	15.08%
Dec 7	B	Weak or Absent	Up	Up	Up	14.16%
Dec 6	B	Weak or Absent	Up	Up	Up	14.16%
Dec 5	B	Weak or Absent	Up	Up	Up	15.45%
Dec 4	B	Weak or Absent	Up	Up	Flat	16.01%