Company: PSA-PH
Filing Date: 2025-06-27
Form Type: 424B5
Source: 0001193125-25-151297
Chunk: 55

Company: Public Storage
Filing Date: 2025-06-27
Form: 424B5
Chunk 55
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 the notes, whether directly or indirectly, to any person in Singapore other than (i) to an institutional investor (as defined in Section 4A of the SFA) pursuant to Section 274 of the SFA, (ii) to a relevant person (as defined in Section 275(2) of the SFA) pursuant to Section 275(1) of the SFA, or any person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in Section 275 of the SFA and (where applicable) Regulation 3 of the Securities and Futures (Classes of Investors) Regulations 2018 of Singapore, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where the notes are subscribed or purchased under Section 274 or 275 of the SFA by a relevant person which is:

| (a) | a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole                                                             
 business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or |

| (b) | a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each                                                                                                                                  
 beneficiary of the trust is an individual who is an accredited investor, securities or securities-based derivatives contracts (each term as defined in Section 2(1) of the SFA) of that corporation or the beneficiaries’ rights and interest 
 (howsoever described) in that trust shall not be transferred within 6 months after that corporation or that trust has acquired the notes pursuant to an offer made under Section 275 of the SFA except:                                       |

| i. | to an institutional investor or to a relevant person (as defined in Section 275(2) of the SFA), or to any 
 person arising from an offer referred to in Section 275(1A) or Section 276(4)(c)(ii) of the SFA;          |

| ii. | where no consideration is or will be given for the transfer; |

| iii. | when the transfer is by operation of law; |

S-35

| iv. | as specified in Section 276(7) of the SFA; or |

| v. | as specified in Regulation 37A of the Securities and Futures (Offers of Investments) (Securities