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Public Storage 5.15% Cumulative Preferred Stock, Series F

Ticker: PSA-F

Parent Ticker: PSA

OTC Grey Market Temporary Ticker:

Issuance Date: 05/22/2017

1st Call Date: 06/02/2022

Maturity Date: None

Shares Issued: 10,000,000

Overallotment Shares: 1,500,000

Coupon: 5.15%

Face Value: $25.00

Cumulative: Yes

Qualified: No

Quarterly Dividend Amount: 0.32

Payment Months: MAR, JUN, SEP, DEC

Payment Day: Last Day

S&P Rating: BBB+

III Rating (In Regards to Dividend Safety Only): A

Moody Rating: A3

Fitch Rating: NR