X0306 4 2018-12-07 0 0001629019 Merchants Bancorp MBIN 0001718348 Petrie Michael F. 11590 NORTH MERIDIAN STREET, SUITE 120 CARMEL IN 46032 1 1 1 0 Chairman and CEO Common Stock 2018-12-07 5 G 0 E 15273 0 D 3302197 D Common Stock 2392790 I Spouse is Trustee of the Emily J. Petrie Irrevocable Trust - 2010 Common Stock 2392790 I Spouse is Trustee of the Julia L. Petrie Irrevocable Trust - 2010 Common Stock 950000 I Spouse is Trustee of the Emily J. Petrie Irrevocable GST Trust 2010 Common Stock 950000 I Spouse is Trustee of the Julia L. Petrie Irrevocable GST Trust 2010 8 % Non-Cumulative, Perpetual Preferred Stock 5000 D The reported disposition represents a bona fide charitable gift made by Mr. Petrie and his spouse, Jody J. Petrie Shares held by Mr. Petrie jointly with his spouse, Jody J. Petrie. /s/ Terry A. Oznick, attorney-in-fact 2018-12-10