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
May 26	C	Strong	N/A	Down	Flat	30.52%
May 25	C	Strong	N/A	Down	Flat	30.52%
May 24	C	Strong	N/A	Down	Up	29.28%
May 23	D	Strong	N/A	Down	Up	28.62%
May 22	D	Strong	N/A	Down	Up	26.37%
May 19	D	Strong	N/A	Down	Up	31.36%
May 18	D	Strong	N/A	Down	Up	28.62%
May 17	D	Strong	N/A	Down	Up	32.24%
May 16	C	Strong	N/A	Down	Up	33.84%
May 15	D	Strong	N/A	Down	Flat	36.27%