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
Jul 29	A	Weak or Absent	Up	Up	Flat	3.75%
Jul 26	A	Weak or Absent	Up	Up	Flat	3.46%
Jul 25	A	Weak or Absent	Up	Up	Flat	3.34%
Jul 24	A	Weak or Absent	Up	Up	Flat	3.46%
Jul 23	A	Weak or Absent	Up	Up	Flat	3.50%
Jul 22	A	Weak or Absent	Up	Up	Flat	3.42%
Jul 19	A	Weak or Absent	Up	Up	Flat	3.79%
Jul 18	A	Weak or Absent	Up	Up	Flat	3.75%
Jul 17	B	Weak or Absent	Up	Up	Flat	3.83%
Jul 16	B	Weak or Absent	Up	Up	Flat	3.83%