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
Jun 3	B	Weak or Absent	Up	Up	Up	4.87%
May 31	B	Weak or Absent	Up	Up	Flat	5.32%
May 30	B	Weak or Absent	Up	Flat	Flat	5.89%
May 29	B	Weak or Absent	Up	Flat	Flat	5.89%
May 28	B	Weak or Absent	Up	Up	Flat	5.32%
May 24	B	Weak or Absent	Up	Flat	Flat	5.80%
May 23	C	Weak or Absent	Up	Flat	Down	6.67%
May 22	C	Weak or Absent	Up	Up	Flat	5.64%
May 21	C	Weak or Absent	Up	Up	Flat	5.89%
May 20	B	Weak or Absent	Up	Up	Up	3.95%