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Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Both the BUY/LONG and SELL/SHORT side delivered gains for clients who took the opportunity to trade. The updated chart is shown directly below. The original chart is shown further below. AngloGold Ashanti (ANG) Buy/Long: The previous swing lows (just above the 200-week SMA) is likely to coincide with medium term oversold conditions. Short/Sell: Upon an ultra short term rally, the declining 8/21-EMA is likely to act as a resistance range (expect an upside overshoot of this level. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: The graphic below has been generate using an artificial intelligence tool, based on the analyst's own data. Spot gold rallied +14% vs our last buy re-entry. This is an update - see dashboard. 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 April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za The JSE Top 40 Index reached both our buy and sell re-entry zones, rebounding from, and selling off from these exact levels. The result has been a 20,000-point gain (14,000 POINTS LONG + 6,000 POINTS SHORT) Well done to clients who may have latched onto these opportunities. Previous Post (22 March): Momentum Report + Price Action Model: JSE Top 40 Index The index has breached it's 21-week exponential moving average (EMA) and has found support on it's rising 200-day simple moving average, albeit with very weak/poor candle structure. While this first re-test of the 200-day SMA is likely to encourage medium term buying, the index remains vulnerable to a potential breakdown below the 200-day SMA toward the swing low/support. Considering the candle structure over the past three weeks, our analysis reflects a sharp bearish reversal and a rapid change in sentiment, although this is not unexpected considering the previous excessive overbought conditions near the 120,000 point level. In the short term, the index trades in a high bearish momentum phase which would is likely to see transition to oversold followed a by a minor rebound. JSE TOP 40 INDEX: DAILY CHART Analyst's Price Action Model: JSE TOP 40 INDEX MONTHLY CHART - SHARP PULLBACK ITNO CHANNEL: MULTI-TIME FRAME MOMENTUM ANALYSIS: ANALYST DISCLOURE: THE GRAPHICS BELOW HAVE BEEN GENERATED GOOGLE'S ARTIFICIAL INTELLIGENCE TOOL, BASED ON THE ANALYST'S OWN DATA. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za 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 April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Sanlam Ltd (SLM) 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 April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Bull-Bear Checklist: Upside momentum remains robust, with consistent accumulation driving price action higher; however, the window for asymmetric, low-risk entries is rapidly closing. Buyers are currently dictating the tape, yet the overarching trend is maturing, evidenced by emerging signs of tactical froth and minor momentum overextension. Although secular moving averages maintain positive slopes and offer structural support, heavily elevated short-term oscillators suggest the asset is increasingly vulnerable to sudden shakeouts, lateral consolidation, or a healthy mean-reversion pullback to digest recent outperformance. Late-stage participants must exercise strict positional discipline and avoid chasing parabolic breakouts, while existing longs should consider incrementally tightening trailing stops. Trends & Moving Average Analysis Trend Score: 92 / 100 Executive Summary GND is exhibiting an explosive secular uptrend, demonstrating relentless momentum and perfect moving average alignment. It represents a textbook primary uptrend with "parabolic" strength. Actionable Perspectives Momentum View (Parabolic Advance): Buy minor dips. Mean Reversion View (Extended from Base): ⏸️ Hold / Trail Stops. Probability Assessment & Price Dynamics The asset is showing overwhelming bullish probabilities across all timeframes: Daily (Tactical) - 85% Bullish: Strong momentum with only a minor consolidation risk. Price slope is aggressively bullish. Weekly (Structural) - 90% Bullish: Flawless bullish alignment across the moving average ribbon. Price slope is strongly bullish. Monthly (Secular) - 95% Bullish: Multi-quarter breakout extension. Price slope has gone parabolic. Moving Averages (Perfect Bullish Alignment) All key daily and weekly moving averages are ascending, confirming the strength of the trend: Daily MAs: 8-EMA (2,089) > 21-EMA (2,010) > 75-SMA (1,854) > 200-SMA (1,632) Weekly MAs: 8-EMA (1,952) > 21-EMA (1,818) > 50-SMA (1,649) (Note: 200-Week SMA lacks sufficient data) Key Support & Resistance Levels Current Cycle / All-Time High: 2,110 (Serves as the 21-Day and 63-Day High resistance) Recent Base Support: 1,854 (21-Day Low) Primary Support: 1,632 (63-Day Low / 200-Day SMA) Candle Structure Profile The recent price action confirms a relentless markup phase: 1D to 3D: Currently experiencing a high-tight pause (doji at peak) and minor consolidation after a bullish extension. 5D to 10D: Characterized by an impulsive advance off the 8-day EMA, consistently printing higher highs with strong momentum. 20D: Firmly entrenched in a relentless markup phase. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Disclosure: The graphic below was created using an artificial intelligence tool, based on the analyst's own data. A Relative Rotation Graph (RRG) is a technical analysis visualization tool designed to show the relative strength and momentum of multiple securities—such as stocks, sectors, or asset classes—compared to a common benchmark index. Developed by Julius de Kempenaer, RRGs help analysts easily identify market leadership and visualize how capital is rotating between different areas of the market over time. How It Works An RRG plots assets on a chart divided into four distinct quadrants based on two proprietary metrics: JdK RS-Ratio (X-Axis): Measures the relative strength (the longer-term trend) of the asset compared to the benchmark. A reading on the right half of the graph indicates the asset is in a relative uptrend, while the left half indicates a relative downtrend. JdK RS-Momentum (Y-Axis): Measures the momentum of that relative strength. It shows how fast the relative strength trend is changing. The top half indicates positive momentum, and the bottom half indicates negative momentum. The Four Quadrants Because momentum typically precedes price, assets tend to rotate through the four quadrants in a clockwise direction over time: Leading (Top Right): High relative strength and positive momentum. The asset is outperforming the benchmark, and that outperformance is accelerating. Weakening (Bottom Right): High relative strength but negative momentum. The asset is still outperforming the benchmark overall, but it is losing steam and the trend is decelerating. Lagging (Bottom Left): Low relative strength and negative momentum. The asset is underperforming the benchmark, and the downward trend is strong. Improving (Top Left): Low relative strength but positive momentum. The asset is still underperforming historically, but its relative momentum is picking up, suggesting a potential shift toward leadership. Why It Is Useful Visualizing Sector Rotation: It allows investors to see the "big picture" of a market universe at a single glance, making it easy to identify which sectors are driving the market and which are falling behind. Pair Trading: Traders can easily spot structural opportunities by pairing an asset deep in the "Leading" quadrant (to buy) against an asset deep in the "Lagging" quadrant (to short). Relative Trend Identification: Rather than just looking at absolute price charts, an RRG isolates how an asset is performing strictly in relation to the broader market, filtering out general market noise. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Boxer Retail (BOX) Measured move targeting = R91. Showing relative strength in the retail sector. Strong price action below multi-month resistance. Cup and handle / base breakout technical formation. An increase in volume at the breakout, will add higher conviction. Now trading at 7895c. Invalid below 7400c. 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 April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Diversified Miners is the standout leader on the board, maintaining relentless upward pressure from a High Bullish Long-Term trend through an Overbought Medium Term to remain High Bullish in the Short Term. Meanwhile, Telecoms and Banks showcase resilient momentum, anchoring firmly in Strong Short-Term regimes. On the weakening front, precious metals are visibly deteriorating, with Gold Miners and Platinum Miners breaking down into Weak Short-Term territory, joined by Coal Miners. Chemicals and Hospitals, despite earlier bursts of strength, have cooled significantly to consolidate at Neutral in the Short Term. Conversely, severely beaten-down sectors like Consumer Discretionary, Technology, Luxury Goods, and Consumer Staples are attempting to stabilize, clawing their way out of longer-term weakness to establish a Neutral Short-Term footing. Paper & Pulp remains firmly anchored in the Oversold basement, while Insurers are completely flatlined at Neutral across all timeframes. Key Sector Shifts Breakdown Sustained Strength: Diversified Miners remains heavily bid, dominating the highly bullish and overbought categories across all measured timeframes. Banks and Telecoms continue to hold firm with Strong short-term momentum. Deteriorating Momentum: Gold Miners, Platinum Miners, and Coal Miners are taking noticeable hits, fading into Weak short-term regimes. Cooling Off: Chemicals and Hospitals are taking a breather, stepping down from stronger long and medium-term trends into Neutral short-term consolidation. Stabilizing Laggards: Consumer Discretionary, Technology, Luxury Goods, and Consumer Staples have managed to stem their longer-term bleeding, transitioning to Neutral in the short term. Paper & Pulp remains severely depressed and Oversold. Flatlined: Insurers are trapped in sustained Neutral momentum across all three time horizons. Disclosure: The text above was written using an artificial intelligence tool and is based on the analyst's own graphic below. Lester Davids Senior Investment Analyst: Unum Capital

Research Notes April 2026 > https://www.unum.capital/post/rapril2026 Trade Local & Global Financial Markets with Unum Capital. To get started, email tradingdesk@unum.co.za Lester Davids Senior Investment Analyst: Unum Capital