Company: PSA-PH
Filing Date: 2025-09-29
Form Type: 424B5
Source: 0001193125-25-223346
Chunk: 62

Company: Public Storage
Filing Date: 2025-09-29
Form: 424B5
Chunk 62
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 are required to settle in
one business day, unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes prior to the business day before the delivery of the notes hereunder will be required, by virtue of the

S-38

fact that the notes initially will settle in T+5, to specify an alternative settlement arrangement at the time of any such trade to prevent a failed settlement. Purchasers of the notes who wish
to trade the notes prior to the business day before their date of delivery hereunder should consult their advisors.

Selling Restrictions

Notice to Prospective Investors in Japan

The notes have not been and will not be registered pursuant to Article 4, Paragraph 1 of the Financial Instruments and Exchange Act
(“FIEA”). Accordingly, none of the notes nor any interest therein may be offered or sold, directly or indirectly, in Japan or to, or for the benefit of, any “resident” of Japan (which term as used herein means any person
resident in Japan, including any corporation or other entity organized under the laws of Japan), or to others for re-offering or resale, directly or indirectly, in Japan or to or for the benefit of a resident
of Japan, except pursuant to an exemption from the registration requirements of, and otherwise in compliance with, the FIEA and any other applicable laws, regulations and ministerial guidelines of Japan in effect at the relevant time. The notes have
not been and will not be registered under Article 4, Paragraph 1 of the FIEA on the ground that solicitation of the notes is made by way of Private Placement of Securities, as defined under Article 2, Paragraph 3 of the FIEA, and falls within either
Solicitation for Qualified Institutional Investors or Solicitation for Small Number Investors, as defined under Article 23-13, Paragraph 1 or Paragraph 4 of the FIEA, respectively. Accordingly, in case of
Solicitation for Qualified Institutional Investors, where the notes are purchased by Japanese investors, (i) further sale to Japanese investors other than Qualified Institutional Investors, as defined under Article 2, Paragraph 3, Item 1 of the
FIEA, is prohibited; and when a purchaser transfers the notes, the purchaser must notify in writing other investors in advance, or concurrently with the transfer, of the restriction described in (i), above. Also, in case of Solicitation for Small
Number Investors, where the notes are purchased by