Trend Table for MBINN - Merchants Bancorp - Depositary Shares 6.00% Fixed Rate Series C Non-Cumulative Perpetual Preferred Stock

Current Trend Strength: Strong

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Feb 28	B	Weak or Absent	Up	Up	Flat	18.64%
Feb 27	B	Weak or Absent	Up	Up	Up	18.20%
Feb 26	B	Weak or Absent	Up	Up	Up	16.13%
Feb 23	B	Weak or Absent	Up	Up	Up	15.68%
Feb 22	B	Weak or Absent	Up	Up	Flat	19.03%
Feb 21	B	Strong	Up	Up	Flat	19.48%
Feb 20	C	Strong	Up	Up	Down	20.38%
Feb 16	C	Strong	Up	Up	Down	19.76%
Feb 15	C	Strong	Up	Up	Down	21.18%
Feb 14	C	Strong	Up	Up	Down	20.61%