1. Exit Case:

Overview National Storage REIT (ASX: NSR) is Australia’s first independent, internally managed and fully integrated self-storage owner and operator listed on the Australian Securities Exchange. The company provides a wide range of services, including self-storage, business storage, climate-controlled wine storage and trading, vehicle storage, vehicle and trailer hire, packaging supplies, and insurance.

Recent Updates:

National Storage Holdings Limited and National Storage Financial Services Limited, as responsible entity of the National Storage Property Trust (NSR), are pleased to announce that the share scheme of arrangement and trust scheme under which entities jointly and indirectly owned by a consortium comprising Brookfield Funds (being funds owned or managed by Brookfield Asset Management Ltd or its affiliates and managed funds) and affiliates of the GIC Investor (Consortium) have acquired all stapled securities in NSR, were implemented on 12th May 2026.

As a result:

Iridium SP BidCo Pty Ltd now holds all issued shares in National Storage Holdings Limited;

ITG Australia TS Sub Pty Ltd, as trustee for Iridium SP Bid Trust, now holds all issued units in National Storage Property Trust; and

the Scheme Consideration of $2.80 cash per NSR security held as at the Scheme Record Date (7:00pm Sydney time on 29 April 2026) has been paid on 12th May 2026 to Scheme Securityholders.

Changes to Directors

Effective upon implementation of the Schemes, Anthony Keane, Howard Brenchley, Inmaculada Beaumont and Simone Haslinger have resigned as directors of National Storage Holdings Limited and National Storage Financial Services Limited. They have been succeeded by directors nominated by the Consortium.

The Board and Executive team thank the outgoing directors for their significant contributions, commitment and service to NSR during their tenure, including their involvement in the Schemes process, and wish them every success in their future endeavours.

Delisting

Accordingly, trading in NSR securities on the ASX was suspended at the close of trading on 21 April 2026. NSR expects to apply for removal from the official list of the ASX shortly following implementation of the Schemes.

NSR has been a part of the ‘Growth Model Portolio’ since 12 December 2022, however, considering the recent rally, delisting from exchange, share scheme of arrangement and trust scheme under which National Storage Holdings Limited and National Storage Financial Services Limited are jointly owned by a consortium of investors, an ‘Exit’ is recommended from the stock at AUD 2.80 per share. During the holding period NSR paid a dividend of AUD0.39 per share resulting in an upside of 34.6% upside from the entry price

2. New Entry Case: Aeris Resources Limited (ASX: AIS) 

Overview: Aeris Resources Limited (ASX: AIS) is an Australian mid-tier mining company specializing in the production, exploration, and sale of copper, gold, zinc, and silver. With a copper-dominant portfolio, Aeris operates key assets including the Tritton Copper Operations in New South Wales, the Cracow Gold Operations in Queensland, the Jaguar Zinc and Copper Operations in Western Australia, and development projects like the Stockman Copper and Zinc Project in Victoria.

Technical Analysis: On the daily chart, AIS continues to trade above a key horizontal trendline support, maintaining a stable upward price structure and reflecting underlying strength in the trend. The 14-period RSI is currently around 67.25, indicating positive momentum, with scope for further upside. Additionally, the price remains above its 21-period SMA, which is acting as dynamic support and reinforcing the prevailing bullish bias, suggesting that dips toward this level may attract buying interest.

Considering the above mentioned factors, technical analysis, support & resistance levels, key risks and outlook an ‘Entry’ is recommended in the ‘Growth Model Portfolio’ at the closing price of AUD 0.465, as on May 13, 2026.

Aeris Resources Limited (ASX: AIS) has been identified as the new entry to our Growth Model Portfolio.

2.1 Support and Resistance Summary as on 13 May 2026

*Resistance 2 can be considered as an indicative exit case. However, individuals may evaluate exiting the position depending on their risk appetite, previous holdings, and other factors considered. The support and resistance levels may need to be re-evaluated within 4-6 weeks’ time frame depending on the stock price movements.

2.2 One Year Technical Price Chart (ASX: AIS)

One Year Technical Price Chart (as of May 13, 2026 ). Source: REFINITIV, Analysis: Kalkine Group

Note 1: Past performance is neither an Indicator nor a guarantee of future performance.

Note 2: The reference date for all price data, and currency as of ( May 13, 2026).The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings.

Disclaimer

This information should not be relied upon as personal financial advice by Kalkine on (i) the stocks or (ii) the use or suitability of the model portfolios. Only an investor knows about their circumstances to make an investment decision.

Model Portfolio has been prepared for illustrative purpose only and does not take into account the objectives, financial situation or needs of any particular investor. Accordingly, investors should, before acting on the information, consider its appropriateness, having regard to their objectives, financial situation and needs. Past performance is not necessarily indicative of future performance results. Actual investment returns will vary, and the value of investments can go up or down.