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Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Altron Ltd (AEL) - as noted earlier this morning, the company report results with a special dividend being declared. Up massive today. Previous Post (Thursday, 21 May) 🟩JSE Mid Cap Technology Share With Re-Emerging Momentum. Projected Target = 3300c Strategy: Re-emerging Momentum Trigger +2500c Projected Target 3300c. Last Close: 2307c Temporary Failure: Below 2040c Share: Altron Ltd Code: AEL Note: Ideal for traders with a momentum style, not an bottom-fishing/oversold strategy. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za DISCLOSURE: This report was compiled using the analyst's own data which was filtered through an artificial intelligence tool to create a summary. Finance & Banking Dynamics Major vs Regional Bank Divergence: Within the Finance sector, regional players show significantly better near-term momentum than major banks; CPI (Capitec) and SBK (Standard Bank) boast Strong regimes, while ABG (Absa) and FSR (FirstRand) remain trapped in Neutral. Investment Managers Under Pressure: The Investment Managers sub-sector is showing broad weakness, with CML (Coronation) in Neutral, and several other asset managers struggling to pull their sub-sector averages out of historical intermediate ranges. Insurance Disconnect: Multi-line and life insurance sub-sectors show a clear performance gap; DSY (Discovery) maintains a Strong posture, while SLM (Sanlam) and SNT (Santam) have collapsed into the Weak category. Non-Energy Minerals & Precious Metals Precious Metals Washout: The Precious Metals sub-sector is entirely devoid of bullish momentum; ANG (Anglogold), PAN (Pan African), and VAL (Valterra) are firmly Weak, while SSW, GFI, and DRD have fallen into High Bearish Momentum. Diversified Mining Resilience: Other Metals/Minerals show vastly superior structural health compared to precious metals, with AGL (Anglo American) and GLN (Glencore) maintaining stable Neutral foundations, avoiding the steep sell-offs hitting the gold and platinum producers. Steel Sub-Sector Stalwart: The Steel industrial sub-sector, represented by BHG (BHP Group), is holding its line safely in the Neutral zone, anchoring the broader resource sector. Retail & Wholesale Distribution Food Retail Polarization: The Food Retail sub-sector displays a complete lack of cohesion; PIK (Pick N Pay) is flying in High Bullish Momentum, while SPP (Spar Group) is pinned to the absolute bottom as Oversold. Apparel and Footwear Decay: Apparel retail is facing heavy sub-sector headwinds; MRP (Mr Price) and TRU (Truworths) are stuck in Neutral, while TFG (Foschini Group) has deteriorated directly into the Weak zone. Specialty Stores Split: Within specialty retail, BVT (Bidvest) is exhibiting Strong momentum, completely decoupling from WBC (We Buy Cars), which is lagging deeply in the Weak category. Real Estate & Property (REITs) REIT Top-Tier Outperformance: Real Estate Investment Trusts claim the highest momentum stock in the entire market with HET (Heriot REIT) holding an extreme Overbought ranking. Residential and Commercial REIT Stability: A solid mid-tier of property stocks including FTA (Fairvest), EMI (Emira), and NRP (NEPI Rockcastle) are holding Strong rankings, providing defensive yield alternatives with positive velocity. Property Laggards: Conversely, real estate developers like SRE (Sirius) and structured entities like RES (Resilient) are weighing down the sub-sector, stuck in the Weak momentum profile. Consumer Services & Hospitality Restaurant Sub-Sector Leadership: The Restaurants sub-sector is demonstrating immense relative strength, with BID (Bid Corp) pushing deep into High Bullish Momentum. Casinos and Gaming Moat: Gaming counters show an excellent momentum profile; TSG (Tsogo Sun) is in High Bullish Momentum, while HCI provides a stable Neutral anchor. Hotels and Resorts Stabilization: The leisure space is stabilizing, with SSU (Southern Sun) holding a clean Neutral rank and SUI (Sun International) acting as a consolidation play inside the Weak bracket. Technology, Communications & Industrial Information Technology Services Boom: Technology services are enjoying powerful tailwinds; AEL (Altron) is in High Bullish Momentum and DTC (Datatec) is completely Overbought. Packaged Software Drag: Packaged software as a sub-sector is underperforming IT Services significantly, with large entities like PRX (Prosus) and NPN (Naspers) languishing in the Weak category. Wireless Telecommunications Parity: The wireless sub-sector shows tight parity; both MTN Group and VOD (Vodacom) are perfectly matched and balanced inside the Neutral zone. Process Industries and Chemicals Strength: Industrial specialties and agricultural chemicals are exhibiting top-tier sector strength, with AFE (AECI) ranked as Overbought and OMN (Omnia) running hot in High Bullish Momentum. Transportation & Marine Shipping Divergence: In logistics, GND (Grindrod) is highly Overbought due to shipping demand dynamics. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za 🟩JSE Mid Cap Technology Share With Re-Emerging Momentum. Projected Target = 3300c Strategy: Re-emerging Momentum Trigger +2500c Projected Target 3300c. Last Close: 2307c Temporary Failure: Below 2040c Share: Altron Ltd Code: AEL Note: Ideal for traders with a momentum style, not an bottom-fishing/oversold strategy. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Super Group (SPG) Temporary failure is below 1590c Upside Target 1900c Last Close = 1682c READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za DISCLOSURE: This report was compiled using the analyst's own data which was filtered through an artificial intelligence tool to create a summary. The Neutral Center of Mass: Market breadth is heavily anchored in the center; a significant plurality of all classified positions reside in the Neutral (#4) zone, showing a market where most stocks lack a clear, strong directional trend. Bullish vs Bearish Participation Ratio: Total bullish participation (Overbought, High Bullish, and Strong combined) closely mirrors the total bearish participation (Oversold, High Bearish, and Weak combined), illustrating an almost perfectly balanced tug-of-war in overall market breadth. Extreme Breadth Symmetry: The absolute outer fringes of market breadth show perfect symmetry, with the exact same number of stocks occupying the absolute Overbought (#1) peak as those occupying the absolute Oversold (#7) trough. The Momentum Compression Gap: While a large block of stocks has established stable upward trends, a smaller, highly concentrated group has established stable downward acceleration, indicating that down-trends are sharp, rapid, and compressed. Real Estate REIT Fragmentation: The property sector exhibits highly fragmented internal breadth; while select entries are heavily overbought, a large portion of the REIT universe is lingering lower in the intermediate or weak brackets. Large Cap Dominance vs Breadth Lag: Super-heavyweights diverge significantly in breadth contribution—certain high-priced financial names are actively contributing to positive breadth, while major luxury retail counters remain completely inert in Neutral. Distribution Prevalence: Roughly one-third of the entire stock pool is performing below the neutral threshold, showing that beneath index-level performance, a notable portion of the market is experiencing active distribution. Advance-Decline Inertia: With a massive chunk of the database trapped in the Neutral bucket, overall market breadth shows a lack of a sweeping macro catalyst capable of lifting or dropping the broader market en masse. Oversold Cleanout Scarcity: The fact that very few stocks are deeply oversold suggests that despite localized pain, the market is not experiencing systemic panic, broad-based liquidation sweeps, or margin-call selling. Velocity Concentration: A small percentage of the total universe is driving aggressive upside momentum, highlighting a highly concentrated leadership profile where a few key names carry the bulk of the market's positive velocity. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za DISCLOSURE: This report was compiled using the analyst's own data which was filtered through an artificial intelligence tool to create a summary. Top Tier Velocity: Only a small handful of stocks have crossed into the extreme Overbought (#1) zone, led by HET (Heriot REIT Ltd.), followed closely by GND (Grindrod Limited), representing the absolute peak of upward velocity in the universe. Aggressive Bullish Cluster: A distinct group of stocks maintains High Bullish Momentum (#2), indicating immediate-term buying pressure that is rapidly approaching overbought territory, spearheaded by PIK (Pick N Pay Stores) and AEL (Altron Limited). Deep Structural Capitulation: A small group of select stocks has collapsed into the absolute Oversold (#7) floor, with SPP (Spar Group Limited) demonstrating the weakest velocity profile in the entire data set. Strong Bullish Core: A substantive block of the market sits comfortably within the Strong (#3) regime, establishing a resilient baseline of neutral-bullish upward continuation without entering dangerously extended territory. Bearish Accelerator Phase: Multiple stocks are trapped in High Bearish Momentum (#6), experiencing intense distribution and rapidly descending toward oversold levels, led downward by platinum and precious mining counters like SSW (Sibanye Stillwater) and NPH (Northam Platinum). Price vs Momentum Divergence: Heavyweight counters like ANH (Anheuser-Busch InBev) show powerful short-term momentum despite trading at a high absolute price point, proving that large-cap names are actively driving the bullish momentum profile. The Weak Bracket Congestion: The Weak (#5) category holds a heavy load of stocks, signaling a wide swathe of the market experiencing multi-week pullbacks or structural down-trends that have not yet hit an absolute selling exhaustion point. Extreme Momentum Anchor: Comparing the maximum momentum peak against the minimum trough reveals a massive variance across the universe, emphasizing a highly fractured and non-correlated market environment. Regime Change Candidates: Several stocks are hovering right on the upper threshold of the Strong regime, acting as immediate candidates to graduate into the High Bullish Momentum tactical rank on any further buying pressure. Oversold Edge Preservation: RCL (RCL Foods) is clinging to the exact lower boundary of its current regime, marking the absolute baseline before tipping over into a formally oversold technical ranking. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Defiance Quantum Computing ETF Previous Post (17 September 2025): Take Profit: Defiance Quantum ETF Running +60% Previous Post: Tuesday 22 October, 14h25 Ticker: QTUM Constructive technical setup looking to break above multi-month highs. Medium term portfolio buy idea. Source: https://www.defianceetfs.com/qtum/ Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Data Centre & Digital Infrastructure ETF Multi-Year Base: Invest In Data Centre & Digital Infrastructure Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Gold Miners Relative To JSE Top 40 Index: Attempting a break below it's 200-day SMA. Also plotted on the chart are the moving averages (200-day SMA and 200-week SMA), Note the similarities in terms of distance of these moving averages to each other to the time of the prior break (November 2020). Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za FIRSTRAND LTD (FSR) The Mid Term and Base Term momentum readings for FirstRand reflect a predominantly Neutral ⬜ regime, establishing a definitively rangebound structural foundation. However, the overall technical picture across forward-looking timeframes indicates a constructive shift in the underlying price action. In the short term, FSR is attempting a bullish reversal out of a consolidation phase, generating a cautious Neutral-Bullish 🟨 stance. Medium-term technicals target a rebound within the established range, favoring long entries on strong bids near range highs. Long-term structural accumulation remains Bullish 🟩, utilizing a definitive Buy on deeper pullback 🔵 execution strategy that explicitly targets the 21-EMA as a high-probability buy range if immediate 8-EMA support is breached. Sector: Financials / Banking Closing Price: 8,963 ZAC 1W Change: +2.13% Action Bias: ⬜ Neutral (Rationale: Both the Daily and Weekly Mid Term momentums have settled into the Neutral regime, establishing a tight consolidation phase. Although the overarching Monthly Mid Term momentum retains a Strong posture, the current lack of short-term velocity warrants a patient, neutral tactical approach until a new directional impulse emerges from this equilibrium.) Multi-Frame Action: ⬜ Neutral (D) ⬜ Neutral (W) 🟩 Strong (M) Technical Upside: Resistance at 10,000 ZAC (Psychological / Recent Swing High). Target: 9,500 – 10,000 ZAC (Structural Extension). Momentum Signal: Daily and Weekly Mid Term momentums are Neutral, digesting the gains within a Strong macro Monthly trend. Risk / Invalidation: Close below 8,200 ZAC (Structural Support Base). Valuation Basket: SA Inc. / Financial Sector Proxy. Primary Driver: Local interest rate environment, macroeconomic stability, and domestic credit growth. Market Structure & Volume Volume Profile: Consolidation patterns are forming as the market digests recent markups, with price action respecting structural support parameters. Liquidity Zones: Tactical support is well-established in the 8,200 – 8,400 ZAC block. Sustaining levels above this zone keeps the broader bullish structure intact. Divergences: None. The alignment of Mid Term momentum across the lower timeframes indicates a natural pause rather than structural exhaustion. Relative Strength vs. JSE Top 40: Outperformer. FSR continues to act as a resilient anchor within the South African banking cohort. Relative Strength vs. Financials: Market Leader. Exhibiting sustained structural stability relative to peer domestic institutions. READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Analyst's Price Action Model: A.I-Expanded View on the above Price Action Model: READY TO TRADE: ACTIONABLE AREAS For active traders who look to generate cash flow on a continuous basis, determining the ‘next best probability’ level to execute against may be of immense value, specifically by helping to determine the best potential times and levels to commit capital. The blue and red horizontal lines on the chart represent a next-best-probability buy re-entry range and a next-best-probability sell re-entry range over the short term. The ranges assume no existing position is being held by a trader, while the probabilities are based on several factors, which may include: Short-term ratings and medium-term regimes Momentum indicators Horizontal or diagonal support and resistance Candle structure Moving averages and standard deviation Please note that these are short-term levels and may contrast with medium- and long-term outlooks, which are based on the weekly and monthly charts and are generally more applicable to long-term investors. These levels are subject to change based on market sentiment, subsequent price action, and company/sector-specific or macroeconomic news flow. As always, while the levels are outlined to guide your capital deployment, traders should be prepared to adjust in real-time based on the aforementioned factors. THE TACTICAL TRADING GUIDE (PRICE ACTION MODEL): UNCOVER OPPORTUNITIES & ASSESS REWARD-TO-RISK It helps helps clients determine and shed light on the some of the following: The CURRENT TECHNICAL POSITION and a PRICE ACTION PROBABILITY for multiple time frames. Three (3) ‘trading’ time frames are considered: Short Term (1 to 10 days) / Medium Term (2 to 4 weeks) and Long Term (5 to 8 weeks) Whether the reward-to-risk is attractive for a buy/long position Whether a share is weak. In this case, wait until the price stabilizes before looking to enter (i.e. want until it stops going down) Whether aggressive buying is underway. In this case, do not ‘chase’ (do not buy) but instead wait for a pullback to re-enter a buy or an overextension with deteriorating candle structure to sell/short. Whether a trader can look to buy a pullback into a key moving average (continuation trade) Whether a share needs to break a range for a new trend to be determined (bullish or bearish) Whether a traders needs to monitor for a change of character that could lead to a bullish or bearish reversal Whether a share could start a consolidation phase or before continuing it’s bullish or bearish trend Whether the upward momentum is slowing (if it's in a bullish phase) Whether buyers can look to 'phase in' to a position (if it's in a bearish phase) Whether a share lacks directional bias. The data set is available in real-time (on request) The readings are subject to change as the price action develops. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes May 2026 > https://www.unum.capital/post/rmay2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za For years, our research has given clients some of the best opportunities, both locally and globally. In terms of ETFs and related themes, we have been at the forefront of some of the biggest moves, for example, we have given you (for free): Copper Metals & Mining Uranium Silver Gold Artificial Intelligence Power Infrastructure Steel Robotics Autonomous Driving Energy / Oil Rhodium Palladium Country ETFs e.g. Brazil, Norway, Japan, Peru European Financials Biotechnology And More..... Now, scanning for the next set of opportunities, this ETF has showed up on my screeners and has caught my attention. With many themes and ETFs being overextended (offer a poor reward-to-risk), this one is shaping up, like many of the prior setups: a big base with re-emerging strength i.e. improving price action. Trade Details: Buy at $122.49 or lower Stop-loss: $113.00 Target: $139.00 The ticker is available to active trading clients i.e. who have participated in any of the previous ideas (listed above). Lester Davids Senior Investment Analyst: Unum Capital