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 12	C	Strong	N/A	Down	Flat	34.08%
May 11	D	Strong	N/A	Down	Down	36.45%
May 10	D	Strong	N/A	Down	Down	36.33%
May 9	D	Strong	N/A	Down	Down	39.11%
May 8	F	Strong	N/A	Down	Down	39.76%
May 5	F	Strong	N/A	Down	Down	40.94%
May 4	F	Weak or Absent	N/A	Down	Down	43.16%
May 3	D	Weak or Absent	N/A	Down	Down	26.93%
May 2	D	Weak or Absent	N/A	Down	Down	25.66%
May 1	D	Weak or Absent	N/A	Down	Down	23.59%