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 24	A	Weak or Absent	Up	Up	Flat	0.94%
Jul 23	B	Weak or Absent	Up	Up	Flat	0.98%
Jul 22	A	Weak or Absent	Up	Up	Up	0.20%
Jul 19	A	Weak or Absent	Up	Up	Up	0.32%
Jul 18	A	Weak or Absent	Up	Up	Up	0.24%
Jul 17	B	Weak or Absent	Up	Up	Up	0.24%
Jul 16	B	Weak or Absent	Up	Up	Up	0.24%
Jul 15	B	Weak or Absent	Up	Up	Up	0.91%
Jul 12	B	Weak or Absent	Up	Up	Up	0.20%
Jul 11	B	Weak or Absent	Up	Up	Up	0.63%