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
Nov 20	A	Weak or Absent	Up	Up	Flat	0.00%
Nov 19	A	Weak or Absent	Up	Up	Flat	-0.04%
Nov 18	A	Weak or Absent	Up	Up	Flat	-0.04%
Nov 15	A	Weak or Absent	Up	Up	Flat	0.04%
Nov 14	A	Weak or Absent	Up	Up	Flat	0.11%
Nov 13	A	Weak or Absent	Up	Up	Flat	0.31%
Nov 12	A	Weak or Absent	Up	Up	Flat	0.20%
Nov 11	A	Weak or Absent	Up	Up	Flat	0.24%
Nov 8	A	Weak or Absent	Up	Up	Flat	0.36%
Nov 7	A	Weak or Absent	Up	Up	Flat	0.36%