Public Storage Investor Presentation — May 2021

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Important Information

FORWARD -LOOKING STATEMENTS: All statements in this presentation, other than statements of historical fact, are “forward -looking statements” within the meaning o f Section 27A

of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements include, but are not limited to, expectations regarding amount and timing of

future acquisitions, developments, and redevelopments, estimates of future NOI from non -same -store properties, and estimates on impact of growth on our future results. All

forward -looking statements speak only as of the date of this presentation. These forward -looking statements involve known and un known risks and uncertainties, which may cause

Public Storage’s actual results and performance to be materially different from those expressed or implied in the forward -lookin g statements. Factors and risks that may impact

future results and performance are described from time to time in Public Storage’s filings with the Securities and Exchange C omm ission, including in Item 1A, “Risk Factors” in

Public Storage’s Annual Report on Form 10 -K for the fiscal year ended December 31, 2020. These risks include, but are not limit ed to, the following: general risks associated with the

ownership and operation of real estate, including changes in demand, risk related to development, expansion and acquisition o f self-storage facilities, potential liability for

environmental contamination, natural disasters and adverse changes in laws and regulations governing property tax, real estat e and zoning; risks associated with economic

downturns in the national and local markets in which we operate; risks associated with the COVID -19 pandemic (the “COVID Pandemi c”) or similar events, including negative

economic impacts which could reduce the demand for our facilities or increase tenant delinquencies and regulatory actions to close or limit access to our facilities, limit our ability

to set rents or limit our ability to collect rent or evict delinquent tenants; the risk that there could be an out -migration of population from our markets which would reduce demand for

our facilities; risks related to increased reliance on Google as a customer acquisition channel; risks associated with intern ational operations including, but not limited to, unfavorable

foreign currency rate fluctuations and changes in tax laws; the impact of the legal and regulatory environment, as well as na tional, state and local laws and regulations including,

without limitation, those governing environmental issues, taxes, our tenant reinsurance business, and labor; risks due to bal lotinitiatives or other actions that could remove the