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 23	C	Weak or Absent	Up	Flat	Down	8.58%
May 22	C	Weak or Absent	Up	Up	Flat	7.53%
May 21	C	Weak or Absent	Up	Up	Flat	7.78%
May 20	B	Weak or Absent	Up	Up	Up	5.81%
May 17	B	Weak or Absent	Up	Up	Flat	6.95%
May 16	C	Weak or Absent	Up	Up	Flat	7.37%
May 15	B	Weak or Absent	Up	Up	Flat	7.00%
May 14	C	Weak or Absent	Up	Flat	Down	8.61%
May 13	C	Weak or Absent	Up	Up	Down	8.08%
May 10	C	Weak or Absent	Up	Up	Down	8.20%