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
Mar 10	F	Strong	N/A	Down	Down	20.64%
Mar 9	C	Weak or Absent	N/A	Down	Down	15.16%
Mar 8	D	Weak or Absent	N/A	Down	Down	12.16%
Mar 7	D	Weak or Absent	N/A	Down	Down	12.79%
Mar 6	C	Weak or Absent	N/A	Up	Up	10.11%
Mar 3	C	Weak or Absent	N/A	Flat	Flat	11.01%
Mar 2	D	Weak or Absent	N/A	Flat	Flat	11.25%
Mar 1	C	Weak or Absent	N/A	Flat	Flat	11.23%
Feb 28	A	Weak or Absent	N/A	Flat	Flat	11.13%
Feb 27	C	Weak or Absent	N/A	Down	Down	11.74%