Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 52

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 52
---
”). This document is directed only at relevant persons and must not be acted on or relied on in the UK by persons who are not relevant persons. Any investment or investment activity in the UK to which this document relates is only available to, and will be engaged in with, relevant persons. Prohibition of Sales to UK Retail Investors Each underwriter has represented and agreed that it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any retail investor in the UK. For the purposes of this provision:

| (a) | the expression “retail investor” means a person who is one (or more) of the following: |

| i. | a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of 
 domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”); or                      |

S-33

| ii. | a customer within the meaning of the provisions of the FSMA and any rules or regulations made under the FSMA to                                                                                                                                   
 implement the Insurance Distribution Directive, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or |

| iii. | not a qualified investor as defined in Article 2 of the Prospectus Regulation as it forms part of domestic law 
 by virtue of the EUWA (the “UK Prospectus Regulation”);                                                        |

| (b) | the expression an “offer” includes the communication in any form and by any means of sufficient                                                 
 information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe for the notes. |

Each person in the UK who receives any communication in respect of, or who acquires any notes under, the offers to the public contemplated in this prospectus supplement, or to whom the notes are otherwise made available, will be deemed to have represented, warranted, acknowledged and agreed to and with each underwriter and the Company that it and any person on whose behalf it acquires notes is: (1) a “qualified investor” within the meaning of Article 2(e) of the UK Prospectus Regulation; and (2) not a “retail investor” (as defined above). The notes are not