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
Sep 10	A	Weak or Absent	Up	Up	Up	2.25%
Sep 9	A	Weak or Absent	Up	Up	Flat	2.55%
Sep 6	A	Weak or Absent	Up	Up	Flat	2.55%
Sep 5	A	Weak or Absent	Up	Up	Flat	2.76%
Sep 4	A	Weak or Absent	Up	Up	Flat	2.88%
Sep 3	A	Weak or Absent	Up	Up	Flat	2.63%
Aug 30	A	Weak or Absent	Up	Up	Flat	2.84%
Aug 29	A	Weak or Absent	Up	Up	Flat	2.88%
Aug 28	B	Weak or Absent	Up	Up	Flat	3.25%
Aug 27	B	Weak or Absent	Up	Up	Flat	3.25%