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
Aug 26	A	Weak or Absent	Up	Up	Flat	3.15%
Aug 23	A	Weak or Absent	Up	Up	Flat	3.17%
Aug 22	A	Weak or Absent	Up	Up	Flat	3.31%
Aug 21	B	Weak or Absent	Up	Flat	Flat	3.46%
Aug 20	B	Weak or Absent	Up	Flat	Flat	3.46%
Aug 19	A	Weak or Absent	Up	Up	Flat	2.92%
Aug 16	A	Weak or Absent	Up	Up	Flat	3.04%
Aug 15	A	Weak or Absent	Up	Up	Up	3.04%
Aug 14	A	Weak or Absent	Up	Up	Up	3.04%
Aug 13	A	Weak or Absent	Up	Flat	Flat	3.67%