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

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Sep 13	B	Weak or Absent	Up	Up	Up	4.00%
Sep 12	B	Weak or Absent	Up	Up	Up	4.55%
Sep 11	B	Weak or Absent	Up	Up	Flat	7.58%
Sep 10	B	Weak or Absent	Up	Up	Flat	7.03%
Sep 9	B	Weak or Absent	Up	Up	Flat	6.78%
Sep 6	B	Weak or Absent	Up	Up	Flat	7.18%
Sep 5	B	Weak or Absent	Up	Up	Up	6.29%
Sep 4	B	Weak or Absent	Up	Up	Flat	6.93%
Sep 3	C	Weak or Absent	Up	Up	Flat	7.81%
Aug 30	D	Weak or Absent	Up	Flat	Down	8.75%