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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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Analysis as of Friday 22 May at 11h09am, prepared for Monday, 25 May. The narrative of May 2026 is defined by a massive, synchronized relative rotation where domestic financials violently decoupled from the JSE Top 40 to generate severe alpha, funded by the total capitulation of the precious metals spread. By analyzing the momentum regimes entirely through the lens of comparative strength (Sector vs. Top 40), the structural shifts in institutional capital flows become vividly clear. Here is how the sectors are driving or dragging benchmark performance heading into the end of May: The Alpha Generators (Outperforming the Benchmark) These sectors are actively pulling the index higher and providing structural outperformance. Banks and Insurers: The heaviest absolute alpha drivers of late May. Both sectors violently broke away from tracking the index (Neutral) to establish a dominant, Strong relative footing across the Base, Mid, and Short Term horizons. Institutional capital is aggressively overweighting these sectors relative to the broader market. Diversified Miners: The persistent relative engine. Despite extreme, Overbought spreads against the Top 40 in the Base and Mid Term, it continues to act as a relative leadership block, closing out the month with Strong Short-Term outperformance. Chemicals: A rigid relative leader. It maintained a High Bullish Base Term spread against the Top 40 throughout the month's volatility, successfully realigning its shorter horizons to a Strong outperformance state. Telecoms: Providing reliable, low-volatility relative strength. It consistently beat the benchmark on a Base and Mid-Term basis (Strong), offering excellent defensive alpha. The Alpha Reversals (Losing to the Benchmark) These sectors previously provided relative strength but have suffered severe institutional distribution, now acting as dead weight or active drags against the Top 40. Gold Miners and Platinum Miners: The most destructive relative reversals of the month. Both completely surrendered their Strong Base Term outperformance profiles. By late May, they collapsed into a Neutral Base Term spread (merely matching the index) while actively underperforming (Weak) on the shorter-term horizons. The Tactical Outperformers (Emerging Relative Strength) These sectors are attempting to close their historical underperformance gaps against the benchmark. Consumer Staples: Generating aggressive tactical alpha. Despite historically lagging the market (Weak Base Term), it successfully built and maintained a Strong relative bid in the Mid and Short Term, actively clawing back ground against the Top 40. Luxury Goods: Sustaining a Strong Mid-Term relative advantage, successfully defending its mid-month breakout to drag its Base Term spread up to Neutral (market-performing). The Benchmark Drags (Chronic Underperformers) These sectors are the primary source of relative capital destruction, consistently bleeding alpha against the Top 40 index. Consumer Discretionary: The heaviest anchor on the board. It spent the entirety of May trapped in an Oversold relative Base Term. Holding this sector guarantees severe underperformance against the benchmark. Paper & Pulp and Technology: Both remain persistent relative laggards. They are pinned under structurally Oversold or High Bearish Base Term regimes against the index, entirely bypassed by the rotational bids lifting the rest of the market. Hospitals: Attempted a late-month relative bounce, but its underlying structural spread remains a massive headwind (Weak Base Term, Neutral Mid Term), cementing it as a persistent benchmark drag. 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Analysis as of Friday 22 May at 11h09am, prepared for Monday, 25 May. Summary: Insurers are the absolute relative standout this week, staging a dramatic, board-sweeping surge from a market-performing Neutral profile to establish a decisively Strong relative outperformance spread against the JSE Top 40 across the Base, Mid, and Short Term horizons. Technology and Consumer Staples are the primary relative turnaround stories; Technology rapidly accelerated from relative weakness to hit a Strong short-term outperformance state, while Consumer Staples successfully upgraded its relative mid-term footing to Strong to match its sustained short-term outperformance against the index. Meanwhile, Chemicals and Luxury Goods continue to maintain serious relative strength, with Chemicals shaking off last week's short-term pause to rebound back to Strong relative outperformance, and Luxury Goods defending its Strong mid- and short-term relative advantage. On the cooling front, Diversified Miners have visibly lost their previous high-velocity short-term relative lead, stalling at a market-performing Neutral spread, though they maintain extreme relative outperformance across the Base and Mid Term. The precious metals block highlights a severe structural relative deterioration; both Gold Miners and Platinum Miners suffered total collapses of their Strong relative Base Term leads against the Top 40, plunging to a market-performing Neutral spread, while short-term relative momentum bled into underperformance (Weak). Finally, Paper & Pulp and Consumer Discretionary continue to languish under persistent multi-horizon relative underperformance, though Consumer Discretionary managed to stabilize its short-term relative momentum from underperformance to a market-performing Neutral state, alongside Coal Miners and Banks which settled into broad shorter-term relative neutrality (with Banks notably securing a Strong Base Term relative outperformance upgrade). 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Analysis as of Friday 22 May at 11h09am, prepared for Monday, 25 May. 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes The share reached our target in November and has since been consolidating with a medium term topping-like structure. A break above 4760c would invalidate this structure and set up a continuation trade. CML is beneficiary of rising global markets. Previous Post (November 2025): Coronation Fund Managers: Take Profit. Full Target Exceeded + Updated View __________________________________________________________________________________ Previous Post (05 August): Coronation Fund Managers: Re-Test Prior Breakout Level; Looking For Upside Continuation (Trading at 6x Trailing Earnings & 10% Dividend Yield) Initial idea at 3125c in January 2024. Now trading 4168c (+33%) JSE ASSET MANAGERS: Strong Gains For Quilter and Coronation Fund Managers - Wednesday, 17 July 2024 UPDATE: Since publication of both views: Quilter Plc has gained +37% (8 months) Coronation Fund Managers has gained +22.9% (6 months) The original charts (time-stamped) are shown below: Quilter Plc (QLT) Coronation Fund Managers (CML) To trade, or open a new account, contact the Unum Capital Trading Desk: E-Mail: tradingdesk@unum.co.za | Call: 011 384 2923 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 as of end of day Thursday, 21 May. 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes One of several shares from our WATCHLIST. On 29 January, the idea was to sell/reduce into strength. With the pullback, we are placing this share in our watchlist for a buy re-entry into the R189 to R196 range. Now trading at R200. Expected more downside before a tactical rebound. Share: African Rainbow Minerals Code: ARI ARI Post from 29 January > https://www.unum.capital/post/ari2901 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Published on Thursday 21 May at 17h41 for Friday 22 May. The index remains largely rangebound, trading flat on the year and continuing to unwind from the massive outperformance seen in 2025. In the medium term, opportunities on both the long (buy) and short (sell) side have provided opportunities while the short term has seen lacklustre price action, with lower higher having started to develop. The 105,758 level is currently a support zone, which is appears vulnerable to being breached (on the downside). To invalidate the short term bearish trend, we would need to strong candle structure with a bullish candle, that engulfs several sessions. The overall bias is neutral with the price trading (stuck) between short term and medium term moving averages. A deeper pullback would offer another opportunity to buy into weakness. 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 🟩 Structural Bull ↔️ Tactical Consolidation ↔️ Wait for base Brent Crude Oil [104.17] is undergoing a period of structural digestion after an aggressive impulse higher. While the Secular (Monthly) timeframe remains firmly anchored in a Strong bull regime—confirming the primary multi-year trend is robust—the faster execution timeframes have softened to normalize recent vertical gains. Both the Strategic (Weekly) and Tactical (Daily) momentum engines have mean-reverted toward the Neutral band. This indicates a pause in directional velocity where the market is absorbing overhead supply within a consolidated range. Because the macro outlook is structurally constructive but near-term momentum is non-directional, the system triggers a ↔️ Wait for base signal. Entering positions in the middle of this consolidation is tactically suboptimal; patience is required to allow the asset to either confirm a base near established supports or clear the overhead resistance block. MOMENTUM PROFILE Daily Chart (Tactical): Mid Term Momentum is ↔️ NEUTRAL. The tactical pulse has mean-reverted from overbought levels and is now hovering near the neutral midline. This confirms the current price action is lateral and consolidative, as the market finds a new equilibrium point. Weekly Chart (Strategic): Mid Term Momentum is ↔️ NEUTRAL. The strategic momentum has cooled from its impulsive peak, shifting into a neutral stance that suggests swing-level risks are currently balanced. Monthly Chart (Macro): Mid Term Momentum is 🟩 STRONG. The long-term secular engine remains the primary structural anchor. This persistent bullish tailwind confirms that the broader macro energy cycle remains firmly intact, favoring long-side exposure upon any successful tactical base formation. STRUCTURAL BREAKDOWN & VELOCITY 1-Day Structure (Sideways Compression): The daily chart illustrates a high-level consolidation flag just beneath recent multi-year highs. The price is currently oscillating, which is a constructive sign that it is holding the gains from the previous leg higher. Weekly Structure (Secular Markup Pause): The weekly view confirms a healthy pause in the primary multi-year trend. This consolidation allows for moving averages to catch up to price, de-risking the broader technical structure. Monthly Structure (Secular Breakout Defense): The multi-year lens showcases UKOIL defending key breakout levels established in recent years, reinforcing the structural bull thesis. CONTRARIAN ASYMMETRY & SUPPORT MAPPING 🟥 Distribution Zone (Tactical Short/Reduce): 115.00 – 120.00. A formidable overhead resistance block representing historical supply. Tactical longs should look to harvest profits or reduce exposure as price approaches this ceiling. 🔴 Immediate Tactical Support (Local Floor): 98.00 – 100.00. The current active horizontal floor defending the consolidation flag. A confirmed bounce from here would be a positive technical signal. 🟩 Secondary Support Shelf (The Value Floor): 90.00 – 92.00. A high-conviction structural base aligning with previous breakout pivots. This is the optimal area to build core long positions on deeper pullbacks. 🔵 Primary Macro Support (The Secular Floor): 75.00 – 80.00. The foundational multi-year structural support baseline. TECHNICAL VALUATION & VARIANCE MATRIX Estimated Technical Fair Value (TFV): 102.50. Calculated as the volume-weighted equilibrium point of the current consolidation range. Current Price Premium: The asset trades at a marginal premium relative to its near-term TFV, confirming it is efficiently priced within the current consolidation box. Tactical Downside Risk: A failure of the 98.00 immediate tactical floor opens an air pocket down to the 92.00 secondary support shelf. Asymmetry Ratio: At current levels, entering in the middle of a neutral range provides an unfavorable reward-to-risk setup. Patience for a retest of support is the mathematically sound approach. TACTICAL PROBABILITY PROFILE 🟨 LONG: Immediate Market Entry | 40% (High risk of sideways "dead money" consolidation) 🟥 SHORT: Breakdown below 98.00 | 55% (Tactical short targeting 92.00) 🟢 LONG: Confirmed base at 98.00 support | 75% (Waiting for tactical stabilization) 🔵 LONG: At 92.00 Value Floor | 90% (High-conviction structural entry) CORE THESIS UKOIL is currently navigating a healthy technical reset within a Strong macro environment. The alignment of Neutral readings across shorter timeframes dictates a disciplined wait-and-see posture. Avoid chasing the noise in the middle of the range. Actionable setups materialize either through a high-conviction base formation near the 98.00 support or a breakout above the overhead supply with expanding momentum. WHAT CAN CHANGE? 🟦 Bullish Resumption: An impulsive daily close above 110.00 accompanied by a momentum hook back into the Strong tier would signal a decisive end to the consolidation and an imminent re-test of the 120.00 highs. 🟥 Structural Breakdown Validation: A daily close slicing decisively below the 98.00 floor would invalidate the current constructive flag, initiating a high-probability markdown toward the 92.00 secondary value floor. 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Our realistic expectation was for lower levels before a rebound however the share immediately developed a bullish reversal and is currently higher by 6.4%. Previous Post (28 April) 🟩Sanlam: Lower Levels Expected Before Tactical Rebound 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 NOTE: When Published Intraday, Prices Are Delayed By 15 Minutes Previous Post (15 May) 🟩 JSE Insurer: Price Action Model Trigger (Update) + Entering Buy Range Note: the 1 to 10 day (S/Term) remains with a 'weak' reading however, the 5 to 8 week time frame sees a probability of a small rebound i.e. EXPECT LOWER LEVELS BUT PREPARE FOR A REBOUND ON THE HIGHER TIME FRAME. If you have access to an order book (market depth), then watch that too for evidence of buying. Unfortunately I don't have these tools. Previous Post (28 April) 🟩Old Mutual: Lower Levels Expected Before Tactical Rebound Old Mutual Ltd (OMU) - The model shows the price is still weak (i.e. no buy reading as yet) therefore we look for lower levels before a rebound. 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 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 Previous Post (25 June 2025) Global Idea: ARM Holdings - For Now It's An Overextended Leader; Buy The Dip Lester Davids Senior Investment Analyst: Unum Capital