Trend Table for MBINO - Merchants Bancorp - Depositary Shares Each Representing a 1/40th Interest in a Share of Series B Fixed-to-Floating Rate

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Oct 1	A	Weak or Absent	Up	Up	Flat	0.00%
Sep 30	A	Weak or Absent	Up	Up	Flat	0.00%
Sep 27	A	Weak or Absent	Up	Up	Flat	0.00%
Sep 26	A	Weak or Absent	Up	Up	Flat	0.20%
Sep 25	A	Weak or Absent	Up	Up	Flat	0.10%
Sep 24	A	Weak or Absent	Up	Up	Flat	-0.04%
Sep 23	A	Weak or Absent	Up	Up	Up	-0.20%
Sep 20	A	Weak or Absent	Up	Up	Up	0.05%
Sep 19	B	Weak or Absent	Up	Up	Up	0.20%
Sep 18	A	Weak or Absent	Up	Up	Up	0.26%