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
Apr 12	A	Weak or Absent	Up	Up	Up	-0.93%
Apr 11	A	Weak or Absent	Up	Up	Flat	-0.20%
Apr 10	A	Weak or Absent	Up	Up	Up	-0.53%
Apr 9	A	Weak or Absent	Up	Up	Flat	-0.37%
Apr 8	A	Weak or Absent	Up	Up	Up	-0.97%
Apr 5	A	Weak or Absent	Up	Up	Up	-1.61%
Apr 4	A	Weak or Absent	Up	Up	Up	-0.16%
Apr 3	A	Weak or Absent	Up	Up	Up	-0.16%
Apr 2	B	Weak or Absent	Up	Up	Flat	0.62%
Apr 1	B	Weak or Absent	Up	Up	Flat	0.62%