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
Oct 11	B	Weak or Absent	Up	Up	Up	0.85%
Oct 10	B	Weak or Absent	Up	Up	Flat	1.27%
Oct 9	C	Weak or Absent	Up	Up	Flat	1.67%
Oct 8	C	Weak or Absent	Up	Up	Flat	1.82%
Oct 7	C	Weak or Absent	Up	Up	Flat	1.67%
Oct 4	C	Weak or Absent	Up	Up	Down	1.86%
Oct 3	C	Weak or Absent	Up	Up	Down	1.90%
Oct 2	C	Weak or Absent	Up	Up	Down	1.78%
Oct 1	C	Weak or Absent	Up	Up	Down	1.59%
Sep 30	C	Weak or Absent	Up	Flat	Down	2.58%