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 8	B	Weak or Absent	Up	Up	Flat	13.86%
Dec 7	B	Weak or Absent	Up	Up	Up	12.96%
Dec 6	B	Weak or Absent	Up	Up	Up	12.96%
Dec 5	B	Weak or Absent	Up	Up	Up	14.23%
Dec 4	B	Weak or Absent	Up	Up	Flat	14.78%
Nov 30	B	Weak or Absent	Up	Up	Up	14.32%
Nov 29	B	Weak or Absent	Up	Up	Up	14.32%
Nov 28	B	Weak or Absent	Up	Up	Flat	14.92%
Nov 27	C	Weak or Absent	Up	Up	Down	15.76%
Nov 24	B	Weak or Absent	Up	Up	Up	14.32%