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 21	A	Weak or Absent	Up	Up	Flat	0.87%
Oct 18	A	Strong	Up	Up	Flat	0.59%
Oct 17	B	Strong	Up	Up	Flat	0.99%
Oct 16	A	Strong	Up	Up	Flat	0.71%
Oct 15	A	Strong	Up	Up	Flat	0.75%
Oct 14	B	Strong	Up	Up	Flat	1.16%
Oct 11	A	Strong	Up	Up	Flat	0.79%
Oct 10	A	Weak or Absent	Up	Up	Flat	1.08%
Oct 9	A	Weak or Absent	Up	Up	Flat	1.19%
Oct 8	A	Weak or Absent	Up	Up	Flat	0.51%