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 19	D	Strong	N/A	Down	Up	30.96%
May 18	D	Strong	N/A	Down	Up	28.23%
May 17	D	Strong	N/A	Down	Up	31.85%
May 16	C	Strong	N/A	Down	Up	33.43%
May 15	D	Strong	N/A	Down	Flat	35.86%
May 12	C	Strong	N/A	Down	Flat	33.67%
May 11	D	Strong	N/A	Down	Down	36.04%
May 10	D	Strong	N/A	Down	Down	35.92%
May 9	D	Strong	N/A	Down	Down	38.69%
May 8	F	Strong	N/A	Down	Down	39.34%