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
Oct 24	A	Weak or Absent	Up	Up	Flat	-0.61%
Oct 23	B	Weak or Absent	Up	Up	Flat	0.15%
Oct 22	B	Weak or Absent	Up	Up	Flat	0.15%
Oct 21	B	Weak or Absent	Up	Up	Flat	-0.34%
Oct 18	B	Weak or Absent	Up	Up	Up	-0.46%
Oct 17	C	Weak or Absent	Up	Up	Flat	0.42%
Oct 16	B	Weak or Absent	Up	Up	Up	-1.18%
Oct 15	B	Weak or Absent	Up	Up	Up	-0.88%
Oct 14	B	Weak or Absent	Up	Up	Flat	0.46%
Oct 11	B	Weak or Absent	Up	Up	Up	0.04%