Trend Table for MBINM - Merchants Bancorp - Depositary Shares, Each Representing a 1/40th Interest in a Share of 8.25% Fixed-Rate Reset Series D Non-Cumulative Perpetual Preferred Stock

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
May 20	B	Weak or Absent	Up	Up	Up	0.04%
May 17	B	Weak or Absent	Up	Up	Flat	1.12%
May 16	C	Weak or Absent	Up	Up	Flat	1.51%
May 15	B	Weak or Absent	Up	Up	Flat	1.15%
May 14	C	Weak or Absent	Up	Flat	Down	2.68%
May 13	C	Weak or Absent	Up	Up	Down	2.18%
May 10	C	Weak or Absent	Up	Up	Down	2.30%
May 9	C	Weak or Absent	Up	Up	Down	1.98%
May 8	A	Weak or Absent	Up	Up	Flat	1.12%
May 7	A	Weak or Absent	Up	Up	Flat	1.02%