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 8	A	Weak or Absent	Up	Up	Flat	0.51%
Oct 7	A	Weak or Absent	Up	Up	Flat	0.78%
Oct 4	B	Weak or Absent	Up	Up	Flat	0.87%
Oct 3	A	Weak or Absent	Up	Up	Flat	0.59%
Oct 2	A	Weak or Absent	Up	Up	Flat	0.79%
Oct 1	A	Weak or Absent	Up	Up	Flat	0.91%
Sep 30	A	Weak or Absent	Up	Up	Flat	0.91%
Sep 27	A	Weak or Absent	Up	Up	Flat	0.92%
Sep 26	A	Weak or Absent	Up	Up	Flat	1.12%
Sep 25	A	Weak or Absent	Up	Up	Flat	1.01%