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
Jul 26	B	Weak or Absent	Up	Up	Up	17.70%
Jul 25	B	Weak or Absent	Up	Up	Up	17.99%
Jul 24	B	Weak or Absent	Up	Up	Up	17.14%
Jul 21	B	Weak or Absent	Flat	Up	Up	18.80%
Jul 20	D	Weak or Absent	Down	Up	Flat	19.91%
Jul 19	B	Weak or Absent	Flat	Up	Up	18.94%
Jul 18	B	Weak or Absent	Flat	Up	Up	18.70%
Jul 17	B	Weak or Absent	Up	Up	Up	18.42%
Jul 14	B	Weak or Absent	N/A	Up	Up	18.75%
Jul 13	B	Weak or Absent	N/A	Up	Up	18.70%