Full ETF Guide for South Africans available now in PDF format to download, print, or share. Find it in the telegram below - more to come t.me/+QH7vccvASEg4MTA0

TODAY'S MARKET BRIEF JSE 🇿🇦 JSE All Share: +1.03% JSE Top 40: +0.99% Industrial 25: +0.23% Financial 15: +1.48% Resource 10: +1.28% Mid Cap: +0.88% Small Caps: +1.11% USDZAR: R16.64 Biggest Winners (Large Caps): - Clicks Group +2.95% - Investec Ltd +2.84% - Investec PLC +2.69% - Sibanye-Stillwater +2.36% - Standard Bank +2.35% Biggest Losers (Large Caps): - Sasol -3.51% - Anheuser-Busch InBev -2.69% - Prosus -1.20% - Naspers -1.03% - Vodacom -0.75% USA 🇺🇸 Dow Jones +0.19% S&P500 +0.70% Nasdaq +0.98% (Note markets are still open) Rest of the world Dax 🇩🇪 +1.11% CAC 40 🇫🇷 +0.93% AEX 🇳🇱 +0.24% Euro Stoxx 50 🇪🇺 +0.92% Nikkei 225 🇯🇵 -0.80% Hang Seng 🇭🇰 +0.51% KOSPI 🇰🇷 -1.46% Commodities Gold +0.59% Silver +0.47% Platinum -1.32% Palladium +0.52% Copper +0.56% Brent Crude +0.08% Crude Oil WTI -0.59% Natural Gas -0.39% Crypto Bitcoin +0.15% Ethereum -0.27% XRP -0.09% BNB +0.61%

JSE Midday Brief 🇿🇦 JSE All Share: +1.17% JSE Top 40: +1.20% Industrial 25: +0.46% Financial 15: +1.38% Resource 10: +1.80% Mid Cap: +0.81% Small Caps: +0.88% Biggest Winners (Large Caps): - Valterra Platinum +2.79% - Impala Platinum +2.63% - Mr Price Group +2.50% - Sibanye-Stillwater +2.44% - Harmony Gold +2.39% Biggest Losers (Large Caps): - Anheuser-Busch InBev -3.46% - Sasol -2.48% - Prosus -0.46% - Bid Corporation -0.03% - Naspers +0.14% USDZAR: R16.61 Gold +0.58% Silver +0.20% Platinum -0.90% Palladium -0.48% Copper +0.41% Brent Crude -1.50% Crude Oil WTI -1.91%

JSE Morning Brief 🇿🇦 JSE All Share: +1.04% JSE Top 40: +1.08% Industrial 25: +0.49% Financial 15: +1.09% Resource 10: +1.66% Mid Cap: +0.80% Small Caps: +0.67% Biggest Winners (Large Caps): - Valterra Platinum +2.43% - Clicks Group +2.38% - Impala Platinum +2.30% - Harmony Gold +2.27% - Sibanye-Stillwater +2.25% Biggest Losers (Large Caps): - Sasol -1.26% - Naspers -0.40% - Prosus -0.17% - Anheuser-Busch InBev -0.12% - British American Tobacco +0.16% USDZAR: R16.62 Gold +0.37% Silver +0.26% Platinum -0.77% Palladium -0.95% Copper +0.04% Brent Crude -1.18% Crude Oil WTI -1.65%

Pick n Pay Group sitting on R10bn cash of which R7.7bn within Pick n Pay Still have about 2bn in capital expenditure for H2 and working capital absorption expected to kick in but still a substantial amount of cash on the balance sheet no real commentary from PIK on what they plan to do with the cash

Pick n Pay Stores interim financial results for the 26 weeks ended 30 August 2026 (H1 FY27) 🔹 Group turnover increased by 2.4% to R60.5 billion from R59.0 billion in H1 FY26 🔹 Group trading profit increased by 58.1% to R490 million from R310 million 🔹Trading profit margin of 0.8% compared with 0.5% 🔹 Headline loss reduced by 31.9% to R299 million from R439 million, after the Boxer non-controlling interest, which rose 34.1% to R232 million 🔹 Basic loss per share improved by 45.6% to 36.77 cents from 67.53 cents, compared with a 31.9% improvement in headline loss per share to 40.71 cents from 59.77 cents 🔹 Pick n Pay segment trading loss reduced by 16.9%, which the company attributes to gross profit margin accretion and contained trading expense growth 🔹 Boxer trading profit increased by R75 million to R1.0 billion, and Boxer opened its 600th store and increased profit before tax and capital items by 10.6% 🔹 The company states that trading expenses increased by 4.5%, driven by the Boxer store rollout, and that visibility on the trading outlook for the remainder of FY27 is low due to elevated oil prices 🔹 The Pick n Pay segment's South African supermarket like-for-like sales growth in the 4 weeks post period-end was slightly ahead of H1 FY27, and the Group targets Pick n Pay trading profit after lease interest breakeven in FY29

- Pick n Pay results expected to be released tomorrow - Datatec results expected on or about Thursday, 29 Oct

Top Performers in the JSE Top 40 YTD 1️⃣ Sasol +186.9% 2️⃣ Anheuser-Busch InBev +33.8% 3️⃣ Glencore +28.0% 4️⃣ BHP Group +26.5% 5️⃣ Shoprite +25.6% 6️⃣ OUTsurance +21.5% 7️⃣ Discovery +18.6% 8️⃣ Anglo American +16.5% 9️⃣ MTN Group +15.3% 🔟 Vodacom +14.7%

TODAY'S MARKET BRIEF JSE 🇿🇦 JSE All Share: -0.47% JSE Top 40: -0.55% Industrial 25: -0.18% Financial 15: -0.20% Resource 10: -1.26% Mid Cap: -0.10% Small Caps: +0.25% USDZAR: R16.59 Biggest Winners (Large Caps): - Sasol +5.43% - MTN Group +1.55% - Prosus +1.42% - Investec PLC +0.80% - Naspers +0.78% Biggest Losers (Large Caps): - Clicks Group -6.97% - Richemont -6.23% - Anglogold Ashanti -3.12% - Harmony Gold -2.86% - Valterra Platinum -2.74% USA 🇺🇸 Dow Jones -0.96% S&P500 -0.13% Nasdaq +0.29% (Note markets are still open) Rest of the world Dax 🇩🇪 -0.75% CAC 40 🇫🇷 -0.36% AEX 🇳🇱 +0.17% Euro Stoxx 50 🇪🇺 -0.31% Nikkei 225 🇯🇵 -0.34% Hang Seng 🇭🇰 +0.69% KOSPI 🇰🇷 +0.30% Commodities Gold -1.07% Silver -1.36% Platinum -0.54% Palladium -0.39% Copper +1.94% Brent Crude +3.14% Crude Oil WTI +3.50% Natural Gas -3.90% Crypto Bitcoin +0.36% Ethereum +0.78% XRP +0.34% BNB +2.29%

JSE Midday Brief 🇿🇦 JSE All Share: +0.26% JSE Top 40: +0.25% Industrial 25: +0.59% Financial 15: +0.60% Resource 10: -0.48% Mid Cap: -0.04% Small Caps: +0.47% Biggest Winners (Large Caps): - MTN Group +3.53% - Anglo American +2.12% - Naspers +1.55% - Standard Bank +1.51% - Prosus +1.20% Biggest Losers (Large Caps): - Richemont -4.79% - Valterra Platinum -3.28% - Clicks Group -3.11% - Anglogold Ashanti -1.98% - Pan African Resources -0.77% USDZAR: R16.56 Gold -0.52% Silver -1.96% Platinum -0.71% Palladium -0.58% Copper +0.83% Brent Crude +1.05% Crude Oil WTI +1.62%

JSE Morning Brief 🇿🇦 JSE All Share: -0.14% JSE Top 40: -0.17% Industrial 25: +0.23% Financial 15: +0.00% Resource 10: -0.75% Mid Cap: -0.20% Small Caps: +0.18% Biggest Winners (Large Caps): - Anglo American +1.57% - Prosus +1.31% - Naspers +1.07% - MTN Group +0.89% - Sasol +0.83% Biggest Losers (Large Caps): - Valterra Platinum -3.31% - Richemont -2.03% - Anglogold Ashanti -1.96% - Pan African Resources -1.29% - Sibanye-Stillwater -1.17% USDZAR: R16.56 Gold -0.67% Silver -1.74% Platinum -0.46% Palladium -0.34% Copper +0.69% Brent Crude +0.64% Crude Oil WTI +1.12%

Valterra Platinum production report in short: • Total production down -6% • Own mine production down -5% • PGM sales volume down -27% • Guidance for rest of year remains unchanged • Cash operating unit costs are expected to be at or around the upper end of the guided range, driven by: - inflationary pressures on key consumables - impact of safety-related stoppages on production volumes

Valterra Platinum Production Report For The Third Quarter Ending 30 September 2026 🔹 Total M&C PGM production decreased by 6% to 804,300 ounces in Q3 2026, from 855,100 ounces in Q3 2025 🔹 Own-mined PGM production decreased by 5% to 511,900 ounces, primarily driven by the impact of safety stoppages at Amandelbult, with higher production at Mototolo partially offsetting the decrease at Mogalakwena and Unki 🔹 Refined PGM production (excluding tolling) decreased by 41% to 576,900 ounces, primarily due to the re-phasing of scheduled processing maintenance and annual stock counts from the first to the third quarter 🔹 Purchase of PGM concentrate decreased by 7% to 292,400 ounces, reflecting reduced volumes from various third-party producers 🔹 PGM sales volumes decreased by 27% to 683,300 ounces, driven by lower refined production, partially offset by a drawdown of refined inventory 🔹 Year-to-date refined production for the nine months ended September 2026 remained broadly in line with the prior year, and year-to-date sales volumes remained in line with the prior year 🔹 Guidance for 2026 remains unchanged, with M&C and refined production expected to be between 3.0 and 3.4 million ounces, and production remains on track to be delivered within this range 🔹 Cash operating unit costs are expected to be at or around the upper end of the guided range of R19,000 to R20,000 per PGM ounce, driven by inflationary pressures on key consumables and the impact of safety-related stoppages on production volumes 🔹 The targeted all-in sustaining cost remains at approximately US$1,050 per 3E ounce 🔹 Two new purchase of concentrate agreements were concluded with Tharisa plc during the quarter; one work-related fatality occurred at Amandelbult in July 2026, and the TRIFR at own operations decreased by 5% to 1.45 per million hours worked

Gold down, Tech down, Yields down 🩸

TODAY'S MARKET BRIEF JSE 🇿🇦 JSE All Share: -1.03% JSE Top 40: -1.18% Industrial 25: +0.05% Financial 15: -0.23% Resource 10: -3.18% Mid Cap: +0.24% Small Caps: -0.04% USDZAR: R16.51 Biggest Winners (Large Caps): - Sasol +6.90% - British American Tobacco +2.60% - Anheuser-Busch InBev +2.36% - Bid Corporation +1.51% - NEPI Rockcastle +0.97% Biggest Losers (Large Caps): - Impala Platinum -5.26% - Anglo American -5.24% - Anglogold Ashanti -4.60% - Sibanye-Stillwater -4.43% - Clicks Group -3.56% USA 🇺🇸 Dow Jones -0.02% S&P500 -1.08% Nasdaq -2.05% (Note markets are still open) Rest of the world Dax 🇩🇪 -1.07% CAC 40 🇫🇷 -1.39% AEX 🇳🇱 -1.10% Euro Stoxx 50 🇪🇺 -1.94% Nikkei 225 🇯🇵 -2.65% Hang Seng 🇭🇰 -3.91% KOSPI 🇰🇷 -3.52% Commodities Gold -1.94% Silver -4.33% Platinum -2.98% Palladium -2.74% Copper -2.68% Brent Crude +2.22% Crude Oil WTI +1.33% Natural Gas +0.93% Crypto Bitcoin -2.91% Ethereum -3.01% XRP -2.96% BNB -2.01%

Pick n Pay Stores Trading Statement for the 26 weeks ended 30 August 2026 🔹 Loss per share (EPS) for the 26 weeks ended 30 August 2026 is expected to improve by 40% to 50%, to a loss of 40.52 to 33.77 cents per share, from a reported loss of 67.53 cents for the 26 weeks ended 31 August 2025 🔹 Diluted EPS and diluted HEPS are expected to move by the same percentages and fall within the same cents-per-share ranges as EPS and HEPS 🔹 Headline loss per share (HEPS) is expected to improve by 25% to 35%, to a loss of 44.83 to 38.85 cents per share, from a reported loss of 59.77 cents for the 26 weeks ended 31 August 2025 🔹 The expected reduction in headline loss per share is the result of an improvement at the Group trading profit level, where Boxer delivered trading profit growth and the Pick n Pay segment delivered a moderately reduced trading loss 🔹 The large percentage reduction in expected headline loss per share is partially a function of the relatively small absolute H1 FY26 headline loss of R439 million, so a moderate reduction in the absolute headline loss leads to a relatively large percentage change 🔹 H1 FY27 results are expected to be released on SENS on Monday, 26 October 2026, with an online and in-person results presentation at 8:30am the same day 🔹 Pick n Pay reached an agreement with SACCAWU, its primary labour partner, and formally withdrew the consultation process initiated under Section 189A of the Labour Relations Act 🔹 The financial information in the trading statement is the responsibility of the Board and has not been reviewed or reported on by the Group's external auditors, and the ranges are expected figures rather than final results

JSE Midday Brief 🇿🇦 JSE All Share: -1.23% JSE Top 40: -1.35% Industrial 25: -0.61% Financial 15: -0.63% Resource 10: -2.71% Mid Cap: -0.27% Small Caps: -0.27% Biggest Winners (Large Caps): - Sasol +7.05% - British American Tobacco +1.91% - NEPI Rockcastle +0.92% - Anheuser-Busch InBev +0.63% - OUTsurance +0.23% Biggest Losers (Large Caps): - Clicks Group -8.04% - Impala Platinum -5.05% - Sibanye-Stillwater -4.13% - Anglo American -3.93% - Pan African Resources -3.74% USDZAR: R16.49 Gold -1.11% Silver -2.82% Platinum -2.32% Palladium -3.11% Copper -2.27% Brent Crude +2.83% Crude Oil WTI +2.44%