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
May 9	A	Weak or Absent	Up	Flat	Flat	0.00%
May 8	A	Weak or Absent	Up	Up	Flat	-0.16%
May 7	A	Weak or Absent	Up	Up	Flat	-0.77%
May 6	A	Weak or Absent	Up	Up	Flat	-0.73%
May 3	A	Weak or Absent	Up	Up	Flat	-0.45%
May 2	A	Weak or Absent	Up	Up	Up	-0.57%
May 1	A	Weak or Absent	Up	Up	Up	-0.66%
Apr 30	A	Weak or Absent	Up	Up	Up	-0.41%
Apr 29	A	Weak or Absent	Up	Up	Flat	-0.16%
Apr 26	A	Weak or Absent	Up	Flat	Flat	0.45%