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
Aug 2	A	Weak or Absent	Up	Up	Flat	16.59%
Aug 1	B	Weak or Absent	Up	Up	Flat	16.69%
Jul 31	B	Weak or Absent	Up	Up	Up	16.27%
Jul 28	B	Weak or Absent	Up	Up	Up	16.48%
Jul 27	B	Weak or Absent	Up	Up	Up	16.69%
Jul 26	B	Weak or Absent	Up	Up	Up	16.64%
Jul 25	B	Weak or Absent	Up	Up	Up	16.92%
Jul 24	B	Weak or Absent	Up	Up	Up	16.08%
Jul 21	B	Weak or Absent	Flat	Up	Up	17.72%
Jul 20	D	Weak or Absent	Down	Up	Flat	18.83%