Company: PSA-PH
Filing Date: 2025-06-26
Form Type: 424B5
Source: 0001193125-25-147817
Chunk: 51

Company: Public Storage
Filing Date: 2025-06-26
Form: 424B5
Chunk 51
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or more) of the following: |

| i. | a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID 
 II”);                                                                                                |

| ii. | a customer within the meaning of Directive (EU) 2016/97 (as amended, the “Insurance Distribution                                     
 Directive”), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or |

| iii. | not a qualified investor as defined in Article 2 of the Regulation (EU) 2017/1129 (as amended, the 
 “Prospectus Regulation”); and                                                                      |

| (b) | the expression “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 a Relevant State 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 Prospectus Regulation; and (2) not a “retail investor” (as defined above). S-32

The notes are not intended to be offered, sold or otherwise made available to and should not be offered, sold or otherwise made available to any retail investor in the EEA. Consequently, no key information document required by Regulation (EU) No 1286/2014 (as amended, the “PRIIPs Regulation”) for offering or selling the notes or otherwise making them available to retail investors in the EEA has been prepared and therefore offering or selling the notes or otherwise making them available to any retail investor in the EEA may be unlawful under the PRIIPs Regulation. Notice to Prospective Investors in the United Kingdom Each underwriter has represented, warranted and agreed that:

| (a) | it has only communicated or caused to be communicated and will only communicate or cause to be communicated an                                                                                                                            
 invitation or inducement to engage in investment activity (within the meaning of Section